6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in
Africa, the Middle East and South Asia; and
7) Asia Pacific, Australia and New Zealand and China Region (APAC), which includes all of our beverage and convenient
food businesses in Asia Pacific, Australia and New Zealand, and China region.

Africa Middle East South Asia includes beverage food businesses
 7) Asia Pacific Australia New Zealand China Region beverage
 businesses Australia New Zealand.


We derive a significant portion of our revenues from a limited number of commercial airlines.

derive revenues limited commercial airlines.


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

COCA-COLA COMPANY SUBSIDIARIES
 CONSOLIDATED STATEMENTS CASH
 2022 Operating Activities Consolidated net income
 9,571
 7,768 Depreciation amortization
 1,260 1,452 Stock-based compensation expense
 Deferred income taxes
 Equity loss dividends
 (838) Foreign currency adjustments
 losses
,365 operating charges
 1,086 items 236 operating assets liabilities
 1,325 Cash Operating Activities
 11,018 12,625 9,844 Investing Activities
 Purchases investments
 (3,751) Proceeds disposals investments,771 Acquisitions securities disposals Purchases property plant equipment
,484 Proceeds disposals property Collateral hedging activities investing activities
 Cash Investing Activities
,765,477 Financing Activities Issuances debt
 13,094 Payments debt,866 (28,796) Issuances stock
 Purchases stock treasury
 (1,418)
 Dividends
 (7,616)
 (7,252)
,047) financing activities
 (1,095) Cash Financing Activities
 (10,250)
 (6,786)
 (8,070) Exchange Rate Changes Cash Equivalents Restricted
 Equivalents
 Equivalents Restricted
 increase cash equivalents
 2,915 10,025 7,110 6,737
 Equivalents End Year
,110 Restricted equivalents end
 306 Equivalents End Year
 9,684
 6,795
 Consolidated Financial Statements.


Note 3 Restructuring and Impairment Charges
2019 Multi-Year Productivity Plan
We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new
technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and
information systems, including deploying the right automation for each market; and simplify our organization and optimize our
manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourth
quarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within
the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash
expenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and
other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35%
for other costs associated with the implementation of our initiatives.
The total plan pre-tax charges are expected to be incurred by division approximately as follows:
FLNA
QFNA
PBNA
LatAm
Europe
AMESA
APAC
Corporate
Expected pre-tax charges
15 %
1 %
25 %
10 %
25 %
5 %
4 %
15 %
A summary of our 2019 Productivity Plan charges is as follows:
2022
2021
2020
Cost of sales
$
33
$
29 $
30
Selling, general and administrative expenses
347
208
239
Other pension and retiree medical benefits expense
31
10
20
Total restructuring and impairment charges
$
411
$
247 $
289

Restructuring Impairment Charges
 2019 Multi-Year Productivity Plan
 announced-year productivity plan February 15 2019
 technology business models simplify automate processes re-engineer-market
 information systems automation market simplify organization optimize
 manufacturing supply chain.
 2022 plan 2028 opportunities
. expect incur pre-tax charges $3. 65 billion cash
 expenditures $2. 9 billion. 55% severance
 employee-related costs 10% impairments plant 35%
 other costs.
 total pre-tax charges division
 pre-tax charges
 15 %
 1 25 %
 10 % 4 % 2019 Productivity Plan charges
 2022
 2021
 2020 Cost sales
 Selling general administrative expenses
 347
 239 pension retiree medical benefits
 restructuring impairment charges
 411


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

 Lockheed Martin Corporation
 Consolidated Balance Sheets
 Cash cash equivalents 3,160 Receivables
 1,978 Contract assets
 Inventories
 3,545 19,378 Property plant equipment
 7,213 Goodwill 10 Intangible assets
 Deferred income taxes
 3,319 noncurrent assets
 50,710 47,528 Liabilities Contract liabilities 7,545 7,054 Salaries benefits payroll taxes
 3,163 long-term debt
 liabilities Long-term debt
 11,669 pension liabilities,874 noncurrent liabilities 6,196,747 44,672 44,357 Stockholders stock share Additional paid-in capital
 Retained earnings
 21,636 18,401 loss
,121,554 stockholders equity,127 Noncontrolling interests subsidiary
 liabilities 50,710 47,528 notes consolidated financial statements.


Ulta Beauty, Inc.
Consolidated Statements of Cash Flows
Fiscal year ended
January 28,
January 29,
January 30,
(In thousands)
2023

2022

2021
Operating activities
Net income
$
1,242,408
$
985,837
$
175,835
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
241,372
268,460
297,772
Non-cash lease expense
301,912
276,229
268,071
Long-lived asset impairment charge

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

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

(1,220)

Ulta Beauty.
 Statements year 28, 2023 Net income
 1,242,408
 985,837 175,835 Adjustments Depreciation amortization
 241,372 268,460 Non-cash lease expense
 301,912 276,229 268,071 Long-lived impairment
 Deferred income taxes
 Stock compensation expense
 43 47 Loss disposal property equipment
 6,688,358 operating assets liabilities Receivables
 34,260,573 Merchandise inventories
,233 Prepaid expenses assets
 Income taxes Accrued liabilities
 48 Deferred revenue
 Operating lease liabilities
 (324,500 assets liabilities Net cash activities
 1,481,915 1,059,265 810,355 Investing short-term investments Capital expenditures
 (312,126,187


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

.
 CASH flows income 122,641
 266,799 112,403 Adjustments Additions
,771,652
,773,019),030,701 liabilities 1,162,413
 593,125,785 Amortization
,382
 2,656,279 2,121,981 79,380
 71,491 Depreciation amortization property intangibles
 62,283
 54,028 48,374 Stock-based compensation
 124,725
 115,239 73,100 Excess tax benefits
,471,341) non-cash items 31,628 15,282 Loss extinguishment debt
 25,129 Deferred taxes
,655 liabilities assets 18,693
 Accounts 51,615 83,812,374 Accrued expenses
 48,810
 55,636 Deferred revenue
 72,135 58,819 46,295 non-current assets liabilities,366,406 cash,439 flows Acquisition DVD assets
(77,958)
 (65,927) Purchases property equipment
,726) (54,143
 short-term investments
,264
 Proceeds short-term investments 259,079,300 347,502 short-term investments,950 60,925 cash investing
 (179,192) (42,866) Cash flows financing
 Proceeds issuance common stock
 77 60,544,557 issuance debt 1,500,000,080) Redemption (219,362) tax benefits stock-based compensation
 89,341 payments lease financing obligations
 cash financing
 1,640,277
 541,712,264 exchange rate changes cash equivalents
 (15,924) cash equivalents,722 508,643 314,674 1,113,608 290,291 1,809,330
 1,113,608 Supplemental disclosure Income taxes 27,658 50,573 Investing activities liabilities statements.


As of December 31,
(MILLIONS, EXCEPT PER COMMON SHARE DATA)
2021
2020
Assets
Cash and cash equivalents
$
1,944
$
1,786
Short-term investments
29,125
10,437
Trade accounts receivable, less allowance for doubtful accounts: 2021$492; 2020$508
11,479
7,913
Inventories
9,059
8,020
Current tax assets
4,266
3,264
Other current assets
3,820
3,646
Total current assets
59,693
35,067
Equity-method investments
16,472
16,856
Long-term investments
5,054
3,406
Property, plant and equipment
14,882
13,745

December 31,
 2021 1,944 1,786 investments 29,125 10,437 Trade accounts 2021 2020$508
 11,479 Inventories
 9,059
 4,266
 59,693
 35,067
 Equity
 16,472 Long-term 5,054
 3,406 Property 14,882


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 Balance Sheets
 Cash cash equivalents 3,604 3,160 Receivables
 1,963 Contract assets
 10,579 Inventories
 2,981 Property plant equipment
 7,597 Goodwill 10 Intangible assets
 2,706 Deferred income taxes
 2,290 noncurrent assets
 7,652 50,873
,710 Liabilities Salaries benefits payroll taxes
 3,108 Contract liabilities 8,107 long-term debt
-term debt 11,670 Accrued pension liabilities
 8,319,874 noncurrent liabilities 39,914 44,672 Stockholders equity stock share Additional paid-in capital
 Retained earnings
 21,600 loss
,006,121 stockholders equity 10,959 Noncontrolling interests subsidiary
 50,873 notes consolidated financial statements.


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.

 Consolidated Balance Sheets MILLS. SUBSIDIARIES
 Millions Current assets cash equivalents 1,677.
.
.
 1,679.
 Inventories.
 1,559.
 Prepaid expenses assets.
.
 assets 5,121.
 4,186.
 buildings equipment.
 3,787.
 13,923.
.
 intangible assets 7,095.
.
.
.
 30,806.
.
 LIABILITIES EQUITY liabilities 3,247.
 2,854.
 long-term debt.
.
.
 1,468.
 liabilities.
.
 liabilities 7,491.
,087.
-term debt,929.
 11,624.
 Deferred income taxes 1,947.
.
 liabilities.
.
 21,912.
 22,191.
 Redeemable.
.
 Stockholders equity. shares
.
.
 Additional paid-in capital.
 1,386.
 earnings 15,982.
14,996.
 stock treasury shares 144.
 (6,433.
,779.
 loss (2,914.
.
 stockholders equity
.
 7,054.
.
.
 8,349.
 7,367.
 liabilities equity 30,806.
,111.
 financial statements.


Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)

Year Ended December 31,

2017

2018

2019
Net product sales
$
118,573 $
141,915 $
160,408
Net service sales
59,293
90,972
120,114
Total net sales
177,866
232,887
280,522
Operating expenses:

Cost of sales
111,934
139,156
165,536
Fulfillment
25,249
34,027
40,232
Technology and content
22,620
28,837
35,931
Marketing
10,069
13,814
18,878
General and administrative
3,674
4,336
5,203
Other operating expense (income), net
214
296
201
Total operating expenses
173,760
220,466
265,981
Operating income
4,106
12,421
14,541
Interest income
202
440
832
Interest expense
(848)
(1,417)
(1,600)
Other income (expense), net
346
(183)
203
Total non-operating income (expense)
(300)
(1,160)
(565)
Income before income taxes
3,806
11,261
13,976
Provision for income taxes
(769)
(1,197)
(2,374)
Equity-method investment activity, net of tax
(4)
9
(14)
Net income
$
3,033 $
10,073 $
11,588
Basic earnings per share
$
6.32 $
20.68 $
23.46
Diluted earnings per share
$
6.15 $
20.14 $
23.01
Weighted-average shares used in computation of earnings per share:

Basic
480
487
494
Diluted
493
500
504
See accompanying notes to consolidated financial statements.
38

Contents
.
 CONSOLIDATED STATEMENTS OPERATIONS
 millions share December 31, product sales 118,573
 141,915
 160,408 sales 59,293 90,972
 120,114 sales 177,866
,887
 280,522 Operating expenses sales 111,934 139,156 165,536 Fulfillment 25,249
 34,027
 40,232 28,837 35,931 10,069 13,814 18,878 3,674 4,336 5,203 operating expense 173,760 220,466 265,981 Operating income 4,106 12,421 14,541 non income
,160 taxes 3,806 11,261 13,976 Provision income taxes (1,197) Equity-method investment 10,073
 11,588 earnings share
.
.
.
 Diluted earnings
.
.
.
-average shares earnings share consolidated financial statements.


iscal 2024 was primarily driven by comparable sales declines in appliances, home theater,
computing and mobile phones, partially offset by comparable sales growth in gaming. Online revenue of $2.8 billion and $5.5 billion in the second quarter and
first six months of fiscal 2024 decreased 7.1% and 9.7% on a comparable basis, respectively. These decreases in revenue were primarily due to the reasons
described above and within the Consolidated Results section, above.

Domestic segment stores open at the beginning and end of the second quarters of fiscal 2024 and fiscal 2023 were as follows:

Fiscal 2024

Fiscal 2023

Total Stores at
Beginning of
Second Quarter
Stores
Opened

Stores
Closed

Total Stores at
End of Second
Quarter

Total Stores at
Beginning of
Second Quarter
Stores
Opened

Stores
Closed

Total Stores at
End of Second
Quarter
Best Buy

 908
 -
 (1)
 907
 931
 1
 (2)
 930
Outlet Centers

 20
 1
 (1)
 20
 16
 2
 -
 18
Pacific Sales

 20
 -
 -
 20
 21
 -
 -
 21
Yardbird

 18
 4
 -
 22
 9
 4
 -
 13
Total

 966
 5
 (2)
 969
 977
 7
 (2)
 982

2024 driven by comparable sales declines appliances home
 computing mobile phones sales growth gaming. revenue $2 8 billion $5 5 billion second quarter
 first six months fiscal 2024 decreased 7. 1% 9 7% comparable basis decreases revenue due
 Consolidated Results section.
 Domestic segment stores open beginning end second quarters fiscal 2024 2023 2024 2023 Stores Beginning Second Quarter Stores Opened End Second Quarter Beginning Second Quarter Stores Opened Second Quarter 908 907 931 930 Centers 20 1 21 21 Yardbird 18 4 22 7


American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022
December 31, 2021
CAPITALIZATION AND LIABILITIES
Capitalization:

Common stock ($0.01 par value; 500,000,000 shares authorized; 187,200,539 and 186,880,413 shares
issued, respectively)
$
2
$
2
Paid-in-capital
6,824
6,781
Retained earnings
1,267
925
Accumulated other comprehensive loss
(23)
(45)
Treasury stock, at cost (5,342,477 and 5,269,324 shares, respectively)
(377)
(365)
Total common shareholders' equity
7,693
7,298
Long-term debt
10,926
10,341
Redeemable preferred stock at redemption value
3
3
Total long-term debt
10,929
10,344
Total capitalization
18,622
17,642
Current liabilities:

Short-term debt
1,175
584
Current portion of long-term debt
281
57
Accounts payable
254
235
Accrued liabilities
706
701
Accrued taxes
49
176
Accrued interest
91
88
Liabilities related to assets held for sale

83
Other
255
217
Total current liabilities
2,811
2,141

Water Works Company. Subsidiary Companies
 Balance Sheets 31, 2022 2021 CAPITALIZATION LIABILITIES Common stock. 500,000,000 shares 187,200,539 186,880,413 shares
 issued Paid-capital earnings
 1,267 loss
 Treasury stock (5,342,477 5,269,324 shares
 shareholders equity
 Long-term debt 10,926 Redeemable stock redemption value debt 10,929 capitalization
 18,622
 liabilities Short-term debt
 1,175 long-term debt
 Accounts payable Accrued liabilities taxes
 interest liabilities


Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538
$
2,868
$
2,661
Non-Regulated
9,079
8,273
6,999
Total revenue
12,617
11,141
9,660
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)

Statements Operations
 December 31, 2022 3,538 2,868
 2,661 Non-Regulated
 9,079
 8,273
 6,999 12,617
 11,141
 9,660 (3,162),448,235 Non-Regulated
 (10,069) (8,430)


3M Company and Subsidiaries
Consolidated Statement of Income
Years ended December 31
(Millions, except per share amounts)
2022
2021
2020
Net sales
$
34,229 $
35,355 $
32,184

3M Company Subsidiaries
 Consolidated Statement Income
 December 31 34,229 35,355


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

Firm grew quarter 2021
 $66. 10%.


(Millions)
United States
EMEA
APAC
LACC
Other Unallocated
Consolidated
2022
Total revenues net of interest expense
$
41,396
$
4,871
$
3,835
$
2,917
$
(157)
$
52,862
Pretax income (loss) from continuing operations
10,383
550
376
500
(2,224)
9,585
2021
Total revenues net of interest expense
$
33,103
$
3,643
$
3,418
$
2,238
$
(22)
$
42,380
Pretax income (loss) from continuing operations
10,325
460
420
494
(1,010)
10,689
2020
Total revenues net of interest expense
$
28,263
$
3,087
$
3,271
$
2,019
$
(553)
$
36,087
Pretax income (loss) from continuing operations
5,422
187
328
273
(1,914)
4,296

 United States EMEA APAC Unallocated Consolidated 2022 revenues interest expense 41,396
 3,835 2,917 52,862 Pretax income operations 10,383 revenues interest 33,103 3,643 2,238 42,380 Pretax operations 10,325 10,689 revenues interest expense 28,263
 3,271 2,019 36,087 Pretax income continuing operations 5,422
 4,296


MGM China

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

MGM China
 revenues $674 million. 2 billion
 44%


Overview
JPMorgan Chase & Co. (JPMorgan Chase or the Firm,
NYSE: JPM), a financial holding company incorporated under
Delaware law in 1968, is a leading financial services firm
based in the United States of America (U.S.), with
operations worldwide. JPMorgan Chase had $3.7 trillion in
assets and $292.3 billion in stockholders equity as of
December 31, 2022. The Firm is a leader in investment
banking, financial services for consumers and small
businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan
and Chase brands, the Firm serves millions of customers,
predominantly in the U.S., and many of the worlds most
prominent corporate, institutional and government clients
globally.

 JPMorgan Chase.
 NYSE financial Delaware law 1968 leading financial services firm
.
 operations worldwide. $3. 7 trillion
 assets $292. 3 billion equity
 December 31, 2022. leader investment
 banking financial services
 commercial banking financial
 management.
 Chase brands serves millions
.
 corporate institutional government clients
.


JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At January 1, 2023 and January 2, 2022
(Dollars in Millions Except Share and Per Share Amounts) (Note 1)
2022
2021
Assets
Current assets

Cash and cash equivalents (Notes 1 and 2)
$
14,127
14,487
Marketable securities (Notes 1 and 2)
9,392
17,121
Accounts receivable trade, less allowances for doubtful accounts $203 (2021, $230)
16,160
15,283
Inventories (Notes 1 and 3)
12,483
10,387

JOHNSON JOHNSON SUBSIDIARIES
 BALANCE
 January 1 2023 2 2022
 Millions Amounts
 Cash equivalents
 14,127
 Marketable securities
 9,392
 17,121 receivable doubtful $203
 15 Inventories
 12,483


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

On May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit
Agreement) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2023 Five Year Credit Agreement
enables PepsiCo and its borrowing subsidiaries to borrow up to $4,200,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line
subfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on
May 26, 2028. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2023 Five Year
Credit Agreement, increase the commitments under the 2023 Five Year Credit Agreement to up to $4,950,000,000 in U.S. Dollars and/or Euros. PepsiCo
may, once a year, request renewal of the 2023 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2023
Five Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2023 Five Year Credit
Agreement at any time during the term of the 2023 Five Year Credit Agreement. Funds borrowed under the 2023 Five Year Credit Agreement may be used
for general corporate purposes of PepsiCo and its subsidiaries. The 2023 Five Year Credit Agreement contains customary representations and warranties
and events of default. In the ordinary course of their respective businesses, the lenders under the 2023 Five Year Credit Agreement and their affiliates have
engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates.

May 26, 2023 PepsiCo terminated $3,800,000,000 five year unsecured revolving credit agreement May 27, 2022
 PepsiCo lenders Citibank. administrative agent 2022 Five Year Credit Agreement. no
 outstanding borrowings termination.
 May 26, 2023 PepsiCo entered new $4,200,000,000 five year unsecured credit agreement 2023 Five Year
 Citibank. 2023
 enables PepsiCo subsidiaries borrow $4,200,000,000 U. S. Dollars Euros $750,000,000 swing line
 subfacility for Euro-denominated borrowings expires
 May 26, 2028. PepsiCo may
 increase commitments to $4,950,000,000 U. S. Dollars Euros. PepsiCo
 request renewal additional one year. conditions
 PepsiCo subsidiaries may borrow prepay reborrow
 term. Funds borrowed used
 general corporate purposes PepsiCo. Agreement contains representations warranties
 events default. lenders affiliates
engaged commercial investment transactions PepsiCo affiliates.


BALANCE SHEETS

(In millions)

June 30,

2023
2022

Assets

Current assets:

Cash and cash equivalents
 $
34,704 $
13,931
Short-term investments

76,558
90,826

Total cash, cash equivalents, and short-term investments

111,262
104,757
Accounts receivable, net of allowance for doubtful accounts of $650 and $633

48,688
44,261
Inventories

2,500
3,742
Other current assets

21,807
16,924

Total current assets

184,257
169,684
Property and equipment, net of accumulated depreciation of $68,251 and $59,660

95,641
74,398
Operating lease right-of-use assets

14,346
13,148
Equity investments

9,879
6,891
Goodwill

67,886
67,524
Intangible assets, net

9,366
11,298
Other long-term assets

30,601
21,897

Total assets
 $
411,976 $
364,840

Liabilities and stockholders equity

Current liabilities:

Accounts payable
 $
18,095 $
19,000
Current portion of long-term debt

5,247
2,749
Accrued compensation

11,009
10,661
Short-term income taxes

4,152
4,067
Short-term unearned revenue

50,901
45,538
Other current liabilities

14,745
13,067

Total current liabilities

104,149
95,082
Long-term debt

41,990
47,032
Long-term income taxes

25,560
26,069
Long-term unearned revenue

2,912
2,870
Deferred income taxes

433
230
Operating lease liabilities

12,728
11,489
Other long-term liabilities

17,981
15,526

Total liabilities

205,753
198,298

Commitments and contingencies

Stockholders equity:

Common stock and paid-in capital shares authorized 24,000; outstanding 7,432 and 7,464

93,718
86,939
Retained earnings

118,848
84,281
Accumulated other comprehensive loss

(6,343)
(4,678)

Total stockholders equity

206,223
166,542

Total liabilities and stockholders equity
 $
411,976 $
364,8

 equivalents 34,704 13,931 Short-term investments 76,558 90,826 short-term investments 111,262 104,757 accounts $650 $633,688 44,261,500 3,742 assets 21,807 16,924 assets 184,257 169,684 accumulated depreciation $68,251 $59,660 74,398 lease assets 14,346 13,148 Equity investments 9,879 67,886 67,524 9,366 11,298 long-term assets 30,601 21,897 411,976 364,840 Liabilities stockholders liabilities 18,095 19,000 long-term 5,247 2,749 compensation 11,009 10,661 Short-term,152,067 45,538 liabilities 14,745 13,067 liabilities 104,149 95,082 Long-term 41,990,032
 Long-term 25,560 26,069 2,912 liabilities 12,728 11,489-term 17,981 15,526 liabilities 205,753 198,298 Commitments contingencies Stockholders equity shares 24,000 7,464 93,718 86,939 118,848 84,281,343) stockholders equity 206,223 166,542 liabilities stockholders equity 411,976 364,8


Net
revenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%
increase in Data Center segment revenue primarily due to higher sales of our EPYC server processors, a 21% increase in Gaming segment revenue
primarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion
of Xilinx embedded product sales.

 revenue 2022 $23. 6 billion increase 44% compared 2021 $16. 4 billion. 64%
 increase Data Center EPYC server processors 21% increase Gaming
 higher semi-custom sales increase Embedded
 Xilinx sales.


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

REGIONAL SALES RESULTS
 Q4 2022 2021 Operational1,2 Operational1,3.
 $12,516 $12,163.
.
.
 11,190 12,641.
.
.
.
 Worldwide $23,706 $24,804.
.
.
.
 Millions 2022 2021 Operational1,2 Operational1,3.
 $48,580 $47,156.
.
.
 46,363 46,619.
.
.
.
 Worldwide $94,943 $93,775.
.
.
.


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

 COSTCO WHOLESALE
 BALANCE
 millions share data August 29, 2021 30 2020 Cash equivalents 11,258
 12,277 Short-term investments
 Receivables
 1,803 Merchandise inventories
 14 assets 29,505 Property equipment
 23,492 Operating lease right-of-use assets
 2,890,788 long-term assets
 3,381 TOTAL 59,268
 55,556 LIABILITIES payable 16,278 14 Accrued salaries benefits
 4,090 member rewards
 1,671 Deferred membership fees
 long-term debt liabilities 24 debt operating lease liabilities
 41,190 COMMITMENTS Preferred stock. 100,000,000 shares authorized
 Common stock. 900,000,000 shares authorized,825,000
,255,000 shares issued
 Additional paid-in capital
,698 loss
,137earnings
 11,666
 12,879 Costco stockholders
 17,564
 18,284
 18,078,705 59,268
 55,556 financial statements.


The following summarizes revenues by geographic area:

Three Months Ended
Six Months Ended
(MILLIONS)
July 2,
2023
July 3,
2022
%
Change
July 2,
2023
July 3,
2022
%
Change
United States
$
6,185
$
11,222
(45)
$
14,692
$
20,140
(27)
Developed Europe
2,415
5,480
(56)
5,236
11,569
(55)
Developed Rest of World
1,305
5,034
(74)
3,778
8,320
(55)
Emerging Markets
2,828
6,006
(53)
7,308
13,373
(45)
Revenues
$
12,734
$
27,742
(54)
$
31,015
$
53,402
(42)

summarizes revenues geographic
 Three Months Months July 2 3 States 6,185 11,222 14,692
 20,140 2,415 5,480 5,236 11,569 1,305 5,034 3,778 8,320 Markets 2,828 6,006 7,308 13,373 Revenues 12,734 27,742 31,015
 53,402


Table of Contents
3M Company and Subsidiaries
Consolidated Statement of Cash Flow s
Years ended December 31

(Millions)

2018

2017

2016

Cash Flows from Operating Activities

Net income including noncontrolling interest

$
5,363
$
4,869
$
5,058
Adjustments to reconcile net income including noncontrolling interest to net cash
provided by operating activities

Depreciation and amortization

1,488

1,544

1,474
Company pension and postretirement contributions

(370)

(967)

(383)
Company pension and postretirement expense

410

334

250
Stock-based compensation expense

302

324

298
Gain on sale of businesses

(545)

(586)

(111)
Deferred income taxes

(57)

107

 7
Changes in assets and liabilities

Accounts receivable

(305)

(245)

(313)
Inventories

(509)

(387)

57
Accounts payable

408

24

148
Accrued income taxes (current and long-term)

134

967

101
Other net

120

256

76
Net cash provided by (used in) operating activities

6,439

6,240

6,662

Cash Flows from Investing Activities

Purchases of property, plant and equipment (PP&E)

(1,577)

(1,373)

(1,420)
Proceeds from sale of PP&E and other assets

262

49

58
Acquisitions, net of cash acquired

13

(2,023)

(16)
Purchases of marketable securities and investments

(1,828)

(2,152)

(1,410)
Proceeds from maturities and sale of marketable securities and investments

2,497

1,354

1,247
Proceeds from sale of businesses, net of cash sold

846

1,065

142
Other net

 9

(6)

(4)
Net cash provided by (used in) investing activities

222

(3,086)

(1,403)

Cash Flows from Financing Activities

Change in short-term debt net

(284)

578

(797)
Repayment of debt (maturities greater than 90 days)

(1,034)

(962)

(992)
Proceeds from debt (maturities greater than 90 days)

2,251

1,987

2,832
Purchases of treasury stock

(4,870)

(2,068)

(3,753)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans

485

734

804
Dividends paid to shareholders

(3,193)

(2,803)

(2,678)
Other net

(56)

(121)

(42)
Net cash provided by (used in) financing activities

(6,701)

(2,655)

(4,626)

Effect of exchange rate changes on cash and cash equivalents

(160)

156

(33)

Net increase (decrease) in cash and cash equivalents

(200)

655

600
Cash and cash equivalents at beginning of year

3,053

2,398

1,798
Cash and cash equivalents at end of period

$
2,853
$
3,053
$
2,398

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

60

Contents
 3M Company Subsidiaries Consolidated Statement Cash Flow December 31 Cash Flows Operating Activities income noncontrolling interest 5,363 4,869 5,058 Adjustments reconcile net income noncontrolling interest cash operating activities Depreciation amortization 1,488 1,544 1,474 Company pension postretirement contributions pension postretirement expense Stock-based compensation expense sale businesses Deferred income taxes Changes assets liabilities Accounts receivable Inventories Accounts payable Accrued income taxes long-term cash operating activities 6,439 6,240 6,662 Cash Flows Investing Activities Purchases property plant equipment (1,577,373) Proceeds sale PP&E assets Acquisitions cash Purchases marketable securities investments,152Proceeds maturities marketable securities investments
 2,497 1,354 1,247 businesses 1,065 cash investing activities (3,086) (1,403) Financing short-term debt Repayment debt 90 days (1,034) (962) Proceeds debt 90 days 2,251 1,987 2,832 Purchases treasury stock (4,870) (2,068) (3,753) Proceeds treasury option benefit plans Dividends shareholders (3,193) (2,803) (2,678) cash financing activities (6,701) (2,655) (4,626) exchange rate changes cash cash equivalents cash cash equivalents Cash cash equivalents beginning year 2,398 1,798 cash equivalents period 2,853,398 Notes Consolidated Financial Statements.


Derivative Instruments
We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates.
We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency
swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold
derivatives for trading purposes.
The following table sets forth the notional amounts of our outstanding derivative instruments:
(dollars in millions)
At December 31,
2021
2020
Interest rate swaps
$
19,779
$
17,768
Cross currency swaps
32,502
26,288
Forward starting interest rate swaps
1,000
2,000
Foreign exchange forwards
932
1,405

Derivative Instruments
 transactions.
 risk management derivatives currency
 treasury rate locks caps foreign exchange forwards. hold
 trading.
 outstanding derivative instruments
 December 31,
 2021
 Interest rate swaps
 19,779
 17,768
 Cross currency swaps
 32,502
 26,288
 Forward interest rate swaps
 Foreign exchange forwards
 1,405


ADOBE INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)

Years Ended

December 2,
2022
December 3,
2021
November 27,
2020
Cash flows from operating activities:

Net income
$
4,756
$
4,822
$
5,260
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion

856

788

757
Stock-based compensation

1,440

1,069

909
Reduction of operating lease right-of-use assets

83

73

87
Deferred income taxes

328

183

(1,501)
Unrealized losses (gains) on investments, net

29

(4)
(11)
Other non-cash items

10

7

40
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net

(198)
(430)
106
Prepaid expenses and other assets

(94)
(475)
(288)
Trade payables

66

(20)
96
Accrued expenses and other liabilities

7

162

86
Income taxes payable

19

2

(72)
Deferred revenue

536

1,053

258
Net cash provided by operating activities

7,838

7,230

5,727
Cash flows from investing activities:

Purchases of short-term investments

(909)
(1,533)
(1,071)
Maturities of short-term investments

683

877

915
Proceeds from sales of short-term investments

270

191

167
Acquisitions, net of cash acquired

(126)
(2,682)

Purchases of property and equipment

(442)
(348)
(419)
Purchases of long-term investments, intangibles and other assets

(46)
(42)
(15)
Proceeds from sales of long-term investments and other assets

9
Net cash used for investing activities

(570)
(3,537)
(414)

.
 CONSOLIDATED STATEMENTS CASH FLOWS December 2 2022 3 2021 November Cash flows operating activities income 4,756 5,260 Adjustments income cash operating activities Depreciation amortization accretion 856 Stock-based compensation 1,440 1,069 Reduction operating lease right-of-use assets Deferred income taxes 328 Unrealized losses investments
 non items Changes operating assets liabilities acquired assets liabilities receivables Prepaid expenses assets payables Accrued expenses liabilities Income taxes payable Deferred revenue 1,053 cash operating activities 7,838 Cash flows investing activities Purchases short-term investments short-term investments Proceeds sales short-term investments Acquisitions cash acquired Purchases property equipment Purchases long-term investments intangibleslong-term investments assets
 cash investing activities (3,537)


Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)

For the Years Ended December 31,

2019

2018

2017
Net revenues

Product sales
$
1,975
 $
2,255 $
2,110
Subscription, licensing, and other revenues
4,514

5,245
4,907
Total net revenues
6,489

7,500
7,017

Costs and expenses

Cost of revenuesproduct sales:

Product costs
656

719
733
Software royalties, amortization, and intellectual property licenses
240

371
300
Cost of revenuessubscription, licensing, and other revenues:

Game operations and distribution costs
965

1,028
984
Software royalties, amortization, and intellectual property licenses
233

399
484
Product development
998

1,101
1,069
Sales and marketing
926

1,062
1,378
General and administrative
732

822
745
Restructuring and related costs
132

10
15
Total costs and expenses
4,882

5,512
5,708

Operating income
1,607

1,988
1,309
Interest and other expense (income), net (Note 18)
(26)
71
146
Loss on extinguishment of debt

40
12
Income before income tax expense
1,633

1,877
1,151
Income tax expense
130

29
878
Net income
$
1,503
 $
1,848 $
273

Earnings per common share

Basic
$
1.96
 $
2.43 $
0.36
Diluted
$
1.95
 $
2.40 $
0.36

Weighted-average number of shares outstanding

Basic
767

762
754
Diluted
771

771
766
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-5

Contents
 ACTIVISION. SUBSIDIARIES
 STATEMENTS OPERATIONS millions share data Years Ended December 31, 2019 revenues sales 1,975 2,255 2,110 Subscription licensing revenues 4,514 5,245 revenues 6,489 7,500 7,017 Costs expenses sales Software royalties amortization intellectual property licenses licensing operations distribution 965 1,028 984 royalties amortization intellectual property licenses 399 development 1,101 1,069 Sales marketing 926 1,062 1,378 administrative 732 Restructuring costs expenses 5,512 5,708 Operating income 1,607 1,988 1,309 Interest Loss extinguishment debt Income tax expense 1,633 1,877 1,151 income 1,503 1,848 Earnings common share.
.
.
.
.
.
 shares
 762 754 771 notes Consolidated Financial Statements.
 F-5


Table of Contents
AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)

December 31,

2016

2017
ASSETS

Current assets:

Cash and cash equivalents
$
19,334 $
20,522
Marketable securities
6,647
10,464
Inventories
11,461
16,047
Accounts receivable, net and other
8,339
13,164
Total current assets
45,781
60,197
Property and equipment, net
29,114
48,866
Goodwill
3,784
13,350
Other assets
4,723
8,897
Total assets
$
83,402 $
131,310
LIABILITIES AND STOCKHOLDERS EQUITY

Current liabilities:

Accounts payable
$
25,309 $
34,616
Accrued expenses and other
13,739
18,170
Unearned revenue
4,768
5,097
Total current liabilities
43,816
57,883
Long-term debt
7,694
24,743
Other long-term liabilities
12,607
20,975
Commitments and contingencies (Note 7)

Stockholders equity:

Preferred stock, $0.01 par value:

Authorized shares 500

Issued and outstanding shares none

Common stock, $0.01 par value:

Authorized shares 5,000

Issued shares 500 and 507

Outstanding shares 477 and 484
5
5
Treasury stock, at cost
(1,837)
(1,837)
Additional paid-in capital
17,186
21,389
Accumulated other comprehensive loss
(985)
(484)
Retained earnings
4,916
8,636
Total stockholders equity
19,285
27,709
Total liabilities and stockholders equity
$
83,402 $
131,310
See accompanying notes to consolidated financial statements.
40

.
 CONSOLIDATED BALANCE
 millions Current assets Cash cash equivalents
 19,334 Marketable securities
,647 Inventories
 11,461 Accounts receivable,339 assets 45,781 60,197 Property equipment
 48,866 Goodwill 3,784 assets 83,402 131 LIABILITIES EQUITY liabilities Accounts payable 25,309 34,616 Accrued expenses
 13,739 18,170 Unearned revenue
 4,768 5,097 liabilities 43,816 57,883 Long-term debt
 24,743 liabilities,607,975 Commitments contingencies
 Stockholders equity
 Preferred stock.
 Authorized shares Common stock.
 shares Outstanding shares 484 Treasury stock Additional paid-in capital
 17,186 21,389 loss Retained earnings
 stockholders equity consolidated financial statements.


At December 31,
Maturities
Interest
Rates %
2022
2021
Verizon Communications
< 5 Years
0.75 - 5.82
$
23,929
$
18,406
5-10 Years
1.50 - 7.88
42,637
43,225
> 10 Years
1.13 - 8.95
60,134
73,520
< 5 Years
Floating
(1)
2,992
4,086
5-10 Years
Floating
(1)
3,029
824
Alltel Corporation
5-10 Years
6.80 - 7.88
94
38
> 10 Years
N/A
N/A
58
Operating telephone company subsidiariesdebentures
< 5 Years
N/A
N/A
141
5-10 Years
6.00 - 8.75
475
375
> 10 Years
5.13 - 7.38
139
250
Other subsidiariesasset-backed debt
< 5 Years
0.41 - 5.72
9,767
9,620
< 5 Years
Floating
(2)
10,271
4,610
Finance lease obligations (average rate of 2.5% and 2.2% in
2022 and 2021, respectively)
1,732
1,325
Unamortized discount, net of premium
(4,039)
(4,922)
Unamortized debt issuance costs
(671)
(688)
Total long-term debt, including current maturities
150,489
150,868
Less long-term debt maturing within one year
9,813
7,443
Total long-term debt
$
140,676
$
143,425
Long-term debt maturing within one year
$
9,813
$
7,443
Add commercial paper
150

Debt maturing within one year
9,963
7,443
Add long-term debt
140,676
143,425
Total debt
$
150,639
$
150,868

December 31,
 Maturities 2022
 2021 Verizon Communications
 5 Years. 75 - 5
 23,929 18,406
 5-10 Years. 50 - 7
 42,637
 43,225
 10 Years. 13 - 8
 60,134 73,520
 Years 2,992 4,086
 Years Alltel Corporation
. - 7
 subsidiariesdebentures Years Years.
 Years. 13 - 7
 subsidiariesasset-backed debt
 5 Years. 41 -
 9,767
 5 Years 10,271
 Finance lease obligations rate 2. 5% 2. 2%
 2022 2021
 1,732 1,325 Unamortized discount premium (4,039) issuance long-term debt maturities
 150,489 150,868 7,443 140,676 143,425,443 140,676


Table of Contents
3M Company and Subsidiaries
Consolidated Balance Shee t
At December 31

December 31,

December 31,

(Dollars in millions, except per share amount)

2018

2017

Assets

Current assets

Cash and cash equivalents

$
2,853
$
3,053
Marketable securities current

380

1,076
Accounts receivable net of allowances of $95 and $103

5,020

4,911
Inventories

Finished goods

2,120

1,915
Work in process

1,292

1,218
Raw materials and supplies

954

901
Total inventories

4,366

4,034
Prepaids

741

937
Other current assets

349

266
Total current assets

13,709

14,277
Property, plant and equipment

24,873

24,914
Less: Accumulated depreciation

(16,135)

(16,048)
Property, plant and equipment net

8,738

8,866
Goodwill

10,051

10,513
Intangible assets net

2,657

2,936
Other assets

1,345

1,395
Total assets

$
36,500
$
37,987
Liabilities

Current liabilities

Short-term borrowings and current portion of long-term debt

$
1,211
$
1,853
Accounts payable

2,266

1,945
Accrued payroll

749

870
Accrued income taxes

243

310
Other current liabilities

2,775

2,709
Total current liabilities

7,244

7,687

Long-term debt

13,411

12,096
Pension and postretirement benefits

2,987

3,620
Other liabilities

3,010

2,962
Total liabilities

$
26,652
$
26,365
Commitments and contingencies (Note 16)

Equity

3M Company shareholders equity:

Common stock par value, $.01 par value

$
 9
$
 9
Shares outstanding - 2018: 576,575,168

Shares outstanding - 2017: 594,884,237

Additional paid-in capital

5,643

5,352
Retained earnings

40,636

39,115
Treasury stock

(29,626)

(25,887)
Accumulated other comprehensive income (loss)

(6,866)

(7,026)
Total 3M Company shareholders equity

9,796

11,563
Noncontrolling interest

52

59
Total equity

$
9,848
$
11,622
Total liabilities and equity

$
36,500
$
37,987

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
58

Contents
 3M Company Subsidiaries Balance millions share Assets Cash equivalents 2,853 Marketable securities 1,076 $95 $103 5,020 Inventories Finished goods 2,120 1,915 Work 1,292 1,218 Raw materials supplies inventories 4,366,034 Prepaids 741 assets 13,709 14,277 Property plant equipment 24,873 24,914 Accumulated depreciation,135 (16,048) Property plant equipment 8,738,866 Goodwill 10,051 Intangible assets 2,657 2,936 36,500 37,987 Liabilities Short-term borrowings long-term debt 1,853 Accounts 2,266 1,945 Accrued payroll income taxes liabilities,244,687 Long-term debt 13,411 12,096 Pension postretirement benefits
 2,987 3,620 3,010,962 26,652 26,365 Commitments contingencies 3M Company shareholders equity.
 576,575,168,884,237 Additional paid-in capital 5,352 earnings 40,636 39,115 Treasury (29,626) (25,887 Accumulated income (7,026) 3M Company shareholders equity 9,796 11,563 Noncontrolling 9,848 11,622 liabilities equity 36,500 37,987 Consolidated Financial Statements.


TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE
Years Ended December 31,
Change
Change
(Millions, except percentages, per share amounts and where indicated)
2022
2021
2020
2022 vs. 2021
2021 vs. 2020
Selected Income Statement Data
Total revenues net of interest expense
$
52,862
$
42,380
$
36,087
$
10,482
25 %
$
6,293
17 %
Provisions for credit losses
2,182
(1,419)
4,730
3,601
#
(6,149)
#
Expenses
41,095
33,110
27,061
7,985
24
6,049
22
Pretax income
9,585
10,689
4,296
(1,104)
(10)
6,393
#
Income tax provision
2,071
2,629
1,161
(558)
(21)
1,468
#
Net income
7,514
8,060
3,135
(546)
(7)
4,925
#
Earnings per common share diluted
$
9.85
$
10.02
$
3.77
$
(0.17)
(2)%
$
6.25
# %
Common Share Statistics
Cash dividends declared per common share
$
2.08
$
1.72
$
1.72
$
0.36
21 %
$

 %
Average common shares outstanding:
Basic
751
789
805
(38)
(5)%
(16)
(2)%
Diluted
752
790
806
(38)
(5)%
(16)
(2)%
Selected Metrics and Ratios
Network volumes (Billions)
$
1,552.8
$
1,284.2
$
1,037.8
$
269
21 %
$
246
24 %
Return on average equity
32.3 %
33.7 %
14.2 %
Net interest income divided by average Card Member loans
10.4 %
10.2 %
10.7 %
Net interest yield on average Card Member loans
10.6 %
10.7 %
11.5 %
Effective tax rate
21.6 %
24.6 %
27.0 %
Common Equity Tier 1
10.3 %
10.5 %
13.5 %
Selected Balance Sheet Data
Cash and cash equivalents
$
33,914
$
22,028
$
32,965
$
11,886
54 %
$
(10,937)
(33)%
Card Member receivables
57,613
53,645
43,701
3,968
7
9,944
23
Card Member loans
107,964
88,562
73,373
19,402
22
15,189
21
Customer deposits
110,239
84,382
86,875
25,857
31
(2,493)
(3)
Long-term debt
$
42,573
$
38,675
$
42,952
$
3,898
10 %
$
(4,277)
(10)%

TABLE FINANCIAL PERFORMANCE
 December 31, (Millions percentages share amounts
 2022 2021.
.
 Income Statement revenues interest expense
 52,862 42,380 36,087 10,482 25 6,293 17 Provisions credit losses
 2,182 (1,419) 3,601 41,095 33,110 27,061 7,985 Pretax income 10,689 4,296,104 6,393 Income tax provision 2,071 2,629 1,161 1,468 Net income 7,514 8,060 3,135 Earnings common share diluted
.
.
.
.
.
 Common Share Statistics dividends common share
.
.
.
.
 Average common shares
 751 Selected Metrics Ratios Network volumes 1,552.
 1,284.
 1,037.
 246 Return average equity
.
.
.
 interest income divided average Card Member loans
.
.
.
 interest yield loans.6 %
. 7 %
. 5
 tax.
.
.
 Equity.
.
.
 Balance equivalents 33,914
 22,028 32,965 11,886 54 % 57,613 53,645 43,701,944 107,964 88,562 73,373 19,402 15,189 deposits 110,239 84,382
 86,875 25,857 Long-term
 42,573
 38,675 42,952 3,898,277)


We are very pleased with our performance and business momentum as our categories and
geographies remained resilient during the first quarter. Given our strong start to the year, we
now expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and
core constant currency EPS to increase 9 percent (previously 8 percent), said Chairman and
CEO Ramon Laguarta.

pleased performance business momentum categories
 geographies resilient first quarter.
 2023 revenue increase 8 percent
 currency EPS increase 9 percent
 CEO Ramon Laguarta.


Walmart Inc.
Consolidated Statements of Income

Fiscal Years Ended January 31,
(Amounts in millions, except per share data)

2018

2017

2016
Revenues:

Net sales
 $
495,761
 $
481,317 $
478,614
Membership and other income

4,582

4,556
3,516
Total revenues

500,343

485,873
482,130
Costs and expenses:

Cost of sales

373,396

361,256
360,984
Operating, selling, general and administrative expenses

106,510

101,853
97,041
Operating income

20,437

22,764
24,105
Interest:

Debt

1,978

2,044
2,027
Capital lease and financing obligations

352

323
521
Interest income

(152)
(100)
(81)
Interest, net

2,178

2,267
2,467
Loss on extinguishment of debt

3,136

Income before income taxes

15,123

20,497
21,638
Provision for income taxes

4,600

6,204
6,558
Consolidated net income

10,523

14,293
15,080
Consolidated net income attributable to noncontrolling interest

(661)
(650)
(386)
Consolidated net income attributable to Walmart
 $
9,862
 $
13,643 $
14,694

Net income per common share:

Basic net income per common share attributable to Walmart
 $
3.29
 $
4.40 $
4.58
Diluted net income per common share attributable to Walmart

3.28

4.38
4.57

Weighted-average common shares outstanding:

Basic

2,995

3,101
3,207
Diluted

3,010

3,112
3,217

Dividends declared per common share
 $
2.04
 $
2.00 $
1.96
See accompanying notes.
55

Walmart.
 Consolidated Statements Income Years Ended January 31, millions share Revenues sales 495,761,317,614 Membership income 4,556 revenues 500,343 485,873 482,130 Costs expenses sales 373,396,256 360,984 Operating selling administrative expenses 106,510 101,853 97,041 Operating income 20,437 22,764 24,105 1,978 2,044 2,027 Capital lease financing obligations Interest income 2,178 2,467 Loss extinguishment debt 3,136 Income income taxes 15,123,497 21,638 Provision taxes,600,204 Consolidated income 14,293 15,080 noncontrolling interest income Walmart 13,643 14,694 income common share.
.
.
.
.
.
 Weighted-average common shares,995 3,207 3,0103,112
 3,217 Dividends common share.
.
.
.
 55


Three Months Ended June 30
Twelve Months Ended June 30
($ million)
Flexibles
Rigid
Packaging
Total
Flexibles
Rigid
Packaging
Total
Net sales fiscal year 2023

2,777
897
3,673

11,154
3,540
14,694
Net sales fiscal year 2022

2,967
942
3,909

11,151
3,393
14,544
Reported Growth %
 (6)
 (5)
 (6)

 4
 1
FX %
 1
 (1)

 (4)
 (1)
 (3)
Constant Currency Growth %
 (7)
 (4)
 (6)
 4
 5
 4
Raw Material Pass Through %
 1

 1
 5
 8
 5
Items affecting comparability %
 (3)

 (2)
 (2)

 (1)
Comparable Constant Currency
Growth %
 (5)
 (4)
 (5)
 1
 (3)

Volume %
 (7)
 (6)
 (7)
 (3)
 (4)
 (3)
Price/Mix %
 2
 2
 2
 4
 1
 3

Three Months Ended June 30
 Twelve Months Ended June 30 million Flexibles Packaging sales fiscal year 2023 2 897 3,673 11,154 3,540 14,694 sales fiscal year 2022 2,967 942 11,151 3,393 14,544 Growth % (6) Currency Growth % Material Pass Items comparability Currency Growth % Volume % (7) Price/Mix % 2 2 4 3


ConsolidatedStatementsofOperations

FortheYearsEndedDecember31,
In millions, except per share amounts
2018

2017

2016
Revenues:

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

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

Operatingexpenses
21,368
18,809
18,448
Totaloperatingcosts
190,558
175,248
167,160
Operatingincome
4,021
9,538
10,386
Interestexpense
2,619
1,062
1,078
Lossonearlyextinguishmentofdebt

643
Otherexpense(income)
(4)
208
28
Incomebeforeincometaxprovision
1,406
8,268
8,637
Incometaxprovision
2,002
1,637
3,317
Income(loss)fromcontinuingoperations
(596)
6,631
5,320
Lossfromdiscontinuedoperations,netoftax

(8)
(1)
Netincome(loss)
(596)
6,623
5,319
Net(income)lossattributabletononcontrollinginterests
2
(1)
(2)
Netincome(loss)attributabletoCVSHealth
$
(594) $
6,622 $
5,317

Basicearnings(loss)pershare:

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

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

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

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

Seeaccompanyingnotestoconsolidatedfinancialstatements.
Page38

 share Revenues 183,910 180,063 173,377 8,184 3,558 1,825 1,144 1,080 Netinvestmentincome Totalrevenues 194,579 184,786 177,546 Operatingcosts 156,447 153,448 146,533 Benefitcosts 6,594 2,810 2,179 Goodwillimpairments 6,149 21,368 18,809 18,448 Totaloperatingcosts 190,558 175,248 167,160 Operatingincome 4,021 9,538 10,386 2,619 1,062 1,078(income 1,406 8,268,637 2,002 1,637 3,317(loss 5,320 Lossfromdiscontinuedoperations 5,319 Netincome 6,622 5,317 Basicearnings(loss)pershare Income(loss.
.
.
.
Netincome(loss)attributabletoCVSHealth
.
 6. 47
.
 1,044 1,073 Dilutedearnings(loss)pershare Income(loss.
. 45
 4.
.
 Netincome(loss)attributabletoCVSHealth.
. 44
.
 Weightedaveragedilutedsharesoutstanding 1,044 1,024 1,079 Dividendsdeclaredpershare.
.
.
.


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

VaR decreased $7 million
 June 30 2023
 risk
 reductions Credit Portfolio fixed
 income


Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Cash Flows
(In millions)

For the Years Ended December 31,

2021
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES

Net income
$
1,263
$
709
$
621
Adjustments to reconcile to net cash flows provided by operating activities:

Depreciation and amortization
636
604
582
Deferred income taxes and amortization of investment tax credits
230
207
208
Provision for losses on accounts receivable
37
34
28
(Gain) or loss on sale of businesses
(747)

34
Pension and non-pension postretirement benefits
(41)
(14)
17
Other non-cash, net
(23)
(20)
(41)
Changes in assets and liabilities:

Receivables and unbilled revenues
(74)
(97)
(25)
Pension and non-pension postretirement benefit contributions
(40)
(39)
(31)
Accounts payable and accrued liabilities
66
(2)
66
Other assets and liabilities, net
134
44
(76)
Net cash provided by operating activities
1,441
1,426
1,383
CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures
(1,764)
(1,822)
(1,654)
Acquisitions, net of cash acquired
(135)
(135)
(235)
Proceeds from sale of assets, net of cash on hand
472
2
48
Removal costs from property, plant and equipment retirements, net
(109)
(106)
(104)
Net cash used in investing activities
(1,536)
(2,061)
(1,945)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt
1,118
1,334
1,530
Repayments of long-term debt
(372)
(342)
(495)
(Repayments of) proceeds from term loan
(500)
500

Net short-term borrowings with maturities less than three months
(198)
(5)
(178)
(Remittances) proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $18, $17 and $11 in
2021, 2020 and 2019, respectively
(1)
9
15
Advances and contributions in aid of construction, net of refunds of $25, $24 and $30 in 2021, 2020 and 2019, respectively
62
28
26
Debt issuance costs and make-whole premium on early debt redemption
(26)
(15)
(15)
Dividends paid
(428)
(389)
(353)
Anti-dilutive share repurchases

(36)
Net cash (used in) provided by financing activities
(345)
1,120
494
Net (decrease) increase in cash, cash equivalents and restricted funds
(440)
485
(68)
Cash, cash equivalents and restricted funds at beginning of period
576
91
159
Cash, cash equivalents and restricted funds at end of period
$
136
$
576
$
91
Cash paid during the year for:

Interest, net of capitalized amount
$
389
$
382
$
383
Income taxes, net of refunds of $6, $2 and $4 in 2021, 2020 and 2019, respectively
$
1
$
7
$
12
Non-cash investing activity:

Capital expenditures acquired on account but unpaid as of year end
$
292
$
221
$
235
Seller promissory note from the sale of the Homeowner Services Group
$
720
$

$

Contingent cash payment from the sale of the Homeowner Services Group
$
75
$

$

The accompanying notes are an integral part of these Consolidated Financial Statements.
86

 American Water Works Company. Subsidiary Companies
 Statements Cash Flows
 Ended 2021 CASH FLOWS OPERATING income 1,263 Adjustments cash flows operating activities
 Depreciation amortization
 Deferred income taxes amortization investment tax credits
 Provision losses accounts receivable
 loss sale businesses
 Pension non-pension postretirement benefits
 non Changes assets liabilities
 Receivables unbilled revenues
 Pension non-pension postretirement benefit contributions
 Accounts payable accrued liabilities
 assets liabilities cash operating activities 1,441 1,426 1,383 FLOWS INVESTING
 Capital expenditures
 (1,764) Acquisitions cash Proceeds sale assets
 Removal costs property equipment retirements
 cash investing activities FLOWS FINANCING Proceeds long-term debt
 Repayments long-term debt
 proceeds loanshort-term borrowings maturities less three months
 (198) proceeds issuances employee stock plans stock purchase plan taxes $18 $17 $11
 2021 2020 2019
 Advances contributions construction refunds $25 $24 $30 2021 2020 2019
 Debt issuance costs premium early debt redemption
 Dividends
 (428) (389) Anti-dilutive share repurchases
 cash financing activities
 (345) 1,120 increase cash equivalents restricted funds
 (440) restricted funds 576 end capitalized amount
 389 Income taxes refunds $6 $2 $4 2021 2020 2019
 Non-cash investing activity
 Capital expenditures acquired unpaid end
 292 Seller promissory note Homeowner Services Group
 720 cash payment
 notes Consolidated Financial Statements.


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.

minimize disruption production achieve stability implement productivity improvements
 demand maintain profitability. adjust production rates
. 787 program low rates increase 5 2023.
 Production 777X paused resume 2023. program
 challenges production 31 month. increase 737 production rates market demand supply
 capacity.


Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 31,
2022
December 25,
2021
December 26,
2020
(In millions)
Cash flows from operating activities:
Net income
$
1,320
$
3,162
$
2,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,174
407
312
Stock-based compensation
1,081
379
274
Amortization of debt discount and issuance costs

5
14
Amortization of operating lease right-of-use assets
88
56
42
Amortization of inventory fair value adjustment
189

Loss on debt redemption, repurchase and conversion

7
54
Loss on sale or disposal of property and equipment
16
34
33
Deferred income taxes
(1,505)
308
(1,223)
(Gains) losses on equity investments, net
62
(56)
(2)
Other
(14)
(7)
8
Changes in operating assets and liabilities:
Accounts receivable, net
(1,091)
(640)
(219)
Inventories
(1,401)
(556)
(417)
Receivables from related parties
(13)
8
10
Prepaid expenses and other assets
(1,197)
(920)
(231)
Payables to related parties
379
7
(135)
Accounts payable
931
801
(513)
Accrued liabilities and other
546
526
574
Net cash provided by operating activities
3,565
3,521
1,071
Cash flows from investing activities:
Purchases of property and equipment
(450)
(301)
(294)
Purchases of short-term investments
(2,667)
(2,056)
(850)
Proceeds from maturity of short-term investments
4,310
1,678
192
Cash received from acquisition of Xilinx
2,366

Acquisition of Pensando, net of cash acquired
(1,544)

Other
(16)
(7)

Net cash provided by (used in) investing activities
1,999
(686)
(952)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs
991

200
Repayment of debt
(312)

(200)
Proceeds from sales of common stock through employee equity plans
167
104
85
Repurchases of common stock
(3,702)
(1,762)

Common stock repurchases for tax withholding on employee equity plans
(406)
(237)
(78)
Other
(2)

(1)
Net cash (used in) provided by financing activities
(3,264)
(1,895)
6
Net increase in cash and cash equivalents
2,300
940
125
Cash and cash equivalents at beginning of year
2,535
1,595
1,470
Cash and cash equivalents at end of year
$
4,835
$
2,535
$
1,595

Micro Devices.
 Consolidated Statements Cash Flows
 December 31, 2022 25 2021 26, 2020 Cash flows operating activities Net income 1,320 3,162 2,490 Adjustments income cash activities Depreciation amortization
 4,174 Stock-based compensation
 Amortization debt discount issuance costs
 operating lease right-use assets
 inventory fair value adjustment
 Loss debt redemption repurchase conversion
 Loss sale disposal property equipment
 Deferred income taxes
 losses equity investments
 Changes operating assets liabilities
 Accounts receivable Inventories Receivables related parties Prepaid expenses assets
,197) Payables related parties Accounts payable Accrued liabilities cash operating activities
 3,565 Cash flows investing activities
 Purchases property equipment
 short-term investments Proceeds short-term investments Xilinx
 2,366cash investing
 1,999
 (686) financing
 Proceeds debt Repayment debt
 (312) common stock equity plans
 Repurchases common stock
 (3,702
,762 stock repurchases tax withholding equity plans
 financing
 (3,264
 cash cash equivalents
 2,300
 940 equivalents 2,535 1,595 1,470 equivalents year 4,835
 2,535 1,595


Table of Contents
Consolidated Balance Sheets
$ in millions, except per share and share amounts

February 2, 2019

February 3, 2018
Assets

Current assets

Cashandcashequivalents
 $
1,980 $
1,101
Short-terminvestments

2,032
Receivables,net

1,015
1,049
Merchandiseinventories

5,409
5,209
Othercurrentassets

466
438
Totalcurrentassets

8,870
9,829
Property and equipment

Landandbuildings

637
623
Leaseholdimprovements

2,119
2,327
Fixturesandequipment

5,865
5,410
Propertyundercapitalandfinancingleases

579
340
Grosspropertyandequipment

9,200
8,700
Lessaccumulateddepreciation

6,690
6,279
Netpropertyandequipment

2,510
2,421
Goodwill

915
425
Other assets

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

Liabilities and equity

Current liabilities

Accountspayable
 $
5,257 $
4,873
Unredeemedgiftcardliabilities

290
385
Deferredrevenue

446
453
Accruedcompensationandrelatedexpenses

482
561
Accruedliabilities

982
1,001
Currentportionoflong-termdebt

56
544
Totalcurrentliabilities

7,513
7,817
Long-term liabilities

750
809
Long-term debt

1,332
811
Contingencies and commitments (Note 13)

Equity

BestBuyCo.,Inc.Shareholders'Equity

Preferredstock,$1.00parvalue:Authorized400,000shares;Issuedandoutstandingnone

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

27
28
Additionalpaid-incapital

Retainedearnings

2,985
3,270
Accumulatedothercomprehensiveincome

294
314
Totalequity

3,306
3,612
Total liabilities and equity
 $
12,901 $
13,049
SeeNotestoConsolidatedFinancialStatements.
50

 Consolidated Balance Sheets February 2 2019 3 2018 1,980 1,101 Short-terminvestments 2,032 Receivables 1,015 1,049 Merchandiseinventories 5,409 Othercurrentassets 466 8,870 Property equipment 637 Leaseholdimprovements 2,119 2,327 5,865 5,410 579 9,200 8,700 Lessaccumulateddepreciation 6,690 6,279 2,510 2,421 Goodwill 915 Other assets 606 374 assets 12,901 13,049 Liabilities equity 5,257 Unredeemedgiftcardliabilities Deferredrevenue 446 1,001-termdebt 7,513 Long-term 1,332 Contingencies commitments. Shareholders'Equity
.,000shares
.. 0billionshares
 282,988,000shares 2,985 3,270 294 314 3,306 3,612 liabilities equity 12,901 13,049.


ADOBE INC.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)

Years Ended

December 2,
2022
December 3,
2021
November 27,
2020
Revenue:

Subscription
$
16,388 $
14,573 $
11,626
Product

532
555
507
Services and other

686
657
735
Total revenue

17,606
15,785
12,868

Cost of revenue:
Subscription

1,646
1,374
1,108
Product

35
41
36
Services and other

484
450
578
Total cost of revenue

2,165
1,865
1,722

Gross profit

15,441
13,920
11,146

Operating expenses:
Research and development

2,987
2,540
2,188
Sales and marketing

4,968
4,321
3,591
General and administrative

1,219
1,085
968
Amortization of intangibles

169
172
162
Total operating expenses

9,343
8,118
6,909

Operating income

6,098
5,802
4,237

.
 CONSOLIDATED STATEMENTS INCOME share December 2 2022 3 Revenue 16,388 14,573 11,626 revenue 17,606 15,785 12,868 revenue 1,646 1,374 1,108 cost revenue 2,165 1,865 1,722 15,441 13,920 11,146 Operating expenses development 2,987 2,540 2,188 marketing 4,321 3,591 1,219 1,085 intangibles operating expenses 9,343 8,118 income 4,237


On August 1, 2022, the Company completed the acquisition of 100% equity interest in a Czech Republic company that operates a world-class
flexible packaging manufacturing plant. The purchase consideration of $59 million included a deferred portion of $5 million that was paid in the
first quarter of fiscal year 2024. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $36 million and goodwill of $23 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable
net assets acquired and goodwill are based on the Company's best estimate as of June 30, 2023.
 On March 17, 2023, the Company completed the acquisition of 100% equity interest in a medical device packaging manufacturing site in
Shanghai, China. The purchase consideration of $60 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $21 million and goodwill of $39 million. Goodwill is not deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition.
 On May 31, 2023, the Company completed the acquisition of a New Zealand based leading manufacturer of state-of-the-art, automated protein
packaging machines. The purchase consideration of $45 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $13 million, to be earned and paid in cash over the two years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $9 million and goodwill of $36 million. Goodwill is deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition.

August 1, 2022 Company 100% equity Czech Republic company
 flexible packaging plant. purchase $59 million deferred $5 million paid
 first quarter fiscal year 2024. Flexibles segment
 net assets $36 million goodwill $23 million. Goodwill not deductible tax.
 best estimate June 30, 2023.
 March 17, 2023 100% equity medical device packaging site
 Shanghai China. purchase $60 million post-closing adjustments.
 contingent $20 million earned paid cash three years
 performance targets. Flexibles
 net assets $21 million goodwill $39 million. Goodwill not deductible. fair values
 best estimate June 30, 2023
 preliminary. purchase price allocation one year
 acquisition.
 May 31, 2023 New Zealand manufacturer automated protein
 packaging machines. purchase $45 million subject post-closing adjustments.
 contingent $13 million earned paid cash two years
 performance targets. Flexibles segment
 net assets $9 million goodwill $36.Goodwill deductible tax. values contingent
 assets goodwill Company estimate June 30, 2023
 preliminary. complete purchase price allocation no one year
 acquisition.


MGMRESORTSINTERNATIONALANDSUBSIDIARIES
CONSOLIDATEDBALANCESHEETS
(Inthousands,exceptsharedata)

December31,

2018

2017

ASSETS

Currentassets

Cash and cash equivalents
 $
1,526,762
 $
1,499,995
Accounts receivable, net

657,206

542,273
Inventories

110,831

102,292
Income tax receivable

28,431

42,551
Prepaid expenses and other

203,548

189,244
Total current assets

2,526,778

2,376,355

Propertyandequipment,net

20,729,888

19,635,459

Otherassets

Investments in and advances to unconsolidated affiliates

732,867

1,033,297
Goodwill

1,821,392

1,806,531
Other intangible assets, net

3,944,463

3,877,960
Other long-term assets, net

455,318

430,440
Total other assets

6,954,040

7,148,228

 $
30,210,706
 $
29,160,042
LIABILITIESANDSTOCKHOLDERS'EQUITY

Currentliabilities

Accounts payable
 $
302,578
 $
255,028
Construction payable

311,793

474,807
Current portion of long-term debt

43,411

158,042
Accrued interest on long-term debt

140,046

135,785
Other accrued liabilities

2,151,054

2,114,635
Total current liabilities

2,948,882

3,138,297

Deferredincometaxes,net

1,342,538

1,295,375
Long-termdebt,net

15,088,005

12,751,052
Otherlong-termobligations

259,240

284,416
Commitmentsandcontingencies(Note11)

Redeemablenoncontrollinginterests

102,250

79,778
Stockholders'equity

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and
 outstanding 527,479,528 and 566,275,789 shares

5,275

5,663
Capital in excess of par value

4,092,085

5,357,709
Retained earnings

2,423,479

2,217,299
Accumulated other comprehensive loss

(8,556)

(3,610)
Total MGM Resorts International stockholders' equity

6,512,283

7,577,061
Noncontrolling interests

3,957,508

4,034,063
Total stockholders' equity

10,469,791

11,611,124

 $
30,210,706
 $
29,160,042

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

55

 CONSOLIDATEDBALANCESHEETS cash equivalents 1,526,762 1,499,995 Accounts receivable,206,273,831,292 Income tax receivable 42,551 Prepaid expenses,548 189,244 current assets 2,526,778 2,376,355 20,729,888 19,635,459 Investments unconsolidated affiliates 732,867 1,033,297 1,821,392 1,806,531 intangible assets 3,944,463,877,960 long-term assets 455,318,440,040,148,228 30,210,706 29,160,042 302,578 255,028 311,793 long-term 158,042 Accrued,785 liabilities 2,151,054 2,114,635 liabilities,948,882,138,297 1,342,538 1,295,375,088,005
 12,751,052-termobligations 259,240 79,778 Stockholders. 1,000,000,000 shares
 527,479,528,275,789 4,092,085,357,709 2,423,479 2,217,299 MGM Resorts stockholders equity 6,512,283 7,577,061 Noncontrolling 3,957,508 4,034,063 stockholders equity 10,469,791 11,611,124 30,210,706 29,160,042.


Segment results managed basis
The following tables summarize the Firms results by segment for the periods indicated.
Three months ended June 30,
Consumer & Community Banking
Corporate & Investment Bank
Commercial Banking
(in millions, except ratios)
2022
2021
Change
2022
2021
Change
2022
2021
Change
Total net revenue
$
12,614 $
12,760
 (1) %
$ 11,947
$
13,214
 (10) %
$
2,683
$
2,483
 8 %
Total noninterest expense

7,723
7,062
 9

6,745

6,523
 3

1,156

981
 18
Pre-provision profit/(loss)

4,891
5,698
 (14)

5,202

6,691
 (22)

1,527

1,502
 2
Provision for credit losses

761
(1,868)
NM

59

(79)
NM

209

(377)
NM
Net income/(loss)

3,100
5,645
(a)
 (45)

3,725

5,020
(a)
 (26)

994

1,422
(a)
 (30)
Return on equity (ROE)
 24 %
 44 %
 14 %
 23 %
 15 %
 23 %
Three months ended June 30,
Asset & Wealth Management
Corporate
Total
(in millions, except ratios)
2022
2021
Change
2022
2021
Change
2022
2021
Change
Total net revenue
$
4,306
$
4,107
 5 %
$
80 $ (1,169)
NM
$ 31,630
$
31,395
 1 %
Total noninterest expense

2,919

2,586
 13

206
515
 (60)

18,749

17,667
 6
Pre-provision profit/(loss)

1,387

1,521
 (9)

(126)
(1,684)
 93

12,881

13,728
 (6)
Provision for credit losses

44

(10)
NM

28
49
 (43)

1,101

(2,285)
NM
Net income/(loss)

1,004

1,156
(a)
 (13)

(174)
(1,295)
(a)
 87

8,649

11,948
 (28)
ROE

23 %
32 %
NM
NM
 13 %
 18 %

Segment results
 tables Firms results periods.
 months June 30 Consumer Community Banking Corporate Investment Bank Commercial Banking millions ratios 2022 net revenue 12,614 12,760 11,947 13,214 2,683 2,483 noninterest expense 7,062 6,745 6,523 1,156 Pre-provision profit(loss
 5,698 5,202 1,527 1,502 Provision credit losses 761 (1,868) income(loss 3,100 5,645 3,725 5,020 1,422 Return equity 24 % months June 30 Asset Wealth Management
 millions ratios 2022 net revenue 4,306 4,107 (1,169 31,630 31,395 noninterest expense 2,919 2,586 515 18,749 17,667 Pre-provision profit(loss 1,387 1,521 (1,684 12,881 13,728Provision credit losses
 28 49 1,101,285 1,004 1,156 (174) (1,295) 8,649 11,948 23 % 32 % 18


Consolidated Statements of Cash Flows
$ in millions

Fiscal Years Ended
January 28, 2023

January 29, 2022

January 30, 2021
Operating activities

Net earnings
$
 1,419

$
 2,454

$
 1,798

Adjustments to reconcile net earnings to total cash provided by operating activities:

Depreciation and amortization

 918

 869

 839
Restructuring charges

 147

 (34)

 254
Stock-based compensation

 138

 141

 135
Deferred income taxes

 51

 14

 (36)
Other, net

 12

 11

 3
Changes in operating assets and liabilities, net of acquired assets and liabilities:

Receivables

 (103)

 17

 73
Merchandise inventories

 809

 (328)

 (435)
Other assets

 (21)

 (14)

 (51)
Accounts payable

 (1,099)

 (201)

 1,676
Income taxes

 36

 (156)

 173
Other liabilities

 (483)

 479

 498
Total cash provided by operating activities

 1,824

 3,252

 4,927
Investing activities

Additions to property and equipment, net of $35, $46 and $32, respectively, of non-cash
capital expenditures

 (930)

 (737)

 (713)
Purchases of investments

 (46)

 (233)

 (620)
Sales of investments

 7

 66

 546
Acquisitions, net of cash acquired

 -

 (468)

 -
Other, net

 7

 -

 (1)
Total cash used in investing activities

 (962)

 (1,372)

 (788)
Financing activities

Repurchase of common stock

 (1,014)

 (3,502)

 (312)
Issuance of common stock

 16

 29

 28
Dividends paid

 (789)

 (688)

 (568)
Borrowings of debt

 -

 -

 1,892
Repayments of debt

 (19)

 (133)

 (1,916)
Other, net

 -

 (3)

 -
Total cash used in financing activities

 (1,806)

 (4,297)

 (876)

Effect of exchange rate changes on cash

 (8)

 (3)

 7
Increase (decrease) in cash, cash equivalents and restricted cash

 (952)

 (2,420)

 3,270
Cash, cash equivalents and restricted cash at beginning of period

 3,205

 5,625

 2,355
Cash, cash equivalents and restricted cash at end of period
$
 2,253

$
 3,205

$
 5,625

Consolidated Statements Cash Flows
 millions January 28, 2023 January 29, 2022 30 2021 Operating activities earnings 1,419 2,454 1,798 Adjustments reconcile earnings cash operating activities Depreciation amortization 918 839 Restructuring charges Stock-based compensation Deferred income taxes Changes operating assets liabilities acquired assets liabilities Receivables Merchandise inventories 809 (328) (435) assets Accounts payable 1,676 Income taxes liabilities (483) Total cash operating activities 1,824 3,252 Investing activities Additions property equipment $35 $46 $32 non-cash capital expenditures (930) (737 Purchases investments Sales investments Acquisitions cash acquired cash investing activities (962)(1,372
 (788) Financing Repurchase common stock (1,014) (3,502) common stock (789) (688) (568) Borrowings debt 1,892 Repayments debt (1,916) cash financing (1,806) (4,297 (876) exchange rate Increase cash equivalents restricted cash (952) (2,420 3,270 equivalents restricted cash period 3,205 2,355 equivalents restricted cash period 2,253 3,205


American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022
December 31, 2021
ASSETS
Property, plant and equipment
$
29,736
$
27,413
Accumulated depreciation
(6,513)
(6,329)
Property, plant and equipment, net
23,223
21,084
Current assets:

Cash and cash equivalents
85
116
Restricted funds
32
20
Accounts receivable, net of allowance for uncollectible accounts of $60 and $75, respectively
334
271
Income tax receivable
114
4
Unbilled revenues
275
248
Materials and supplies
98
57
Assets held for sale

683
Other
312
155
Total current assets
1,250
1,554

Water Works Company. Subsidiary Companies
 Balance Sheets 31, 2022 2021 Property plant equipment 29,736 27,413 depreciation
 23,223 21,084 assets Cash equivalents
 Restricted funds
 Accounts receivable uncollectible accounts $60 $75
 Income tax receivable
 Unbilled revenues
 Materials supplies
 Assets sale
 assets


Index

Consolidated Balance Sheets
Corning Incorporated and Subsidiary Companies

December31,
(Inmillions,exceptshareandpershareamounts)
2020

2019

Assets

Currentassets:

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

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

 2,438
2,320
Othercurrentassets(Note11and15)

 761
873
Totalcurrentassets

 8,004
7,463

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

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

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

 1,308
1,185
Deferredincometaxes(Note8)

 1,121
1,157
Otherassets(Note11and15)

 2,140
1,821

Total Assets
$
 30,775 $
28,898

Liabilities and Equity

Currentliabilities:

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

 1,174
1,587
Otheraccruedliabilities(Note11and14)

 2,437
1,923
Totalcurrentliabilities

 3,767
3,521

Long-termdebt(Note12)

 7,816
7,729
Postretirementbenefitsotherthanpensions(Note13)

 727
671
Otherliabilities(Note11and14)

 5,017
3,980
Totalliabilities

 17,327
15,901

Commitments,contingenciesandguarantees(Note14)

Shareholdersequity(Note17):

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

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

 863
859
Additionalpaid-incapitalcommonstock

 14,642
14,323
Retainedearnings

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

 (19,928)
(19,812)
Accumulatedothercomprehensiveloss

 (740)
(1,171)
TotalCorningIncorporatedshareholdersequity

 13,257
12,907
Noncontrollinginterests

 191
90
Totalequity

 13,448
12,997

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.
72

 Consolidated Balance Sheets Incorporated Subsidiary Companies Currentassets 2,672$41,133 Inventories 2,438 2,320 Othercurrentassets(Note11and15) Totalcurrentassets,004,463 $13,663and$12,995 Goodwill 2,460 1,935 1,308 1,185 Deferredincometaxes(Note8) 1,121 1,157 Otherassets(Note11and15),140 1,821 Assets 30,775 Liabilities Equity Currentliabilities-termborrowings(Note12) Accountspayable 1,174 1,587(Note11and14) 2,437 1,923 Totalcurrentliabilities 3,767 3,521-termdebt(Note12)(Note13) Otherliabilities(Note11and14),017,980 17,327Commitments
 Shareholdersequity Convertiblepreferredstock$100pershare Sharesauthorized3,100,300 CommonstockParvalue. 50pershare 8billion
 Sharesissued Additionalpaid-incapitalcommonstock 14,642 Treasurystock:961millionand956million TotalCorningIncorporatedshareholdersequity 13,257 12,907 Noncontrollinginterests Totalequity 13,448,997 Liabilities Equity 30,775 28,898.


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

Contents
 Consolidated Balance Sheets MILLS. SUBSIDIARIES
 Millions assets cash equivalents.
 399.
 1,679.
 1,684.
 Inventories 1,559.
 1,642.
 Prepaid expenses assets.
.
 assets 4,186.
,123.
 buildings 3,787.
 4,047.
 13,995.
 14,065.
 intangible assets 7,166.
.
 974.
.
 30,111.
 30,624.
 LIABILITIES EQUITY liabilities 2,854.
 2,746.
 long-term debt 1,396.
 1,600.
 1,468.
.
 liabilities 1,367.
 1,445.
 liabilities 7,087.
,341.
 Long-term 11,624.
,668.
 Deferred 2,031.
.
 liabilities.
 1,341.
 liabilities 22,191.
.
. 7
.
 Stockholders equity stock. 6 shares
.
.
 paid capital 1,386.
 1,202.
 earnings 14,996.
 14,459.
 stock treasury 152.
,779.
,167.
.
,429.
 stockholders equity 7,054.
 6,141.
 Noncontrolling interests.
.
 equity 7,367.
 6,492.
 liabilities equity 30,111.
 30,624.
 consolidated financial statements.


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

 airline industry cyclical competitive profit swings challenges
.


For the Full Year of Fiscal 2022
Net sales increased 18.3% to $10.2 billion compared to $8.6 billion in fiscal 2021,
primarily due to the favorable impact from the continued resilience of the beauty
category, retail price increases, the impact of new brands and product innovation,
increased social occasions, and fewer COVID-19 limitations compared to fiscal 2021.
Comparable sales increased 15.6% compared to an increase of 37.9% in fiscal 2021,
driven by a 10.8% increase in transactions and a 4.3% increase in average ticket.
Gross profit increased 20.1% to $4.0 billion compared to $3.4 billion in fiscal 2021. As
a percentage of net sales, gross profit increased to 39.6% compared to 39.0% in fiscal
2021, primarily due to leverage of fixed costs, strong growth in other revenue, and
favorable channel mix shifts, partially offset by higher inventory shrink and lower
merchandise margin.
SG&A expenses increased 16.2% to $2.4 billion compared to $2.1 billion in fiscal
2021. As a percentage of net sales, SG&A expenses decreased to 23.5% compared to
23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of
incentive compensation due to higher sales, partially offset by deleverage of corporate
overhead due to strategic investments and deleverage of store payroll and benefits
due to wage investments.

2022
 Net sales increased. 3% $10. 2 billion $8. 6 billion 2021
 beauty
 category retail price increases new brands innovation
 social occasions fewer COVID-19 limitations.
 sales increased. 6%. 2021
. 8% transactions. 3% average ticket.
 Gross profit increased. 1% $4. billion $3. 4 billion 2021.
 39. 6%.
 fixed costs growth revenue
 channel mix shifts higher inventory
 merchandise margin.
 SG&A expenses increased. 2% $2. 4 billion $2. billion
. decreased 23. 5%
. lower marketing expenses
 incentive compensation deleverage
 overhead payroll
.


Operating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by
amortization of intangible assets associated with the Xilinx acquisition.

2022 $1. 3 billion $3. 6 billion 2021.
 amortization Xilinx acquisition.


Results of Operations
Analysis of Consolidated Sales
For discussion on results of operations and financial condition pertaining to the fiscal years 2021 and 2020 see the Companys Annual Report on Form 10-
K for the fiscal year ended January 2, 2022, Item 7. Management's Discussion and Analysis of Results of Operations and Financial Condition.
In 2022, worldwide sales increased 1.3% to $94.9 billion as compared to an increase of 13.6% in 2021. These sales changes consisted of the following:
Sales increase/(decrease) due to:
2022
2021
Volume
6.9 %
12.9 %
Price
(0.8)
(0.7)
Currency
(4.8)
1.4
Total
1.3 %
13.6 %

Operations
 Analysis Consolidated Sales
 financial condition years 2021 2020 Annual Report Form 10-
 January 2 2022 Item. Management Discussion Analysis Operations Financial Condition.
 2022 worldwide sales increased. 3% $94. 9 billion. 6% 2021. sales changes
 Sales increase
 2022
.
.
.
.
.
.
.
.


Table of Contents
Consolidated Statements of Earnings
$ and shares in millions, except per share amounts
Fiscal Years Ended

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

29,963

30,334

31,292
Restructuringchargescostofgoodssold

3

Grossprofit

9,440

9,191

9,047
Selling,generalandadministrativeexpenses

7,547

7,618

7,592
Restructuringcharges

39

198

5
Operatingincome

1,854

1,375

1,450
Otherincome(expense)

Gainonsaleofinvestments

3

2

13
Investmentincomeandother

31

13

14
Interestexpense

(72)
(80)
(90)
Earningsfromcontinuingoperationsbeforeincometaxexpense

1,816

1,310

1,387
Incometaxexpense

609

503

141
Netearningsfromcontinuingoperations

1,207

807

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

21

90

(11)
Netearningsincludingnoncontrollinginterests

1,228

897

1,235
Netearningsfromdiscontinuedoperationsattributabletononcontrollinginterests

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

Basicearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders

Continuingoperations
 $
3.79
 $
2.33
 $
3.57
Discontinuedoperations

0.07

0.26

(0.04)
Basicearningspershare
 $
3.86
 $
2.59
 $
3.53

Dilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders

Continuingoperations
 $
3.74
 $
2.30
 $
3.53
Discontinuedoperations

0.07

0.26

(0.04)
Dilutedearningspershare
 $
3.81
 $
2.56
 $
3.49

Weighted-averagecommonsharesoutstanding

Basic

318.5

346.5

349.5
Diluted

322.6

350.7

353.6
SeeNotestoConsolidatedFinancialStatements.
54

Contents
 Statements Earnings $ shares millions share amounts Fiscal Years January 28, 2017 30, 2016 31, 2015 Revenue $ 39,403 39,528 40,339 Costofgoodssold 29,963 30,334 31,292 Restructuringchargescostofgoodssold 3 Grossprofit 9,440 9,191 9,047 Selling 7,547 7,592 Restructuringcharges 39 Operatingincome 1,854 1,375 1,450 Otherincome 1,816 1,310 1,387 Incometaxexpense 1,207 1,246 Gain$7 1,228 1,235. shareholders
 1,228 1,233 Basicearnings(loss. shareholders
 Continuingoperations.
.
.
 Discontinuedoperations.
.
.
 Basicearningspershare 3. 86
. 59
. 53
 Dilutedearnings(loss. shareholders
 Continuingoperations. 74
.
.
 Discontinuedoperations.
.
.
 Dilutedearningspershare.
.
. 49
-averagecommonsharesoutstanding 318.
 346.
.
 Diluted 322.
.
.
.