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
 July 29, 2023
 July 30 2022
 Operating income
 $
 348
 $
 $
 659
 $
 833
 % revenue
 3. 6 %
 3. %
 3. 5 %
 4. 0 %
 Intangible asset amortization(1)
 21
 22
 41
 44
 Restructuring charges(2)
 34
 35
 Non-GAAP operating income
 $
 362
 $
 427
 $
 $
 912
 % revenue
 3. 8 %
 4. 1 %
 3. 6 %
 4. 3 %
 tax rate
 26. 1 %
 15. 6 %
 24. 8 %
 20. 5 %
 Intangible amortization(1)
 (0. 4)%
 0. 4 %
 0. 4 %
 0. 2 %
 Restructuring charges(2)
 0. 4 %
. 7 %
. 1)
 0. 1 %
 Loss 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 amortization(1)
 0. 10
 0. 10
 0. 18
 0. 19
 Restructuring charges(2)
 (0. 03)
 0. 15
 (0. 07)
 0. 15
 Loss investments
 0. 02
 sale subsidiary
. 10)
. 10
 Income tax impact non-GAAP adjustments(4)
. 06)
. 02)
. 08
 Non-GAAP diluted EPS
 $ 1. 22
 $ 1. 54
 $ 2. 37
 $3. 11
 For additional information nature charges refer to Note 1, Basis of Presentation, Note 2, Restructuring Note 3, Goodwill and Intangible Assets, of Notes to
 Condensed Consolidated Financial Statements in Quarterly Report on Form 10-Q.
 (1)
 Represents non-cash amortization of definite-lived intangible assets associated with acquisitions including customer relationships tradenames developed technology assets.
 (2)
 Represents charges related to employee termination benefits adjustments from higher-than-expected employee retention to planned organizational changes.
 (3)
 Represents gain on sale of Mexico subsidiary subsequent to exit from operations in Mexico.
 (4)
 non-GAAP adjustments relate to U. S. and Mexico. forecasted annual income tax charge on U. S. non-GAAP adjustments calculated using statutory tax rate of
 24. 5%. no forecasted annual income tax benefit for Mexico non-GAAP items no forecasted annual tax expense on income in calculation GAAP income tax expense.
 non-GAAP operating income rates decreased in second quarter first six months of fiscal 2024 due to unfavorable SG&A rates
 offset by favorable gross profit rates.
 non-GAAP effective tax rate increased second quarter of fiscal 2024 due to prior year resolution of discrete tax matters. non-
 GAAP effective tax rate increased first six months of fiscal 2024 due to prior year resolution of discrete tax matters decreased tax
 benefits from stock-based compensation offset by impact lower pre-tax earnings.
 non-GAAP diluted EPS decreased in second quarter first six months of fiscal 2024 due to decreases in non-GAAP operating income.
 Liquidity and Capital Resources
 closely manage liquidity and capital resources. liquidity requirements depend on key variables including level of investment required support
business strategies, performance of business, capital expenditures, dividends, credit facilities, short-term borrowing arrangements working capital
 management. modify our approach to managing these variables as changes in operating environment arise. For example capital expenditures and share
 repurchases component of cash flow and capital management strategy large extent can adjust in response to economic other
 changes in business environment. disciplined approach to capital allocation focuses on investing in key priorities support our strategy.
 Cash and cash equivalents as follows ($ in millions):
 July 29, 2023
 January 28, 2023
 July 30, 2022
 Cash and cash equivalents
 $
 1,093 $
 1,874 $
 840


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 Mobile Phones: 6. 4% comparable sales decline driven primarily by computing, mobile phones tablets.
 Consumer Electronics: 5. 7% sales decline driven primarily by home theater partially offset by sales growth in
 headphones portable speakers.
 Appliances: 16. 1% sales decline driven primarily by large appliances.
 Entertainment: 9. 0% comparable sales growth driven primarily by gaming partially offset by sales declines in virtual reality
 drones.
 Services: 7. 6% comparable sales growth driven by cumulative growth in paid membership base


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

At December 31, 2019

At December 31, 2018
Assets

Current assets:

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

1,035
Inventories, net
32

43
Software development
322

264
Other current assets
296

539
Total current assets
7,292

6,106
Software development
54

65
Property and equipment, net
253

282
Deferred income taxes, net
1,293

458
Other assets
658

482
Intangible assets, net
531

735
Goodwill
9,764

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

Liabilities and Shareholders Equity

Current liabilities:

Accounts payable
$
292
 $
253
Deferred revenues
1,375

1,493
Accrued expenses and other liabilities
1,248

896
Total current liabilities
2,915

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

2,671
Deferred income taxes, net
505

18
Other liabilities
945

1,167
Total liabilities
7,040

6,498
Commitments and contingencies (Note 23)

Shareholders equity:

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

Additional paid-in capital
11,174

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

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

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

Table of Contents
 ACTIVISION BLIZZARD INC. SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (Amounts in millions except share data
 December 31, 2019
 December 31, 2018
 Assets
 Current assets
 Cash cash equivalents
 $ 5,794
 4,225
 Accounts receivable allowances $132 $190 December 31, 2019 31, 2018
 848
 1,035
 Inventories
 32
 43
 Software development
 322
 Other current assets
 Total current assets
 7,292
 6,106
 Software development
 54
 65 Property equipment
 253
 282
 Deferred income taxes
 1,293
 458
 Other assets
 482
 Intangible assets
 531
 735 Goodwill
 9,764
 9,762
 Total assets
 $ 19,845
 17,890
 Liabilities Shareholders Equity
 Current liabilities
 Accounts payable
 $ 292
 $ 253
 Deferred revenues
 1,375
 1,493
 Accrued expenses other liabilities
 1,248
 896
 Total current liabilities
 2,915
 2,642
 Long-term debt
 2,675
 2,671
 Deferred income taxes
 505
 18 Other liabilities
 945
 1,167
 Total liabilities
 7,040
 6,498
 Commitments contingencies (Note 23)
 Shareholders equity
 Common stock $0. 000001 par value 2,400,000,000 shares authorized 1,197,436,644 1,192,093,991 shares issued
 December 31, 2019 December 31, 2018
 Additional paid-in capital
 11,174
 10,963
Treasury stock cost,676,471 shares December 31, 2019 December 31, 2018
 (5,563)
 Retained earnings
 7,813
 6,593
 Accumulated comprehensive loss
 (619)
 (601)
 Total shareholders equity
 12,805
 11,392
 liabilities shareholders equity
 $
 19,845
 $
 17,890
 accompanying notes integral part Consolidated Financial Statements.
 F-4


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.

Exhibit 99. 1
 Johnson & Johnson Announces Updated Financials 2023 Guidance Following Completion Kenvue
 Separation
 Company expects increased 2023 Reported Sales Growth 7. 0% - 8. 0%, Operational Sales Growth 7. 5% - 8. 5%,
 Adjusted Operational Sales Growth 6. 2% - 7. 2%; Figures exclude COVID-19 Vaccine
 Company expects 2023 Adjusted Reported Earnings Per Share (EPS) $10. 00 - $10. 10, reflecting increased growth of
 12. 5% at mid-point Adjusted Operational EPS $9. 90 - $10. 00 increased growth of 11. 5% at mid-
 point
 Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects partial-year benefit
 approximately 73. 5 million shares or $0. 28 benefit to EPS
 Company secured $13. 2 billion cash proceeds from Kenvue debt offering initial public offering maintains 9. 5%
 equity stake in Kenvue
 Company maintains quarterly dividend of $1. 19 per share
 New Brunswick, N. J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) Company) announced updates to financials
 2023 guidance reflect operations company focused on transformational innovation in Pharmaceutical and MedTech.
 Company published recorded webinar for investors additional context behind updated financials 2023 guidance
 accessed by visiting Investors section Company's website webcasts & presentations.
 completion of transaction positions Johnson & Johnson as Pharmaceutical and MedTech company focused on delivering
 transformative healthcare solutions to patients, said Joaquin Duato, Chairman of Board and Chief Executive Officer.
 proud of focus dedication employees worldwide to achieve this milestone confident will unlock near- long-
 term value for stakeholders.
 Company recently completed exchange offer to finalize separation of Kenvue Inc., formerly Johnson &
 Johnsons Consumer Health business. result completion exchange offer, Johnson & Johnson will now present
 Consumer Health business financial results as discontinued operations, including gain approximately $20 billion in third quarter of
 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

Table Contents
 Lockheed Martin Corporation
 Consolidated Statements Earnings
 millions share data
 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 sales
 Products
 (48,996)
 (44,589)
 (40,293)
 Services (9,371)
 (8,731)
 (7,738)
 Severance charges
 (96) unallocated net
 1,650
 1,875
 1,639
 Total cost sales
 (56,744)
 (51,445)
 (46,488)
 profit
 8,654
 8,367
 7,274
 (expense income
 178
 60
 Operating profit
 8,644
 8,545
 7,334
 Interest expense
 (591)
 (653)
 (668)
 non income (expense),
 182
 (651)
 (828)
 Earnings continuing operations income taxes
 8,235
 7,241
 5,838
 Income tax expense
 (1,347)
 (1,011)
 (792)
 Net earnings continuing operations
 6,888
 6,230
 5,046
 Net loss discontinued operations
 (55) Net earnings
 $
 6,230
 5,046
 Earnings (loss common share
 operations
 24. 60
 $ 22.
 $ 17. 74
 Discontinued operations
 (0. 20)
 Basic earnings common share
 24. 40
 22.
 17. 74
 Diluted
 operations
 24.
 21.
 17. 59
 Discontinued operations
. 20)
 Diluted earnings common share
 24. 30
 21. 95
 17. 59
accompanying notes are integral part of consolidated financial statements.
 67


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 INTERNATIONAL SUBSIDIARIES
 CONSOLIDATED STATEMENTS CASH FLOWS
 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 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 7,567 (8,656)
 Accountspayableandaccruedliabilities (1,382,980)
 465,602
 21,508
 (48,750)
 (35,909)
 (34,505)
 Netcashprovidedby(usedin)operatingactivities (1,493,043)
 1,810,401
 1,722,539
 Cash flows 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,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
 873 (31,112)
 (17,208)
 Netcashprovidedby(usedin)investingactivities
 2,159,304
 3,519,434
 (2,083,021)
 Cash flows financing activities
 Netborrowings(repayments)underbankcreditfacilitiesmaturitiesof90daysorless
 (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 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)
 (53,939)
 (41,868)
 (45,384)
 Netcashprovidedby)financingactivities 2,103,427
 (4,529,594)
,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
,718
 826,970
 723,609
 Federal,stateandforeignincometaxespaid(refundsreceived),net 8,543 28,493 (10,100)Non-cash investing financing activities
 NotereceivablerelatedtosaleofCircusCircusLasVegasandadjacentland $ $ 133,689
 $ InvestmentinBellagioBREITVenture
 62,133
 InvestmentinMGPBREITVenture
 802,000
 MGPBREITVentureassumptionofbridgeloanfacility 1,304,625
 accompanying notes are an integral part of these consolidated financial statements.
 65


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

Contents
 Boeing Company Subsidiaries
 Consolidated Statements Financial Position
 (Dollarsinmillions December 31,
 2018
 2017
 Assets
 Cash equivalents
 $7,637
 $8,813
 Short-term investments
 927
 1,179
 Accounts receivable
 3,879
 2,894
 Unbilled receivables
 10,025
 8,194
 customer financing
 460
 309
 Inventories
 62,567
 61,388
 Other current assets
 2,335
 2,417
 Total assets
 87,830
 85,194
 Customer financing
 2,418
 2,756
 Property plant equipment
 12,645
 12,672
 Goodwill
 5,559
 Acquired intangible assets
 2,573
 Deferred income taxes
 284
 321
 Investments
 1,087
 1,260
 Other assets accumulated amortization $503 $482
 1,826
 2,027
 Total assets
 $117,359
 $112,362
 Liabilities equity
 Accounts payable
 $12,916
 $12,202
 Accrued liabilities
 14,808
 13,069
 Advances progress billings
 50,676
 48,042
 Short-term debt 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
 pension plan liability
 15,323
 16,471
 Other long-term liabilities
 2,015
 Long-term debt 10,657
 9,782
 Shareholders equity
 Common stock 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
 Treasury stock cost
 (52,348)
 (43,454)
 Retained earnings
 55,941
 49,618
 Accumulated loss
 (15,083)
 (16,373)
 shareholders equity
 339
 1,656
 Noncontrolling interests
 71
 57
 equity
 410
 1,713
 liabilities equity
 $117,359
 $112,362
 Notes Consolidated Financial Statements pages 54 113.


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


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.

45
 Consolidated Statements Earnings
 GENERAL MILLS INC. SUBSIDIARIES
 Millions Share Data
 Fiscal
 2022
 2021
 2020
 Net sales
 $
 18,992. 8
 $
 18,127.
 17,626. 6
 Cost sales
 12,590. 6
 11,678. 7
 11,496.
 Selling general administrative expenses
 3,147.
. 6
 3,151. 6
 Divestitures (gain loss
 (194. 1)
 53. 5
 Restructuring impairment exit (recoveries costs
 (26. 5)
 170. 4
 24. 4
 Operating profit
. 8
 3,144. 8
 2,953. 9
 Benefit plan non-service income
 (113. 4)
 (132. 9)
 (112. 8)
 Interest 379. 6
 420. 3
. 5
 Earnings before taxes after-tax earnings joint ventures
 3,209. 6
 2,857. 4
 2,600.
 Income taxes
 586. 3
 629. 1
 480. 5
 After-tax earnings joint ventures
 111. 7
 117.
 91. 1
 Net earnings attributable redeemable
 noncontrolling interests
 2,735.
 2,346.
 2,210. 8
 earnings attributable redeemable noncontrolling interests
 27. 7
 6. 2
 29. 6
 earnings attributable General Mills
 $ 2,707. 3
 2,339. 8
 2,181. 2
 Earnings share basic
 $ 4. 46
 3. 81
 3. 59
 Earnings share diluted
 4. 42
 3. 78
 3. 56
 Dividends share
 2. 04
 2. 02
 1. 96
 notes 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.

Multiple legal actions filed against us result of October 29, 2018 accident Lion Air Flight 610 March 10, 2019
 accident of Ethiopian Airlines Flight 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
 (dollars millions
 Increase
 Ended December 31,
 2022
 2021
.
 Consumer
 $ 103,506
 95,300 $
 8,206
. 6 %
 Business
 31,072
 31,042
 30
.
 Corporate
 2,510
 7,722
 (5,212)
 (67.
 Eliminations
 (253)
 (451)
 198
 43.
 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

Net card fees increased 17 percent year over-year new card acquisitions reached record levels 2022 Card Member
 retention remained high demonstrating impact of investments in 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.
 ConsolidatedStatementsofIncome
 FiscalYearsEndedJanuary31,
 (Amounts millions share data)
 2019
 2018 2017
 Revenues
 Net sales $ 510,329
 $ 495,761
 $,317
 Membership income
 4,076
 4,582
 4,556
 Total revenues
 514,405
 500,343
 485,873
 Costsandexpenses
 Cost sales
,301
 373,396
,256
 Operating selling general 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 financing obligations
 352
 323
 Interest income
 (217)
 (152)
 (100) Interest net 2,129
 2,178
 2,267
 Loss extinguishment debt
 3,136
 (gains) losses
 8,368
 Incomebeforeincometaxes
 11,460
 15,123
 20,497
 Provision income taxes
 4,281
 4,600
 6,204
 Consolidatednetincome
 7,179
 10,523
 14,293
 Consolidatednetincomeattributabletononcontrollinginterest
 (509) (661)
 (650) ConsolidatednetincomeattributabletoWalmart
 $ 6,670
 $ $ 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.
 accompanying notes.
 48


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 & JOHNSON SUBSIDIARIES
 CONSOLIDATED STATEMENTS
 (Dollars Shares Millions Share Amounts 1)
 2022
 2021
 2020
 Sales customers
 $
 94,943
 93,775
 82,584
 Cost products sold
 31,089
 29,855
 28,427


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

. maintained annual
 dividend $0. 01 per share throughout 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
 (Unaudited Millions Share Figures)
 Percent
 Percent Increase
 Amount
 Sales
 Sales (Decrease)
 Sales customers
 25,530
 $
 100. 0
 24,020
 $ 100.
 6. 3
 Cost products sold
 8,212
 32. 2
 33. 0
 3. 7
 Profit
 17,318
 67. 8
 16,101
 67. 0
 7. 6
 Selling marketing administrative expenses
 6,665
 26. 1
 6,226
 25. 9
 7. 1
 Research development expense
 3,829
 15. 0
 3,703
 15. 4
 3. 4
 Interest (income) expense net
 (23) (0. 1)
 (26) (0. 1)
 (income) expense net*
 (60). 2)
 273
 1. 1
 Restructuring
 145
 0. 5
 85
 0. 4
 Earnings provision taxes income
 6,762
 26. 5
 24. 3
 15. 8
 Provision taxes income
 1,618
 6. 4
 1,026
 4. 3
 57. 7
 earnings
 5,144
 $ 20. 1
 $
 20. 0
 6. 9


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

Consolidated Balance Sheets
 December 31,
 2022
 December 25,
 2021
 millions except value amounts
 Current assets
 Cash cash equivalents
 4,835
 2,535
 Short-term investments
 1,020
 1,073
 Accounts receivable
 4,126
 2,706
 Inventories
 3,771
 1,955
 Receivables related parties
 2
 Prepaid expenses current assets
 1,265
 312
 Total current assets
 15,019
 8,583
 Property equipment
 1,513
 702
 Operating lease right-of-use assets
 460
 367
 Goodwill
 24,177
 Acquisition-related intangibles
 24,118
 Investment equity method
 83
 69
 Deferred tax assets
 58
 931
 non assets
 2,152
 1,478
 Total assets
 67,580
 12,419
 LIABILITIES EQUITY
 Current liabilities
 Accounts payable
 $ 2,493
 1,321
 Payables related parties
 463
 Accrued liabilities
 2,424
 Current long-term debt
 312
 Other current liabilities
 336
 Total current liabilities
 6,369
 4,240
 Long-term debt current portion
 2,467
 Long-term operating lease liabilities
 396
 348
 Deferred tax liabilities
 1,934
 Other long liabilities
 1,664
 321
 Commitments Contingencies Notes 16 17
 Stockholders equity
 Capital stock
 Common stock par value $0. 01 shares authorized 2,250 issued 1,645 1,232
 outstanding 1,612 1,207
 Additional paid-in capital
 58,005
 11,069
 Treasury stock (shares held 33 25)
 (3,099)
 (2,130
 Accumulated deficit
(131)
 (1,451)
 Accumulated comprehensive loss
 (41) Total stockholders equity
 54,750
 7,497
 liabilities stockholders equity
 $ 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.

 Consolidated Statements Cash Flows
 GENERAL MILLS INC. SUBSIDIARIES
 Millions)
 Fiscal Year
 2022
 2021
 2020
 Cash Flows Operating Activities
 Net earnings redeemable noncontrolling interests
 $
 2,735. 0
 $
 2,346. 0
 $
 2,210. 8
 Adjustments reconcile net earnings cash operating activities
 Depreciation amortization
 570. 3
. 3
. 7
 After-tax earnings joint ventures
 (111. 7)
 (117.
 (91.
 Distributions earnings 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 postretirement benefit plan contributions
 (31. 3)
 (33. 4)
.
 Pension postretirement benefit plan costs
 (30.
 (33. 6)
 (32.
 Divestitures (gain loss
 (194. 1)
 53. 5
 Restructuring impairment exit (recoveries) costs
 (117. 1)
 150. 9
 43. 6
 Changes current assets liabilities excluding effects divestitures
 277. 4
 (155. 9)
 793. 9
 Other net
 (50. 7)
 (131. 8)
 45. 9
 Net cash operating activities
 3,316. 1
 2,983. 2
 3,676. 2
 Cash Flows Investing Activities
 Purchases land buildings equipment
 (568. 7)
 (530. 8)
 (460.
 Acquisition
 (1,201. 3)
 Investments affiliates net
 15. 4
 15. 5
 (48.
 Proceeds from disposal land buildings equipment
 3.
. 7
.
 Proceeds divestitures cash divested
 74. 1
 2.9
 (13. 5)
 (3. 1)
 20. 9
 cash used investing activities
 (1,690. 7)
 (512. 8)
 (486. 2)
 Cash Flows Financing Activities
 Change notes payable
. 4
 71. 7
 (1,158. 6)
 long-term debt
 2,203. 7
 1,576. 5
 1,638. 1
 Payment long-term debt
 (3,140. 9)
 (2,609.
 (1,396.
 Debt exchange participation incentive cash payment
 (201. 4)
 Proceeds common stock issued options
 161. 7
 74. 3
 263. 4
 Purchases common stock treasury
 (876. 8)
 (301. 4)
 (3.
 Dividends paid
 (1,244. 5)
 (1,246. 4)
 (1,195. 8)
 Distributions noncontrolling redeemable interest holders
 (129. 8)
 (48. 9)
 (72. 5)
 (28. 0)
 (30. 9)
 (16.
 cash used financing activities
 (2,503. 2)
 (2,715. 5)
 (1,941.
 Effect exchange rate changes cash equivalents
 (58. 0)
 72. 5
 (20. 7)
 increase cash equivalents
 (935. 8)
 (172. 6)
 1,227. 8
 Cash cash equivalents beginning year
 1,505. 2
 1,677. 8
 450.
 Cash cash equivalents end of year
 569. 4
 1,505. 2
 1,677. 8
 Cash flow changes current assets liabilities effects
 divestitures
 Receivables
 (166. 3)
 27. 9
 37. 9
 Inventories
 (85. 8)
 (354. 7)
 103. 1
 Prepaid expenses current assets
 (35. 3)
 (42. 7)
 94. 2
 Accounts payable
. 7
 343. 1
. 5
current liabilities
 108. 1
 (129. 5)
 166. 2
 Changes current assets liabilities
 $
 277. 4
 $ (155. 9)
 $
 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.

Table Contents
 NIKE.
 CONSOLIDATED BALANCE
 MAY 31,
 (Dollars millions
 2019
 2018
 ASSETS Current assets
 Cash equivalents
 4,466
 4,249
 Short-term investments
 197
 996 Accounts receivable
 4,272
 3,498
 Inventories
 5,622
 5,261
 Prepaid expenses current assets
 1,968
 1,130
 Total current assets
 16,525
 15,134
 Property plant equipment net
 4,744
 4,454
 Identifiable intangible assets
 283
 285 Goodwill
 154
 154 Deferred income taxes assets
 2,011
 2,509
 TOTAL
 23,717
 22,536
 LIABILITIES SHAREHOLDERS' EQUITY
 Current liabilities
 long-term debt
 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
 Long-term debt
 3,464
 3,468
 Deferred income taxes other liabilities
 3,347
 3,216
 Commitments contingencies (Note 18)
 Redeemable preferred stock
 Shareholders' equity
 Common stock stated value
 Class A convertible 315 329 shares outstanding
 Class B 1,253 1,272 shares outstanding
 Capital excess stated value
 7,163
 6,384
 Accumulated other comprehensive income (loss
 231
 Retained earnings
 1,643
 3,517
 Total shareholders' equity
 9,040
 TOTAL LIABILITIES SHAREHOLDERS' EQUITY
 23,717
 22,536
accompanying Notes to Consolidated Financial Statements integral part of statement.
 52 NIKE, INC.


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
 December 31,
 2022
 31, 2021 2021 Las Vegas Strip Resorts
,052 $
,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 operations
 (3,037)
 2,087
 (11,934)
 15,766
 Stock compensation
 (25,159)
 (26,494)
 (71,297)
 (63,984)
 (113,058)
 (117,491)
 (431,238)
 (380,501)
 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
 CONSOLIDATED STATEMENTS INCOME
 Year Ended December 31,
 2017
 2016
 2015
 millions share data
 NET OPERATING REVENUES
 $
 35,410
 $ 41,863
 $ 44,294
 Cost goods sold
 13,256
 16,465
 17,482
 GROSS PROFIT
 22,154
 25,398
 26,812
 Selling general 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 OPERATIONS BEFORE INCOME TAXES
 6,742
 8,136
 9,605
 Income taxes continuing operations
 5,560
 1,586
 2,239
 NET INCOME OPERATIONS
 1,182
 6,550
 7,366
 Income discontinued operations income taxes $47, $0 $0
 101 CONSOLIDATED INCOME
 1,283
 6,550
 7,366
 Less Net income noncontrolling interests
 35
 23
 15
 NET INCOME SHAREOWNERS
 COCA-COLA COMPANY
 $ 1,248
 6,527
 $ 7,351
 Basic net income per share continuing operations1
 0. 28
. 51
. 69
 Basic net income share discontinued operations2
. 02
 BASIC INCOME PER SHARE
 $ 0.29
 3 $
 1. 51
 $
 1. 69
 Diluted net income per share continuing operations1
 $
 0. 27
 $
 1. 49
 $
 1. 67
 Diluted net income per share discontinued operations2
 0. 02
 DILUTED NET INCOME PER SHARE
 $
 0. 29
 $
 1. 49
 $
 1. 67
 AVERAGE SHARES BASIC
 4,272
 4,317
 4,352
 dilutive securities
 52
 50
 53
 AVERAGE SHARES DILUTED
 4,324
 4,367
 4,405
 1 Calculated based net income continuing operations less noncontrolling
 interests.
 2 Calculated net income discontinued operations noncontrolling
 interests.
 3 Per share amounts do not add due
 rounding.
 Refer Notes to 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

Table Contents
 Consolidated Statements Earnings
 GENERAL MILLS INC. SUBSIDIARIES
 (In Millions Except Share Data)
 Fiscal
 2019
 2018
 2017
 Net sales
 $ 16,865. 2
 $ 15,740. 4
 $ 15,619. 8
 Cost sales
 11,108. 4
 10,304. 8
 10,052. 0
 Selling general administrative expenses
 2,935. 8
 2,850. 1
 2,888. 8
 Divestitures loss
 30. 0
 - 6. 5
 Restructuring impairment 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 after-tax earnings from joint ventures
 2,082. 0
 2,135. 6
 2,271. 3
 Income taxes
. 8
 57. 3
. 2
 After-tax earnings from joint ventures
 72. 0
 84. 7
 85. 0
 Net earnings including earnings attributable redeemable noncontrolling
 interests
 1,786. 2
 2,163. 0
 1,701. 1
 Net earnings attributable redeemable noncontrolling interests 33. 5
 32. 0
 43. 6
 Net earnings attributable 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


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
 (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
 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) Transaction-relatedgain,net(Note4)
 Otherincome(expense),net
 185
 (60) (155)
 Incomebeforeincometaxes
 2,397
 623
 1,216
 Provisionforincometaxes(Note8)
 (491)
 (111)
 (256)
 NetincomeattributabletoCorningIncorporated
 $ 1,906 $
 512 $ EarningspercommonshareattributabletoCorningIncorporated
 Basic(Note18)
 1. 30 $
. 54 $
 1. 11
 Diluted(Note18)
 1. 28 $
 0. 54 $
 1. 07
ReconciliationofnetincomeattributabletoCorningIncorporatedversusnetincomeavailabletocommon
 shareholders
 NetincomeattributabletoCorningIncorporated $ 1,906 $
 512 $
 SeriesAconvertiblepreferredstockdividend (24) (98) (98) Excessconsiderationpaidforredemptionofpreferredstock(1)
 (803) Netincomeavailabletocommonshareholders
 $ 1,079 $
 414 $
 862
 RefertoNote17(Shareholders'Equity)andNote18(EarningsperCommonShare)totheconsolidatedfinancialstatementsforadditionalinformation.
.
 65


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

Exhibit 99. 1
 Johnson & Johnson Announces Updated Financials 2023 Guidance Following Completion Kenvue
 Separation
 Company expects increased 2023 Reported Sales Growth 7. 0% - 8. 0%, Operational Sales Growth 7. 5% - 8. 5%,
 Adjusted Operational Sales Growth 6. 2% - 7. 2%; Figures exclude COVID-19 Vaccine
 Company expects 2023 Adjusted Reported Earnings Per Share (EPS) $10. 00 - $10. 10, reflecting increased growth of
 12. 5% at mid-point Adjusted Operational EPS $9. 90 - $10. 00 increased growth of 11. 5% at mid-
 point
 Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects partial-year benefit
 approximately 73. 5 million shares or $0. 28 benefit to EPS
 Company secured $13. 2 billion cash proceeds from Kenvue debt offering initial public offering maintains 9. 5%
 equity stake in Kenvue
 Company maintains quarterly dividend of $1. 19 per share
 New Brunswick, N. J. (August 30, 2023) Johnson & Johnson (NYSE: JNJ) Company) announced updates to financials
 2023 guidance reflect operations company focused on transformational innovation in Pharmaceutical and MedTech.
 Company published recorded webinar for investors additional context behind updated financials 2023 guidance
 accessed by visiting Investors section Company's website webcasts & presentations.
 completion of transaction positions Johnson & Johnson as Pharmaceutical and MedTech company focused on delivering
 transformative healthcare solutions to patients, said Joaquin Duato, Chairman of Board and Chief Executive Officer.
 proud of focus dedication employees worldwide to achieve this milestone confident will unlock near- long-
 term value for stakeholders.
 Company recently completed exchange offer to finalize separation of Kenvue Inc., formerly Johnson &
 Johnsons Consumer Health business. result completion exchange offer, Johnson & Johnson will now present
 Consumer Health business financial results as discontinued operations, including gain approximately $20 billion in third quarter of
 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 measured percent of sales increased in 2022 compared same period last year. impacted by increased special item costs for significant
 litigation related to resolving Combat Arms Earplugs litigation (discussed Note 16) resulting in 2022 second quarter pre-tax charge of approximately
 $1. 2 billion impairment costs related to exiting PFAS manufacturing Note 15), costs related exiting Russia Note 15), divestiture-related restructuring
 charges Note 5) continued investment in key growth initiatives. increases partially offset by restructuring benefits ongoing general 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
 Net revenues $3. 8 billion current year compared to $3. 4 billion prior year,
 increase of 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 Sheet
 Cash and cash equivalents end of fourth quarter of fiscal 2022 were $737. 9
 million.
 Merchandise inventories net end fourth quarter fiscal 2022 totaled $1. 6
 billion compared to $1. 5 billion end fourth quarter fiscal 2021. $104. 2
 million increase due to opening of 47 new stores since January 29, 2022,
 inventory support new brand launches brand expansions, inventory 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 except share data
 June 30
 2023
 2022
 Assets
 Current assets
 Cash equivalents
 $ 689
 775
 Trade receivables allowance credit losses $21 $25
 1,875
 1,935
 Inventories
 Raw materials supplies
 992
 1,114
 Work process finished goods
 1,221
 1,325
 Prepaid expenses current assets
 531
 512
 Assets sale
 192
 Total current assets
 5,308
 Non assets
 Property plant equipment
 3,762
 3,646
 Operating lease assets
 533
 560
 Deferred tax assets
 134
 130
 Other intangible assets
 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
 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 sale
 65
 Total current liabilities
 4,476
 5,103
 Non-current liabilities
 Long-term debt current portion
 6,653
 6,340
 Operating lease liabilities
 463
 493
 Deferred tax liabilities
 616
 677
 Employee benefit obligations
 224
 201
 Other non liabilities
 481
 471
 Total non-current liabilities
 8,437
 12,913
 13,285
 Commitments contingencies Note 20
 Shareholders' Equity
Amcor plc shareholders equity
 Ordinary shares ($0. par
 Authorized (9,000 million shares
 Issued (1,448 1,489 million shares
 14
 15
 Additional paid-in capital
 4,021
 4,431
 Retained earnings
 534
 Accumulated comprehensive loss
 (862)
 (880)
 Treasury shares (1 2 million shares
 (12)
 Total Amcor plc shareholders' equity
 4,026
 4,082
 Non-controlling interests
 64
 59
 Total shareholders' equity
 4,090
 4,141
 liabilities' equity
 17,003
 $ 17,426
 notes consolidated financial statements.
 5


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.

One customer accounted for 16% consolidated net revenue for year ended December 31, 2022. Sales to this customer consisted of sales products
 from Gaming segment. loss of this customer material adverse effect on 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 OF OPERATIONS
 following table presents highlights 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 administrative expenses
 $ 1,898 $
 1,827
 4%
 % of net sales)
 13%
 13%
 Research development engineering expenses
 $
 1,047 $
 5%
 % of net sales)
 7%
 7%
 Translated earnings contract gain net
 $
 $
 354
 (1%)
 % of net sales)
 2%
 3%
 Income before income taxes
 $
 1,797 $
 2,426
 (26%)
 % of net sales)
 13%
 17%
 Provision income taxes
 $
 (411) $
 (491)
 16%
 Effective tax rate
 23%
 20%
 Net income attributable Corning Incorporated
 $ 1,316 $
 1,906
 (31%)
 % of net sales)
 9% 14%
 Comprehensive income attributable Corning Incorporated
 $ 661 $
 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
 millions share data
 December 28, 2019 29, 2018
 Cash cash equivalents
 2,279
 1,130
 Trade receivables allowances $33 December 28, 2019 $24 December 29, 2018)
 1,973
 2,129
 Income taxes receivable
 173
 152
 Inventories
 2,721
 2,667
 Prepaid expenses
 384
 400 current assets
 445
 1,221
 Assets sale
 122
 1,376
 Total current assets
 8,097
 9,075
 Property plant equipment
 7,055
 7,078
 Goodwill
 35,546
 36,503
 Intangible assets
 48,652
 49,468
 non-current assets
 2,100
 1,337
 TOTAL
 101,450
 103,461
 LIABILITIES EQUITY
 Commercial paper short-term debt
 6 21
 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 sale
 9
 55 Total current liabilities
 7,503
 Long-term debt
 28,216
 30,770
 Deferred income taxes
 11,878
 12,202
 Accrued postemployment costs
 273
 306
 non liabilities
 1,459
 902
 TOTAL LIABILITIES
 49,701
 51,683
 Commitments Contingencies (Note 17
 Redeemable noncontrolling interest
 Equity
 Common stock $0. 01 par value (5,000 shares authorized 1,224 shares issued 1,221 outstanding December 28, 2019
 1,220 outstanding December 29, 2018)
 Additional paid-in capital
 56,828
 58,723
Retained earnings(deficit
 (3,060)
 (4,853)
 Accumulated income(losses
 (1,886)
 (1,943)
 Treasury stock (3 shares December 28, 2019 4 shares December 29, 2018)
 (271)
 (282)
 shareholders' equity
 51,623
 51,657
 Noncontrolling interest
 126
 118
 TOTAL EQUITY
 51,749
 51,775
 TOTAL LIABILITIES EQUITY
 101,450 $
 103,461
 consolidated financial statements.
 47


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

For the Years Ended December 31,

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

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

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

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

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

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

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

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

Table Contents
 American Water Works Company. Subsidiary Companies
 Consolidated Statements Operations
 millions share data
 Years Ended December 31,
 2021
 2020
 2019
 Operating revenues
 $
 $
 3,777
 $
 3,610
 Operating expenses
 Operation maintenance
 1,777
 1,622
 1,544
 Depreciation amortization
 636
 604
 582
 General taxes
 303
 280
 Total operating expenses
 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
 78
 49
 16
 Gain (loss sale businesses
 (44) 18
 22
 29
 Total other income (expense)
 (324)
 (381)
 Income before income taxes
 1,640
 924
 833
 Provision income taxes
 377
 215
 212
 Net income attributable common shareholders
 $
 1,263
 $
 $
 621
 Basic earnings per share (a)
 Net income attributable common shareholders
 $ 6. 96
 $
 3. 91
 $ 3. 44
 Diluted earnings per share
 Net income attributable common shareholders
 $
 6. 95
 $
 3. 91
 $ 3. 43
 Weighted average common shares
 Basic 182
 181
 181
 Diluted
 182
 182
 181
 Amounts not calculate rounding.
 accompanying notes integral part Consolidated Financial Statements.
 84


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.
 In fiscal 2022 acquired all 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. acquired assets included $351 million of goodwill assigned to our Best Buy Health reporting unit
 deductible for income tax. acquisition aligned with focus in virtual care to people homes connect with
 health care providers included in our Domestic reportable segment and Services revenue category. acquisition accounted for using
 acquisition method of accounting for business combinations not material to results of operations.
 Two Peaks, LLC d/b/a Yardbird Furniture
 In fiscal 2022, acquired all outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (Yardbird), direct-to-consumer outdoor furniture company,
 on November 4, 2021, for net cash consideration of $79 million. acquired assets included $47 million of goodwill assigned to Best Buy Domestic
 reporting unit deductible for income tax purposes. acquisition expands our assortment in categories like outdoor living, more
 consumers to upgrade outdoor living spaces. acquisition accounted for using acquisition method of accounting for business
 combinations not material to results of 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.

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


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.

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


Walmart Inc.
Consolidated Statements of Income

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

2020

2019

2018
Revenues:

Net sales
 $
519,926
 $
510,329 $
495,761
Membership and other income

4,038

4,076
4,582
Total revenues

523,964

514,405
500,343
Costs and expenses:

Cost of sales

394,605

385,301
373,396
Operating, selling, general and administrative expenses

108,791

107,147
106,510
Operating income

20,568

21,957
20,437
Interest:

Debt

2,262

1,975
1,978
Finance, capital lease and financing obligations

337

371
352
Interest income

(189)
(217)
(152)
Interest, net

2,410

2,129
2,178
Loss on extinguishment of debt

3,136
Other (gains) and losses

(1,958)
8,368

Income before income taxes

20,116

11,460
15,123
Provision for income taxes

4,915

4,281
4,600
Consolidated net income

15,201

7,179
10,523
Consolidated net income attributable to noncontrolling interest

(320)
(509)
(661)
Consolidated net income attributable to Walmart
 $
14,881
 $
6,670 $
9,862

Net income per common share:

Basic net income per common share attributable to Walmart
 $
5.22
 $
2.28 $
3.29
Diluted net income per common share attributable to Walmart

5.19

2.26
3.28

Weighted-average common shares outstanding:

Basic

2,850

2,929
2,995
Diluted

2,868

2,945
3,010

Dividends declared per common share
 $
2.12
 $
2.08 $
2.04
See accompanying notes.
50

Walmart Inc.
 Consolidated Statements Income
 Fiscal Years Ended January 31,
 (Amounts millions share data
 2020
 2019
 2018
 Revenues
 Net sales
 $ 519,926
 $ 510,329 $
 495,761
 Membership other income
 4,038
 4,076
 4,582
 Total revenues
 523,964
 514,405
 500,343
 Costs expenses
 Cost sales
,605
,301
 373,396
 Operating selling general administrative expenses
 108,791
 107,147
 106,510
 Operating income
 20,568
 21,957
 20,437
 Interest
 Debt
 2,262
 1,975
 1,978
 Finance capital lease financing obligations
 337
 371
 352
 Interest income
 (189)
 (217)
 (152)
 Interest 2,410
 2,129
 2,178
 Loss extinguishment debt
 3,136
 (gains losses
 (1,958)
 8,368
 Income before income taxes
 20,116
 11,460
 15,123
 Provision income taxes
 4,281
 4,600
 Consolidated net income
 15,201
 7,179
 10,523
 Consolidated net income attributable noncontrolling interest
 (320)
 (509)
 (661)
 Consolidated net income attributable Walmart
 $ 14,881
 $ 6,670 $
 Net income per common share
 net income common share attributable Walmart
 5. 22
 $ 2. 28 $
 3. 29
 Diluted net income common share attributable Walmart
 5. 19
 2. 26
 3. 28
 Weighted-average common shares
 2,850
2,929
 2,995
 Diluted
 2,868
 2,945
 3,010
 Dividends declared common share
 $ 2. 12
 $. 08
. 04
 accompanying notes.
 50


Item 3. Legal Proceedings.
We and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations.
While the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with
certainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financial
condition, results of operations or cash flows. See also Item 1. Business Regulatory Matters and Item 1A. Risk Factors.

Item 3. Legal Proceedings.
 We and our subsidiaries party to variety of litigation, claims, legal regulatory proceedings, inquiries investigations.
 results of litigation claims legal regulatory proceedings inquiries investigations be predicted with
 certainty, management believes final outcome not have material adverse effect on our financial
 condition, results operations or cash flows. See also Item 1. Business Regulatory Matters and Item 1A. Risk Factors.


129
Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538
$
2,868
$
2,661
Non-Regulated
9,079
8,273
6,999
Total revenue
12,617
11,141
9,660
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)
Operating margin
2,548
2,711
2,693
General and administrative expenses
(207)
(166)
(165)
Interest expense
(1,117)
(911)
(1,038)
Interest income
389
298
268
Loss on extinguishment of debt
(15)
(78)
(186)
Other expense
(68)
(60)
(53)
Other income
102
410
75
Loss on disposal and sale of business interests
(9)
(1,683)
(95)
Goodwill impairment expense
(777)

Asset impairment expense
(763)
(1,575)
(864)
Foreign currency transaction gains (losses)
(77)
(10)
55
Other non-operating expense
(175)

(202)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
(169)
(1,064)
488
Income tax benefit (expense)
(265)
133
(216)
Net equity in losses of affiliates
(71)
(24)
(123)
INCOME (LOSS) FROM CONTINUING OPERATIONS
(505)
(955)
149
Gain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively

4
3
NET INCOME (LOSS)
(505)
(951)
152
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries
(41)
542
(106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income (loss) from continuing operations, net of tax
$
(546)
$
(413)
$
43
Income from discontinued operations, net of tax

4
3
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46
BASIC EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax

0.01
0.01
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07
DILUTED EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax

0.01
0.01
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07
See Accompanying Notes to Consolidated Financial Statements.

 Consolidated Statements Operations
 ended December 31, 2022 2021 2020
 millions share amounts
 Revenue
 Regulated
 $
 3,538
 2,868
 $ 2,661
 Non-Regulated
 9,079
 8,273
 6,999
 Total revenue
 12,617
 11,141
 9,660
 Cost Sales
 Regulated
 (3,162)
 (2,448)
 (2,235)
 Non-Regulated
 (6,907)
 (5,982)
 (4,732)
 Total cost sales
 (10,069)
 (8,430)
 (6,967)
 Operating margin
 2,548
 2,711
 2,693
 General administrative expenses
 (207)
 (166)
 (165)
 Interest expense
 (1,117)
 (911)
 (1,038)
 Interest income
 268
 Loss extinguishment debt
 (15)
 (78)
 (186)
 Other expense
 (68)
 (60) (53)
 102 410
 75 Loss disposal sale business interests
 (1,683)
 Goodwill impairment expense
 (777)
 Asset impairment expense
 (763)
 (1,575)
 (864)
 Foreign currency transaction gains (losses
 (77)
 55 non expense
 (175)
 (202)
 INCOME (LOSS) FROM OPERATIONS BEFORE TAXES EQUITY AFFILIATES
 (169)
 (1,064)
 488 Income tax benefit (expense
 (265)
 133
 (216)
 Net equity losses affiliates
 (71)
 (24)
 (123)
 INCOME (LOSS) FROM OPERATIONS
 (505)
 (955)
 149
 Gain disposal discontinued businesses income tax expense $0 $1 $0,
 3 INCOME (LOSS)
 (505)
 (951)
 152Net loss (income noncontrolling interests redeemable stock subsidiaries
 (41)
 542
 (106)
 NET INCOME (LOSS AES CORPORATION
 $
 (546)
 $
 (409)
 $
 46
 AMOUNTS AES CORPORATION COMMON STOCKHOLDERS:
 Income (loss) from continuing operations net of tax
 $
 (546)
 $
 (413)
 43
 Income discontinued operations net of tax
 4
 3
 NET INCOME (LOSS) AES CORPORATION
 $
 (546)
 $
 (409)
 $
 46
 BASIC EARNINGS PER SHARE:
 Income (loss) from continuing operations AES Corporation common stockholders net of tax
 $
 (0. 82)
 $
 (0. 62)
 0. 06
 Income from discontinued operations AES Corporation common stockholders net of tax
. 01
.
 NET INCOME (LOSS) AES CORPORATION COMMON STOCKHOLDERS
 $
 (0. 82)
 $
 (0. 61)
 $
 0. 07
 DILUTED EARNINGS PER SHARE:
 Income (loss) from continuing operations AES Corporation common stockholders net of tax
 $
 (0. 82)
. 62)
.
 Income from discontinued operations AES Corporation common stockholders net of tax
 0. 01
.
 NET INCOME (LOSS) AES CORPORATION COMMON STOCKHOLDERS
 (0. 82)
 $
 (0. 61)
 $
 0. 07
 Accompanying Notes to Consolidated Financial Statements.


This marked the 65th consecutive
year of dividend increases for 3M.

marked 65th consecutive
 year dividend increases for 3M.


SQUARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2020
2019
2018
Revenue:
Transaction-basedrevenue
$
3,294,978
$
3,081,074
$
2,471,451
Subscriptionandservices-basedrevenue
1,539,403
1,031,456
591,706
Hardwarerevenue
91,654
84,505
68,503
Bitcoinrevenue
4,571,543
516,465
166,517
Totalnetrevenue
9,497,578
4,713,500
3,298,177
Costofrevenue:
Transaction-basedcosts
1,911,848
1,937,971
1,558,562
Subscriptionandservices-basedcosts
222,712
234,270
169,884
Hardwarecosts
143,901
136,385
94,114
Bitcoincosts
4,474,534
508,239
164,827
Amortizationofacquiredtechnology
11,174
6,950
7,090
Totalcostofrevenue
6,764,169
2,823,815
1,994,477
Grossprofit
2,733,409
1,889,685
1,303,700
Operatingexpenses:
Productdevelopment
881,826
670,606
497,479
Salesandmarketing
1,109,670
624,832
411,151
Generalandadministrative
579,203
436,250
339,245
Transactionandloanlosses
177,670
126,959
88,077
Amortizationofacquiredcustomerassets
3,855
4,481
4,362
Totaloperatingexpenses
2,752,224
1,863,128
1,340,314
Operatingincome(loss)
(18,815)
26,557
(36,614)
Gainonsaleofassetgroup

(373,445)

Interestexpense,net
56,943
21,516
17,982
Otherexpense(income),net
(291,725)
273
(18,469)
Income(loss)beforeincometax
215,967
378,213
(36,127)
Provisionforincometaxes
2,862
2,767
2,326
Netincome(loss)
$
213,105
$
375,446
$
(38,453)
Netincome(loss)pershare:
Basic
$
0.48
$
0.88
$
(0.09)
Diluted
$
0.44
$
0.81
$
(0.09)
Weighted-averagesharesusedtocomputenetincome(loss)pershare:
Basic
443,126
424,999
405,731
Diluted
482,167
466,076
405,731
Seeaccompanyingnotestoconsolidatedfinancialstatements.
85

.
 CONSOLIDATED STATEMENTS OPERATIONS
 share
 December 31,
 Transaction-basedrevenue
 3,294,978
 3,081,074
 2,471,451
 Subscriptionandservices-basedrevenue
 1,539,403
 1,031,456
 591,706
 Hardwarerevenue
 91,654
 84,505
 68,503
 Bitcoinrevenue
 4,571,543
 516,465
 166,517
 Totalnetrevenue
 9,497,578
,500
 3,298,177
 Costofrevenue
 Transaction-basedcosts
 1,911,848
 1,937,971
 1,558,562
 Subscriptionandservices-basedcosts
 222,712
 234,270
 169,884
 Hardwarecosts 143,901
 136,385
 94,114
 Bitcoincosts
 4,474,534
 508,239
 164,827
 Amortizationofacquiredtechnology
 11,174 6,950
 7,090
 Totalcostofrevenue
 6,764,169
 2,823,815
 1,994,477
 Grossprofit
 2,733,409
 1,889,685
 1,303,700
 Operatingexpenses
 Productdevelopment
 881,826
 670,606
,479
 1,109,670
 624,832
 411,151
,203
,250
,245
 Transactionandloanlosses 177,670
 126,959
 88,077
 Amortizationofacquiredcustomerassets
 3,855
 4,481
 4,362
 Totaloperatingexpenses
 2,752,224
 1,863,128
 1,340,314
 Operatingincome(loss
 (18 26,557 (373,445) 56,943
 21,516 17,982
 Otherexpense (291,725)
273
 (18,469)
 Income(loss)beforeincometax
 215,967
,213
 (36,127)
 Provisionforincometaxes
 2,862
 2,767
 2,326
 Netincome(loss)
 213,105
 375,446
 $ (38,453)
 Netincome(loss)pershare:
. 48
. 88
 (0. 09)
 Diluted
. 44
. 81
 (0. 09)
 Weighted-averagesharesusedtocomputenetincome(loss)pershare:
,126
 424,999
 405,731
 Diluted 482,167
 466,076
 405,731
 Seeaccompanyingnotestoconsolidatedfinancialstatements.
 85


Las Vegas Strip Resorts

Net revenues of $8.4 billion in the current year compared to $4.7 billion in the prior year, an
increase of 77%;

Las Vegas Strip Resorts
 Net revenues $8. 4 billion current year compared to $4. 7 billion prior year,
 increase of 77%;


Amcor plc and Subsidiaries
Consolidated Statements of Income
($ in millions, except per share data)
For the years ended June 30,
2023
2022
2021
Net sales
$
14,694
$
14,544
$
12,861
Cost of sales
(11,969)
(11,724)
(10,129)
Gross profit
2,725
2,820
2,732

Amcor plc Subsidiaries
 Consolidated Statements Income
$ millions share data
 ended June 30
 2023
 2022
 2021
 sales
 $
 14,694
 $
 14,544
 $
 12,861
 Cost sales
 (11,969)
 (11,724)
 (10,129)
 profit
 2,725
 2,820
 2,732


Pension and postretirement health care and life insurance benefits earned during the year, as well as interest on projected benefit obligations,
are accrued.

Pension postretirement health care life insurance benefits earned during year, interest on projected benefit obligations,
 are accrued.


Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries
(dollars in millions, except per share amounts)
At December 31,
2022
2021
Assets
Current assets
Cash and cash equivalents
$
2,605
$
2,921
Accounts receivable

25,332

24,742
Less Allowance for credit losses

826

896
Accounts receivable, net

24,506

23,846
Inventories

2,388

3,055
Prepaid expenses and other

8,358

6,906
Total current assets

37,857

36,728
Property, plant and equipment

307,689

289,897
Less Accumulated depreciation

200,255

190,201
Property, plant and equipment, net

107,434

99,696
Investments in unconsolidated businesses

1,071

1,061
Wireless licenses

149,796

147,619
Goodwill

28,671

28,603
Other intangible assets, net

11,461

11,677
Operating lease right-of-use assets

26,130

27,883
Other assets

17,260

13,329
Total assets
$
379,680
$
366,596
Liabilities and Equity
Current liabilities
Debt maturing within one year
$
9,963
$
7,443
Accounts payable and accrued liabilities

23,977

24,833
Current operating lease liabilities

4,134

3,859
Other current liabilities

12,097

11,025
Total current liabilities

50,171

47,160

Consolidated Balance Sheets
 Verizon Communications Inc. Subsidiaries
 (dollars millions except share amounts
 December 31,
 2022
 2021 Assets Current assets Cash cash equivalents
 $ 2,605
 $ 2,921
 Accounts receivable
 25,332
 24,742
 Allowance credit losses
 826 896 Accounts receivable
 24,506
 23,846
 Inventories
 2,388
 3,055
 Prepaid expenses other
 8,358
 Total current assets
 37,857
 36,728
 Property plant equipment
 307,689
 289,897
 Accumulated depreciation
 200,255
 190,201
 Property plant equipment net
 107,434
 99,696
 Investments unconsolidated businesses
 1,071 1,061 Wireless licenses
 149,796
 147,619
 Goodwill
 28,671
 28,603
 Other intangible assets
 11,461
 11,677 Operating lease right-of-use assets
 26,130
 27,883
 Other assets
 17,260
 13,329
 Total assets
,680
 366,596
 Liabilities Equity
 Current liabilities Debt maturing within one year
 7,443
 Accounts payable accrued liabilities
 23,977
 24,833
 Current operating lease liabilities
 4,134
 3,859
 Other current liabilities
 12,097
 11,025
 Total current liabilities
 50,171
 47,160