dited)

Three months ended

Twelve months ended

December 31,
2022

December 31,
2021

December 31,
2022

December 31,
2021
Net income attributable to MGM Resorts International
$
284,002 $
131,013 $
1,473,093 $
1,254,370
Plus: Net loss attributable to noncontrolling interests

(604,016)
(14,926)
(1,266,362)
(45,981)
Net income (loss)

(320,014)
116,087
206,731
1,208,389
Provision for income taxes

285,937
31,152
697,068
253,415
Income (loss) before income taxes

(34,077)
147,239
903,799
1,461,804
Non-operating (income) expense

Interest expense, net of amounts capitalized

137,132
201,477
594,954
799,593
Other, net

(104,951)
20,131
(59,381)
17,302

32,181
221,608
535,573
816,895
Operating income (loss)

(1,896)
368,847
1,439,372
2,278,699
Preopening and start-up expenses

504
3,452
1,876
5,094
Property transactions, net

(1,060,701)
(68,578)
(1,036,997)
(67,736)
Depreciation and amortization

1,421,637
297,031
3,482,050
1,150,610
Gain on REIT transactions, net

(2,277,747)

Gain on consolidation of CityCenter, net

(1,562,329)
Triple-net operating lease and ground lease rent expense

600,467
262,307
1,950,566
833,158
Gain related to sale of Harmon land - unconsolidated affiliate

(49,755)
Income from unconsolidated affiliates related to real estate
ventures

(2,704)
(41,651)
(61,866)
(166,658)
Adjusted EBITDAR
$
957,307
 $
3,497,254

 Three months Twelve months 31, 2022 income MGM Resorts
 284,002 131,013 1,473,093 1,254,370 loss noncontrolling interests
,016,362),981 116,087 206,731 1,208,389 taxes 285,937,068 253,415 taxes,077) 147,239 903,799 1,461,804 Non-operating
,132 201,477 594,954 799,593,381 816,895 Operating income,847 1,439,372 2,278,699 Preopening start-up expenses
 5,094 Property transactions
,060,701,036,997) Depreciation amortization
 1,421,637,031,050 1,150,610
 REIT transactions,277,747) consolidation CityCenter,562,329)-net lease ground lease rent 1,950,566 833,158 Harmon land unconsolidated
,755unconsolidated affiliates real estate
 (41,651) 957,307 3,497,254


Note 2. Acquisitions, Divestitures, Equity-Method Investments, Licensing Arrangements and Collaborative Arrangements
A. Acquisitions
Trillium
On November 17, 2021, we acquired all of the issued and outstanding common stock not already owned by Pfizer of Trillium, a clinical stage immuno-oncology company developing
therapies targeting cancer immune evasion pathways and specific cell targeting approaches, for a price of $18.50 per share in cash, for total consideration of $2.0 billion, net of cash
acquired. As a result, Trillium became our wholly owned subsidiary. We previously held a 2% ownership investment in Trillium. Trilliums lead program, TTI-622, is an investigational
fusion protein that is designed to block the inhibitory activity of CD47, a molecule that is overexpressed by a wide variety of tumors.
We accounted for the transaction as an asset acquisition since the lead asset, TTI-622, represented substantially all of the fair value of the gross assets acquired, which exclude cash
acquired. At the acquisition date, we recorded a $2.1 billion charge representing an acquired IPR&D asset with no alternative future use in Research and development expenses, of
which the $2.0 billion net cash consideration is presented as a cash outflow from operating activities. In connection with this acquisition, we recorded $256 million of assets acquired
primarily consisting of cash and investments. Liabilities assumed were approximately $81 million.
Array
On July 30, 2019, we acquired Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule
medicines to treat cancer and other diseases of high unmet need, for $48 per share in cash. The total fair value of the consideration transferred was $11.2 billion ($10.9 billion, net of
cash acquired). In addition, $157 million in payments to Array employees for the fair value of previously unvested stock options was recognized as post-closing compensation expense
and recorded in Restructuring charges and certain acquisition-related costs (see Note 3). We financed the majority of the transaction with debt and the balance with existing cash.

. Acquisitions Divestitures Investments Licensing Collaborative Arrangements
.
 Trillium
 November 17, 2021 acquired common stock Pfizer Trillium clinical immuno-oncology
 therapies cancer $18. 50 per share cash $2. 0 billion
. Trillium wholly owned subsidiary. 2% ownership investment Trillium. program-622
 protein CD47 overexpressed tumors.
 asset acquisition-622 assets
. $2. 1 billion charge IPR&D asset no alternative
 $2. 0 billion net cash outflow operating. $256 million assets acquired
 cash investments. Liabilities $81 million.
 July 30, 2019 acquired commercial biopharmaceutical company targeted small molecule
 medicines cancer $48 per share cash. total fair value $11. 2 billion ($10. 9 billion net
 cash. $157 million payments Array employees unvested stock options post-closing compensation expense
 Restructuring charges acquisition-related costs.financed transaction debt balance cash.


On August 19, 2022, Foot Locker, Inc. (the Company), issued a press release announcing that, as part of a planned succession process, Richard
A. Johnson will step down as President and Chief Executive Officer of the Company, effective September 1, 2022. Mary N. Dillon, 61, former Executive
Chair and Chief Executive Officer of Ulta Beauty, Inc., has been appointed President and Chief Executive Officer and a member of the Companys Board
of Directors (the Board) and the Executive Committee of the Board, each effective September 1, 2022. A copy of the press release is furnished as Exhibit
99.1, which is incorporated herein by reference.

August 19, 2022 Foot Locker. release Richard
. Johnson step down President Chief Executive effective September 1, 2022. Mary. Dillon 61 former
 Chair Chief Officer Ulta Beauty. President member Board
 Executive Committee effective September 1 2022. press release Exhibit
 99. 1.


Item 8.01.
Other Events.

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

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

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

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

8.
 Events.
 May 26, 2023 PepsiCo. terminated $3,800,000,000 364 day unsecured credit agreement
 May 27, 2022 Citibank. 2022 364 Day Credit
. no outstanding borrowings termination.
 May 26, 2023 PepsiCo entered new $4,200,000,000 364 day unsecured credit agreement 2023 364 Day Credit
 Citibank. 2023 364 Credit
 enables PepsiCo borrow up $4,200,000,000 U. S. Dollars Euros terms conditions
 expires May 24, 2024. PepsiCo may
 increase commitments $4,950,000,000 U. S. Dollars
 Euros. PepsiCo request renewal additional 364 day or convert amounts outstanding into
 term loan one year anniversary termination date. Subject
 conditions PepsiCo subsidiaries may borrow prepay reborrow
. Funds borrowed
 used for general corporate purposes. 364 Agreement contains
 representations warranties events default.lenders under 2023 364 Day Credit
 Agreement affiliates engaged commercial investment banking transactions with PepsiCo
.
 May 26, 2023 PepsiCo terminated $3,800,000,000 five year unsecured credit agreement May 27, 2022
 PepsiCo Citibank. 2022 Five Year. no
 outstanding borrowings termination.
 May 26, 2023 PepsiCo entered new $4,200,000,000 five year unsecured credit agreement 2023 Five Year Credit
 Citibank.
 enables PepsiCo borrow up to $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 to $4,950,000,000 U. S. Dollars Euros. PepsiCo
 may request renewal additional one year.
 subsidiaries may borrow prepay reborrow
 during term. Funds borrowed used
 for general corporate purposes PepsiCo.2023 Five Year Credit Agreement contains representations warranties
 events default. lenders affiliates
 engaged commercial investment transactions with PepsiCo affiliates.


We derive a substantial portion of our revenue from the U.S. government

derive revenue U. S government


($ in millions)
Employee Costs
Fixed Asset
Related Costs
Other Costs
Total
Restructuring
Costs
Liability balance at June 30, 2022
$
97
$
3
$
18
$
118
Net charges to earnings
2

2
Cash paid
(16)
(1)
(8)
(25)
Reversal of unused amounts
(2)

(2)
Liability balance at December 31, 2022
$
81
$
2
$
10
$
93

millions
 Employee Costs
 Fixed Asset Related Restructuring Liability balance June 30 2022 18 118 Net charges earnings Cash Reversal unused amounts Liability balance December 31, 2022 81


SQUARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2020
2019
2018
Cash flows from operating activities:
Netincome(loss)
$
213,105
$
375,446
$
(38,453)
Adjustmentstoreconcilenetlosstonetcashprovidedbyoperatingactivities:
Depreciationandamortization
84,212
75,598
60,961
Non-cashinterestandother
76,129
33,478
28,512
Lossonextinguishmentoflong-termdebt
6,651

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

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

899
Gainonsaleofassetgroup

(373,445)

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

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

Proceedsfromsaleofequityinvestment

33,016

Purchaseofintangibleassets

(1,584)
Proceedsfromsaleofassetgroup

309,324

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

855,663
Purchaseofconvertibleseniornotehedges
(338,145)

(172,586)
Proceedsfromissuanceofwarrants
232,095

112,125
Principalpaymentonconversionofseniornotes

(219,384)
ProceedsfromPPPLiquidityFacilityadvances
464,094

Proceedsfromtheexerciseofstockoptionsandpurchasesundertheemployeestockpurchaseplan,net
161,985
118,514
133,850
Paymentsfortaxwithholdingrelatedtovestingofrestrictedstockunits
(314,019)
(212,264)
(189,124)
Otherfinancingactivities
(7,359)
(5,124)
(4,789)
Netcashprovidedby(usedin)financingactivities
2,315,195
(98,874)
515,755
Effectofforeignexchangerateoncashandcashequivalents
12,995
3,841
(7,221)
Netincrease(decrease)incash,cashequivalentsandrestrictedcash
2,103,157
465,859
(102,234)
Cash,cashequivalentsandrestrictedcash,beginningoftheyear
1,098,706
632,847
735,081
Cash,cashequivalentsandrestrictedcash,endoftheyear
$
3,201,863
$
1,098,706
$
632,847
Seeaccompanyingnotestoconsolidatedfinancialstatements.
89

SQUARE.
 STATEMENTS CASH FLOWS
 December 31, Cash flows activities Netincome
 213,105
 375,446,453 84,212 75,598 60,961 Non
 76,129 33,478 28,512 6,651 Non 70,253 Share-basedcompensation
,800,863 216,881 Loss
 (295,297 12,326 177,670 126,959 88,077 Settlementsreceivable (473,871),271) 245,795 Customerfunds,151,536),837,137,266,738) 1,505,406,168,682 1,579,834 Customerspayable 1,733,138,795 Settlementspayable 143,528 41,697,651,613),325) Otherassetsandliabilities (186,819) (47,478)
 381,603 465,699 295,080 Cash flows investing,322,362 (992,583),346),134 430,888 197,454 585,427,619 171,992 (642,252) (311,499) 382,887 158,055 51,430 17,493 48,334 (138,402) (62,498 (61,203) (51,277,250 33,016 309,324 Businesscombinations (79,221),372 (112,399) (606,636) 95,193 (905,848) Cash flows financing activities 2,116,544 855,663 (338,145) 232,095,125 (219,384,094
 161,985
 118,514 133,850 (314,019)
 (212,264 (189,124 (7,359 (5,124 2,315,195 (98,874) 515,755 12,995 3,841 (7,221) 2,103,157
,859 (102,234) 1,098,706
 632,847,081 3,201,863
,098,706.


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share data)
Year Ended December 31,
2021
2020
2019
Net Operating Revenues
$
38,655 $
33,014 $
37,266
Cost of goods sold
15,357
13,433
14,619
Gross Profit
23,298
19,581
22,647
Selling, general and administrative expenses
12,144
9,731
12,103
Other operating charges
846
853
458
Operating Income
10,308
8,997
10,086
Interest income
276
370
563
Interest expense
1,597
1,437
946
Equity income (loss) net
1,438
978
1,049
Other income (loss) net
2,000
841
34
Income Before Income Taxes
12,425
9,749
10,786
Income taxes
2,621
1,981
1,801
Consolidated Net Income
9,804
7,768
8,985
Less: Net income (loss) attributable to noncontrolling interests
33
21
65
Net Income Attributable to Shareowners of The Coca-Cola Company
$
9,771 $
7,747 $
8,920
Basic Net Income Per Share
$
2.26 $
1.80 $
2.09
Diluted Net Income Per Share
$
2.25 $
1.79 $
2.07
Average Shares Outstanding Basic
4,315
4,295
4,276
Effect of dilutive securities
25
28
38
Average Shares Outstanding Diluted
4,340
4,323
4,314
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
1
1
1
60

COCA-COLA COMPANY SUBSIDIARIES
 STATEMENTS INCOME 2021 Operating Revenues
 38,655
 33,014
 37,266 goods
 15,357 13,433 14,619 Profit
 23,298 19,581 22,647 Selling administrative expenses
 12,144 9,103 operating charges
 Operating Income 10,308 8,997 Interest income
 expense Equity income
 Other Taxes
 12,425 9,749 10,786 taxes 2,621,981 Consolidated Net Income
 7,768 8,985 noncontrolling interests
 Shareowners Coca
 9,771
 7,747
 Net Income Share
.
.
.
 Diluted Net Income Share.
.
.
 Average Shares 4,315 4,295 dilutive securities
 shareowners Coca-Cola.
 Consolidated Financial Statements.


Index

Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies

YearendedDecember31,
(Inmillions,exceptpershareamounts)
2020

2019

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

 7,772

7,468
6,829

Grossmargin

 3,531

4,035
4,461

Operatingexpenses:

Selling,generalandadministrativeexpenses

 1,747

1,585
1,799
Research,developmentandengineeringexpenses

 1,154

1,031
993
Amortizationofpurchasedintangibles

 121

113
94

Operatingincome

 509

1,306
1,575

Equityin(losses)earningsofaffiliatedcompanies(Note3)

 (25)

17
390
Interestincome

 15

21
38
Interestexpense

 (276)

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

 (38)

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

 498

Otherexpense,net

 (60)

(155)
(216)

Incomebeforeincometaxes

 623

1,216
1,503
Provisionforincometaxes(Note8)

 (111)

(256)
(437)

NetincomeattributabletoCorningIncorporated
$
 512
$
960 $
1,066

Earningspercommonshareattributableto
CorningIncorporated:

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

70

Index
 Consolidated Statements Income Corning Incorporated Subsidiary Companies YearendedDecember31 2019 Netsales 11,303 11,503,290 Costofsales 7,772 7,468 Grossmargin 3,531 4,035 4,461 Operatingexpenses 1,747 1,585 1,799,developmentandengineeringexpenses 1,154 1,031 993 Amortizationofpurchasedintangibles Operatingincome 509 1,306 1,575(losses)earningsofaffiliatedcompanies(Note3) Interestexpense Translatedearningscontract(loss Transaction-relatedgain Incomebeforeincometaxes 623 1,216 1,503 Provisionforincometaxes(Note8) NetincomeattributabletoCorningIncorporated 1,066 Earningspercommonshareattributableto CorningIncorporated.
 1.
.
Diluted
. 54
 1.
. 13
.
 70


Segment results managed basis
The following tables summarize the Firms results by segment for the periods indicated.
Three months ended March 31,
Consumer & Community Banking
Corporate & Investment Bank
Commercial Banking
(in millions, except ratios)
2021
2020
Change
2021
2020
Change
2021
2020
Change
Total net revenue
$ 12,517
$ 13,287
 (6) %
$ 14,605
$ 10,003
 46 %
$
2,393
$
2,165
 11 %
Total noninterest expense

7,202

7,269
 (1)

7,104

5,955
 19

969

986
 (2)
Pre-provision profit/(loss)

5,315

6,018
 (12)

7,501

4,048
 85

1,424

1,179
 21
Provision for credit losses

(3,602)

5,772
NM

(331)

1,401
NM

(118)

1,010
NM
Net income/(loss)

6,728

197
NM

5,740

1,985
 189

1,168

139
NM
Return on equity (ROE)

54 %
1 %
 27 %
 9 %
 19 %
 2 %
Three months ended March 31,
Asset & Wealth Management
Corporate
Total
(in millions, except ratios)
2021
2020
Change
2021
2020
Change
2021
2020
Change
Total net revenue
$
4,077
$
3,389
 20 %
$
(473) $
166
NM
$ 33,119
$ 29,010
 14 %
Total noninterest expense

2,574

2,435
 6

876
146
 500

18,725

16,791
 12
Pre-provision profit/(loss)

1,503

954
 58

(1,349)
20
NM

14,394

12,219
 18
Provision for credit losses

(121)

94
NM

16
8
 100

(4,156)

8,285
NM
Net income/(loss)

1,244

669
 86

(580)
(125)
 (364)

14,300

2,865
 399
ROE

35 %
25 %
NM
NM
 23 %
 4 %

Segment results
 tables summarize Firms results periods.
 months March 31, Consumer Community Banking Corporate Investment Bank Commercial Banking 2021 2020 net revenue 12,517 13,287 14,605 10,003 46 % 2,165 11 % noninterest expense 7,202,269 5,955 Pre-provision profit(loss 5,315 6,018 4,048 1,424 1,179 Provision credit losses 5,772 1,401 income(loss 5,740 1,985 1,168 Return equity 54 % 27 % 9 19 months March 31, Asset Wealth Management Corporate 2021 2020 revenue 4,077 3,389 20 % 33,119 29,010 14 % noninterest expense 2,574 2,435 18,725 16,791 Pre-provision profit(loss 1,503 14,394 12,219 credit losses
 8 (4,156 8,285 1,244 (580) (364) 14,300 2,865 399 35 % 25


Amcor plc and Subsidiaries
Consolidated Balance Sheet
(in millions)
As of June 30,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
742.6
$
601.6
Trade receivables, net
1,615.9
1,864.3
Inventories, net
1,831.9
1,953.8
Prepaid expenses and other current assets
344.3
374.3
Assets held for sale

416.1
Total current assets
4,534.7
5,210.1
Non-current assets:
Investments in affiliated companies
77.7
98.9
Property, plant and equipment, net
3,614.8
3,975.0
Operating lease assets
525.3

Deferred tax assets
135.4
190.9
Other intangible assets, net
1,994.3
2,306.8
Goodwill
5,339.3
5,156.0
Employee benefit assets
43.4
40.2
Other non-current assets
177.2
187.1
Total non-current assets
11,907.4
11,954.9
Total assets
$
16,442.1
$
17,165.0
Liabilities
Current liabilities:
Current portion of long-term debt
$
11.1
$
5.4
Short-term debt
195.2
788.8
Trade payables
2,170.8
2,303.4
Accrued employee costs
476.5
378.4
Other current liabilities
1,120.0
1,044.9
Liabilities held for sale

20.9
Total current liabilities
3,973.6
4,541.8
Non-current liabilities:
Long-term debt, less current portion
6,028.4
5,309.0
Operating lease liabilities
465.7

Deferred tax liabilities
672.4
1,011.7
Employee benefit obligations
391.7
386.8
Other non-current liabilities
223.2
241.0
Total non-current liabilities
7,781.4
6,948.5
Total liabilities
11,755.0
11,490.3
Commitments and contingencies (See Note 19)
Shareholders' Equity
Amcor plc shareholders equity:
Ordinary shares ($0.01 par value):
Authorized (9,000.0 shares)
Issued (1,568.5 and 1,625.9 shares, respectively)
15.7
16.3
Additional paid-in capital
5,480.0
6,007.5
Retained earnings
246.5
323.7
Accumulated other comprehensive income (loss)
(1,049.3)
(722.4)
Treasury shares (6.7 and 1.4 shares, respectively)
(67.0)
(16.1)
Total Amcor plc shareholders' equity
4,625.9
5,609.0
Non-controlling interest
61.2
65.7
Total shareholders' equity
4,687.1
5,674.7
Total liabilities and shareholders' equity
$
16,442.1
$
17,165.0
See accompanying notes to consolidated financial statements.
50

Amcor plc Subsidiaries
 Consolidated Balance Sheet
 June 30 Cash cash equivalents.
.
 Trade receivables
 1,615.
.
 Inventories.
.
 Prepaid expenses assets
.
.
 Assets sale.
 4,534.
.
 Non-current assets
 Investments affiliated companies.
.
 Property plant equipment.
.
 Operating lease assets
.
 Deferred tax assets
.
.
 intangible assets
.
.
.
.
 Employee benefit assets.
.
 non-current assets.
.
 non 11,907.
.
 16,442.
.
 long-term debt
.
.
 Short-term debt.
.
 Trade payables.
.
 employee costs.
.
 current liabilities.
.
.
 3,973.
.
 Non-current Long-term debt.
.
 Operating lease liabilities.
 Deferred tax liabilities
.
.
 Employee benefit obligations.
.
non-current liabilities
.
.
.
 6,948.
 11,755.
,490.
 Commitments contingencies
 Amcor Ordinary shares.
 Authorized.
 Issued (1,568. 1,625 9
.
.
 Additional paid-in capital 5,480.
 6,007.
 Retained earnings
 246.
.
 income.
.
 Treasury shares (6. 4
.
.
 shareholders equity
.
 5,609.
 Non-controlling interest
.
.
 shareholders equity 4,687.
.
 16,442.
 17,165.
 statements.


Consolidated Statements of Earnings
$ and shares in millions, except per share amounts

Fiscal Years Ended
January 28, 2023

January 29, 2022

January 30, 2021
Revenue
$
 46,298

$
 51,761

$
 47,262
Cost of sales

 36,386

 40,121

 36,689
Gross profit

 9,912

 11,640

 10,573
Selling, general and administrative expenses

 7,970

 8,635

 7,928
Restructuring charges

 147

 (34)

 254
Operating income

 1,795

 3,039

 2,391
Other income (expense):

Investment income and other

 28

 10

 38
Interest expense

 (35)

 (25)

 (52)
Earnings before income tax expense and equity in income of affiliates

 1,788

 3,024

 2,377
Income tax expense

 370

 574

 579
Equity in income of affiliates

 1

 4

 -
Net earnings
$
 1,419

$
 2,454

$
 1,798

Consolidated Statements Earnings
 shares millions January 28, 2023 29, 2022 30 2021 Revenue 46,298 51,761 47,262 sales 36,386 40,121,689 profit 11,640 10,573 Selling administrative expenses 7,970 8,635 Restructuring charges Operating income 1,795 2,391 Investment income expense Earnings tax expense equity affiliates 1,788 2,377 Income tax expense Equity income affiliates earnings 1,419 2,454 1,798


Worldwide Sales Change
By Business Segment
Organic sales
Acquisitions
Divestitures
Translation
Total sales change
Safety and Industrial
1.0 %

 %
 %
(4.2) %
(3.2) %
Transportation and Electronics
1.2

(0.5)
(4.6)
(3.9)
Health Care
3.2

(1.4)
(3.8)
(2.0)
Consumer
(0.9)

(0.4)
(2.6)
(3.9)
Total Company
1.2

(0.5)
(3.9)
(3.2)

Worldwide Sales Change
 Business Segment Organic Acquisitions Divestitures Industrial.
.
.
 Transportation Electronics.
. 5)
. 6)
. 9)
 Health Care.
. 4)
. 8)
.
 Consumer.
. 4)
.
.
 Company.
.
.
.


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

Year Ended December 31,

2015

2016

2017
Net product sales
$
79,268 $
94,665 $
118,573
Net service sales
27,738
41,322
59,293
Total net sales
107,006
135,987
177,866
Operating expenses:

Cost of sales
71,651
88,265
111,934
Fulfillment
13,410
17,619
25,249
Marketing
5,254
7,233
10,069
Technology and content
12,540
16,085
22,620
General and administrative
1,747
2,432
3,674
Other operating expense, net
171
167
214
Total operating expenses
104,773
131,801
173,760
Operating income
2,233
4,186
4,106
Interest income
50
100
202
Interest expense
(459)
(484)
(848)
Other income (expense), net
(256)
90
346
Total non-operating income (expense)
(665)
(294)
(300)
Income before income taxes
1,568
3,892
3,806
Provision for income taxes
(950)
(1,425)
(769)
Equity-method investment activity, net of tax
(22)
(96)
(4)
Net income
$
596 $
2,371 $
3,033
Basic earnings per share
$
1.28 $
5.01 $
6.32
Diluted earnings per share
$
1.25 $
4.90 $
6.15
Weighted-average shares used in computation of earnings per share:

Basic
467
474
480
Diluted
477
484
493
See accompanying notes to consolidated financial statements.
38

Contents
.
 CONSOLIDATED STATEMENTS OPERATIONS
 millions share December 31, product sales 79,268
 94,665
 118,573 sales 27,738 41,322 59,293 sales 107,006 135,987 177,866
 Operating expenses
 sales 71,651 88,265 111,934 Fulfillment 13,410 17,619 25,249 5,254 7,233 10,069 12,540 16,085 administrative 1,747 2,432 3,674 operating expense expenses 104,773 131,801 173,760 income 2,233 4,186 non income
 taxes 1,568 3,892 3,806 Provision taxes Equity investment tax income 596 2,371
 earnings share
.
.
.
 earnings share
.
.
.
 Weighted-average shares earnings share
 consolidated financial statements.


Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)

Years Ended December 31,
2022
2021
2020
Net sales
Products
$
55,466 $
56,435 $
54,928
Services

10,518
10,609
10,470
Total net sales

65,984
67,044
65,398
Cost of sales
Products

(49,577)
(50,273)
(48,996)
Services

(9,280)
(9,463)
(9,371)
Severance and other charges

(100)
(36)
(27)
Other unallocated, net

1,260
1,789
1,650
Total cost of sales

(57,697)
(57,983)
(56,744)
Gross profit

8,287
9,061
8,654
Other income (expense), net

61
62
(10)
Operating profit

8,348
9,123
8,644
Interest expense

(623)
(569)
(591)
Non-service FAS pension (expense) income

(971)
(1,292)
219
Other non-operating (expense) income, net

(74)
288
(37)
Earnings from continuing operations before income taxes

6,680
7,550
8,235
Income tax expense

(948)
(1,235)
(1,347)
Net earnings from continuing operations

5,732
6,315
6,888
Net loss from discontinued operations

(55)
Net earnings
$
5,732 $
6,315 $
6,833

Earnings (loss) per common share
Basic
Continuing operations
$
21.74 $
22.85 $
24.60
Discontinued operations

(0.20)
Basic earnings per common share
$
21.74 $
22.85 $
24.40
Diluted
Continuing operations
$
21.66 $
22.76 $
24.50
Discontinued operations

(0.20)
Diluted earnings per common share
$
21.66 $
22.76 $
24.30
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
63

Lockheed Martin Corporation
 Consolidated Statements Earnings
 share 55,466
 56,435
 54,928 10,518 10,609 10,470 sales 65,984 67,044 65,398 (49,577 (50,273) (48,996) (9,280 (9,463,371 unallocated 1,260 1,789 1,650 cost sales (57,697) (57,983) (56,744) 8,287 9,061 8,654 income 8,348 9,123 8,644 Non-service pension (1,292) non-operating (expense Earnings continuing operations 6,680 7,550 8,235 tax expense (1,235),347 earnings continuing operations 6,315 6,888 discontinued operations earnings 6,315
 Earnings common share operations.
.
.
 Discontinued operations.
 earnings common share.
.
.
 operations.
.
.
 Discontinued operations.
earnings common share
 21. 66
. 76
.
 notes consolidated financial statements.


Year Ended
December 31,
2022
December 25,
2021
(In millions)
Net revenue:
Data Center
$
6,043
$
3,694
Client
6,201
6,887
Gaming
6,805
5,607
Embedded
4,552
246
Total net revenue
$
23,601
$
16,434
Operating income (loss):
Data Center
$
1,848
$
991
Client
1,190
2,088
Gaming
953
934
Embedded
2,252
44
All Other
(4,979)
(409)
Total operating income (loss)
$
1,264
$
3,648

 December 31, 2022 25 2021 Net revenue Center 3,694 6,201,887 6,805 5,607 4,552 net revenue 23,601 16,434 Operating income 1,848 1,190 2,088 2,252 operating income 1,264


Table of Contents
Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020
(in millions except per share amounts)
2022
2021
2020
Net Revenue
$
86,392 $
79,474 $
70,372
Cost of sales
40,576
37,075
31,797
Gross profit
45,816
42,399
38,575
Selling, general and administrative expenses
34,459
31,237
28,453
Gain associated with the Juice Transaction (see Note 13)
(3,321)

Impairment of intangible assets (see Notes 1 and 4)
3,166

42
Operating Profit
11,512
11,162
10,080
Other pension and retiree medical benefits income
132
522
117
Net interest expense and other
(939)
(1,863)
(1,128)
Income before income taxes
10,705
9,821
9,069
Provision for income taxes
1,727
2,142
1,894
Net income
8,978
7,679
7,175
Less: Net income attributable to noncontrolling interests
68
61
55
Net Income Attributable to PepsiCo
$
8,910 $
7,618 $
7,120
Net Income Attributable to PepsiCo per Common Share
Basic
$
6.45 $
5.51 $
5.14
Diluted
$
6.42 $
5.49 $
5.12
Weighted-average common shares outstanding
Basic
1,380
1,382
1,385
Diluted
1,387
1,389
1,392
See accompanying notes to the consolidated financial statements.
60

Contents
 Consolidated Statement Income
 PepsiCo. Subsidiaries
 Fiscal years 2022 25 2021 26, 2020
 amounts Revenue
 86,392
 79,474
 70,372 Cost sales 40,576 37,075 31,797 Gross profit
 45,816 42,399 38,575 Selling administrative expenses
 34,459 28,453 Gain Juice Transaction 13
 (3,321 intangible assets Notes 1 4)
 3,166 Operating Profit
 11,512 11,162 pension retiree medical benefits
 interest expense Income taxes
 10,705
 9,069 Provision taxes 7,679 noncontrolling interests
 PepsiCo
 Common Share.
.
.
.
.
.
-average common shares
,389 consolidated financial statements.


July 29, 2023

July 30, 2022

July 29, 2023

July 30, 2022
Operating income
$
 348
 $
 371
 $
 659
 $
 833
% of revenue

 3.6 %
 3.6 %
 3.5 %
 4.0 %
Intangible asset amortization(1)

 21

 22

 41

 44
Restructuring charges(2)

 (7)

 34

 (16)

 35
Non-GAAP operating income
$
 362
 $
 427
 $
 684
 $
 912
% of revenue

 3.8 %
 4.1 %
 3.6 %
 4.3 %

Effective tax rate

 26.1 %
 15.6 %
 24.8 %
 20.5 %
Intangible asset amortization(1)

 (0.4)%
 0.4 %
 0.4 %
 0.2 %
Restructuring charges(2)

 0.4 %
 0.7 %
 (0.1)%
 0.1 %
Loss on investments

 0.5 %
 -%
 -%
 -%
Non-GAAP effective tax rate

 26.6 %
 16.7 %
 25.1 %
 20.8 %

Diluted EPS
$
 1.25
 $
 1.35
 $
 2.36
 $
 2.85
Intangible asset amortization(1)

 0.10

 0.10

 0.18

 0.19
Restructuring charges(2)

 (0.03)

 0.15

 (0.07)

 0.15
Loss on investments

 -

 -

 0.02

 -
Gain on sale of subsidiary, net(3)

 (0.10)

 -

 (0.10)

 -
Income tax impact of non-GAAP adjustments(4)

 -

 (0.06)

 (0.02)

 (0.08)
Non-GAAP diluted EPS
$
 1.22
 $
 1.54
 $
 2.37
 $
 3.11
For additional information regarding the nature of charges discussed below, refer to Note 1, Basis of Presentation, Note 2, Restructuring, and Note 3, Goodwill and Intangible Assets, of the Notes to
Condensed Consolidated Financial Statements, included in this Quarterly Report on Form 10-Q.
(1)
Represents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships, tradenames and developed technology assets.
(2)
Represents charges related to employee termination benefits and subsequent adjustments from higher-than-expected employee retention related to previously planned organizational changes.
(3)
Represents the gain on sale of a Mexico subsidiary subsequent to our exit from operations in Mexico.
(4)
The non-GAAP adjustments primarily relate to the U.S. and Mexico. As such, the forecasted annual income tax charge on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of
24.5%. There is no forecasted annual income tax benefit for Mexico non-GAAP items, as there is no forecasted annual tax expense on the income in the calculation of GAAP income tax expense.

Our non-GAAP operating income rates decreased in the second quarter and first six months of fiscal 2024, primarily due to unfavorable SG&A rates, partially
offset by favorable gross profit rates.

Our non-GAAP effective tax rate increased in the second quarter of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters. Our non-
GAAP effective tax rate increased in the first six months of fiscal 2024, primarily due to the prior year resolution of certain discrete tax matters and decreased tax
benefits from stock-based compensation, partially offset by the impact of lower pre-tax earnings.

Our non-GAAP diluted EPS decreased in the second quarter and first six months of fiscal 2024, primarily due to the decreases in non-GAAP operating income.

Liquidity and Capital Resources

We closely manage our liquidity and capital resources. Our liquidity requirements depend on key variables, including the level of investment required to support
our business strategies, the performance of our business, capital expenditures, dividends, credit facilities, short-term borrowing arrangements and working capital
management. We modify our approach to managing these variables as changes in our operating environment arise. For example, capital expenditures and share
repurchases are a component of our cash flow and capital management strategy, which, to a large extent, we can adjust in response to economic and other
changes in our business environment. We have a disciplined approach to capital allocation, which focuses on investing in key priorities that support our strategy.

Cash and cash equivalents were as follows ($ in millions):

July 29, 2023

January 28, 2023

July 30, 2022
Cash and cash equivalents

 $
 1,093 $
 1,874 $
 840

July 29, 2023
 July 30 2022 29, 2023 2022 Operating income 659 833 revenue 3. 6 %
.
. 5
.
 Intangible amortization(1) 21 22 Restructuring Non-GAAP operating income 362 427 $ 912 % revenue 3. 8 %
.
. 6 %
.
 tax rate 26. %
. 6 %
 24. 8 %
. 5
 Intangible amortization(1).
.
.
.
 Restructuring.
. 7
.
.
 Loss investments. 5
 Non-GAAP tax rate 26. 6 %
 16. 7 %
.
. 8
.
.
. 36
.
 Intangible amortization(1).
.
.
.
 Restructuring charges(2).
.
.
.
 Loss investments.
 subsidiary.
.
 tax non-GAAP adjustments(4).
.
.
 Non-GAAP diluted EPS.
.
.
.
 refer Note 1 Presentation 2 Restructuring 3 Goodwill Intangible Assets
 Condensed Financial Statements Quarterly Report Form 10-Q.
 non-cash amortization intangible assets customer relationships tradenames technology.
 employee termination benefits adjustments employee retention organizational changes.
 gain sale Mexico subsidiary exit.
 non-GAAP adjustments relate U. S. Mexico. forecasted annual income tax charge. calculated statutory tax rate
 24. 5%. no tax benefit Mexico non-GAAP items.
 non-GAAP operating income rates decreased second quarter first six months 2024 unfavorable SG&A rates
 favorable gross profit rates.
-GAAP tax rate increased second quarter prior year resolution tax.
 increased first six months 2024 year resolution decreased tax
 benefits stock-based compensation lower pre-tax earnings.
 non-GAAP diluted EPS decreased second quarter first six months 2024 non-GAAP operating income.
. variables investment
business strategies performance capital expenditures dividends credit facilities short-term borrowing working capital
 management. modify variables. capital expenditures share
 repurchases cash flow capital management strategy adjust economic
 changes. disciplined approach capital allocation investing priorities.
 Cash cash equivalents
 July January 28, 2023 30 Cash cash equivalents
 1,093 1,874


Computing and Mobile Phones: The 6.4% comparable sales decline was driven primarily by computing, mobile phones and tablets.

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

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

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

Services: The 7.6% comparable sales growth was driven primarily by the cumulative growth in our paid membership base

Computing Phones. 4% sales decline computing phones tablets.
 Consumer Electronics 5. 7% decline home offset
 headphones speakers.
 Appliances. 1% decline large appliances.
 Entertainment 9. 0% growth gaming offset virtual reality
 drones.
 Services. 6% growth paid membership


Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)

At December 31, 2019

At December 31, 2018
Assets

Current assets:

Cash and cash equivalents
$
5,794
 $
4,225
Accounts receivable, net of allowances of $132 and $190, at December 31, 2019 and December 31, 2018, respectively
848

1,035
Inventories, net
32

43
Software development
322

264
Other current assets
296

539
Total current assets
7,292

6,106
Software development
54

65
Property and equipment, net
253

282
Deferred income taxes, net
1,293

458
Other assets
658

482
Intangible assets, net
531

735
Goodwill
9,764

9,762
Total assets
$
19,845
 $
17,890

Liabilities and Shareholders Equity

Current liabilities:

Accounts payable
$
292
 $
253
Deferred revenues
1,375

1,493
Accrued expenses and other liabilities
1,248

896
Total current liabilities
2,915

2,642
Long-term debt, net
2,675

2,671
Deferred income taxes, net
505

18
Other liabilities
945

1,167
Total liabilities
7,040

6,498
Commitments and contingencies (Note 23)

Shareholders equity:

Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,197,436,644 and 1,192,093,991 shares issued at
December 31, 2019 and December 31, 2018, respectively

Additional paid-in capital
11,174

10,963
Less: Treasury stock, at cost, 428,676,471 shares at December 31, 2019 and December 31, 2018
(5,563)
(5,563)
Retained earnings
7,813

6,593
Accumulated other comprehensive loss
(619)
(601)
Total shareholders equity
12,805

11,392
Total liabilities and shareholders equity
$
19,845
 $
17,890
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-4

Table Contents
 ACTIVISION BLIZZARD. SUBSIDIARIES
 CONSOLIDATED BALANCE millions data December 31, 2019 assets Cash cash equivalents 5,794 4,225 Accounts allowances $132 $190 31, 2019 2018
 Inventories
 Software development assets 7,292 Property equipment Deferred income taxes
 1,293 Intangible assets 9,764 19,845 Liabilities Shareholders Equity liabilities payable Deferred revenues 1,375 Accrued expenses liabilities liabilities 2,915 Long-term debt
 Deferred income taxes
,040 Commitments contingencies
 Shareholders equity
 Common stock. 2,400,000,000 shares 1,197,436,644 1,192,093,991
 December 31, 2019 2018 Additional paid-in capital
 11,174Treasury stock,676,471 shares December 31, 2019 2018
 earnings
 loss
 shareholders equity
 12,805 11,392 liabilities shareholders equity
 19,845 notes Consolidated Financial Statements.


Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue
Separation

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

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

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

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

Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and
2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The
Company has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance
found in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.
The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering
transformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly
proud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-
term value for all of our stakeholders.
As previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &
Johnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its
Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of
2023.

.
 Johnson & Johnson Announces Financials 2023 Guidance Kenvue
 Separation
 expects 2023 Sales Growth 7. - 8. Operational Sales Growth. 5% - 8. 5%
 Adjusted Sales Growth 6. 2% - 7. exclude COVID-19 Vaccine
 expects 2023 Adjusted Earnings Per Share $10. - $10. growth
 12. 5% Adjusted Operational EPS $9. - $10. 5%
 reduced share count 191 million 2023 partial-year benefit
 73. million shares $0. 28 EPS
 secured $13. 2 billion Kenvue debt maintains 9. 5%
 equity stake Kenvue
 maintains quarterly dividend $1. 19 per share
. Johnson & Johnson updates financials
 2023 guidance innovation Pharmaceutical MedTech.
 webinar
.
 transaction positions Pharmaceutical MedTech company
 transformative healthcare solutions Joaquin Duato.
 proud dedication employees
 value stakeholders.
 completed exchange offer separation Kenvue.Johnson
 Consumer Health. completion exchange Johnson
 Consumer Health discontinued operations gain $20 billion third quarter
 2023.


Table of Contents
Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)

Years Ended December 31,
2020
2019
2018
Net sales
Products
$
54,928
$
50,053
$
45,005
Services
10,470
9,759
8,757
Total net sales
65,398
59,812
53,762
Cost of sales
Products
(48,996)
(44,589)
(40,293)
Services
(9,371)
(8,731)
(7,738)
Severance charges
(27)

(96)
Other unallocated, net
1,650
1,875
1,639
Total cost of sales
(56,744)
(51,445)
(46,488)
Gross profit
8,654
8,367
7,274
Other (expense) income, net
(10)
178
60
Operating profit
8,644
8,545
7,334
Interest expense
(591)
(653)
(668)
Other non-operating income (expense), net
182
(651)
(828)
Earnings from continuing operations before income taxes
8,235
7,241
5,838
Income tax expense
(1,347)
(1,011)
(792)
Net earnings from continuing operations
6,888
6,230
5,046
Net loss from discontinued operations
(55)

Net earnings
$
6,833
$
6,230
$
5,046

Earnings (loss) per common share
Basic
Continuing operations
$
24.60
$
22.09
$
17.74
Discontinued operations
(0.20)

Basic earnings per common share
$
24.40
$
22.09
$
17.74
Diluted
Continuing operations
$
24.50
$
21.95
$
17.59
Discontinued operations
(0.20)

Diluted earnings per common share
$
24.30
$
21.95
$
17.59
The accompanying notes are an integral part of these consolidated financial statements.
67

Contents
 Lockheed Martin Corporation
 Consolidated Statements Earnings
 share December 54,928
 50,053
 45,005 10,470 9,759 8,757 sales 65,398 59,812 53,762 (48,996) (44,589) (40,293) (9,371 unallocated 1,650 1,875 cost sales (56,744) (51,445) (46,488) 8,654 8,367 7,274 Operating profit 8,644 8,545 7,334 non income Earnings continuing operations
 8,235 7,241 5,838 tax expense,347 earnings continuing operations 6,888 6,230 5,046 discontinued operations
 earnings 6,230 5,046 Earnings common share operations.
.
.
 Discontinued operations.
 earnings common share.
.
.
 operations.
.
.
 Discontinued operations.
 earnings common share.
.
.
notes consolidated financial statements.


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

Year Ended December 31,

2020

2019

2018

Cash flows from operating activities

Netincome(loss)

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

Depreciationandamortization

1,210,556

1,304,649

1,178,044
Amortizationofdebtdiscounts,premiumsandissuancecosts

34,363

38,972

41,102
Lossonearlyretirementofdebt

126,462

198,151

3,619
Provisionforcreditlosses

71,422

39,270

39,762
Stock-basedcompensation

106,956

88,838

70,177
Propertytransactions,net

93,567

275,802

9,147
GainonREITtransactions,net

(1,491,945)

(2,677,996)

Noncashleaseexpense

183,399

71,784

Loss(income)fromunconsolidatedaffiliates

60,366

(57,225)

(96,542)
Distributionsfromunconsolidatedaffiliates

86,584

299

11,563
Deferredincometaxes

18,347

595,046

46,720
Changeinoperatingassetsandliabilities:

Accountsreceivable

960,099

(726,610)

(149,554)
Inventories

14,705

6,522

(7,860)
Incometaxesreceivableandpayable,net

(216,250)

1,259

14,120
Prepaidexpensesandother

(37)

7,567

(8,656)
Accountspayableandaccruedliabilities

(1,382,980)

465,602

21,508
Other

(48,750)

(35,909)

(34,505)
Netcashprovidedby(usedin)operatingactivities

(1,493,043)

1,810,401

1,722,539
Cash flows from investing activities

Capitalexpenditures,netofconstructionpayable

(270,579)

(739,006)

(1,486,843)
Dispositionsofpropertyandequipment

6,136

2,578

25,612
ProceedsfromMandalayBayandMGMGrandLasVegastransaction

2,455,839

ProceedsfromBellagiotransaction

4,151,499

ProceedsfromsaleofCircusCircusLasVegasandadjacentland

652,333

Proceedsfromsaleofbusinessunitsandinvestmentinunconsolidatedaffiliate

163,616
AcquisitionofNorthfield,netofcashacquired

(1,034,534)
AcquisitionofEmpireCityCasino,netofcashacquired

(535,681)

Investmentsinunconsolidatedaffiliates

(96,925)

(81,877)

(56,295)
Distributionsfromunconsolidatedaffiliates

63,960

100,700

322,631
Other

873

(31,112)

(17,208)
Netcashprovidedby(usedin)investingactivities

2,159,304

3,519,434

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

Netborrowings(repayments)underbankcreditfacilitiesmaturitiesof
90daysorless

(1,595,089)

(3,634,049)

1,242,259
Issuanceoflong-termdebt

3,550,000

3,250,000

1,000,000
Retirementofseniornotes

(846,815)

(3,764,167)

(2,265)
Debtissuancecosts

(62,348)

(63,391)

(76,519)
Proceedsfromissuanceofbridgeloanfacility

1,304,625

IssuanceofMGMGrowthPropertiesClassAshares,net

524,704

1,250,006

Dividendspaidtocommonshareholders

(77,606)

(271,288)

(260,592)
Distributionstononcontrollinginterestowners

(286,385)

(223,303)

(184,932)
Purchasesofcommonstock

(353,720)

(1,031,534)

(1,283,333)
Other

(53,939)

(41,868)

(45,384)
Netcashprovidedby(usedin)financingactivities

2,103,427

(4,529,594)

389,234
Effect of exchange rate on cash

2,345

2,601

(1,985)
Cash and cash equivalents

Netincreasefortheperiod

2,772,033

802,842

26,767
Balance,beginningofperiod

2,329,604

1,526,762

1,499,995
Balance,endofperiod

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

Interestpaid,netofamountscapitalized

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

8,543

28,493

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

NotereceivablerelatedtosaleofCircusCircusLasVegasandadjacentland

$

$
133,689
$

InvestmentinBellagioBREITVenture

62,133

InvestmentinMGPBREITVenture

802,000

MGPBREITVentureassumptionofbridgeloanfacility

1,304,625

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

 MGM RESORTS STATEMENTS CASH FLOWS Ended December 31, 2019 2018 Cash flows activities Netincome (1,319,907) 2,214,380 583,894 operatingactivities 1,210,556 1,304,649 1,178,044 34,363 38,972 41,102 126,462 198,151 3,619 71,422 39,270,762 Stock-basedcompensation 106,956 88,838 70,177 Propertytransactions 93,567 275,802,147,491,945) (2,677,996 183,399 71,784 Loss 60,366 86,584 11,563 Deferredincometaxes 18,347 595,046 46,720 960,099 14,705 (216,250
 1,259 14,120,656 (1,382,980 465,602 21,508 (48,750 (35,909) (34,505) (1,493,043) 1,810,401 1,722,539 investing Capitalexpenditures (270,579) (1,486,843) 6,136 25,612 2,455,839 4,151,499,333 163,616 (1,034,534) (535,681 Investmentsinunconsolidatedaffiliates (96,925) (81,877 (56,295) Distributionsfromunconsolidatedaffiliates 63,960 100,700 322,631,112,208 Netcashprovidedby)investingactivities 2,159,304 3,519,434,083,021) flows financing90daysorless
 (1,595,089) (3,634,049) 1,242,259-termdebt 3,550,000 3,250,000 (846,815) (3,764,167 (63,391 1,304,625 1,250,006 (77,606) (271,288) (286,385) (223,303) (184,932) (353,720) (1,031,534) (1,283,333 (53,939) (41,868) (45,384 2,103,427 (4,529,594),234 exchange rate cash equivalents 2,772,033 2,329,604 1,526,762 1,499,995 5,101,637 2,329,604 1,526,762 cash flow disclosures Interestpaid,718,970 723,609Non-cash investing financing activities
 133,689 InvestmentinBellagioBREITVenture 62,133 InvestmentinMGPBREITVenture 802,000 1,304,625 notes consolidated financial statements.


Table of Contents
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Dollarsinmillions,exceptpersharedata)

December 31,
2018

2017
Assets

Cash and cash equivalents
$7,637

$8,813
Short-term and other investments
927

1,179
Accounts receivable, net
3,879

2,894
Unbilled receivables, net
10,025

8,194
Current portion of customer financing, net
460

309
Inventories
62,567

61,388
Other current assets
2,335

2,417
Total current assets
87,830

85,194
Customer financing, net
2,418

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

12,672
Goodwill
7,840

5,559
Acquired intangible assets, net
3,429

2,573
Deferred income taxes
284

321
Investments
1,087

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

2,027
Total assets
$117,359

$112,362
Liabilities and equity

Accounts payable
$12,916

$12,202
Accrued liabilities
14,808

13,069
Advances and progress billings
50,676

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

1,335
Total current liabilities
81,590

74,648
Deferred income taxes
1,736

2,188
Accrued retiree health care
4,584

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

16,471
Other long-term liabilities
3,059

2,015
Long-term debt
10,657

9,782
Shareholders equity:

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

5,061
Additional paid-in capital
6,768

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

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

1,656
Noncontrolling interests
71

57
Total equity
410

1,713
Total liabilities and equity
$117,359

$112,362
See Notes to the Consolidated Financial Statements on pages 54 113 .
50

 Boeing Company
 $7,637
 $8,813 investments 927 1,179 3,879 2,894 Unbilled 10,025 8,194 financing
 460 Inventories
 62,567
 61,388 2,335 2,417 87,830 85,194 financing 2,418 2,756 Property equipment
 12,645,672 Goodwill
 5,559 intangible assets 2,573 Deferred income taxes
 284 Investments 1,087 1,260 $503 $482 $117,359
 $112,362 $12,916,202 liabilities 14,808 Advances billings 50,676
 48,042-term 3,190 81,590
 74,648 Deferred income taxes
 1,736 2,188 care 4,584 pension plan 15,323 16,471,657,782 equity. 1,200,000,000 shares 1,012,261,159 shares

 5,061 capital 6,768 Treasury (52,348) earnings 55,941 loss (15,083) shareholders equity Noncontrolling interests
 liabilities equity
 $117,359
 $112,362
 Consolidated Statements.


The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Dollars in millions, except per share data)

Years ended December 31,
2022
2021
2020
Sales of products
$55,893
$51,386
$47,142
Sales of services
10,715
10,900
11,016
Total revenues
66,608
62,286
58,158
Cost of products
(53,969)
(49,954)
(54,568)
Cost of services
(9,109)
(9,283)
(9,232)
Boeing Capital interest expense
(28)
(32)
(43)
Total costs and expenses
(63,106)
(59,269)
(63,843)
3,502
3,017
(5,685)

Boeing Company Subsidiaries
 Statements Operations share December 2022 products
 $55,893
 $51,386
 $47,142 services 10,715 revenues
 66,608
 62,286 58,158 products (53,969) (49,954) services (9,109 Capital expense costs expenses
,106,269),843)


45
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data)
Fiscal Year
2022
2021
2020
Net sales
$
18,992.8
$
18,127.0
$
17,626.6
Cost of sales
12,590.6
11,678.7
11,496.7
Selling, general, and administrative expenses
3,147.0
3,079.6
3,151.6
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(26.5)
170.4
24.4
Operating profit
3,475.8
3,144.8
2,953.9
Benefit plan non-service income
(113.4)
(132.9)
(112.8)
Interest, net
379.6
420.3
466.5
Earnings before income taxes and after-tax earnings from joint ventures
3,209.6
2,857.4
2,600.2
Income taxes
586.3
629.1
480.5
After-tax earnings from joint ventures
111.7
117.7
91.1
Net earnings, including earnings attributable to redeemable and
 noncontrolling interests
2,735.0
2,346.0
2,210.8
Net earnings attributable to redeemable and noncontrolling interests
27.7
6.2
29.6
Net earnings attributable to General Mills
$
2,707.3
$
2,339.8
$
2,181.2
Earnings per share basic
$
4.46
$
3.81
$
3.59
Earnings per share diluted
$
4.42
$
3.78
$
3.56
Dividends per share
$
2.04
$
2.02
$
1.96
See accompanying notes to consolidated financial statements.

 Consolidated Statements Earnings
 MILLS. SUBSIDIARIES
 Millions 2022 18,992.
 18,127.
 17,626.
 sales 12,590.
 11,678.
 11,496.
 Selling administrative expenses
 3,147.
.
 3,151.
 Divestitures.
.
 Restructuring impairment
.
.
.
 profit.
 3,144.
 2,953.
 Benefit non-service income.
.
.
.
.
.
 Earnings taxes after-tax earnings joint ventures
 3,209.
 2,857.
 2,600.
.
.
.
-tax earnings joint ventures
.
.
.
 earnings redeemable noncontrolling interests 2,735.
 2,346.
 2,210.
 noncontrolling.
.
.
 Mills 2,707.
 2,339.
 2,181.
 Earnings share
.
.
.
.
.
.
 Dividends share.
.
.
 consolidated financial statements.


Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019
accident of Ethiopian Airlines Flight 302.

actions filed October 2018 Lion Air 610 March 10
 Ethiopian Airlines 302.


Consolidated Operating Revenues
(dollars in millions)
Increase/(Decrease)
Years Ended December 31,
2022
2021
2022 vs. 2021
Consumer
$ 103,506
$ 95,300 $
8,206
 8.6 %
Business
31,072
31,042
30
 0.1
Corporate and other
2,510
7,722
(5,212)
 (67.5)
Eliminations
(253)
(451)
198
 43.9
Consolidated Operating Revenues
$ 136,835
$ 133,613 $
3,222
 2.4

Consolidated Operating Revenues
 Increase December 31,.
 103,506 95,300 8,206.
 31,072 31,042.
 2,510 7,722,212).
.
 Consolidated Operating Revenues 136,835 133,613
 3,222.


Net card fees increased 17 percent year over-year, as new card acquisitions reached record levels in 2022 and Card Member
retention remained high, demonstrating the impact of investments we have made in our premium value propositions

card fees increased 17 percent acquisitions 2022
 retention high impact premium value propositions


WalmartInc.
ConsolidatedStatementsofIncome

FiscalYearsEndedJanuary31,
(Amounts in millions, except per share data)

2019

2018

2017
Revenues:

Net sales
 $
510,329
 $
495,761
 $
481,317
Membership and other income

4,076

4,582

4,556
Total revenues

514,405

500,343

485,873
Costsandexpenses:

Cost of sales

385,301

373,396

361,256
Operating, selling, general and administrative expenses

107,147

106,510

101,853
Operatingincome

21,957

20,437

22,764
Interest:

Debt

1,975

1,978

2,044
Capital lease and financing obligations

371

352

323
Interest income

(217)
(152)
(100)
Interest, net

2,129

2,178

2,267
Loss on extinguishment of debt

3,136

Other (gains) and losses

8,368

Incomebeforeincometaxes

11,460

15,123

20,497
Provision for income taxes

4,281

4,600

6,204
Consolidatednetincome

7,179

10,523

14,293
Consolidatednetincomeattributabletononcontrollinginterest

(509)
(661)
(650)
ConsolidatednetincomeattributabletoWalmart
 $
6,670
 $
9,862
 $
13,643

Netincomepercommonshare:

BasicnetincomepercommonshareattributabletoWalmart
 $
2.28
 $
3.29
 $
4.40
DilutednetincomepercommonshareattributabletoWalmart

2.26

3.28

4.38

Weighted-averagecommonsharesoutstanding:

Basic

2,929

2,995

3,101
Diluted

2,945

3,010

3,112

Dividendsdeclaredpercommonshare
 $
2.08
 $
2.04
 $
2.00
See accompanying notes.
48

WalmartInc.
 Revenues 510,329 495,761,317 Membership 4,076 4,582 4,556 revenues 514,405 500,343 485,873,301 373,396,256 Operating expenses 107,147 106,510 101,853 Operatingincome 21,957 20,437 22,764 1,975 1,978 2,044 Capital lease financing obligations 352 323 Interest 2,129 2,178 2,267 Loss extinguishment debt 3,136 8,368 Incomebeforeincometaxes 11,460 15,123 20,497 Provision income 4,281 4,600 6,204 Consolidatednetincome 7,179 10,523 14,293 6,670 13,643 Netincomepercommonshare.
.
.
.
. 28
.
-averagecommonsharesoutstanding 2,929 2,995 3,101 2,945 3,010,112 Dividendsdeclaredpercommonshare.
.
.
.


JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2022
2021
2020
Sales to customers
$
94,943
93,775
82,584
Cost of products sold
31,089
29,855
28,427

JOHNSON SUBSIDIARIES
 Shares Millions 2021 Sales 94,943
 93,775
 82,584
 31,089
 29,855
 28,427


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

. annual
 dividend. share 2022.


Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
25,530
$
 100.0
24,020
$
 100.0
6.3
Cost of products sold
 8,212
32.2

7,919

33.0

3.7
Gross Profit
17,318

67.8

16,101

67.0

7.6
Selling, marketing and administrative expenses
 6,665
26.1

6,226

25.9

7.1
Research and development expense
 3,829
15.0

3,703

15.4

3.4
Interest (income) expense, net
(23)

 (0.1)
(26)

 (0.1)

Other (income) expense, net*
(60)

 (0.2)
273

1.1

Restructuring
 145
0.5

85

0.4

Earnings before provision for taxes on income
 6,762
26.5

5,840

24.3

15.8
Provision for taxes on income
 1,618
6.4

1,026

4.3

57.7
Net earnings
5,144
$
20.1

4,814
$
20.0

6.9

Johnson Johnson Subsidiaries
 Condensed Consolidated Statement Earnings Millions Figures Increase Amount Sales 25,530.
 24,020.
.
 products 8,212.
.
.
 17,318 67.
 16,101.
.
 Selling administrative expenses 6,665 26. 1
 6,226.
.
 development expense 3,829 15.
 3,703 15. 4
.
 (income expense.
.
 (income expense.
 273 1.
 Restructuring 145.
.
 Earnings taxes income 6,762 26.
 24.
.
 Provision taxes income 1,618.
 1,026.
.
 earnings 5,144.
.
.


Consolidated Balance Sheets

December 31,
2022
December 25,
2021

(In millions, except par value amounts)
ASSETS
Current assets:
Cash and cash equivalents
$
4,835
$
2,535
Short-term investments
1,020
1,073
Accounts receivable, net
4,126
2,706
Inventories
3,771
1,955
Receivables from related parties
2
2
Prepaid expenses and other current assets
1,265
312
Total current assets
15,019
8,583
Property and equipment, net
1,513
702
Operating lease right-of-use assets
460
367
Goodwill
24,177
289
Acquisition-related intangibles
24,118

Investment: equity method
83
69
Deferred tax assets
58
931
Other non-current assets
2,152
1,478
Total assets
$
67,580
$
12,419
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable
$
2,493
$
1,321
Payables to related parties
463
85
Accrued liabilities
3,077
2,424
Current portion of long-term debt, net

312
Other current liabilities
336
98
Total current liabilities
6,369
4,240
Long-term debt, net of current portion
2,467
1
Long-term operating lease liabilities
396
348
Deferred tax liabilities
1,934
12
Other long-term liabilities
1,664
321
Commitments and Contingencies (see Notes 16 and 17)
Stockholders equity:
Capital stock:
Common stock, par value $0.01; shares authorized: 2,250; shares issued: 1,645 and 1,232; shares
outstanding: 1,612 and 1,207
16
12
Additional paid-in capital
58,005
11,069
Treasury stock, at cost (shares held: 33 and 25)
(3,099)
(2,130)
Accumulated deficit
(131)
(1,451)
Accumulated other comprehensive loss
(41)
(3)
Total stockholders equity
54,750
7,497
Total liabilities and stockholders equity
$
67,580
$
12,419

Balance Sheets
 25 2021 Cash cash equivalents
 4,835 Short-term investments
 receivable 4,126 Inventories
 3,771 Receivables Prepaid expenses assets
 15,019 Property equipment
 1,513 Operating lease right-of-use
 Goodwill 24,177 Acquisition-related intangibles
 24,118 equity Deferred tax assets
 non assets
 2,152 67,580 12,419 LIABILITIES liabilities 2,493 Payables parties Accrued liabilities
 long-term debt
,369-term debt 2,467 lease liabilities
 Deferred tax liabilities
 1,934 liabilities Commitments Contingencies Notes 16 17
 Stockholders equity
 Capital. shares authorized 2,250 issued 1,645 1,232
 1,612 1,207
 Additional paid-in capital
,005 11,069 Treasury stock
 Accumulated deficit

 Accumulated stockholders equity 54,750
 7,497 67,580
 12,419


49
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions)
Fiscal Year
2022
2021
2020
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests
$
2,735.0
$
2,346.0
$
2,210.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
570.3
601.3
594.7
After-tax earnings from joint ventures
(111.7)
(117.7)
(91.1)
Distributions of earnings from joint ventures
107.5
95.2
76.5
Stock-based compensation
98.7
89.9
94.9
Deferred income taxes
62.2
118.8
(29.6)
Pension and other postretirement benefit plan contributions
(31.3)
(33.4)
(31.1)
Pension and other postretirement benefit plan costs
(30.1)
(33.6)
(32.3)
Divestitures (gain) loss
(194.1)
53.5
-
Restructuring, impairment, and other exit (recoveries) costs
(117.1)
150.9
43.6
Changes in current assets and liabilities, excluding the effects of acquisition and divestitures
277.4
(155.9)
793.9
Other, net
(50.7)
(131.8)
45.9
Net cash provided by operating activities
3,316.1
2,983.2
3,676.2
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(568.7)
(530.8)
(460.8)
Acquisition
(1,201.3)
-
-
Investments in affiliates, net
15.4
15.5
(48.0)
Proceeds from disposal of land, buildings, and equipment
3.3
2.7
1.7
Proceeds from divestitures, net of cash divested
74.1
2.9
-
Other, net
(13.5)
(3.1)
20.9
Net cash used by investing activities
(1,690.7)
(512.8)
(486.2)
Cash Flows - Financing Activities
Change in notes payable
551.4
71.7
(1,158.6)
Issuance of long-term debt
2,203.7
1,576.5
1,638.1
Payment of long-term debt
(3,140.9)
(2,609.0)
(1,396.7)
Debt exchange participation incentive cash payment
-
(201.4)
-
Proceeds from common stock issued on exercised options
161.7
74.3
263.4
Purchases of common stock for treasury
(876.8)
(301.4)
(3.4)
Dividends paid
(1,244.5)
(1,246.4)
(1,195.8)
Distributions to noncontrolling and redeemable interest holders
(129.8)
(48.9)
(72.5)
Other, net
(28.0)
(30.9)
(16.0)
Net cash used by financing activities
(2,503.2)
(2,715.5)
(1,941.5)
Effect of exchange rate changes on cash and cash equivalents
(58.0)
72.5
(20.7)
(Decrease) increase in cash and cash equivalents
(935.8)
(172.6)
1,227.8
Cash and cash equivalents - beginning of year
1,505.2
1,677.8
450.0
Cash and cash equivalents - end of year
$
569.4
$
1,505.2
$
1,677.8
Cash flow from changes in current assets and liabilities, excluding the effects of acquisition and
 divestitures:
Receivables
$
(166.3)
$
27.9
$
37.9
Inventories
(85.8)
(354.7)
103.1
Prepaid expenses and other current assets
(35.3)
(42.7)
94.2
Accounts payable
456.7
343.1
392.5
Other current liabilities
108.1
(129.5)
166.2
Changes in current assets and liabilities
$
277.4
$
(155.9)
$
793.9
See accompanying notes to consolidated financial statements.

 Statements Cash Flows
 MILLS. SUBSIDIARIES
 Millions Fiscal Year 2022
 2021
 2020 Activities earnings redeemable noncontrolling interests 2,735.
 2,346.
 2,210.
 Adjustments Depreciation amortization
 570.
.
.
 After-tax earnings joint ventures
.
.
.
 Distributions earnings.
.
.
 Stock-based compensation
.
.
.
 Deferred income taxes
.
.
.
 Pension postretirement benefit plan contributions
.
.
.
.
.
.
 Divestitures.
.
 Restructuring impairment exit costs
.
.
.
 Changes assets liabilities divestitures
 277.
.
.
.
.
.
 cash operating activities 3,316.
 2,983.
 3,676.
 Cash Flows Investing Activities Purchases land buildings equipment
.
.
.
.
 Investments affiliates.
.
.
 Proceeds disposal land buildings equipment
.
.
.
 divestitures.
.
.
.
.
 cash investing
 (1,690.
.
.
 Financing Activities
.
.
 (1,158.
 long-term debt
 2,203.
 1,576.
 1,638.
 long-term debt (3,140.
,609.
,396.
 Debt exchange participation incentive cash payment (201.
 Proceeds common stock
.
.
 263.
 Purchases common stock treasury
 (876.
.
.
 Dividends (1,244.
.
,195.
 Distributions noncontrolling redeemable interest holders
.
.
.
.
.
.
 cash financing
 (2,503.
 (2,715.
.
 exchange rate changes cash equivalents
.
.
.
 cash equivalents (935.
.
 1,227.
 equivalents 1,505.
 1,677.
.
 equivalents.
 1,505.
 1,677.
 flow changes assets liabilities
 Receivables.
.
.
 Inventories.
 (354.
.
 Prepaid expenses assets.
.
.
.
 343.
.
liabilities
.
.
.
 assets liabilities $ 277.
.
 793.
 consolidated financial statements.


Table of Contents
NIKE, INC.
CONSOLIDATED BALANCE SHEETS

MAY 31,
(Dollars in millions)
2019
2018
ASSETS

Current assets:

Cash and equivalents
$
4,466
$
4,249
Short-term investments
197
996
Accounts receivable, net
4,272
3,498
Inventories
5,622
5,261
Prepaid expenses and other current assets
1,968
1,130
Total current assets
16,525
15,134
Property, plant and equipment, net
4,744
4,454
Identifiable intangible assets, net
283
285
Goodwill
154
154
Deferred income taxes and other assets
2,011
2,509
TOTAL ASSETS
$
23,717
$
22,536
LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt
$
6
$
6
Notes payable
9
336
Accounts payable
2,612
2,279
Accrued liabilities
5,010
3,269
Income taxes payable
229
150
Total current liabilities
7,866
6,040
Long-term debt
3,464
3,468
Deferred income taxes and other liabilities
3,347
3,216
Commitments and contingencies (Note 18)
Redeemable preferred stock

Shareholders' equity:

Common stock at stated value:

Class A convertible 315 and 329 shares outstanding

Class B 1,253 and 1,272 shares outstanding
3
3
Capital in excess of stated value
7,163
6,384
Accumulated other comprehensive income (loss)
231
(92)
Retained earnings
1,643
3,517
Total shareholders' equity
9,040
9,812
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
23,717
$
22,536
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
52 NIKE, INC.

.
 CONSOLIDATED BALANCE
 2019 Current assets Cash equivalents 4,466 Short-term investments
 Accounts receivable 4,272 Inventories
 5,622 Prepaid expenses assets
 assets Property plant equipment 4,744 intangible assets
 Goodwill Deferred income taxes assets
 TOTAL 23,717 LIABILITIES SHAREHOLDERS EQUITY liabilities long-term debt
 Notes Accounts Accrued liabilities 5,010 Income taxes
 liabilities 7,866 Long-term debt
 3,464 Deferred income taxes liabilities
,347 Commitments contingencies
 Redeemable stock Shareholders equity stock convertible 315 329 shares 1,253 1,272 shares excess value 7,163 6,384 income Retained earnings
 1,643 shareholders equity
 9,040 LIABILITIESNotes Consolidated Financial Statements statement.
 NIKE.


dited)

Three months ended

Twelve months ended

December 31,
2022

December 31,
2021

December 31,
2022

December 31,
2021
Las Vegas Strip Resorts
$
877,052 $
698,739 $
3,142,308 $
1,738,211
Regional Operations

319,517
309,250
1,294,630
1,217,814
MGM China

(54,979)
5,015
(203,136)
25,367
Unconsolidated affiliates(1)

(43,029)
(49,698)
(222,079)
(131,590)
Management and other operations

(3,037)
2,087

(11,934)
15,766
Stock compensation

(25,159)
(26,494)
(71,297)
(63,984)
Corporate(2)

(113,058)
(117,491)
(431,238)
(380,501)

$
957,307
 $
3,497,254

 Three months Twelve months Vegas Strip Resorts,052,739 3,142,308 1,738,211 Operations 319,517 309,250 1,294,630 1,217,814 MGM (54,979),136 25 Unconsolidated (222,079) (131,590) 15,766,494 (71,297) (63,984 (113,058) (117,491) (431,238) 957,307 3,497,254


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2017

2016

2015
(In millions except per share data)

NET OPERATING REVENUES
$
35,410
 $
41,863
 $
44,294
Cost of goods sold
13,256

16,465

17,482
GROSS PROFIT
22,154

25,398

26,812
Selling, general and administrative expenses
12,496

15,262

16,427
Other operating charges
2,157

1,510

1,657
OPERATING INCOME
7,501

8,626

8,728
Interest income
677

642

613
Interest expense
841

733

856
Equity income (loss) net
1,071

835

489
Other income (loss) net
(1,666)
(1,234)
631
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
6,742

8,136

9,605
Income taxes from continuing operations
5,560

1,586

2,239
NET INCOME FROM CONTINUING OPERATIONS
1,182

6,550

7,366
Income from discontinued operations (net of income taxes of $47, $0 and $0, respectively)
101

CONSOLIDATED NET INCOME
1,283

6,550

7,366
Less: Net income attributable to noncontrolling interests
35

23

15
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
 THE COCA-COLA COMPANY
$
1,248
 $
6,527
 $
7,351

Basic net income per share from continuing operations1
$
0.28
 $
1.51
 $
1.69
Basic net income per share from discontinued operations2
0.02

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

DILUTED NET INCOME PER SHARE
$
0.29
 $
1.49
 $
1.67
AVERAGE SHARES OUTSTANDING BASIC
4,272

4,317

4,352
Effect of dilutive securities
52

50

53
AVERAGE SHARES OUTSTANDING DILUTED
4,324

4,367

4,405
1 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling
interests.
2 Calculated based on net income from discontinued operations less net income from discontinued operations attributable to noncontrolling
interests.
3 Per share amounts do not add due to
rounding.
Refer to Notes to Consolidated Financial Statements.
72

COCA-COLA COMPANY SUBSIDIARIES
 STATEMENTS December 2016 2015 OPERATING REVENUES
 35,410 41,863 44,294 goods 13,256 16,465 17,482 PROFIT
 22,154 25,398 26,812 Selling administrative expenses
 12,496 15,262 16,427 operating charges 2,157 OPERATING INCOME 7,501 8,626 8,728 Interest income 677 expense 841 Equity income 1,071 835 489 Other,666 OPERATIONS TAXES 6,742 8,136 9,605 taxes 5,560 1,586 INCOME 1,182 6,550 7,366 discontinued operations INCOME 1,283 6,550 7,366 noncontrolling interests SHAREOWNERS COCA-COLA COMPANY 1,248 6,527 7,351 income share.
.
.
 discontinued.
.
 3. 51
. 69
 income share continuing
. 27
. 49
. 67
 discontinued
.
 INCOME PER SHARE. 29
. 49
. 67
 SHARES
 4,272
 4,317 4,352 dilutive securities
 52 50 53 SHARES 4,324
 4,367
 4,405 income continuing operations noncontrolling
 interests.
 discontinued.
 share amounts add
 rounding.
 Consolidated Financial Statements.
 72


Table of Contents
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data)

Fiscal Year

2019

2018

2017

Net sales

 $ 16,865.2
 $ 15,740.4
 $ 15,619.8
Cost of sales

11,108.4

10,304.8

10,052.0
Selling, general, and administrative expenses

2,935.8

2,850.1

2,888.8
Divestitures loss

30.0

-

6.5
Restructuring, impairment, and other exit costs

275.1

165.6

180.4

Operating profit

2,515.9

2,419.9

2,492.1
Benefit plan non-service income

(87.9)

(89.4)

(74.3)
Interest, net

521.8

373.7

295.1

Earnings before income taxes and after-tax earnings from joint ventures

2,082.0

2,135.6

2,271.3
Income taxes

367.8

57.3

655.2
After-tax earnings from joint ventures

72.0

84.7

85.0

Net earnings, including earnings attributable to redeemable and noncontrolling
interests

1,786.2

2,163.0

1,701.1
Net earnings attributable to redeemable and noncontrolling interests

33.5

32.0

43.6

Net earnings attributable to General Mills

 $
1,752.7
 $
2,131.0
 $
1,657.5

Earnings per share - basic

 $
2.92
 $
3.69
 $
2.82

Earnings per share - diluted

 $
2.90
 $
3.64
 $
2.77

Dividends per share

 $
1.96
 $
1.96
 $
1.92

See accompanying notes to consolidated financial statements.

53

Contents
 Statements Earnings GENERAL MILLS INC. SUBSIDIARIES
 Millions Share Data 2019 2018 sales 16,865.
 15,740.
 15,619.
 Cost sales 11,108.
 10,304.
,052.
 Selling general administrative expenses 2,935.
 2,850.
 2,888.
 Divestitures loss.
.
 Restructuring impairment exit costs.
.
.
 profit 2,515.
 2,419.
 2,492.
 Benefit plan non-service income.
.
.
.
.
.
 Earnings taxes after-tax earnings joint ventures 2,082.
,135.
 2,271.
.
.
.
 After-tax earnings ventures.
.
.
 earnings redeemable noncontrolling interests.
,163.
.
.
.
.
 General Mills 1,752.
 2,131.
 1,657.

 Earnings share 2. 92
 3. 69
. 82
 Earnings share. 90
 3. 64
. 77
. 96
 1. 96
. 92
 consolidated financial statements.


TableofContents

Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies

YearendedDecember31,

(Inmillions,exceptpershareamounts)

2021

2020

2019

Netsales
 $
14,082 $
11,303 $
11,503
Costofsales

9,019
7,772
7,468

Grossmargin

5,063
3,531
4,035

Operatingexpenses:

Selling,generalandadministrativeexpenses

1,827
1,747
1,585
Research,developmentandengineeringexpenses

995
1,154
1,031
Amortizationofpurchasedintangibles

129
121
113

Operatingincome

2,112
509
1,306

Equityinearnings(losses)ofaffiliatedcompanies(Note3)

35
(25)
17
Interestincome

11
15
21
Interestexpense

(300)
(276)
(221)
Translatedearningscontractgain(loss),net(Note15)

354
(38)
248
Transaction-relatedgain,net(Note4)

498

Otherincome(expense),net

185
(60)
(155)

Incomebeforeincometaxes

2,397
623
1,216
Provisionforincometaxes(Note8)

(491)
(111)
(256)

NetincomeattributabletoCorningIncorporated
 $
1,906 $
512 $
960

EarningspercommonshareattributabletoCorningIncorporated:

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

ReconciliationofnetincomeattributabletoCorningIncorporatedversusnetincomeavailabletocommon
shareholders:

NetincomeattributabletoCorningIncorporated
 $
1,906 $
512 $
960

SeriesAconvertiblepreferredstockdividend

(24)
(98)
(98)
Excessconsiderationpaidforredemptionofpreferredstock(1)

(803)

Netincomeavailabletocommonshareholders
 $
1,079 $
414 $
862

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

65

TableofContents
 Consolidated Statements Income Corning Incorporated Subsidiary Companies 2019 Netsales 14,082 11,303 11,503 Costofsales 9,019 7,772 7,468 5,063 3,531 4,035 Operatingexpenses 1,827 1,747 1,585 1,154 1,031 Operatingincome 2,112 509 1,306 Equityinearnings(losses(Note3) 21 Translatedearningscontractgain 354 Transaction-relatedgain(Note4) 2,397 623 1,216 Provisionforincometaxes(Note8) NetincomeattributabletoCorningIncorporated 1,906 EarningspercommonshareattributabletoCorningIncorporated(Note18).
.
.
 Diluted(Note18).
.
.

 shareholders 1,906 $ 512 $ Excessconsiderationpaidforredemptionofpreferredstock(1) Netincomeavailabletocommonshareholders 1,079 $ 414 $ 862 RefertoNote17'Equity(EarningsperCommonShare.
.


Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue
Separation

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

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

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

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

Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) (the Company) today announced updates to its financials and
2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. The
Company has published a recorded webinar for investors to provide additional context behind the updated financials and 2023 guidance
found in this release, which may be accessed by visiting the Investors section of the Company's website at webcasts & presentations.
The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on delivering
transformative healthcare solutions to patients, said Joaquin Duato, Chairman of the Board and Chief Executive Officer. We are incredibly
proud of the focus and dedication of our employees worldwide to achieve this milestone, which we are confident will unlock near- and long-
term value for all of our stakeholders.
As previously announced, the Company recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson &
Johnsons Consumer Health business. As a result of the completion of the exchange offer, Johnson & Johnson will now present its
Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of
2023

.
 Johnson & Johnson Announces Financials 2023 Guidance Kenvue
 Separation
 expects 2023 Sales Growth 7. - 8. Operational Sales Growth. 5% - 8. 5%
 Adjusted Sales Growth 6. 2% - 7. exclude COVID-19 Vaccine
 expects 2023 Adjusted Earnings Per Share $10. - $10. growth
 12. 5% Adjusted Operational EPS $9. - $10. 5%
 reduced share count 191 million 2023 partial-year benefit
 73. million shares $0. 28 EPS
 secured $13. 2 billion Kenvue debt maintains 9. 5%
 equity stake Kenvue
 maintains quarterly dividend $1. 19 per share
. Johnson & Johnson updates financials
 2023 guidance innovation Pharmaceutical MedTech.
 webinar
.
 transaction positions Pharmaceutical MedTech company
 transformative healthcare solutions Joaquin Duato.
 proud dedication employees
 value stakeholders.
 completed exchange offer separation Kenvue.Johnson
 Consumer Health. completion exchange Johnson
 Consumer Health discontinued operations gain $20 billion third quarter
 2023


SG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant
litigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately
$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring
charges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost
management.

SG&A increased 2022. impacted special item costs
 litigation Combat Arms Earplugs 2022 second quarter pre-tax charge
 $1. 2 billion costs exiting PFAS manufacturing Russia divestiture restructuring
 investment growth initiatives. increases offset restructuring benefits 3M cost
 management.


Regional Operations

Net revenues of $3.8 billion in the current year compared to $3.4 billion in the prior year, an
increase of 12%;

Regional Operations
 revenues $3. 8 billion. billion
 12%


Balance Sheet
Cash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9
million.
Merchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6
billion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2
million increase was primarily due to the opening of 47 new stores since January 29, 2022,
inventory to support new brand launches and brand expansions, and inventory cost
increases.

Balance
 Cash equivalents fourth quarter 2022 $737.
 million.
 Merchandise inventories $1. 6
 billion $1. 5 billion 2021. $104.
 million increase 47 stores
 inventory brand launches expansions cost
 increases.


Amcor plc and Subsidiaries
Consolidated Balance Sheets
($ in millions, except share and per share data)
As of June 30,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
689
$
775
Trade receivables, net of allowance for credit losses of $21 and $25, respectively
1,875
1,935
Inventories, net
Raw materials and supplies
992
1,114
Work in process and finished goods
1,221
1,325
Prepaid expenses and other current assets
531
512
Assets held for sale, net

192
Total current assets
5,308
5,853
Non-current assets:
Property, plant, and equipment, net
3,762
3,646
Operating lease assets
533
560
Deferred tax assets
134
130
Other intangible assets, net
1,524
1,657
Goodwill
5,366
5,285
Employee benefit assets
67
89
Other non-current assets
309
206
Total non-current assets
11,695
11,573
Total assets
$
17,003
$
17,426
Liabilities
Current liabilities:
Current portion of long-term debt
$
13
$
14
Short-term debt
80
136
Trade payables
2,690
3,073
Accrued employee costs
396
471
Other current liabilities
1,297
1,344
Liabilities held for sale

65
Total current liabilities
4,476
5,103
Non-current liabilities:
Long-term debt, less current portion
6,653
6,340
Operating lease liabilities
463
493
Deferred tax liabilities
616
677
Employee benefit obligations
224
201
Other non-current liabilities
481
471
Total non-current liabilities
8,437
8,182
Total liabilities
$
12,913
$
13,285
Commitments and contingencies (See Note 20)
Shareholders' Equity
Amcor plc shareholders equity:
Ordinary shares ($0.01 par value):
Authorized (9,000 million shares)
Issued (1,448 and 1,489 million shares, respectively)
$
14
$
15
Additional paid-in capital
4,021
4,431
Retained earnings
865
534
Accumulated other comprehensive loss
(862)
(880)
Treasury shares (1 and 2 million shares, respectively)
(12)
(18)
Total Amcor plc shareholders' equity
4,026
4,082
Non-controlling interests
64
59
Total shareholders' equity
4,090
4,141
Total liabilities and shareholders' equity
$
17,003
$
17,426
See accompanying notes to consolidated financial statements.
5

Amcor plc Subsidiaries
 Consolidated Balance Sheets
 millions June 30 2023 Cash equivalents 689 Trade receivables credit losses $21 $25
 1,875 1,935 Inventories Raw materials supplies 1,114 finished goods 1,221 1,325 Prepaid expenses assets
 Assets sale 5,308 Non
 Property plant equipment
 3,762 Operating lease
 Deferred tax assets
 intangible assets
 1,524 Goodwill Employee benefit assets
 non-current 11,695 17,003 long-term debt
 Short-term debt
 Trade payables
 2,690 Accrued employee costs 1,297 sale,476 Non-current liabilities Long-term debt
,653 Operating lease liabilities
 Deferred tax liabilities
 Employee benefit obligations
 non,437 Commitments contingencies
 Shareholders Equity
Amcor plc shareholders equity
 Ordinary shares.
 Authorized
 Issued (1,448 1,489 million shares
 paid-in capital
 4,021 Retained earnings
 loss Treasury shares (1 2 million shares
 shareholders equity
 4,026
 Non-controlling interests
 shareholders liabilities
 financial statements.


One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products
from our Gaming segment. A loss of this customer would have a material adverse effect on our business.

customer 16% consolidated net revenue year December 2022. Sales
 Gaming segment. loss adverse effect business.


RESULTS OF OPERATIONS

The following table presents selected highlights from our operations (in millions):

Year ended December 31,

% change

2022

2021

22 vs. 21

Net sales
 $
14,189 $
14,082
1%

Gross margin
 $
4,506 $
5,063
(11%)
(gross margin %)

32%
36%

Selling, general and administrative expenses
 $
1,898 $
1,827
4%
(as a % of net sales)

13%
13%

Research, development and engineering expenses
 $
1,047 $
995
5%
(as a % of net sales)

7%
7%

Translated earnings contract gain, net
 $
351 $
354
(1%)
(as a % of net sales)

2%
3%

Income before income taxes
 $
1,797 $
2,426
(26%)
(as a % of net sales)

13%
17%

Provision for income taxes
 $
(411) $
(491)
16%
Effective tax rate

23%
20%

Net income attributable to Corning Incorporated
 $
1,316 $
1,906
(31%)
(as a % of net sales)

9%
14%

Comprehensive income attributable to Corning Incorporated
 $
661 $
1,471
(55%)

RESULTS OPERATIONS
 table highlights operations December 31,.
 14,189 $ 14,082 4,506 $ 5,063 (11%) 32% 36% expenses 1,898 $ 1,827 4% net sales 13% engineering expenses 1,047 $ 5% % net sales 7% Translated earnings contract gain $ 354 sales income taxes 1,797 $ 2,426 (26%) net sales 13% Provision income taxes (411) $ (491) tax rate income Corning Incorporated 1,316 $ 1,906 (31%) net sales 14% Corning Incorporated $ 1,471 (55%


The Kraft Heinz Company
Consolidated Balance Sheets
(in millions, except per share data)

December 28, 2019 December 29, 2018
ASSETS

Cash and cash equivalents
$
2,279 $
1,130
Trade receivables (net of allowances of $33 at December 28, 2019 and $24 at December 29, 2018)
1,973
2,129
Income taxes receivable
173
152
Inventories
2,721
2,667
Prepaid expenses
384
400
Other current assets
445
1,221
Assets held for sale
122
1,376
Total current assets
8,097
9,075
Property, plant and equipment, net
7,055
7,078
Goodwill
35,546
36,503
Intangible assets, net
48,652
49,468
Other non-current assets
2,100
1,337
TOTAL ASSETS
$
101,450 $
103,461
LIABILITIES AND EQUITY

Commercial paper and other short-term debt
$
6 $
21
Current portion of long-term debt
1,022
377
Trade payables
4,003
4,153
Accrued marketing
647
722
Interest payable
384
408
Other current liabilities
1,804
1,767
Liabilities held for sale
9
55
Total current liabilities
7,875
7,503
Long-term debt
28,216
30,770
Deferred income taxes
11,878
12,202
Accrued postemployment costs
273
306
Other non-current liabilities
1,459
902
TOTAL LIABILITIES
49,701
51,683
Commitments and Contingencies (Note 17)

Redeemable noncontrolling interest

3
Equity:

Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019;
1,224 shares issued and 1,220 shares outstanding at December 29, 2018)
12
12
Additional paid-in capital
56,828
58,723
Retained earnings/(deficit)
(3,060)
(4,853)
Accumulated other comprehensive income/(losses)
(1,886)
(1,943)
Treasury stock, at cost (3 shares at December 28, 2019 and 4 shares at December 29, 2018)
(271)
(282)
Total shareholders' equity
51,623
51,657
Noncontrolling interest
126
118
TOTAL EQUITY
51,749
51,775
TOTAL LIABILITIES AND EQUITY
$
101,450 $
103,461
See accompanying notes to the consolidated financial statements.
47

Kraft Heinz Company
 Consolidated Balance Sheets
 28, Cash cash equivalents 2,279
 1,130 Trade receivables $33 $24 29,
 1,973 2,129 Income taxes Inventories 2,721 2,667 Prepaid expenses
 assets sale assets Property plant equipment
 7,055 Goodwill 35,546 Intangible assets
 48 non-current assets
 2,100 101,450 103,461 LIABILITIES Commercial paper short-term debt
 long-term debt
 Trade payables
 4,003 marketing Interest payable
 liabilities 1,804 Long-term debt
 28,216 Deferred income taxes
,878 Accrued postemployment costs
 non liabilities
 1,459 49,701 51,683 Commitments Contingencies
 Redeemable noncontrolling interest
 Common stock. 1,224 issued
 Additional paid-in capital
 56,828 58,723earnings
 (3,060) (4,853) income (1,886) Treasury shares December 28, 4 December 29,
 shareholders equity
 51,623
 51,657
 Noncontrolling 51,749,775 101,450
,461 financial statements.


Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Operations
(In millions, except per share data)

For the Years Ended December 31,

2021
2020
2019
Operating revenues
$
3,930
$
3,777
$
3,610
Operating expenses:

Operation and maintenance
1,777
1,622
1,544
Depreciation and amortization
636
604
582
General taxes
321
303
280
Other

(10)
Total operating expenses, net
2,734
2,529
2,396
Operating income
1,196
1,248
1,214
Other income (expense):

Interest expense
(403)
(397)
(386)
Interest income
4
2
4
Non-operating benefit costs, net
78
49
16
Gain or (loss) on sale of businesses
747

(44)
Other, net
18
22
29
Total other income (expense)
444
(324)
(381)
Income before income taxes
1,640
924
833
Provision for income taxes
377
215
212
Net income attributable to common shareholders
$
1,263
$
709
$
621
Basic earnings per share: (a)

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

Net income attributable to common shareholders
$
6.95
$
3.91
$
3.43
Weighted average common shares outstanding:

Basic
182
181
181
Diluted
182
182
181
(a)
Amounts may not calculate due to rounding.
The accompanying notes are an integral part of these Consolidated Financial Statements.
84

Contents
 American Water Works Company. Subsidiary Companies
 Consolidated Statements Operations
 share data December 31, 2021 Operating revenues 3,777 3,610 Operating expenses Operation maintenance 1,777 1,622 1,544 Depreciation amortization
 636 582 taxes 303 operating expenses
 2,734 2,529 2,396 Operating income 1,196 1,248 1,214 income expense (403) (397) Non-operating benefit costs
 businesses income Income taxes 1,640 924 833 Provision taxes 377 215 common shareholders 1,263 621 earnings share
 common shareholders 6.
.
.
 Diluted earnings share common shareholders.
.
.
 common shares 182 181 Amounts calculate rounding.
 notes Consolidated Financial Statements.


Acquisitions

Current Health Ltd.

In fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (Current Health), a care-at-home technology platform, on November 2, 2021, for
net cash consideration of $389 million. The acquired assets included $351 million of goodwill that was assigned to our Best Buy Health reporting unit and was
deductible for income tax purposes. The acquisition is aligned with our focus in virtual care to enable people in their homes to connect seamlessly with their
health care providers and is included in our Domestic reportable segment and Services revenue category. The acquisition was accounted for using the
acquisition method of accounting for business combinations and was not material to the results of operations.

Two Peaks, LLC d/b/a Yardbird Furniture

In fiscal 2022, we acquired all of the outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (Yardbird), a direct-to-consumer outdoor furniture company,
on November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to our Best Buy Domestic
reporting unit and was deductible for income tax purposes. The acquisition expands our assortment in categories like outdoor living, as more and more
consumers look to make over or upgrade their outdoor living spaces. The acquisition was accounted for using the acquisition method of accounting for business
combinations and was not material to the results of our operations.

Acquisitions
 Current Health Ltd.
 fiscal 2022 acquired shares Current Health Ltd. care-at-home technology platform November 2, 2021
 net cash $389 million. assets $351 million goodwill Best Buy Health unit
 deductible income tax. virtual care
 Domestic segment Services revenue category. accounted
 not material results operations.
 Two Peaks, LLC Yardbird Furniture
 fiscal 2022 acquired shares Peaks Yardbird Furniture outdoor furniture
 November 4, 2021 net cash $79 million. assets $47 million goodwill Best Buy Domestic
 deductible income tax. expands assortment outdoor living
. accounted
 not material results operations.


Usual and Customary Pricing Litigation
The Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Companys retail
pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process.

Customary Pricing Litigation
 Company directors officers defendant lawsuits
 pharmacies overcharged prescription drugs not submitting correct price.


Therachon
On July 1, 2019, we acquired all the remaining shares of Therachon, a privately-held clinical-stage biotechnology company focused on rare diseases, with assets in development for
the treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism, for $340 million upfront, plus potential milestone payments of up to $470
million contingent on the achievement of key milestones in the development and commercialization of the lead asset. We accounted for the transaction as an asset acquisition since
the lead asset represented substantially all the fair value of the gross assets acquired. The total fair value of the consideration transferred for Therachon was $322 million, which
consisted of $317 million of cash and our previous $5 million investment in Therachon. In connection with this asset acquisition, we recorded a charge of $337 million in Research and
development expenses.

 July 1, 2019 acquired shares Therachon clinical-stage biotechnology company rare diseases assets
 treatment achondroplasia short-limb dwarfism $340 million upfront milestone payments $470
 million milestones lead asset. asset acquisition
 lead asset fair value assets. total value $322 million
 $317 million cash previous $5 million investment. recorded $337 million Research
 development expenses.