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

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


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

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


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2022
2021
2020
Operating Activities

Consolidated net income
$
9,571 $
9,804 $
7,768
Depreciation and amortization
1,260
1,452
1,536
Stock-based compensation expense
356
337
126
Deferred income taxes
(122)
894
(18)
Equity (income) loss net of dividends
(838)
(615)
(511)
Foreign currency adjustments
203
86
(88)
Significant (gains) losses net
(129)
(1,365)
(914)
Other operating charges
1,086
506
556
Other items
236
201
699
Net change in operating assets and liabilities
(605)
1,325
690
Net Cash Provided by Operating Activities
11,018
12,625
9,844
Investing Activities

Purchases of investments
(3,751)
(6,030)
(13,583)
Proceeds from disposals of investments
4,771
7,059
13,835
Acquisitions of businesses, equity method investments and nonmarketable securities
(73)
(4,766)
(1,052)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
458
2,180
189
Purchases of property, plant and equipment
(1,484)
(1,367)
(1,177)
Proceeds from disposals of property, plant and equipment
75
108
189
Collateral (paid) received associated with hedging activities net
(1,465)

Other investing activities
706
51
122
Net Cash Provided by (Used in) Investing Activities
(763)
(2,765)
(1,477)
Financing Activities

Issuances of debt
3,972
13,094
26,934
Payments of debt
(4,930)
(12,866)
(28,796)
Issuances of stock
837
702
647
Purchases of stock for treasury
(1,418)
(111)
(118)
Dividends
(7,616)
(7,252)
(7,047)
Other financing activities
(1,095)
(353)
310
Net Cash Provided by (Used in) Financing Activities
(10,250)
(6,786)
(8,070)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and
 Restricted Cash Equivalents
(205)
(159)
76
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash
 equivalents during the year
(200)
2,915
373
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
10,025
7,110
6,737
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year
9,825
10,025
7,110
Less: Restricted cash and restricted cash equivalents at end of year
306
341
315
Cash and Cash Equivalents at End of Year
$
9,519 $
9,684 $
6,795
Refer to Notes to Consolidated Financial Statements.
64

COCA-COLA COMPANY SUBSIDIARIES
 CONSOLIDATED STATEMENTS CASH FLOWS
 millions
 Ended December 31,
 2022
 2021
 2020
 Operating Activities
 Consolidated net income
 9,571 $
 $
 7,768
 Depreciation amortization
 1,260
 1,452
 1,536
 Stock-based compensation expense
 356
 337
 126
 Deferred income taxes
 (122)
 894
 Equity (income loss dividends
 (838)
 (615)
 (511)
 Foreign currency adjustments
 203
 86
 (88)
 Significant (gains losses
 (129)
 (1,365)
 (914)
 operating charges
 1,086
 506
 Other items
 236
 201
 699
 Net change operating assets liabilities
 (605)
 1,325
 690
 Net Cash Operating Activities
 11,018
 12,625
 9,844
 Investing Activities
 Purchases investments
 (3,751)
 (6,030)
 (13,583)
 Proceeds disposals investments
 4,771
 7,059
 13,835
 Acquisitions businesses equity investments nonmarketable securities
 (73
 (4,766)
 (1,052)
 Proceeds disposals businesses
 458
 2,180
 189
 Purchases property plant equipment
 (1,484)
 (1,367)
 (1,177)
 Proceeds disposals property plant equipment
 75 108 189 Collateral (paid hedging activities
 (1,465)
 Other investing activities
 706
 51
 122
 Net Cash Investing Activities
 (763)
 (2,765)
 (1,477)
 Financing Activities
 Issuances debt
 13,094
 26,934
 Payments debt
 (4,930)
 (12,866)
 (28,796)
 Issuances stock
 837

 Purchases stock treasury
 (1,418)
 (111)
 (118)
 Dividends
 (7,616)
 (7,252)
 (7,047)
 Other financing activities
 (1,095)
 (353)
 310
 Net Cash Financing Activities
 (10,250)
 (6,786)
 (8,070)
 Effect Exchange Rate Changes on Cash Equivalents Restricted Cash
 Cash Equivalents
 (205)
 (159)
 76
 Cash Equivalents Restricted Cash Equivalents
 Net increase (decrease) cash cash equivalents restricted cash cash
 equivalents during year
 (200)
 2,915
 373
 Cash cash equivalents restricted cash equivalents beginning year
 10,025
 7,110
 6,737
 Cash Cash Equivalents Restricted Cash Equivalents End of Year
 9,825
 10,025
 7,110
 Less Restricted cash cash equivalents end of year
 306
 341
 315
 Cash Cash Equivalents End of Year
 $
 9,519 $
 9,684 $
 6,795
 Refer Notes Consolidated Financial Statements.
 64


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

Note 3 Restructuring Impairment Charges
 2019 Multi-Year Productivity Plan
 announced multi-year productivity plan February 15, 2019 (2019 Productivity Plan) leverage new
 technology business models to simplify harmonize automate processes re-engineer go-to-market
 information systems deploying right automation for each market simplify organization optimize
 manufacturing supply chain footprint. build on successful implementation 2019 Productivity Plan fourth
 quarter of 2022 expanded extended plan through end of 2028 take advantage additional opportunities within
 initiatives described above. expect to incur pre-tax charges of approximately $3. 65 billion including cash
 expenditures of approximately $2. 9 billion. pre-tax charges expected consist approximately 55% of severance
 other employee-related costs 10% for asset impairments (all non-cash) from plant closures related actions 35%
 for other costs associated with implementation initiatives.
 total plan pre-tax charges expected incurred by division follows:
 FLNA
 QFNA
 PBNA
 LatAm
 Europe
 AMESA
 APAC
 Corporate
 Expected pre-tax charges
 15 %
 1 %
 25 %
 10 %
 25 %
 5 %
 4 %
 15 %
 summary of 2019 Productivity Plan charges:
 2022
 2021
 2020
 Cost of sales
 $
 33
 $
 29 $
 30
 Selling, general administrative expenses
 347
 208
 239
 Other pension retiree medical benefits expense
 31
 10
 20
 Total restructuring and impairment charges
 $
 411
 $
 247 $
 289


Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)

December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
3,160
$
1,514
Receivables, net
1,978
2,337
Contract assets
9,545
9,094
Inventories
3,545
3,619
Other current assets
1,150
531
Total current assets
19,378
17,095
Property, plant and equipment, net
7,213
6,591
Goodwill
10,806
10,604
Intangible assets, net
3,012
3,213
Deferred income taxes
3,475
3,319
Other noncurrent assets
6,826
6,706
Total assets
$
50,710
$
47,528
Liabilities and equity
Current liabilities
Accounts payable
$
880
$
1,281
Contract liabilities
7,545
7,054
Salaries, benefits and payroll taxes
3,163
2,466
Current maturities of long-term debt
500
1,250
Other current liabilities
1,845
1,921
Total current liabilities
13,933
13,972
Long-term debt, net
11,669
11,404
Accrued pension liabilities
12,874
13,234
Other noncurrent liabilities
6,196
5,747
Total liabilities
44,672
44,357
Stockholders equity
Common stock, $1 par value per share
279
280
Additional paid-in capital
221

Retained earnings
21,636
18,401
Accumulated other comprehensive loss
(16,121)
(15,554)
Total stockholders equity
6,015
3,127
Noncontrolling interests in subsidiary
23
44
Total equity
6,038
3,171
Total liabilities and equity
$
50,710
$
47,528
The accompanying notes are an integral part of these consolidated financial statements.
69

Contents
 Lockheed Martin Corporation
 Consolidated Balance Sheets
 millions except value
 December 31,
 2020
 2019
 Current
 Cash cash equivalents
 3,160
 1,514
 Receivables
 1,978
 2,337
 Contract assets
 9,545
 9,094
 Inventories
 3,545
 3,619
 Other current assets
 1,150
 531
 Total assets
 19,378
 17,095
 Property plant equipment
 7,213
 6,591
 Goodwill
 10,806
 10,604
 Intangible assets
 3,213
 Deferred income taxes
 3,319
 noncurrent assets
 Total assets
 50,710
 47,528
 Liabilities equity
 Current liabilities
 Accounts payable
 880
 1,281
 Contract liabilities
 7,545
 7,054
 Salaries benefits payroll taxes
 3,163
 2,466
 long-term debt
 500 1,250
 current liabilities
 1,845
 1,921
 Total liabilities
 13,933
 13,972
 Long-term debt
 11,669
 11,404
 Accrued pension liabilities
 12,874
 13,234
 noncurrent liabilities
 6,196
 5,747
 Total liabilities
 44,672
 44,357
 Stockholders equity
 Common stock $1 par value share
 279
 Additional paid-in capital
 221
 Retained earnings
 21,636
 18,401
 Accumulated comprehensive loss
 (16,121)
 (15,554
 Total stockholders equity
 6,015
 3,127
 Noncontrolling interests subsidiary
 23 Total equity
 3,171
 Total liabilities equity
 50,710
 47,528
 accompanying notes integral part consolidated financial statements.
 69


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

2022

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

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

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

(1,220)

Ulta Beauty.
 Consolidated Statements Cash
 Fiscal year
 January 28,
 29, 30
 2023
 2022
 2021
 Operating
 Net income
 1,242,408
 985,837
 175,835
 Adjustments net income activities
 Depreciation amortization
 241,372
 268,460
,772
 Non-cash lease expense
 301,912
 276,229
 268,071
 Long-lived impairment charge
 72,533
 Deferred income taxes
 15,653
 (25,666
 (24,008
 Stock compensation expense
 43,044
 47,259
 27,583
 Loss disposal property equipment
 6,688
 5,358
 operating assets liabilities
 Receivables
 34,260
 (40,573)
 (53,772
 Merchandise inventories
 (104,233
 (331,003)
 125,486
 Prepaid expenses current assets
 (19,432)
 (3,412)
 (4,363
 Income taxes
 (45,182)
 (35,652)
 58,916
 Accounts payable
 8,309
 66,156
 62,324
 Accrued liabilities
 48,249
 58,598
 58,599
 Deferred revenue
 41,098
 79,196
 36,848
 Operating lease liabilities
 (324,500)
 (303,914)
 (297,513)
 Other assets liabilities
 (7,731) 12,392
 Net cash operating activities
 1,481,915
 1,059,265
 810,355
 Investing activities
 short-term investments
 110,000
 Capital expenditures
 (312,126)
 (172,187)
 (151,866)
 Acquisitions cash
 (1,220)


Table of Contents
NETFLIX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Year Ended December 31,

2015

2014

2013
Cash flows from operating activities:

Net income
 $
122,641 $
266,799 $
112,403
Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Additions to streaming content assets

(5,771,652)
(3,773,019)
(3,030,701)
Change in streaming content liabilities

1,162,413
593,125
673,785
Amortization of streaming content assets

3,405,382
2,656,279
2,121,981
Amortization of DVD content assets

79,380
71,491
71,325
Depreciation and amortization of property, equipment and intangibles

62,283
54,028
48,374
Stock-based compensation expense

124,725
115,239
73,100
Excess tax benefits from stock-based compensation

(80,471)
(89,341)
(81,663)
Other non-cash items

31,628
15,282
5,332
Loss on extinguishment of debt

25,129
Deferred taxes

(58,655)
(30,063)
(22,044)
Changes in operating assets and liabilities:

Other current assets

18,693
(9,198)
43,177
Accounts payable

51,615
83,812
18,374
Accrued expenses

48,810
55,636
1,941
Deferred revenue

72,135
58,819
46,295
Other non-current assets and liabilities

(18,366)
(52,406)
(8,977)
Net cash (used in) provided by operating activities

(749,439)
16,483
97,831
Cash flows from investing activities:

Acquisition of DVD content assets

(77,958)
(74,790)
(65,927)
Purchases of property and equipment

(91,248)
(69,726)
(54,143)
Other assets

(1,912)
1,334
5,939
Purchases of short-term investments

(371,915)
(426,934)
(550,264)
Proceeds from sale of short-term investments

259,079
385,300
347,502
Proceeds from maturities of short-term investments

104,762
141,950
60,925
Net cash used in investing activities

(179,192)
(42,866)
(255,968)
Cash flows from financing activities:

Proceeds from issuance of common stock

77,980
60,544
124,557
Proceeds from issuance of debt

1,500,000
400,000
500,000
Issuance costs

(17,629)
(7,080)
(9,414)
Redemption of debt

(219,362)
Excess tax benefits from stock-based compensation

80,471
89,341
81,663
Principal payments of lease financing obligations

(545)
(1,093)
(1,180)
Net cash provided by financing activities

1,640,277
541,712
476,264
Effect of exchange rate changes on cash and cash equivalents

(15,924)
(6,686)
(3,453)
Net increase in cash and cash equivalents

695,722
508,643
314,674
Cash and cash equivalents, beginning of year

1,113,608
604,965
290,291
Cash and cash equivalents, end of year
 $
1,809,330 $
1,113,608 $
604,965
Supplemental disclosure:

Income taxes paid
 $
27,658 $
50,573 $
7,465
Interest paid

111,761
41,085
19,114
Investing activities included in liabilities

18,824
23,802
11,508
See accompanying notes to consolidated financial statements.
40

Table Contents
.
 CONSOLIDATED STATEMENTS CASH FLOWS
 thousands Ended December 31,
 2015
 2014
 2013
 Cash flows operating activities
 Net income
 $ 122,641 $
 266,799 $
 112,403
 Adjustments reconcile net income cash
 Additions streaming content assets
 (5,771,652)
 (3,773,019)
 (3,030,701)
 Change streaming content liabilities
 1,162,413
 593,125
,785
 Amortization assets
,382
 2,656,279
 2,121,981
 Amortization DVD content assets
 79,380
 71,491
 71,325
 Depreciation amortization property equipment intangibles
 62,283
 54,028
 48,374
 Stock-based compensation expense
 124,725
 115,239
 73,100
 Excess tax benefits stock compensation
 (80,471)
 (89,341)
 (81,663)
 Other non-cash items
 31,628
 15,282
 5,332
 Loss on extinguishment debt
 25,129
 Deferred taxes
 (58,655)
 (30,063)
 (22,044)
 Changes operating assets liabilities
 Other current assets
 18,693
 (9,198)
 43,177
 Accounts payable
 51,615
 83,812
 18,374
 Accrued expenses
 48,810
 55,636
 1,941
 Deferred revenue
 72,135
 58,819
 46,295
 Other non-current assets liabilities
 (18,366)
 (52,406)
 (8,977)
 Net cash activities
 (749,439)
 16,483
 97,831
 Cash flows from investing activities
 Acquisition DVD content assets
(77,958)
 (74,790)
 (65,927)
 Purchases property equipment
 (91,248)
 (69,726)
 (54,143)
 assets (1,912)
 1,334
 Purchases short-term investments
 (371,915)
 (426,934)
 (550,264)
 Proceeds sale short-term investments
 259,079
,300
 347,502
 Proceeds maturities short-term investments
 104,762
 141,950
 60,925
 Net cash investing activities
 (179,192)
 (42,866)
 (255,968)
 Cash flows financing activities
 Proceeds issuance common stock
 77,980
 60,544
 124,557
 Proceeds issuance debt
 1,500,000
 400,000
 Issuance costs (17,629)
 (7,080)
 (9,414)
 Redemption debt
 (219,362)
 Excess tax benefits stock-based compensation
 80,471
 89,341
 81,663
 Principal payments lease financing obligations
 (545) (1,093)
 (1,180)
 Net cash financing activities
 1,640,277
 541,712
 476,264
 exchange rate changes cash cash equivalents
 (15,924)
 (6,686)
 (3,453)
 increase cash cash equivalents
,722
 508,643
 314,674
 Cash cash equivalents beginning year
 1,113,608
 604,965
 290,291
 Cash equivalents end year
 1,809,330
 1,113,608 $
 604,965
 Supplemental disclosure
 Income taxes paid
 27,658 $
 50,573 $
 7,465
 Interest
 111,761
 41,085
 19,114
 Investing activities liabilities
 18,824
 23,802
 11,508
 consolidated financial statements.
 40


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

December 31,
 COMMON SHARE DATA
 2021
 2020
 Assets
 Cash equivalents
 $
 1,944
 1,786
 Short-term investments
 29,125
 10,437
 Trade accounts doubtful 2021$492 2020$508
 11,479
 Inventories
 9,059
 8,020
 Current tax assets
 4,266
 3,264
 Other assets
 3,820
 3,646
 Total assets
 59,693
 35,067
 Equity-method investments
 16,472
 16,856
 Long-term investments
 5,054
 3,406
 Property plant equipment
 14,882
 13,745


Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)

December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
3,604
$
3,160
Receivables, net
1,963
1,978
Contract assets
10,579
9,545
Inventories
2,981
3,545
Other current assets
688
1,150
Total current assets
19,815
19,378
Property, plant and equipment, net
7,597
7,213
Goodwill
10,813
10,806
Intangible assets, net
2,706
3,012
Deferred income taxes
2,290
3,475
Other noncurrent assets
7,652
6,826
Total assets
$
50,873
$
50,710
Liabilities and equity
Current liabilities
Accounts payable
$
780
$
880
Salaries, benefits and payroll taxes
3,108
3,163
Contract liabilities
8,107
7,545
Current maturities of long-term debt
6
500
Other current liabilities
1,996
1,845
Total current liabilities
13,997
13,933
Long-term debt, net
11,670
11,669
Accrued pension liabilities
8,319
12,874
Other noncurrent liabilities
5,928
6,196
Total liabilities
39,914
44,672
Stockholders equity
Common stock, $1 par value per share
271
279
Additional paid-in capital
94
221
Retained earnings
21,600
21,636
Accumulated other comprehensive loss
(11,006)
(16,121)
Total stockholders equity
10,959
6,015
Noncontrolling interests in subsidiary

23
Total equity
10,959
6,038
Total liabilities and equity
$
50,873
$
50,710
The accompanying notes are an integral part of these consolidated financial statements.
68

Contents
 Lockheed Martin Corporation
 Consolidated Balance Sheets
 millions except value
 December 31,
 2021
 2020 Assets Current assets
 Cash cash equivalents
 $
 3,604
 3,160
 Receivables
 1,963
 1,978
 Contract assets
 10,579
 Inventories
 2,981
 3,545
 Other current assets
 688
 1,150
 Total current assets
 19,815
 19,378
 Property plant equipment net
 7,597
 7,213
 Goodwill
 10,813
 10,806
 Intangible assets
 2,706
 Deferred income taxes
 2,290
 noncurrent assets
 7,652
 Total assets
 50,873
 50,710
 Liabilities equity
 Current liabilities
 Accounts payable
 780
 880
 Salaries benefits payroll taxes
 3,108
 3,163
 Contract liabilities
 8,107
 7,545
 long-term debt
 6 current liabilities
 1,996
 1,845
 Total current liabilities
 13,997
 13,933
 Long-term debt
 11,670
 11,669
 Accrued pension liabilities
 8,319
 12,874
 noncurrent liabilities
 6,196
 Total liabilities
 39,914
 44,672
 Stockholders equity
 Common stock $1 par value share
 271
 279 Additional paid-in capital
 Retained earnings
 21,600
 21,636
 Accumulated comprehensive loss
 (11,006)
 (16,121
 Total stockholders equity
 10,959
 Noncontrolling interests subsidiary
 23 Total equity
 10,959
 6,038
 liabilities equity
 50,873
 50,710
 accompanying notes integral consolidated financial statements.
 68


50

Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value)

May 31, 2020
May 26, 2019
ASSETS

Current assets:

Cash and cash equivalents
$
1,677.8 $
450.0
Receivables

1,615.1
1,679.7
Inventories

1,426.3
1,559.3
Prepaid expenses and other current assets

402.1
497.5
Total current assets

5,121.3
4,186.5
Land, buildings, and equipment

3,580.6
3,787.2
Goodwill

13,923.2
13,995.8
Other intangible assets

7,095.8
7,166.8
Other assets

1,085.8
974.9
Total assets
$
30,806.7 $
30,111.2

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable
$
3,247.7 $
2,854.1
Current portion of long-term debt

2,331.5
1,396.5
Notes payable

279.0
1,468.7
Other current liabilities

1,633.3
1,367.8
Total current liabilities

7,491.5
7,087.1
Long-term debt

10,929.0
11,624.8
Deferred income taxes

1,947.1
2,031.0
Other liabilities

1,545.0
1,448.9
Total liabilities

21,912.6
22,191.8
Redeemable interest

544.6
551.7
Stockholders' equity:

Common stock, 754.6 shares issued, $0.10 par value

75.5
75.5
Additional paid-in capital

1,348.6
1,386.7
Retained earnings

15,982.1
14,996.7
Common stock in treasury, at cost, shares of 144.8 and 152.7

(6,433.3)
(6,779.0)
Accumulated other comprehensive loss

(2,914.4)
(2,625.4)
Total stockholders' equity

8,058.5
7,054.5
Noncontrolling interests

291.0
313.2
Total equity

8,349.5
7,367.7
Total liabilities and equity
$
30,806.7 $
30,111.2
See accompanying notes to consolidated financial statements.

50
 Consolidated Balance Sheets
 GENERAL MILLS INC. SUBSIDIARIES
 Millions Value
 May 31, 2020
 26, 2019
 Current assets
 Cash cash equivalents
 $ 1,677. 8 $
 450.
 Receivables
 1,615. 1
 1,679. 7
 Inventories
 1,426. 3
 1,559.
 Prepaid expenses current assets
 402. 1
 497.
 Total current assets
 5,121. 3
 4,186.
 Land buildings equipment
 3,580. 6
 3,787.
 Goodwill
 13,923. 2
 13,995. 8
 Other intangible assets
 7,095. 8
 7,166.
 assets
 1,085. 8
 974. 9
 Total assets
 $
 30,806.
 30,111. 2
 LIABILITIES EQUITY
 Current liabilities
 Accounts payable
 $ 3,247.
 2,854.
 Current portion long-term debt
 2,331. 5
 1,396.
 Notes payable
.
 1,468. 7
 current liabilities
 1,633. 3
 1,367. 8
 Total current liabilities
 7,491.
 7,087.
 Long-term debt
 10,929.
 11,624.
 Deferred income taxes
 1,947. 1
 2,031.
 Other liabilities
 1,545.
 1,448. 9
 Total liabilities
 21,912. 6
 22,191. 8
 Redeemable interest
 544. 6
 551.
 Stockholders' equity
 Common stock. 6 shares issued $0. 10 value
 75. 5
.
 Additional paid-in capital
 1,348. 6
 1,386. 7
 Retained earnings
 15,982. 1
14,996. 7
 Common stock treasury shares 144. 8 152. 7
 (6,433. 3)
 (6,779. 0)
 Accumulated loss
 (2,914. 4)
 (2,625. 4)
 Total stockholders' equity
. 5
 7,054. 5
 Noncontrolling interests
 291. 0
 313. 2
 equity
 8,349. 5
 7,367. 7
 liabilities equity
 $ 30,806. 7 $
 30,111. 2
 consolidated financial statements.


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

Year Ended December 31,

2017

2018

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

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

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

Table Contents
.
 CONSOLIDATED STATEMENTS OPERATIONS
 millions share data
 Ended December 31,
 2017
 2018
 2019
 Net product sales
 $ 118,573 $
 141,915 $
 160,408
 service sales
 59,293
 90,972
 120,114
 Total net sales
 177,866
,887
 280,522
 Operating expenses
 Cost sales
 111,934
 139,156
 165,536
 Fulfillment
 25,249
 34,027
 40,232
 Technology content
 22,620
 28,837
 35,931
 Marketing 10,069
 13,814
 18,878
 General administrative
 3,674
 4,336
 5,203
 Other operating expense
 214
 296
 Total operating expenses
 173,760
 220,466
 265,981
 Operating income
 4,106
 12,421
 14,541
 Interest income
 202 832
 Interest expense
 (848)
 (1,417)
 (1,600)
 Other income
 346
 (183)
 non income (expense
 (300)
 (1,160)
 (565) Income before income taxes
 3,806
 11,261
 13,976
 Provision income taxes
 (769)
 (1,197)
 (2,374)
 Equity-method investment activity net tax
 9 Net income
 $
 10,073 $
 11,588
 Basic earnings per share
 6. 32 $
 20. 68 $
 23.
 Diluted earnings per share
 6. 15 $
. 14 $
.
 Weighted-average shares computation earnings per share
 480
 487
 Diluted
 493
 500
 504
 notes consolidated financial statements.
 38


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

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

Fiscal 2024

Fiscal 2023

Total Stores at
Beginning of
Second Quarter
Stores
Opened

Stores
Closed

Total Stores at
End of Second
Quarter

Total Stores at
Beginning of
Second Quarter
Stores
Opened

Stores
Closed

Total Stores at
End of Second
Quarter
Best Buy

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

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

 20
 -
 -
 20
 21
 -
 -
 21
Yardbird

 18
 4
 -
 22
 9
 4
 -
 13
Total

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

iscal 2024 driven by comparable sales declines in appliances home theater
 computing mobile phones offset by comparable sales growth in gaming. Online revenue of $2. 8 billion $5. 5 billion in second quarter
 first six months of fiscal 2024 decreased 7. 1% 9. 7% on comparable basis. decreases in revenue due to reasons
 described above Consolidated Results section.
 Domestic segment stores open beginning end of second quarters of fiscal 2024 fiscal 2023:
 Fiscal 2024
 Fiscal 2023
 Total Stores at
 Beginning of
 Second Quarter
 Stores
 Opened
 Stores
 Closed
 Total Stores at
 End of Second
 Quarter
 Total Stores at
 Beginning of
 Second Quarter
 Stores
 Opened
 Stores
 Closed
 Total Stores at
 End of Second
 Quarter
 Best Buy 908
 -
 (1) 907
 931
 1
 (2)
 930
 Outlet Centers
 20
 1
 (1)
 20
 16
 2
 -
 18
 Pacific Sales
 20
 -
 - 20
 21
 -
 -
 21
 Yardbird
 18
 4
 -
 22
 9
 4
 -
 13
 Total 966
 5
 (2)
 969 977 7
 (2)
 982


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

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

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

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

American Water Works Company. Subsidiary Companies
 Consolidated Balance Sheets
 millions share data
 December 31, 2022
 December 31, 2021
 CAPITALIZATION LIABILITIES
 Capitalization
 Common stock ($0. 01 par value 500,000,000 shares authorized 187,200,539 186,880,413 shares
 issued
 $
 2
 Paid-in-capital
 Retained earnings
 1,267
 925
 Accumulated comprehensive loss
 (23)
 Treasury stock (5,342,477 5,269,324 shares
 (377
 (365 Total common shareholders' equity
 7,298
 Long-term debt
 10,926
 10,341
 Redeemable preferred stock redemption value
 3
 Total long-term debt
 10,929
 10,344
 Total capitalization
 18,622
 17,642
 Current liabilities
 Short-term debt
 1,175
 584
 Current long-term debt
 281
 57
 Accounts payable
 254
 235
 Accrued liabilities
 706
 701
 Accrued taxes
 49
 176
 interest
 91
 88
 Liabilities related assets sale
 83
 Other 255
 217
 Total current liabilities
 2,811
 2,141


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)

Consolidated Statements Operations
 Years December 31, 2022 2021
 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)


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

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


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

Firm grew TBVPS ending first quarter 2021 at
 $66. 56 up 10% versus prior year.


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

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


MGM China

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

MGM China
 Net revenues $674 million current year compared to $1. 2 billion prior year,
 decrease of 44%;


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

Overview
 JPMorgan Chase & Co. (JPMorgan Chase or Firm
 NYSE: JPM), financial holding company incorporated under
 Delaware law 1968 leading financial services firm
 based in United States of America (U. S.
 operations worldwide. JPMorgan Chase had $3. 7 trillion
 assets $292. 3 billion stockholders equity as of
 December 31, 2022. Firm leader in investment
 banking financial services for consumers small
 businesses commercial banking financial transaction
 processing asset management. Under J. P. Morgan
 and Chase brands Firm serves millions customers
 predominantly in U. S., worlds
 prominent corporate institutional government clients
 globally.


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

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

JOHNSON JOHNSON SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 January 1, 2023 January 2, 2022
 (Dollars Millions Share Amounts 1)
 2022
 2021
 Current assets
 Cash equivalents (Notes 1 2)
 14,127
 14,487
 Marketable securities (Notes 1 2)
 9,392
 17,121
 Accounts receivable trade less allowances doubtful accounts $203 (2021 $230)
 16,160
 15,283
 Inventories (Notes 1 3)
 12,483
 10,387


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

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

Effective May 26, 2023, PepsiCo terminated $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among
 PepsiCo borrower, lenders party Citibank, N. A., as administrative agent (the 2022 Five Year Credit Agreement). no
 outstanding borrowings under 2022 Five Year Credit Agreement at time termination.
 May 26, 2023 PepsiCo entered new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit
 Agreement) among PepsiCo borrower lenders party Citibank, N. A., administrative agent. 2023 Five Year Credit Agreement
 enables PepsiCo borrowing subsidiaries to borrow up to $4,200,000,000 in U. S. Dollars and/or Euros, including $750,000,000 swing line
 subfacility for Euro-denominated borrowings borrowed same day basis subject to customary terms and conditions expires
 May 26, 2028. PepsiCo may agreement of existing lenders or additional banks not party to 2023 Five Year
 Credit Agreement, increase commitments under 2023 Five Year Credit Agreement to up to $4,950,000,000 in U. S. Dollars and/or Euros. PepsiCo
 may once a year request renewal of 2023 Five Year Credit Agreement for additional one year period. Subject to certain conditions in 2023
 Five Year Credit Agreement PepsiCo borrowing subsidiaries may borrow, prepay reborrow amounts under 2023 Five Year Credit
 Agreement any time during term 2023 Five Year Credit Agreement. Funds borrowed under 2023 Five Year Credit Agreement may be used
 for general corporate purposes of PepsiCo subsidiaries. 2023 Five Year Credit Agreement contains customary representations warranties
 events of default. lenders under 2023 Five Year Credit Agreement and affiliates have
engaged, may in future engage, in commercial banking/or investment banking transactions with PepsiCo affiliates.


BALANCE SHEETS

(In millions)

June 30,

2023
2022

Assets

Current assets:

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

76,558
90,826

Total cash, cash equivalents, and short-term investments

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

48,688
44,261
Inventories

2,500
3,742
Other current assets

21,807
16,924

Total current assets

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

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

14,346
13,148
Equity investments

9,879
6,891
Goodwill

67,886
67,524
Intangible assets, net

9,366
11,298
Other long-term assets

30,601
21,897

Total assets
 $
411,976 $
364,840

Liabilities and stockholders equity

Current liabilities:

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

5,247
2,749
Accrued compensation

11,009
10,661
Short-term income taxes

4,152
4,067
Short-term unearned revenue

50,901
45,538
Other current liabilities

14,745
13,067

Total current liabilities

104,149
95,082
Long-term debt

41,990
47,032
Long-term income taxes

25,560
26,069
Long-term unearned revenue

2,912
2,870
Deferred income taxes

433
230
Operating lease liabilities

12,728
11,489
Other long-term liabilities

17,981
15,526

Total liabilities

205,753
198,298

Commitments and contingencies

Stockholders equity:

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

93,718
86,939
Retained earnings

118,848
84,281
Accumulated other comprehensive loss

(6,343)
(4,678)

Total stockholders equity

206,223
166,542

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

BALANCE SHEETS
 (In millions) June 30, 2023 2022 Assets Current assets: Cash cash equivalents
 $ 34,704 $
 13,931
 Short-term investments
 76,558
 90,826
 Total cash, cash equivalents short-term investments
 111,262
 104,757
 Accounts receivable net allowance doubtful accounts $650 and $633
 48,688
 44,261
 Inventories
 2,500
 3,742
 Other current assets
 21,807
 16,924
 Total current assets
 184,257
 169,684
 Property equipment net accumulated depreciation $68,251 and $59,660
 95,641
 74,398
 Operating lease right-of-use assets
 14,346
 13,148
 Equity investments
 9,879
 6,891 Goodwill 67,886
 67,524
 Intangible assets, net
 9,366
 11,298
 Other long-term assets
 30,601
 21,897
 Total assets $ 411,976 $
 364,840
 Liabilities stockholders equity
 Current liabilities:
 Accounts payable $ 18,095 $
 19,000
 Current portion long-term debt
 5,247
 2,749
 Accrued compensation
 11,009
 10,661
 Short-term income taxes
 4,152
 4,067
 Short-term unearned revenue
 50,901
 45,538
 Other current liabilities
 14,745
 13,067
 Total current liabilities
 104,149
 95,082
 Long-term debt
 41,990
47,032
 Long-term income taxes
 25,560
 26,069
 Long-term unearned revenue 2,912
 2,870
 Deferred income taxes 433 230 Operating lease liabilities
 12,728
 11,489
 Other long-term liabilities
 17,981
 15,526
 Total liabilities
 205,753
 198,298
 Commitments contingencies
 Stockholders equity:
 Common stock paid-in capital shares authorized 24,000; outstanding 7,432 and 7,464
 93,718
 86,939
 Retained earnings
 118,848
 84,281
 Accumulated comprehensive loss
 (6,343)
 (4,678) Total stockholders equity
 206,223
 166,542
 Total liabilities stockholders equity
 $ 411,976 $
 364,8


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

Net
 revenue for 2022 was $23. 6 billion, increase 44% compared to 2021 net revenue $16. 4 billion. increase net revenue driven by 64%
 increase in Data Center segment revenue due to higher sales EPYC server processors 21% increase in Gaming segment revenue
 due to higher semi-custom product sales significant increase in Embedded segment revenue from prior year driven by inclusion
 Xilinx embedded product sales.


REGIONAL SALES RESULTS

Q4

% Change
($ in Millions)
2022
2021
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,516
$12,163
2.9%
2.9
-
2.7
International
11,190
12,641
(11.5)
(1.1)
(10.4)
(1.0)
Worldwide
$23,706
$24,804
(4.4)%
0.9
(5.3)
0.8

Full Year

% Change
($ in Millions)
2022
2021
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$48,580
$47,156
3.0%
3.0
-
3.0
International
46,363
46,619
(0.6)%
9.1
(9.7)
9.3
Worldwide
$94,943
$93,775
1.3%
6.1
(4.8)
6.2

REGIONAL SALES RESULTS
 Q4
 % Change
$ Millions)
 2022
 2021
 Reported
 Operational1,2
 Currency
 Adjusted
 Operational1,3
.
 $12,516
 $12,163
 2.
 2. 9
 2. 7
 International
 11,190
 12,641
 (11. 5)
. 1)
 (10. 4)
.
 Worldwide
 $23,706
 $24,804
 (4. 4)%
. 9
 (5. 3)
. 8
 Change$ Millions)
 2022
 2021
 Reported
 Operational1,2
 Currency
 Adjusted
 Operational1,3
.
 $48,580
 $47,156
 3. 0%
 3.
 3.
 International
 46,363
 46,619
. 6)%
 9. 1
 (9. 7)
 9. 3
 Worldwide
 $94,943
 $93,775
 1. 3%
 6. 1
 (4. 8)
 6. 2


Table of Contents
COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data)
August 29,
2021
August 30,
2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
11,258
$
12,277
Short-term investments
917
1,028
Receivables, net
1,803
1,550
Merchandise inventories
14,215
12,242
Other current assets
1,312
1,023
Total current assets
29,505
28,120
OTHER ASSETS
Property and equipment, net
23,492
21,807
Operating lease right-of-use assets
2,890
2,788
Other long-term assets
3,381
2,841
TOTAL ASSETS
$
59,268
$
55,556
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
16,278
$
14,172
Accrued salaries and benefits
4,090
3,605
Accrued member rewards
1,671
1,393
Deferred membership fees
2,042
1,851
Current portion of long-term debt
799
95
Other current liabilities
4,561
3,728
Total current liabilities
29,441
24,844
OTHER LIABILITIES
Long-term debt, excluding current portion
6,692
7,514
Long-term operating lease liabilities
2,642
2,558
Other long-term liabilities
2,415
1,935
TOTAL LIABILITIES
41,190
36,851
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and
outstanding

Common stock $0.01 par value; 900,000,000 shares authorized; 441,825,000 and
441,255,000 shares issued and outstanding
4
4
Additional paid-in capital
7,031
6,698
Accumulated other comprehensive loss
(1,137)
(1,297)
Retained earnings
11,666
12,879
Total Costco stockholders equity
17,564
18,284
Noncontrolling interests
514
421
TOTAL EQUITY
18,078
18,705
TOTAL LIABILITIES AND EQUITY
$
59,268
$
55,556
The accompanying notes are an integral part of these consolidated financial statements.
38

Contents
 COSTCO WHOLESALE CORPORATION
 CONSOLIDATED BALANCE
 millions except value share data
 August 29,
 2021
 August 30,
 2020
 CURRENT
 Cash equivalents
 11,258
 12,277
 Short-term investments
 917
 1,028
 Receivables
 1,803
 1,550
 Merchandise inventories
 14,215
 12,242
 Other current assets
 1,312
 1,023
 Total assets
 29,505
 28,120
 Property equipment
 23,492
 21,807
 Operating lease right-of-use assets
 2,890
 2,788
 long-term assets
 3,381
 2,841
 TOTAL
 59,268
 55,556
 LIABILITIES EQUITY
 CURRENT LIABILITIES
 Accounts payable
 16,278
 14,172
 Accrued salaries benefits
 4,090
 3,605
 member rewards
 1,671
 1,393
 Deferred membership fees
 2,042
 1,851
 long-term debt
 799
 Other current liabilities
 4,561
 3,728
 Total liabilities
 29,441
 24,844
 LIABILITIES Long-term debt current
 6,692
 7,514
 Long-term operating lease liabilities
 2,642
 2,558
 liabilities
 2,415
 1,935
 TOTAL LIABILITIES
 41,190
 36,851
 COMMITMENTS
 EQUITY
 Preferred stock $0. par value 100,000,000 shares authorized no shares issued
 outstanding
 Common stock $0. par value 900,000,000 shares authorized,825,000
 441,255,000 shares issued outstanding
 4 Additional paid-in capital
 7,031
 6,698
 Accumulated comprehensive loss
 (1,137)
 (1,297)
earnings
 11,666
 12,879
 Costco stockholders equity
 17,564
 18,284
 Noncontrolling interests
 514
 421
 TOTAL EQUITY
 18,078
 18,705
 TOTAL LIABILITIES EQUITY
 $ 59,268
 55,556
 accompanying notes consolidated financial statements.
 38


The following summarizes revenues by geographic area:

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

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


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

(Millions)

2018

2017

2016

Cash Flows from Operating Activities

Net income including noncontrolling interest

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

Depreciation and amortization

1,488

1,544

1,474
Company pension and postretirement contributions

(370)

(967)

(383)
Company pension and postretirement expense

410

334

250
Stock-based compensation expense

302

324

298
Gain on sale of businesses

(545)

(586)

(111)
Deferred income taxes

(57)

107

 7
Changes in assets and liabilities

Accounts receivable

(305)

(245)

(313)
Inventories

(509)

(387)

57
Accounts payable

408

24

148
Accrued income taxes (current and long-term)

134

967

101
Other net

120

256

76
Net cash provided by (used in) operating activities

6,439

6,240

6,662

Cash Flows from Investing Activities

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

(1,577)

(1,373)

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

262

49

58
Acquisitions, net of cash acquired

13

(2,023)

(16)
Purchases of marketable securities and investments

(1,828)

(2,152)

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

2,497

1,354

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

846

1,065

142
Other net

 9

(6)

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

222

(3,086)

(1,403)

Cash Flows from Financing Activities

Change in short-term debt net

(284)

578

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

(1,034)

(962)

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

2,251

1,987

2,832
Purchases of treasury stock

(4,870)

(2,068)

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

485

734

804
Dividends paid to shareholders

(3,193)

(2,803)

(2,678)
Other net

(56)

(121)

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

(6,701)

(2,655)

(4,626)

Effect of exchange rate changes on cash and cash equivalents

(160)

156

(33)

Net increase (decrease) in cash and cash equivalents

(200)

655

600
Cash and cash equivalents at beginning of year

3,053

2,398

1,798
Cash and cash equivalents at end of period

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

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

60

Table Contents
 3M Company Subsidiaries
 Consolidated Statement of Cash Flow s
 Years ended December 31
 (Millions) 2018
 2017
 2016
 Cash Flows from Operating Activities
 Net income including noncontrolling interest
 $ 5,363
 $ 4,869
 $ 5,058
 Adjustments to reconcile net income including noncontrolling interest to net cash
 provided by operating activities
 Depreciation amortization
 1,488
 1,544
 1,474
 Company pension postretirement contributions
 (370)
 (967)
 (383)
 Company pension postretirement expense
 410 250 Stock-based compensation expense
 302 324
 Gain on sale of businesses
 (545)
 (586)
 (111) Deferred income taxes
 (57)
 107 7 Changes in assets liabilities
 Accounts receivable
 (305)
 (245)
 (313)
 Inventories
 (509)
 (387)
 57 Accounts payable
 24
 148 Accrued income taxes (current long-term)
 134 967 101 Other net 120 256 76 Net cash provided by (used operating activities
 6,439
 6,240
 6,662
 Cash Flows from Investing Activities
 Purchases of property, plant equipment (PP&E)
 (1,577)
 (1,373)
 (1,420)
 Proceeds from sale of PP&E other assets
 262
 49 58 Acquisitions net of cash acquired
 13 (2,023)
 (16) Purchases of marketable securities investments
 (1,828)
 (2,152)
 (1,410)
Proceeds from maturities sale of marketable securities investments
 2,497
 1,354
 1,247
 Proceeds from sale businesses net cash sold
 846
 1,065
 142
 net 9
 (6) (4) Net cash provided by (used in) investing activities
 222
 (3,086)
 (1,403)
 Cash Flows from Financing Activities
 Change short-term debt net
 (284)
 (797)
 Repayment of debt (maturities greater than 90 days)
 (1,034)
 (962)
 (992)
 Proceeds from debt (maturities greater than 90 days)
 2,251
 1,987
 2,832
 Purchases of treasury stock
 (4,870)
 (2,068)
 (3,753)
 Proceeds from issuance treasury stock stock option benefit plans
 485
 734
 804
 Dividends paid to shareholders
 (3,193)
 (2,803)
 (2,678)
 net (56)
 (121)
 (42) Net cash provided by (used in) financing activities
 (6,701)
 (2,655)
 (4,626)
 Effect exchange rate changes on cash cash equivalents
 (160)
 156
 (33) Net increase (decrease) cash cash equivalents
 (200)
 655
 600
 Cash and cash equivalents beginning of year
 3,053 2,398
 1,798
 Cash cash equivalents end of period
 $ 2,853
 $ 3,053 $ 2,398
 accompanying Notes to Consolidated Financial Statements integral part of statement.
 60


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

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


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

Years Ended

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

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

856

788

757
Stock-based compensation

1,440

1,069

909
Reduction of operating lease right-of-use assets

83

73

87
Deferred income taxes

328

183

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

29

(4)
(11)
Other non-cash items

10

7

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

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

(94)
(475)
(288)
Trade payables

66

(20)
96
Accrued expenses and other liabilities

7

162

86
Income taxes payable

19

2

(72)
Deferred revenue

536

1,053

258
Net cash provided by operating activities

7,838

7,230

5,727
Cash flows from investing activities:

Purchases of short-term investments

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

683

877

915
Proceeds from sales of short-term investments

270

191

167
Acquisitions, net of cash acquired

(126)
(2,682)

Purchases of property and equipment

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

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

9
Net cash used for investing activities

(570)
(3,537)
(414)

INC.
 CONSOLIDATED STATEMENTS CASH FLOWS
 millions)
 Years Ended
 December 2,
 2022
 December 3,
 2021
 November 27,
 2020
 Cash flows from operating activities
 Net income
 $ 4,756
 $ 5,260
 Adjustments reconcile net income cash operating activities
 Depreciation amortization accretion
 856
 788
 757
 Stock-based compensation
 1,440
 1,069
 909
 Reduction operating lease right-of-use assets
 83
 73
 87 Deferred income taxes
 328
 183
 (1,501)
 Unrealized losses (gains) on investments
 29
 (4) non items
 10
 7
 40
 Changes in operating assets liabilities acquired assets
 assumed liabilities
 Trade receivables
 (198)
 (430)
 106
 Prepaid expenses other assets
 (94)
 (475)
 (288)
 Trade payables
 66
 (20) 96 Accrued expenses liabilities
 7 162
 86 Income taxes payable
 19
 2 (72)
 Deferred revenue
 536
 1,053
 258
 Net cash by operating activities
 7,838
 7,230
 Cash flows from investing activities
 Purchases of short-term investments
 (909)
 (1,533)
 (1,071)
 Maturities short-term investments
 915
 Proceeds from sales of short-term investments
 270
 191
 167
 Acquisitions net cash acquired
 (126)
 (2,682)
 Purchases of property equipment
 (442)
 (348)
 (419)
 Purchases long-term investments intangibles other assets
 (46) (42) (15)Proceeds sales long-term investments other assets
 9
 Net cash used investing activities
 (570)
 (3,537)
 (414)


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

For the Years Ended December 31,

2019

2018

2017
Net revenues

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

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

7,500
7,017

Costs and expenses

Cost of revenuesproduct sales:

Product costs
656

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

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

Game operations and distribution costs
965

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

399
484
Product development
998

1,101
1,069
Sales and marketing
926

1,062
1,378
General and administrative
732

822
745
Restructuring and related costs
132

10
15
Total costs and expenses
4,882

5,512
5,708

Operating income
1,607

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

40
12
Income before income tax expense
1,633

1,877
1,151
Income tax expense
130

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

Earnings per common share

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

Weighted-average number of shares outstanding

Basic
767

762
754
Diluted
771

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

Table Contents
 ACTIVISION BLIZZARD INC. SUBSIDIARIES
 CONSOLIDATED STATEMENTS OPERATIONS
 (Amounts millions except per share data)
 Years Ended December 31,
 2019
 2018
 2017
 Net revenues
 Product sales
 $
 1,975
 $ 2,255 $
 2,110
 Subscription licensing other revenues
 4,514
 5,245
 Total net revenues
 6,489
 7,500
 7,017
 Costs expenses
 Cost revenuesproduct sales
 Product costs 719
 733
 Software royalties amortization intellectual property licenses
 240
 371
 300
 Cost revenuessubscription licensing other
 Game operations distribution costs
 965
 1,028
 984
 Software royalties amortization intellectual property licenses
 233
 399
 Product development
 1,101
 1,069
 Sales marketing
 926
 1,062
 1,378
 General administrative
 732
 822
 Restructuring related costs
 132
 10
 15
 Total costs expenses
 5,512
 5,708
 Operating income
 1,607
 1,988
 1,309
 Interest other expense (income), net (Note 18)
 (26) 71
 146
 Loss extinguishment debt
 40 12
 Income before income tax expense
 1,633
 1,877
 1,151
 Income tax expense
 130
 29
 878
 Net income
 $ 1,503
 $ 1,848 $
 273
 Earnings per common share
 Basic $ 1. 96
 $ 2. 43 $
 0. 36
 Diluted $ 1. 95
 $ 2. 40 $
 0. 36
 Weighted-average number shares outstanding
767
 762
 754
 Diluted
 771
 771
 766
 accompanying notes integral part Consolidated Financial Statements.
 F-5


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

December 31,

2016

2017
ASSETS

Current assets:

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

Current liabilities:

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

Stockholders equity:

Preferred stock, $0.01 par value:

Authorized shares 500

Issued and outstanding shares none

Common stock, $0.01 par value:

Authorized shares 5,000

Issued shares 500 and 507

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

Table Contents
 AMAZON.
 CONSOLIDATED BALANCE SHEETS
 millions except share data
 December 31,
 2016
 2017 Current assets
 Cash cash equivalents
 19,334 $
 20,522
 Marketable securities
 6,647
 10,464
 Inventories
 11,461
 16,047
 Accounts receivable net other
 8,339
 13,164
 Total current assets
 45,781
 60,197
 Property equipment net
 29,114
 48,866
 Goodwill
 3,784
 13,350
 Other assets
 4,723
 8,897
 Total assets
 83,402 $
 131,310
 LIABILITIES EQUITY
 Current liabilities
 Accounts payable
 25,309
 34,616
 Accrued expenses other
 13,739
 18,170
 Unearned revenue
 4,768
 5,097
 Total current liabilities
 43,816
 57,883
 Long-term debt
 24,743
 Other long-term liabilities
 12,607
 20,975
 Commitments contingencies (Note 7)
 Stockholders equity
 Preferred stock $0. par value
 Authorized shares 500
 Issued outstanding shares
 Common stock $0. par value
 Authorized shares 5,000
 Issued shares 500
 Outstanding shares 484
 Treasury stock
 (1,837)
 Additional paid-in capital
 17,186
 21,389
 Accumulated comprehensive loss
 (985)
 (484) Retained earnings
 4,916
 8,636
 Total stockholders equity
 19,285
 27,709
 liabilities stockholders equity
 83,402 $
 131,310
 accompanying notes consolidated financial statements.
 40


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

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

December 31,
 Maturities
 Interest
 Rates %
 2022
 2021
 Verizon Communications
 5 Years
. 75 - 5. 82
 23,929
 18,406
 5-10 Years
. 50 - 7. 88
 42,637
 43,225
 10 Years
. 13 - 8. 95
 60,134
 73,520
 5 Years
 Floating
 2,992
 4,086
 5-10 Years
 Floating 3,029
 824
 Alltel Corporation
 5-10 Years
 6. 80 - 7. 88
 94 38 10 Years
 N/A
 58 Operating telephone company subsidiariesdebentures
 5 Years
 N/A
 141 5-10 Years
 6. 00 - 8. 75
 475
 375
 10 Years
 5. 13 - 7. 38
 139
 250
 subsidiariesasset-backed debt
 5 Years
. 41 - 5. 72
 9,767
 9,620
 5 Years
 Floating
 10,271
 Finance lease obligations (average rate 2. 5% 2. 2%
 2022 2021
 1,732
 1,325
 Unamortized discount net premium
 (4,039)
 (4,922)
 Unamortized debt issuance costs
 (671)
 (688) Total long-term debt current maturities
 150,489
 150,868
 long-term debt maturing one year
 7,443
 Total long-term debt
 140,676
 143,425
 Long-term debt maturing one year
 7,443
 commercial paper
 150 Debt maturing one year
 7,443
 long-term debt
 140,676
 143,425
 Total debt
 150,639
 150,868


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

December 31,

December 31,

(Dollars in millions, except per share amount)

2018

2017

Assets

Current assets

Cash and cash equivalents

$
2,853
$
3,053
Marketable securities current

380

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

5,020

4,911
Inventories

Finished goods

2,120

1,915
Work in process

1,292

1,218
Raw materials and supplies

954

901
Total inventories

4,366

4,034
Prepaids

741

937
Other current assets

349

266
Total current assets

13,709

14,277
Property, plant and equipment

24,873

24,914
Less: Accumulated depreciation

(16,135)

(16,048)
Property, plant and equipment net

8,738

8,866
Goodwill

10,051

10,513
Intangible assets net

2,657

2,936
Other assets

1,345

1,395
Total assets

$
36,500
$
37,987
Liabilities

Current liabilities

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

$
1,211
$
1,853
Accounts payable

2,266

1,945
Accrued payroll

749

870
Accrued income taxes

243

310
Other current liabilities

2,775

2,709
Total current liabilities

7,244

7,687

Long-term debt

13,411

12,096
Pension and postretirement benefits

2,987

3,620
Other liabilities

3,010

2,962
Total liabilities

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

Equity

3M Company shareholders equity:

Common stock par value, $.01 par value

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

Shares outstanding - 2017: 594,884,237

Additional paid-in capital

5,643

5,352
Retained earnings

40,636

39,115
Treasury stock

(29,626)

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

(6,866)

(7,026)
Total 3M Company shareholders equity

9,796

11,563
Noncontrolling interest

52

59
Total equity

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

$
36,500
$
37,987

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

Table Contents
 3M Company Subsidiaries
 Consolidated Balance Shee t
 December 31
 December 31, December 31, (Dollars millions except per share amount)
 2018
 2017 Assets
 Current assets
 Cash cash equivalents
 $ 2,853
 $ 3,053 Marketable securities current
 380 1,076
 Accounts receivable net allowances $95 $103
 5,020
 4,911 Inventories
 Finished goods
 2,120
 1,915
 Work in process
 1,292
 1,218
 Raw materials supplies
 954
 901 Total inventories
 4,366
 4,034
 Prepaids
 741
 937
 Other current assets
 349 266 Total current assets 13,709
 14,277
 Property plant equipment
 24,873
 24,914
 Less: Accumulated depreciation
 (16,135)
 (16,048)
 Property plant equipment net
 8,738
 8,866
 Goodwill
 10,051
 10,513
 Intangible assets net
 2,657
 2,936
 Other assets
 1,345
 1,395
 Total assets
 $ 36,500
 $ 37,987
 Liabilities
 Current liabilities Short-term borrowings current portion long-term debt
 $ 1,211
 $ 1,853
 Accounts payable
 2,266
 1,945
 Accrued payroll
 749
 870 Accrued income taxes
 243 310 Other current liabilities
 2,775
 2,709 Total current liabilities
 7,244
 7,687
 Long-term debt
 13,411
 12,096
 Pension postretirement benefits

 2,987
 3,620
 Other liabilities
 3,010
 2,962
 Total liabilities
 $ 26,652
 $ 26,365
 Commitments contingencies (Note 16)
 Equity 3M Company shareholders equity:
 Common stock par value $. 01
 $ 9
 $ 9 Shares outstanding - 2018: 576,575,168
 Shares outstanding - 2017:,884,237
 Additional paid-in capital
 5,352
 Retained earnings
 40,636
 39,115
 Treasury stock
 (29,626)
 (25,887)
 Accumulated comprehensive income (loss)
 (6,866)
 (7,026)
 Total 3M Company shareholders equity
 9,796
 11,563
 Noncontrolling interest
 52 59 Total equity
 $ 9,848
 $ 11,622
 Total liabilities equity
 $ 36,500
 $ 37,987
 accompanying Notes Consolidated Financial Statements integral part of statement.
 58


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

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

TABLE 1: SUMMARY FINANCIAL PERFORMANCE
 Years Ended December 31,
 Change
 Change
 (Millions percentages share amounts indicated
 2022
 2021
 2020
 2022 vs. 2021
 2021. 2020
 Selected Income Statement Data
 Total revenues net interest expense
 52,862
 42,380
 36,087
 10,482
 25 %
 6,293
 17 %
 Provisions credit losses
 2,182
 (1,419)
 3,601
 (6,149)
 Expenses
 41,095
 33,110
 27,061
 7,985
 24
 22
 Pretax income
 10,689
 4,296
 (1,104)
 6,393
 Income tax provision
 2,071
 2,629
 1,161
 (558)
 1,468
 Net income
 7,514
 8,060
 3,135
 (546)
 Earnings per common share diluted
 9. 85
 $ 10. 02
 3. 77
 $. 17)
 (2)% 6. 25
 Common Share Statistics
 Cash dividends declared per common share
 2. 08
 1. 72
 1. 72
. 36
 21 %
 Average common shares outstanding
 751
 789
 805
 (38)
 (5) (16) (2)% Diluted
 752
 790
 806
 (38)
 (5)% (16)% Selected Metrics Ratios
 Network volumes (Billions)
 $
 1,552. 8
 $ 1,284. 2
 1,037. 8
 269
 21 %
 246
 24 %
 Return on average equity
 32. 3 %
 33. 7 %
 14. 2 %
 Net interest income divided average Card Member loans
 10. 4 %
 10. 2 %
 10. 7 %
 Net interest yield average Card Member loans
 10.6 %
 10. 7 %
 11. 5 %
 tax rate
 21. 6 %
 24. 6 %
 27. %
 Equity Tier 1
 10. 3 %
. 5 %
 13. 5 %
 Selected Balance Sheet
 Cash equivalents
 33,914
 22,028
 32,965
 $ 11,886
 54 %
 (10,937)
 (33)%
 Member receivables
 57,613
 53,645
 43,701
 9,944
 23 Member loans
 107,964
 88,562
 73,373
 19,402
 22 15,189
 deposits
 110,239
 84,382
 86,875
 25,857
 31
 (2,493)
 Long-term debt
 42,573
 $ 38,675
 42,952
 $ 3,898
 10 %
 (4,277)


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

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


Walmart Inc.
Consolidated Statements of Income

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

2018

2017

2016
Revenues:

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

4,582

4,556
3,516
Total revenues

500,343

485,873
482,130
Costs and expenses:

Cost of sales

373,396

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

106,510

101,853
97,041
Operating income

20,437

22,764
24,105
Interest:

Debt

1,978

2,044
2,027
Capital lease and financing obligations

352

323
521
Interest income

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

2,178

2,267
2,467
Loss on extinguishment of debt

3,136

Income before income taxes

15,123

20,497
21,638
Provision for income taxes

4,600

6,204
6,558
Consolidated net income

10,523

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

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

Net income per common share:

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

3.28

4.38
4.57

Weighted-average common shares outstanding:

Basic

2,995

3,101
3,207
Diluted

3,010

3,112
3,217

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

Walmart Inc.
 Consolidated Statements Income
 Fiscal Years Ended January 31,
 (Amounts millions except share data
 2018
 2017
 2016
 Revenues
 Net sales
 $ 495,761
 481,317 $
,614
 Membership other income
 4,582
 4,556
 3,516
 Total revenues
 500,343
 485,873
 482,130
 Costs expenses
 Cost sales
 373,396
,256
 360,984
 Operating selling general administrative expenses
 106,510
 101,853
 97,041
 Operating income
 20,437
 22,764
 24,105
 Interest
 Debt
 1,978
 2,044
 2,027
 Capital lease financing obligations
 352
 323
 521
 Interest income
 (152)
 (100) (81) Interest 2,178
 2,267
 2,467
 Loss extinguishment debt
 3,136
 Income before income taxes
 15,123
 20,497
 21,638
 Provision for income taxes
 4,600
 6,204
 6,558
 Consolidated net income
 10,523
 14,293
 15,080
 Consolidated net income attributable noncontrolling interest
 (661)
 (650) (386) Consolidated net income attributable Walmart
 13,643 $
 14,694
 Net income per common share
 Basic net income common share attributable Walmart
 3. 29
 4. 40 $
. 58
 Diluted net income per common share attributable Walmart
. 28
. 38
. 57
 Weighted-average common shares outstanding
 2,995
 3,101
 3,207
 Diluted 3,010
3,112
 3,217
 Dividends declared common share
 $
 2. 04
 $ 2.
 1. 96
 notes.
 55


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

2,777
897
3,673

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

2,967
942
3,909

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

 4
 1
FX %
 1
 (1)

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

 1
 5
 8
 5
Items affecting comparability %
 (3)

 (2)
 (2)

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

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

Three Months Ended June 30
 Twelve Months Ended June 30
$ million
 Flexibles
 Rigid Packaging
 sales fiscal year 2023
 2
 897
 3,673
 11,154
 3,540
 14,694
 sales fiscal year 2022
 2,967
 942
 11,151
 3,393
 14,544
 Reported Growth %
 (6)
 (5) (6) 4 1 FX %
 1
 (1) (4)
 (1) (3) Constant Currency Growth %
 (7)
 (4) (6) 4 5
 Material Pass %
 1 1 5
 8
 5 Items affecting comparability %
 (3)
 (2) Comparable Constant Currency
 Growth %
 (5)
 (4) 1 (3) Volume %
 (7)
 (6)
 (7)
 (3) (4)
 Price/Mix %
 2
 2
 2
 4
 1
 3


ConsolidatedStatementsofOperations

FortheYearsEndedDecember31,
In millions, except per share amounts
2018

2017

2016
Revenues:

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

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

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

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

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

Basicearnings(loss)pershare:

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

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

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

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

Seeaccompanyingnotestoconsolidatedfinancialstatements.
Page38

ConsolidatedStatementsofOperations
 FortheYearsEndedDecember31
 millions share amounts
 2018
 2017 2016 Revenues
 Products $ 183,910 $
 180,063 $
 173,377
 Premiums
 8,184
 3,558
 1,825
 1,144
 1,080
 Netinvestmentincome
 21
 20 Totalrevenues
 194,579
 184,786
 177,546
 Operatingcosts
 Costofproductssold
 156,447
 153,448
 146,533
 Benefitcosts
 6,594
 2,810
 2,179
 Goodwillimpairments
 6,149
 181 Operatingexpenses
 21,368
 18,809
 18,448
 Totaloperatingcosts
 190,558
 175,248
 167,160
 Operatingincome
 4,021
 9,538
 10,386
 Interestexpense
 2,619
 1,062
 1,078
 Lossonearlyextinguishmentofdebt
 643
 Otherexpense(income)
 208 28 Incomebeforeincometaxprovision 1,406
 8,268
 8,637
 Incometaxprovision 2,002
 1,637
 3,317
 Income(loss)fromcontinuingoperations
 (596)
 5,320
 Lossfromdiscontinuedoperations,netoftax
 Netincome(loss)
 (596)
 5,319
 Net(income)lossattributabletononcontrollinginterests
 2 Netincome)attributabletoCVSHealth
 $ (594)
 6,622 $
 5,317
 Basicearnings(loss)pershare
 Income(loss)fromcontinuingoperationsattributabletoCVSHealth
.
 6. 48 $
 4.
 LossfromdiscontinuedoperationsattributabletoCVSHealth
.
Netincome(loss)attributabletoCVSHealth
 $ (0.
 6. 47
 4. 93
 Weightedaveragebasicsharesoutstanding
 1,044
 1,020
 1,073
 Dilutedearnings(loss)pershare
 Income(loss)fromcontinuingoperationsattributabletoCVSHealth
 (0.
 6. 45
 4. 91
 LossfromdiscontinuedoperationsattributabletoCVSHealth
 (0. 01)
 Netincome(loss)attributabletoCVSHealth
 (0.
 6. 44
 4. 90
 Weightedaveragedilutedsharesoutstanding
 1,044
 1,024
 1,079
 Dividendsdeclaredpershare
 $ 2. 00 $
 2.
 1. 70
 Seeaccompanyingnotestoconsolidatedfinancialstatements.
 Page38


Average total VaR decreased by $7 million for the three
months ended June 30, 2023, compared with the same
period in the prior year predominantly driven by risk
reductions impacting Credit Portfolio VaR as well as fixed
income

Average total VaR decreased $7 million three
 months ended June 30, 2023, compared with same
 period prior year predominantly driven by risk
 reductions impacting Credit Portfolio VaR fixed
 income


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

For the Years Ended December 31,

2021
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES

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

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

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

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

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

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

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

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

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

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

$

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

$

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

Table Contents
 American Water Works Company. Subsidiary Companies
 Consolidated Statements Cash Flows
 millions
 Years Ended December 31,
 2021
 2020
 2019
 CASH FLOWS FROM OPERATING
 Net income
 $
 1,263
 $ 709
 $
 621
 Adjustments reconcile net cash flows operating activities
 Depreciation amortization
 636
 604
 582
 Deferred income taxes amortization investment tax credits
 230
 207
 208
 Provision losses accounts receivable
 37
 34
 28
 loss sale businesses
 (747)
 34
 Pension non-pension postretirement benefits
 (41)
 (14)
 17 non net
 (23)
 (20)
 (41)
 Changes assets liabilities
 Receivables unbilled revenues
 (74)
 (97)
 (25)
 Pension non-pension postretirement benefit contributions
 (40)
 (39)
 (31) Accounts payable accrued liabilities
 66
 assets liabilities
 134
 44
 (76)
 Net cash operating activities
 1,441
 1,426
 1,383
 CASH FLOWS FROM INVESTING
 Capital expenditures
 (1,764)
 (1,822)
 (1,654)
 Acquisitions net cash acquired
 (135)
 (135)
 (235)
 Proceeds from sale assets net cash
 472
 2
 48
 Removal costs property plant equipment retirements
 (109)
 (106)
 (104)
 Net cash investing activities
 (1,536)
 (2,061)
 (1,945)
 CASH FLOWS FROM FINANCING
 Proceeds from long-term debt
 1,118
 1,334
 1,530
 Repayments long-term debt
 (372)
 (342)
 (495)
 (Repayments proceeds term loan
 (500)
 500
short-term borrowings maturities less than three months
 (198)
 (5)
 (178)
 (Remittances proceeds from issuances employee stock plans direct stock purchase plan net taxes paid $18, $17 $11 in
 2021 2020 2019
 (1)
 9
 15
 Advances contributions construction net refunds $25, $24 $30 in 2021, 2020 2019
 62
 28
 26
 Debt issuance costs make-whole premium early debt redemption
 (26)
 (15)
 (15)
 Dividends paid
 (428)
 (389)
 (353)
 Anti-dilutive share repurchases
 (36)
 Net cash (used financing activities
 (345)
 1,120
 494
 Net (decrease) increase cash cash equivalents restricted funds
 (440)
 485
 (68)
 Cash cash equivalents restricted funds beginning period
 576
 91
 159
 Cash cash equivalents restricted funds end of period
 $
 136
 $
 576
 $
 91
 Cash paid during year
 Interest net capitalized amount
 $
 389
 $
 382
 $
 383
 Income taxes net refunds $6, $2 $4 in 2021, 2020 2019
 $
 1
 $
 7
 $
 12
 Non-cash investing activity:
 Capital expenditures acquired account unpaid year end
 $
 292
 $
 221
 $
 235
 Seller promissory note from sale Homeowner Services Group
 $
 720
 $
 $
 Contingent cash payment sale Homeowner Services Group
 $
 75
 $
 accompanying notes integral part of Consolidated Financial Statements.
 86


We must minimize disruption caused by production changes, achieve operational stability and implement productivity improvements in order to
meet customer demand and maintain our profitability. We have previously announced plans to adjust production rates on several of our
commercial aircraft programs. The 787 program is currently producing at low rates and we expect to gradually increase to 5 per month in 2023.
Production of the 777X is currently paused and is expected to resume in 2023. The 737 program has experienced operational and supply chain
challenges stabilizing production at 31 per month. We plan to gradually increase 737 production rates based on market demand and supply
chain capacity.

must minimize disruption caused by production changes achieve operational stability implement productivity improvements to
 meet customer demand maintain profitability. previously announced plans to adjust production rates on several
 commercial aircraft programs. 787 program currently producing at low rates expect to gradually increase to 5 per month in 2023.
 Production of 777X paused expected to resume in 2023. 737 program experienced operational supply chain
 challenges stabilizing production at 31 per month. plan to gradually increase 737 production rates based on market demand supply
 chain capacity.


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

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

Loss on debt redemption, repurchase and conversion

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

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

Other
(16)
(7)

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

200
Repayment of debt
(312)

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

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

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

Advanced Micro Devices Inc.
 Consolidated Statements Cash Flows
 Year Ended
 December 31,
 2022
 December 25,
 2021
 December 26,
 2020
 millions
 Cash flows operating activities
 Net income
 $ 1,320
 $ 3,162
 $
 2,490
 Adjustments reconcile net income cash operating activities
 Depreciation amortization
 4,174
 407
 312
 Stock-based compensation
 1,081
 379
 274
 Amortization debt discount issuance costs
 5
 14
 Amortization operating lease right-of-use assets
 88
 56
 42
 Amortization inventory fair value adjustment
 189
 Loss debt redemption repurchase conversion
 7
 54
 Loss sale disposal property equipment
 16
 34
 33
 Deferred income taxes
 (1,505)
 308
 (1,223)
 losses equity investments
 62
 (56)
 (14)
 Changes operating assets liabilities
 Accounts receivable
 (1,091)
 (640)
 (219)
 Inventories
 (1,401)
 (556)
 (417)
 Receivables related parties
 (13)
 8
 10 Prepaid expenses other assets
 (1,197)
 (920)
 (231)
 Payables related parties
 7
 (135)
 Accounts payable
 931
 801
 (513)
 Accrued liabilities
 526
 Net cash operating activities
 3,565
 3,521
 1,071
 Cash flows investing activities
 Purchases property equipment
 (450)
 (301)
 (294)
 Purchases short-term investments
 (2,667)
 (2,056)
 (850)
 Proceeds maturity short-term investments
 4,310
 1,678
 192 Cash Xilinx
 2,366
 Acquisition Pensando cash acquired
 (1,544)
 (16)
 (7)
Net cash provided investing activities
 1,999
 (686)
 (952)
 Cash flows financing activities
 Proceeds debt issuance costs
 991
 200
 Repayment debt
 (312)
 (200)
 Proceeds sales common stock employee equity plans
 167
 104
 85
 Repurchases common stock
 (3,702)
 (1,762)
 Common stock repurchases tax withholding employee equity plans
 (406)
 (237)
 (78)
 (2)
 (1) Net cash (used financing activities
 (3,264)
 (1,895)
 6
 increase cash cash equivalents
 2,300
 940
 125
 Cash cash equivalents beginning year
 2,535
 1,595
 1,470
 Cash cash equivalents end year
 $
 4,835
 $
 2,535
 $
 1,595


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

February 2, 2019

February 3, 2018
Assets

Current assets

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

2,032
Receivables,net

1,015
1,049
Merchandiseinventories

5,409
5,209
Othercurrentassets

466
438
Totalcurrentassets

8,870
9,829
Property and equipment

Landandbuildings

637
623
Leaseholdimprovements

2,119
2,327
Fixturesandequipment

5,865
5,410
Propertyundercapitalandfinancingleases

579
340
Grosspropertyandequipment

9,200
8,700
Lessaccumulateddepreciation

6,690
6,279
Netpropertyandequipment

2,510
2,421
Goodwill

915
425
Other assets

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

Liabilities and equity

Current liabilities

Accountspayable
 $
5,257 $
4,873
Unredeemedgiftcardliabilities

290
385
Deferredrevenue

446
453
Accruedcompensationandrelatedexpenses

482
561
Accruedliabilities

982
1,001
Currentportionoflong-termdebt

56
544
Totalcurrentliabilities

7,513
7,817
Long-term liabilities

750
809
Long-term debt

1,332
811
Contingencies and commitments (Note 13)

Equity

BestBuyCo.,Inc.Shareholders'Equity

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

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

27
28
Additionalpaid-incapital

Retainedearnings

2,985
3,270
Accumulatedothercomprehensiveincome

294
314
Totalequity

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

Contents
 Consolidated Balance Sheets
 millions share amounts
 February 2, 2019
 February 3, 2018
 Assets
 Current assets Cashandcashequivalents $ 1,980 $
 1,101
 Short-terminvestments
 2,032
 Receivables
 1,015
 1,049
 Merchandiseinventories
 5,409
 5,209
 Othercurrentassets
 466
 438
 Totalcurrentassets 8,870
 Property equipment
 Landandbuildings 637
 623
 Leaseholdimprovements
 2,119
 2,327
 Fixturesandequipment 5,865
 5,410
 Propertyundercapitalandfinancingleases 579
 340
 Grosspropertyandequipment 9,200
 8,700
 Lessaccumulateddepreciation
 6,690
 6,279
 Netpropertyandequipment 2,510
 2,421
 Goodwill
 915
 425
 Other assets
 606
 374
 Total assets
 $ 12,901 $
 13,049
 Liabilities equity
 Current liabilities Accountspayable
 $ 5,257 $
 Unredeemedgiftcardliabilities
 290
 385
 Deferredrevenue
 446
 Accruedcompensationandrelatedexpenses 482
 Accruedliabilities 982
 1,001
 Currentportionoflong-termdebt
 56 544
 Totalcurrentliabilities
 7,513
 Long-term liabilities
 750
 809 1,332
 811
 Contingencies commitments (Note 13)
 Equity
 BestBuyCo. Shareholders'Equity
 Preferredstock$1. 00parvalue:Authorized400,000shares
 Commonstock$0.10parvalue:Authorized1. 0billionshares
 282,988,000shares
 27
 28 Additionalpaid-incapital
 Retainedearnings 2,985
 3,270
 Accumulatedothercomprehensiveincome
 294
 314
 Totalequity
 3,306
 3,612
 liabilities equity
 12,901
 13,049
 SeeNotestoConsolidatedFinancialStatements.
 50


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

Years Ended

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

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

532
555
507
Services and other

686
657
735
Total revenue

17,606
15,785
12,868

Cost of revenue:
Subscription

1,646
1,374
1,108
Product

35
41
36
Services and other

484
450
578
Total cost of revenue

2,165
1,865
1,722

Gross profit

15,441
13,920
11,146

Operating expenses:
Research and development

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

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

1,219
1,085
968
Amortization of intangibles

169
172
162
Total operating expenses

9,343
8,118
6,909

Operating income

6,098
5,802
4,237

INC.
 CONSOLIDATED STATEMENTS INCOME
 millions share data
 Years Ended December 2,
 2022
 December 3,
 2021
 November 27,
 2020
 Revenue
 Subscription
 $ 16,388 $
 14,573 $
 11,626
 Product 532
 555
 507
 Services
 686
 657
 735 Total revenue
 17,606
 15,785
 12,868
 Cost revenue
 Subscription
 1,646
 1,374
 1,108
 Product 35 41 36 Services
 484
 450
 Total cost revenue
 2,165
 1,865
 1,722
 profit
 15,441
 13,920
 11,146
 Operating expenses
 Research development
 2,987
 2,540
 2,188
 Sales marketing
 4,968
 4,321
 3,591
 General administrative
 1,219
 1,085
 968
 Amortization intangibles
 169 172 162 Total operating expenses
 9,343
 8,118
 Operating income
 6,098
 4,237