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

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


MGMRESORTSINTERNATIONALANDSUBSIDIARIES
CONSOLIDATEDBALANCESHEETS
(Inthousands,exceptsharedata)

December31,

2018

2017

ASSETS

Currentassets

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

657,206

542,273
Inventories

110,831

102,292
Income tax receivable

28,431

42,551
Prepaid expenses and other

203,548

189,244
Total current assets

2,526,778

2,376,355

Propertyandequipment,net

20,729,888

19,635,459

Otherassets

Investments in and advances to unconsolidated affiliates

732,867

1,033,297
Goodwill

1,821,392

1,806,531
Other intangible assets, net

3,944,463

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

455,318

430,440
Total other assets

6,954,040

7,148,228

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

Currentliabilities

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

311,793

474,807
Current portion of long-term debt

43,411

158,042
Accrued interest on long-term debt

140,046

135,785
Other accrued liabilities

2,151,054

2,114,635
Total current liabilities

2,948,882

3,138,297

Deferredincometaxes,net

1,342,538

1,295,375
Long-termdebt,net

15,088,005

12,751,052
Otherlong-termobligations

259,240

284,416
Commitmentsandcontingencies(Note11)

Redeemablenoncontrollinginterests

102,250

79,778
Stockholders'equity

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

5,275

5,663
Capital in excess of par value

4,092,085

5,357,709
Retained earnings

2,423,479

2,217,299
Accumulated other comprehensive loss

(8,556)

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

6,512,283

7,577,061
Noncontrolling interests

3,957,508

4,034,063
Total stockholders' equity

10,469,791

11,611,124

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

55

MGMRESORTSINTERNATIONALANDSUBSIDIARIES
 CONSOLIDATEDBALANCESHEETS
 (Inthousands,exceptsharedata) December31, 2018 2017 ASSETS Currentassets
 Cash cash equivalents
 $ 1,526,762
 $ 1,499,995
 Accounts receivable
,206
,273
 Inventories
 110,831
 102,292
 Income tax receivable
 28,431 42,551
 Prepaid expenses other
 203,548
 189,244
 Total current assets
 2,526,778
 2,376,355
 Propertyandequipment,net
 20,729,888
 19,635,459
 Otherassets Investments advances unconsolidated affiliates
 732,867
 1,033,297
 Goodwill 1,821,392
 1,806,531
 Other intangible assets
 3,944,463
 3,877,960
 long-term assets
 455,318
 430,440
 Total other assets,040
 7,148,228
 30,210,706
 29,160,042
 LIABILITIESANDSTOCKHOLDERS'EQUITY Currentliabilities
 Accounts payable $ 302,578
 $ 255,028
 Construction payable
 311,793
 474,807
 Current portion long-term debt
 43,411
 158,042
 Accrued interest long-term debt
 140,046 135,785
 Other accrued liabilities
 2,151,054
 2,114,635
 Total current liabilities
 2,948,882
 3,138,297
 Deferredincometaxes,net
 1,342,538
 1,295,375
 Long-termdebt,net15,088,005
 12,751,052
 Otherlong-termobligations
 259,240
 284,416
 Commitmentsandcontingencies(Note11) Redeemablenoncontrollinginterests
 102,250
 79,778
 Stockholders'equity
 Common stock. value authorized 1,000,000,000 shares issued
 527,479,528,275,789 shares
 5,275
 Capital excess par value
 4,092,085
 5,357,709
 Retained earnings
 2,423,479
 2,217,299
 Accumulated comprehensive loss
 (8,556)
 (3,610) MGM Resorts International stockholders' equity
 6,512,283
 7,577,061
 Noncontrolling interests
 3,957,508
 4,034,063
 Total stockholders' equity
 10,469,791
 11,611,124
 30,210,706
 29,160,042
.
 55


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

7,723
7,062
 9

6,745

6,523
 3

1,156

981
 18
Pre-provision profit/(loss)

4,891
5,698
 (14)

5,202

6,691
 (22)

1,527

1,502
 2
Provision for credit losses

761
(1,868)
NM

59

(79)
NM

209

(377)
NM
Net income/(loss)

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

3,725

5,020
(a)
 (26)

994

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

2,919

2,586
 13

206
515
 (60)

18,749

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

1,387

1,521
 (9)

(126)
(1,684)
 93

12,881

13,728
 (6)
Provision for credit losses

44

(10)
NM

28
49
 (43)

1,101

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

1,004

1,156
(a)
 (13)

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

8,649

11,948
 (28)
ROE

23 %
32 %
NM
NM
 13 %
 18 %

Segment results
 tables summarize Firms results segment periods.
 Three months ended June 30,
 Consumer Community Banking
 Corporate Investment Bank
 Commercial Banking
 millions ratios)
 2022
 2021
 Change 2022 2021 Change 2022 2021 Change Total net revenue
 $ 12,614 $
 12,760
 % 11,947
 13,214
 2,683
 2,483
 8 %
 Total noninterest expense
 7,062
 9 6,745
 6,523
 3
 1,156
 18
 Pre-provision profit/(loss)
 4,891 5,698
 (14) 5,202
 (22) 1,527
 1,502
 2
 Provision credit losses
 761
 (1,868)
 59
 (79)
 209
 (377)
 NM Net income/(loss)
 3,100
 5,645
 (45) 3,725
 5,020
 (26) 994
 1,422
 (30) Return on equity (ROE)
 24 %
 44 %
 14 %
 23 %
 15 %
 23 % Three months ended June 30,
 Asset & Wealth Management
 Corporate
 Total millions except ratios)
 2022
 2021
 Change 2022 2021 Change 2022 2021 Change Total net revenue
 $
 4,306
 $
 4,107
 5 %
 $ 80 $ (1,169)
 $ 31,630
 $ 31,395
 1 %
 Total noninterest expense
 2,919
 2,586
 13
 206
 515
 (60) 18,749
 17,667
 6 Pre-provision profit/(loss)
 1,387
 1,521
 (9) (126)
 (1,684)
 93
 12,881
 13,728
 (6)Provision credit losses
 44
 (10) NM 28
 49
 (43)
 1,101
 (2,285)
 Net income(loss)
 1,004
 1,156
 (a (13) (174)
 (1,295)
 87
 8,649
 11,948
 (28) ROE
 23 %
 32 %
 13 %
 18 %


Consolidated Statements of Cash Flows
$ in millions

Fiscal Years Ended
January 28, 2023

January 29, 2022

January 30, 2021
Operating activities

Net earnings
$
 1,419

$
 2,454

$
 1,798

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

Depreciation and amortization

 918

 869

 839
Restructuring charges

 147

 (34)

 254
Stock-based compensation

 138

 141

 135
Deferred income taxes

 51

 14

 (36)
Other, net

 12

 11

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

Receivables

 (103)

 17

 73
Merchandise inventories

 809

 (328)

 (435)
Other assets

 (21)

 (14)

 (51)
Accounts payable

 (1,099)

 (201)

 1,676
Income taxes

 36

 (156)

 173
Other liabilities

 (483)

 479

 498
Total cash provided by operating activities

 1,824

 3,252

 4,927
Investing activities

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

 (930)

 (737)

 (713)
Purchases of investments

 (46)

 (233)

 (620)
Sales of investments

 7

 66

 546
Acquisitions, net of cash acquired

 -

 (468)

 -
Other, net

 7

 -

 (1)
Total cash used in investing activities

 (962)

 (1,372)

 (788)
Financing activities

Repurchase of common stock

 (1,014)

 (3,502)

 (312)
Issuance of common stock

 16

 29

 28
Dividends paid

 (789)

 (688)

 (568)
Borrowings of debt

 -

 -

 1,892
Repayments of debt

 (19)

 (133)

 (1,916)
Other, net

 -

 (3)

 -
Total cash used in financing activities

 (1,806)

 (4,297)

 (876)

Effect of exchange rate changes on cash

 (8)

 (3)

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

 (952)

 (2,420)

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

 3,205

 5,625

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

$
 3,205

$
 5,625

Consolidated Statements of Cash Flows
 $ in millions
 Fiscal Years Ended
 January 28, 2023
 January 29, 2022
 January 30, 2021
 Operating activities
 Net earnings
 $ 1,419
 $ 2,454
 $ 1,798
 Adjustments to reconcile net earnings to total cash provided by operating activities:
 Depreciation and amortization
 918
 869 839
 Restructuring charges
 147
 (34) 254 Stock-based compensation
 138 141 135 Deferred income taxes
 51
 14
 (36) Other, net 12 11 3 Changes in operating assets and liabilities, net of acquired assets and liabilities:
 Receivables
 (103)
 17
 73
 Merchandise inventories
 809
 (328)
 (435)
 Other assets
 (21) (14) (51) Accounts payable
 (1,099)
 (201)
 1,676
 Income taxes
 36
 (156)
 173 Other liabilities
 (483)
 479 498 Total cash provided by operating activities
 1,824
 3,252
 4,927 Investing activities
 Additions to property and equipment, net of $35, $46 and $32, respectively, of non-cash
 capital expenditures
 (930)
 (737)
 (713)
 Purchases of investments
 (46) (233)
 (620)
 Sales of investments
 7 66 546 Acquisitions, net of cash acquired
 - (468)
 - Other, net 7 - (1) Total cash used in investing activities
 (962)
(1,372)
 (788)
 Financing activities
 Repurchase of common stock
 (1,014)
 (3,502)
 (312)
 Issuance of common stock
 16
 29
 28
 Dividends paid
 (789)
 (688)
 (568)
 Borrowings of debt
 - - 1,892
 Repayments of debt
 (19) (133)
 (1,916)
 Other, net - (3) - Total cash used in financing activities
 (1,806)
 (4,297)
 (876)
 Effect exchange rate changes on cash
 (8) (3) 7 Increase (decrease) in cash, cash equivalents restricted cash
 (952)
 (2,420)
 3,270
 Cash, cash equivalents restricted cash at beginning of period
 3,205
 5,625 2,355
 Cash, cash equivalents restricted cash end of period
 $ 2,253
 $ 3,205
 $ 5,625


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

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

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

American Water Works Company. Subsidiary Companies
 Consolidated Balance Sheets
 millions except share data
 December 31, 2022
 December 31, 2021
 ASSETS
 Property plant equipment
 $
 29,736
 27,413
 Accumulated depreciation
 (6,513)
 (6,329)
 Property plant equipment net
 23,223
 21,084
 Current assets
 Cash equivalents
 85
 116
 Restricted funds
 32
 20
 Accounts receivable allowance uncollectible accounts $60 $75
 271
 Income tax receivable
 114
 4
 Unbilled revenues
 275
 Materials supplies
 98
 57
 Assets sale
 683
 Other
 312
 155
 Total current assets
 1,250
 1,554


Index

Consolidated Balance Sheets
Corning Incorporated and Subsidiary Companies

December31,
(Inmillions,exceptshareandpershareamounts)
2020

2019

Assets

Currentassets:

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

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

 2,438
2,320
Othercurrentassets(Note11and15)

 761
873
Totalcurrentassets

 8,004
7,463

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

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

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

 1,308
1,185
Deferredincometaxes(Note8)

 1,121
1,157
Otherassets(Note11and15)

 2,140
1,821

Total Assets
$
 30,775 $
28,898

Liabilities and Equity

Currentliabilities:

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

 1,174
1,587
Otheraccruedliabilities(Note11and14)

 2,437
1,923
Totalcurrentliabilities

 3,767
3,521

Long-termdebt(Note12)

 7,816
7,729
Postretirementbenefitsotherthanpensions(Note13)

 727
671
Otherliabilities(Note11and14)

 5,017
3,980
Totalliabilities

 17,327
15,901

Commitments,contingenciesandguarantees(Note14)

Shareholdersequity(Note17):

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

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

 863
859
Additionalpaid-incapitalcommonstock

 14,642
14,323
Retainedearnings

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

 (19,928)
(19,812)
Accumulatedothercomprehensiveloss

 (740)
(1,171)
TotalCorningIncorporatedshareholdersequity

 13,257
12,907
Noncontrollinginterests

 191
90
Totalequity

 13,448
12,997

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.
72

Index
 Consolidated Balance Sheets
 Corning Incorporated Subsidiary Companies
 December31 (Inmillions,exceptshareandpershareamounts) 2020 2019 Assets Currentassets
 Cashandcashequivalents
 $ 2,672
 2,434
 Tradeaccountsreceivable,netofdoubtfulaccounts-$46and$41
 2,133
 1,836
 Inventories,net(Note6)
 2,438
 2,320
 Othercurrentassets(Note11and15)
 761 873 Totalcurrentassets
 8,004
 7,463
 Property,plantandequipment,netofaccumulateddepreciation- $13,663and$12,995(Note9)
 15,742 15,337 Goodwill,net(Note10)
 2,460
 1,935
 Otherintangibleassets,net(Note10)
 1,308
 1,185
 Deferredincometaxes(Note8)
 1,121
 1,157
 Otherassets(Note11and15)
 2,140
 1,821
 Total Assets
 30,775 $
 28,898
 Liabilities Equity
 Currentliabilities
 Currentportionoflong-termdebtandshort-termborrowings(Note12)
 156 $ Accountspayable
 1,174
 1,587
 Otheraccruedliabilities(Note11and14)
 2,437
 1,923
 Totalcurrentliabilities
 3,767
 3,521
 Long-termdebt(Note12)
 Postretirementbenefitsotherthanpensions(Note13)
 727 671 Otherliabilities(Note11and14)
 5,017
 3,980
 Totalliabilities
 17,327
 15,901Commitments,contingenciesandguarantees(Note14)
 Shareholdersequity(Note17)
 Convertiblepreferredstock,SeriesAParvalue$100pershare
 Sharesauthorized3,100;Sharesissued:2,300
 CommonstockParvalue$0. 50pershare;Sharesauthorized:3. 8billion
 Sharesissued:1,726millionand1,718million
 Additionalpaid-incapitalcommonstock
 14,642
 14,323
 Retainedearnings
 16,120
 16,408 Treasurystock,atcost;sharesheld:961millionand956million
 (19,928)
 (19,812)
 Accumulatedothercomprehensiveloss
 (740)
 (1 TotalCorningIncorporatedshareholdersequity
 13,257
 12,907
 Noncontrollinginterests
 Totalequity
 13,448
 12,997
 Total Liabilities Equity
 30,775 $
 28,898
.
 72


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

May 26,
 2019
May 27,
 2018

ASSETS

Current assets:

Cash and cash equivalents

$
450.0
$
399.0
Receivables

1,679.7

1,684.2
Inventories

1,559.3

1,642.2
Prepaid expenses and other current assets

497.5

398.3

Total current assets

4,186.5

4,123.7
Land, buildings, and equipment

3,787.2

4,047.2
Goodwill

13,995.8

14,065.0
Other intangible assets

7,166.8

7,445.1
Other assets

974.9

943.0

Total assets

$
 30,111.2
$
 30,624.0

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$
2,854.1
$
2,746.2
Current portion of long-term debt

1,396.5

1,600.1
Notes payable

1,468.7

1,549.8
Other current liabilities

1,367.8

1,445.8

Total current liabilities

7,087.1

7,341.9
Long-term debt

11,624.8

12,668.7
Deferred income taxes

2,031.0

2,003.8
Other liabilities

1,448.9

1,341.0

Total liabilities

22,191.8

23,355.4

Redeemable interest

551.7

776.2
Stockholders equity:

Common stock, 754.6 shares issued, $0.10 par value

75.5

75.5
Additional paid-in capital

1,386.7

1,202.5
Retained earnings

14,996.7

14,459.6
Common stock in treasury, at cost, shares of 152.7 and 161.5

(6,779.0)

(7,167.5)
Accumulated other comprehensive loss

(2,625.4)

(2,429.0)

Total stockholders equity

7,054.5

6,141.1
Noncontrolling interests

313.2

351.3

Total equity

7,367.7

6,492.4

Total liabilities and equity

$
 30,111.2
$
 30,624.0

See accompanying notes to consolidated financial statements.

55

Table Contents
 Consolidated Balance Sheets
 GENERAL MILLS INC. SUBSIDIARIES
 Millions Par Value)
 May 26,
 2019
 May 27,
 2018
 Current assets:
 Cash cash equivalents
 $ 450. 0
 $ 399. 0
 Receivables
 1,679. 7
 1,684. 2
 Inventories
 1,559. 3
 1,642. 2
 Prepaid expenses other current assets
. 5
. 3
 Total current assets
 4,186. 5
 4,123. 7
 Land buildings equipment
 3,787. 2
 4,047. 2
 Goodwill 13,995. 8
 14,065. 0
 Other intangible assets
 7,166. 8
. 1
 Other assets
 974. 9
 943. 0
 Total assets
 $ 30,111. 2
 $ 30,624. 0
 LIABILITIES EQUITY
 Current liabilities:
 Accounts payable
 $ 2,854. 1
 $ 2,746. 2
 Current portion long-term debt
 1,396. 5
 1,600. 1
 Notes payable
 1,468. 7
 1,549. 8
 Other current liabilities
 1,367. 8
 1,445. 8
 Total current liabilities
 7,087. 1
 7,341. 9
 Long-term debt
 11,624. 8
 12,668. 7
 Deferred income taxes
 2,031. 0
 2,003. 8
 Other liabilities
 1,448. 9
 1,341. 0
 Total liabilities
 22,191. 8
 23,355. 4
 Redeemable interest
. 7
 776. 2
 Stockholders equity:
 Common stock. 6 shares issued $0. 10 par value
 75. 5
 75. 5
 Additional paid-in capital
 1,386. 7
 1,202. 5
 Retained earnings
 14,996. 7
 14,459. 6
 Common stock treasury cost shares 152. 7 and 161. 5
 (6,779. 0)
 (7,167. 5)
 Accumulated comprehensive loss
 (2,625. 4)
 (2,429. 0)
 Total stockholders equity
 7,054. 5
 6,141. 1
 Noncontrolling interests
 313. 2
 351. 3
 Total equity
 7,367. 7
 6,492. 4
 Total liabilities equity
 $ 30,111. 2
 $ 30,624. 0
 accompanying notes consolidated financial statements.
 55


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

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


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

Full Year Fiscal 2022
 Net sales increased 18. 3% to $10. 2 billion compared to $8. 6 billion fiscal 2021
 due to favorable impact resilience beauty
 category retail price increases impact new brands product innovation
 increased social occasions fewer COVID-19 limitations compared 2021.
 Comparable sales increased 15. 6% compared to increase 37. 9% in fiscal 2021
 driven by 10. 8% increase in transactions 4. 3% increase in average ticket.
 Gross profit increased 20. 1% to $4. 0 billion compared to $3. 4 billion 2021.
 percentage net sales gross profit increased to 39. 6% compared to 39. 0%
 2021 due to leverage fixed costs strong growth other revenue
 favorable channel mix shifts offset by higher inventory shrink lower
 merchandise margin.
 SG&A expenses increased 16. 2% to $2. 4 billion compared to $2. 1 billion
 2021. percentage net sales SG&A expenses decreased to 23. 5% compared to
 23. 9% fiscal 2021 due to lower marketing expenses leverage
 incentive compensation due higher sales offset by deleverage of corporate
 overhead due to strategic investments deleverage of store payroll benefits
 due to wage investments.


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

Operating income 2022 was $1. 3 billion compared to $3. 6 billion for 2021. decrease in operating income driven by
 amortization of intangible assets associated with Xilinx acquisition.


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

Results Operations
 Analysis Consolidated Sales
 discussion on results operations financial condition fiscal years 2021 2020 see Companys Annual Report Form 10-
 K fiscal year ended January 2, 2022, Item 7. Management's Discussion Analysis Results Operations Financial Condition.
 2022 worldwide sales increased 1. 3% to $94. 9 billion compared increase 13. 6% 2021. sales changes following:
 Sales increase/(decrease) due to:
 2022
 2021
 Volume
 6. 9 %
 12. 9 %
 Price
 (0. 8)
 (0. 7)
 Currency
 (4. 8)
 1. 4
 Total
 1. 3 %
 13. 6 %


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

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

29,963

30,334

31,292
Restructuringchargescostofgoodssold

3

Grossprofit

9,440

9,191

9,047
Selling,generalandadministrativeexpenses

7,547

7,618

7,592
Restructuringcharges

39

198

5
Operatingincome

1,854

1,375

1,450
Otherincome(expense)

Gainonsaleofinvestments

3

2

13
Investmentincomeandother

31

13

14
Interestexpense

(72)
(80)
(90)
Earningsfromcontinuingoperationsbeforeincometaxexpense

1,816

1,310

1,387
Incometaxexpense

609

503

141
Netearningsfromcontinuingoperations

1,207

807

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

21

90

(11)
Netearningsincludingnoncontrollinginterests

1,228

897

1,235
Netearningsfromdiscontinuedoperationsattributabletononcontrollinginterests

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

Basicearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders

Continuingoperations
 $
3.79
 $
2.33
 $
3.57
Discontinuedoperations

0.07

0.26

(0.04)
Basicearningspershare
 $
3.86
 $
2.59
 $
3.53

Dilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.shareholders

Continuingoperations
 $
3.74
 $
2.30
 $
3.53
Discontinuedoperations

0.07

0.26

(0.04)
Dilutedearningspershare
 $
3.81
 $
2.56
 $
3.49

Weighted-averagecommonsharesoutstanding

Basic

318.5

346.5

349.5
Diluted

322.6

350.7

353.6
SeeNotestoConsolidatedFinancialStatements.
54

Table Contents
 Consolidated Statements Earnings
 $ shares millions share amounts
 Fiscal Years Ended
 January 28, 2017
 January 30, 2016
 January 31, 2015
 Revenue
 $
 39,403
 $ 39,528
 $ 40,339
 Costofgoodssold
 29,963
 30,334
 31,292
 Restructuringchargescostofgoodssold
 3
 Grossprofit
 9,440
 9,191
 9,047
 Selling,generalandadministrativeexpenses
 7,547
 7,592
 Restructuringcharges
 39
 198
 5 Operatingincome
 1,854
 1,375
 1,450
 Otherincome(expense)
 Gainonsaleofinvestments 3
 2
 13 31
 13
 14
 Interestexpense
 (72) (80) (90) Earningsfromcontinuingoperationsbeforeincometaxexpense 1,816
 1,310
 1,387
 Incometaxexpense
 503
 141 Netearningsfromcontinuingoperations
 1,207
 807
 1,246
 Gain(loss)fromdiscontinuedoperations,netoftaxexpenseof$7,$1and$0
 21
 90 (11) Netearningsincludingnoncontrollinginterests
 1,228
 897
 1,235
 Netearningsfromdiscontinuedoperationsattributabletononcontrollinginterests NetearningsattributabletoBestBuyCo. ,Inc shareholders
 1,228
 897
 1,233
 Basicearnings(loss)pershareattributabletoBestBuyCo. shareholders
 Continuingoperations
 $ 3. 79
 $ 2. 33
 3. 57
 Discontinuedoperations
 0. 07
. 26
.04
 Basicearningspershare
 $ 3. 86
 $ 2. 59
 $ 3. 53
 Dilutedearnings(loss)pershareattributabletoBestBuyCo. shareholders
 Continuingoperations
 $ 3. 74
 $ 2. 30
 3. 53
 Discontinuedoperations
 0. 07
. 26
. 04
 Dilutedearningspershare
 3. 81
 2. 56
 $ 3. 49
 Weighted-averagecommonsharesoutstanding
 Basic 318. 5
 346. 5
. 5
 Diluted
 322. 6
 350. 7
. 6
 SeeNotestoConsolidatedFinancialStatements.
 54


CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (Millions, except per share amounts)
2022
2021
2020
Revenues
Non-interest revenues
Discount revenue
$
30,739
$
24,563
$
19,435
Net card fees
6,070
5,195
4,664
Service fees and other revenue
4,521
3,316
2,702
Processed revenue
1,637
1,556
1,301
Total non-interest revenues
42,967
34,630
28,102
Interest income
Interest on loans
11,967
8,850
9,779
Interest and dividends on investment securities
96
83
127
Deposits with banks and other
595
100
177
Total interest income
12,658
9,033
10,083
Interest expense
Deposits
1,527
458
943
Long-term debt and other
1,236
825
1,155
Total interest expense
2,763
1,283
2,098
Net interest income
9,895
7,750
7,985
Total revenues net of interest expense
52,862
42,380
36,087
Provisions for credit losses
Card Member receivables
627
(73)
1,015
Card Member loans
1,514
(1,155)
3,453
Other
41
(191)
262
Total provisions for credit losses
2,182
(1,419)
4,730
Total revenues net of interest expense after provisions for credit losses
50,680
43,799
31,357
Expenses
Card Member rewards
14,002
11,007
8,041
Business development
4,943
3,762
3,051
Card Member services
2,959
1,993
1,230
Marketing
5,458
5,291
3,696
Salaries and employee benefits
7,252
6,240
5,718
Other, net
6,481
4,817
5,325
Total expenses
41,095
33,110
27,061
Pretax income
9,585
10,689
4,296
Income tax provision
2,071
2,629
1,161
Net income
$
7,514
$
8,060
$
3,135
Earnings per Common Share (Note 21)
Basic
$
9.86
$
10.04
$
3.77
Diluted
$
9.85
$
10.02
$
3.77
Average common shares outstanding for earnings per common share:
Basic
751
789
805
Diluted
752
790
806

CONSOLIDATED STATEMENTS INCOME
 Ended December 31 (Millions share
 2022
 2021
 Revenues Non-interest revenues
 Discount revenue
 30,739
 24,563
 19,435
 Net card fees
 6,070
 5,195
 4,664
 Service fees other revenue
 4,521
 3,316
 2,702
 Processed revenue
 1,637
 1,556
 1,301
 non-interest revenues
 42,967
 34,630
 28,102
 Interest income
 loans
 11,967
 8,850
 9,779
 Interest dividends investment securities
 Deposits banks
 595
 Total interest income
 12,658
 9,033
 10,083
 Interest expense
 Deposits
 1,527
 458
 943
 Long-term debt
 1,236
 825
 1,155
 Total interest expense
 2,763
 1,283
 2,098
 Net interest income
 9,895
 7,750
 7,985
 Total revenues net interest expense
 52,862
 42,380
 36,087
 Provisions credit losses
 Card Member receivables
 627
 1,015
 loans
 1,514
 (1,155
 3,453
 41 (191) 262 Total provisions credit losses
 2,182
 (1,419)
 Total revenues net interest expense provisions credit losses
 50,680
 43,799
 31,357
 Card Member rewards
 14,002
 11,007
 8,041 Business development
 3,762
 Member services
 2,959
 1,993
 1,230
 Marketing 5,458
 5,291
 3,696
 Salaries employee benefits
 7,252
 6,240
 6,481
 5,325
 Total expenses
 41,095
 33,110
 27,061
 Pretax income
10,689
 4,296
 Income tax provision
 2,071
 2,629
 1,161
 Net income
 7,514
 $ 8,060
 3,135
 Earnings per Common Share (Note 21)
 Basic 9. 86
 $ 10. 04
 3. 77
 Diluted 9. 85
 10. 02
 3. 77
 Average common shares earnings per common share
 Basic 751
 789
 805
 752
 806


Proposal 1. With respect to the proposal to elect ten nominees to the Board of Directors (the Board), each for a one-year term expiring at the
annual meeting of shareholders to be held in 2023, the votes were cast for the proposal as set forth below:

Name

Votes For
Votes Against
Abstentions
Broker Non-Votes
Virginia C. Drosos

59,657,810
294,935

10,714,238

6,884,223
Alan D. Feldman

54,760,830
5,184,437

10,721,716

6,884,223
Richard A. Johnson

54,484,293
16,105,005

77,685

6,884,223
Guillermo G. Marmol

54,193,921
5,753,395

10,719,667

6,884,223
Darlene Nicosia

55,123,930
4,827,808

10,715,245

6,884,223
Steven Oakland

55,421,657
4,524,393

10,720,933

6,884,223
Ulice Payne, Jr.

54,993,396
4,950,917

10,722,670

6,884,223
Kimberly Underhill

55,046,260
4,906,500

10,714,223

6,884,223
Tristan Walker

55,528,794
4,419,340

10,718,849

6,884,223
Dona D. Young

53,876,257
6,074,467

10,716,259

6,884,223
Based on the votes set forth above, each of the ten nominees to the Board was duly elected.

Proposal 1. elect ten nominees Board of Directors one-year term
 annual meeting shareholders 2023 votes cast proposal set forth below
 Name Votes For
 Votes Against
 Abstentions
 Broker Non-Votes
 Virginia C. Drosos
 59,657,810
 294,935
 10,714,238
 6,884,223
 Alan D. Feldman
 54,760,830
 5,184,437
 10,721,716
 6,884,223
 Richard A. Johnson
 54,484,293
 16,105,005
 77,685
 6,884,223
 Guillermo G. Marmol
 54,193,921
 5,753,395
 10,719,667
 6,884,223
 Darlene Nicosia
 55,123,930
 4,827,808
 10,715,245
 6,884,223
 Steven Oakland
 55,421,657
 4,524,393
 10,720,933
 6,884,223
 Ulice Payne, Jr.
 54,993,396
 4,950,917
 10,722,670
 6,884,223
 Kimberly Underhill
 55,046,260
 4,906,500
 10,714,223
 6,884,223
 Tristan Walker
 55,528,794
 4,419,340
 10,718,849
 6,884,223
 Dona D. Young
 53,876,257
 6,074,467
 10,716,259
 6,884,223
 Based votes set forth above each ten nominees Board elected.


CONSOLIDATED BALANCE SHEETS
December 31 (Millions, except share data)
2022
2021
Assets
Cash and cash equivalents
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11)
$
5,510
$
1,292
Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463)
28,097
20,548
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32)
307
188
Total cash and cash equivalents
33,914
22,028
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2022, $5,193; 2021,
$5,175), less reserves for credit losses: 2022, $229; 2021, $64
57,384
53,581
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2022, $28,461; 2021, $26,587),
less reserves for credit losses: 2022, $3,747; 2021, $3,305
104,217
85,257
Other loans, less reserves for credit losses: 2022, $59; 2021, $52
5,357
2,859
Investment securities
4,578
2,591
Premises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602
5,215
4,988
Other assets, less reserves for credit losses: 2022, $22; 2021, $25
17,689
17,244
Total assets
$
228,354
$
188,548
Liabilities and Shareholders Equity
Liabilities
Customer deposits
$
110,239
$
84,382
Accounts payable
12,133
10,574
Short-term borrowings
1,348
2,243
Long-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803)
42,573
38,675
Other liabilities
37,350
30,497
Total liabilities
$
203,643
$
166,371
Contingencies and Commitments (Note 12)
Shareholders Equity
Preferred shares, $1.66
 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2022 and 2021 (Note
16)

Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761
million shares as of December 31, 2021
149
153
Additional paid-in capital
11,493
11,495
Retained earnings
16,279
13,474
Accumulated other comprehensive income (loss)
(3,210)
(2,945)
Total shareholders equity
24,711
22,177
Total liabilities and shareholders equity
$
228,354
$
188,548

CONSOLIDATED BALANCE
 December 31 (Millions except share data
 2022
 2021
 Assets
 Cash equivalents
 banks restricted cash consolidated variable interest entities 2022, $5 2021, $11)
 5,510
 1,292
 Interest-bearing deposits banks securities resale agreements 2022, $318 2021, $463
 28,097
 20,548
 Short-term investment securities restricted investments consolidated variable interest entities 2022, $54; 2021, $32)
 307
 188
 Total cash cash equivalents
 33,914
 22,028
 Card Member receivables gross receivables obligations consolidated variable interest entity 2022, $5,193 2021
 $5,175), less reserves credit losses 2022 $229; 2021, $64
 57,384
 53,581
 Card Member loans gross loans variable interest 2022 $28,461 2021, $26,587)
 less reserves credit losses 2022 $3,747 2021, $3,305
 104,217
 85,257
 Other loans less reserves credit losses 2022 $59; 2021, $52
 5,357
 2,859
 Investment securities
 4,578
 2,591
 Premises equipment less accumulated depreciation amortization 2022, $9,850; 2021, $8,602
 5,215
 4,988
 Other assets less reserves for credit losses 2022, $22; 2021, $25
 17,689
 17,244
 Total assets
 228,354
 188,548
 Liabilities Shareholders Equity
 Customer deposits
 110,239
 84,382
 Accounts payable
 12,133
 10,574
 Short-term borrowings
 1,348
 2,243
Long-term debt consolidated variable interest entities 2022, $12,662 2021, $13,803)
 42,573
 38,675
 liabilities
 37,350
 30,497
 Total liabilities
 203,643
 166,371
 Contingencies Commitments (Note 12
 Shareholders Equity
 Preferred shares $1. 66
 par value authorized 20 million shares issued outstanding 1,600 shares December 31, 2022 2021
 16
 Common shares $0. 20 par value authorized 3. 6 billion shares issued outstanding 743 million shares December 31, 2022 761
 million shares December 31, 2021
 Additional paid-in capital
 11,493
 11,495
 Retained earnings
 16,279
 13,474
 Accumulated comprehensive income (loss
 (3,210)
 (2,945)
 Total shareholders equity
 24,711
 22,177
 liabilities shareholders equity
 228,354
 188,548


On June 30, 2022, Amcor Finance (USA), Inc. (the Former Issuer) and Amcor Flexibles North America, Inc. (the Substitute Issuer),
each a wholly-owned subsidiary of Amcor plc (the Company), entered into a (i) Second Supplemental Indenture (the Second Supplemental
Indenture) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to
date, the 2016 Indenture and, together with the Second Supplemental Indenture, the 2016 Indenture), among the Former Issuer, the
guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the Trustee), governing the Former Issuers (a) 3.625%
Guaranteed Senior Notes due 2026 (the 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the 2028 Notes and, together with
the 2026 Notes, the Existing Notes) and (ii) First Supplemental Indenture (the First Supplemental Indenture and, together with the Second
Supplemental Indenture, the Supplemental Indentures) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended
and/or supplemented to date, the 2019 Indenture and, together with the First Supplemental Indenture, the 2019 Indenture and, together with
the 2016 Indenture, the Indentures), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuers
(a) 3.625% Guaranteed Senior Notes due 2026 (the New 2026 Notes) and (b) 4.500% Guaranteed Senior Notes due 2028 (the New 2028
Notes and, together with the New 2026 Notes, the New Notes), in each case, relating to the substitution of the Substitute Issuer for the Former
Issuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Companys
Current Report on Form 8-K, filed with the Securities and Exchange Commission (the SEC) on June 17, 2019, the New Notes were issued in
June 2019 following the completion of the Former Issuers exchange offer to certain eligible holders of the Existing Notes.

June 30, 2022, Amcor Finance (USA), Inc. (the Former Issuer) and Amcor Flexibles North America, Inc. (the Substitute Issuer),
 each wholly-owned subsidiary of Amcor plc (the Company), entered into (i) Second Supplemental Indenture (the Second Supplemental
 Indenture) with Trustee (as defined below) respect to Indenture dated April 28, 2016 (as amended supplemented
 date 2016 Indenture Second Supplemental Indenture, 2016 Indenture), among Former Issuer,
 guarantors party and Deutsche Bank Trust Company Americas, as trustee (the Trustee), governing Former Issuers (a) 3. 625%
 Guaranteed Senior Notes due 2026 (the 2026 Notes) and (b) 4. 500% Guaranteed Senior Notes due 2028 (the 2028 Notes
 2026 Notes, Existing Notes) and (ii) First Supplemental Indenture (the First Supplemental Indenture and Second
 Supplemental Indenture, Supplemental Indentures) with Trustee with respect to Indenture, dated June 13, 2019 (as amended
/or supplemented to date 2019 Indenture with First Supplemental Indenture, 2019 Indenture
 2016 Indenture, Indentures), among Former Issuer, guarantors party and Trustee governing Former Issuers
 (a) 3. 625% Guaranteed Senior Notes due 2026 (the New 2026 Notes) and (b) 4. 500% Guaranteed Senior Notes due 2028 (the New 2028
 Notes with New 2026 Notes, New Notes), each case relating to substitution of Substitute Issuer for Former
 Issuer and assumption by Substitute Issuer of covenants of Former Issuer under Indentures. As disclosed in Companys
Current Report on Form 8-K filed with Securities and Exchange Commission (the SEC) June 17, 2019 New Notes issued in
 June 2019 following completion Former Issuers exchange offer to certain eligible holders Existing Notes.


Table of Contents
NIKE, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEAR ENDED MAY 31,
(In millions, except per share data)
2021
2020
2019
Revenues
$
44,538 $
37,403 $
39,117
Cost of sales
24,576
21,162
21,643
Gross profit
19,962
16,241
17,474
Demand creation expense
3,114
3,592
3,753
Operating overhead expense
9,911
9,534
8,949
Total selling and administrative expense
13,025
13,126
12,702
Interest expense (income), net
262
89
49
Other (income) expense, net
14
139
(78)
Income before income taxes
6,661
2,887
4,801
Income tax expense
934
348
772
NET INCOME
$
5,727 $
2,539 $
4,029
Earnings per common share:
Basic
$
3.64 $
1.63 $
2.55
Diluted
$
3.56 $
1.60 $
2.49
Weighted average common shares outstanding:
Basic
1,573.0
1,558.8
1,579.7
Diluted
1,609.4
1,591.6
1,618.4
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2021 FORM 10-K 57

Table Contents
 NIKE.
 CONSOLIDATED STATEMENTS INCOME
 YEAR MAY 31,
 millions share data
 2021
 2020
 2019
 Revenues
 44,538 $
 37,403 $
 39,117
 Cost sales
 24,576
 21,162
 21,643
 Gross profit
 19,962
 16,241
 17,474
 Demand creation expense
 3,114
 3,592
 3,753
 Operating overhead expense
 8,949
 Total selling administrative expense
 13,025
 13,126
 12,702
 Interest expense
 262
 89
 49
 (income expense
 14
 139
 (78) Income before income taxes
 6,661
 2,887
 Income tax expense
 934
 348
 772
 INCOME
 5,727 $
 2,539 $
 4,029
 Earnings per common share
 $ 3. 64 $
 1. 63 $
 2. 55
 Diluted 3. 56 $
 1. 60 $
 2. 49
 average common shares
 1,573. 0
 1,558. 8
 1,579. 7
 1,609. 4
 1,591. 6
 1,618. 4
 Notes Consolidated Financial Statements integral part statement.
 2021 FORM 10-K 57


(8) The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated:
For
19,718,780
Against
977,228,788

(8) shareholder proposal congruency report net-zero emissions policies defeated:
 For
 19,718,780
 Against
 977,228,788


Table of Contents
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019
(in millions)
2021
2020
2019
Operating Activities
Net income
$
7,679 $
7,175 $
7,353
Depreciation and amortization
2,710
2,548
2,432
Operating lease right-of-use asset amortization
505
478
412
Share-based compensation expense
301
264
237
Restructuring and impairment charges
247
289
370
Cash payments for restructuring charges
(256)
(255)
(350)
Acquisition and divestiture-related charges
(4)
255
55
Cash payments for acquisition and divestiture-related charges
(176)
(131)
(10)
Pension and retiree medical plan expenses
123
408
519
Pension and retiree medical plan contributions
(785)
(562)
(716)
Deferred income taxes and other tax charges and credits
298
361
453
Tax expense/(benefit) related to the TCJ Act
190

(8)
Tax payments related to the TCJ Act
(309)
(78)
(423)
Change in assets and liabilities:
Accounts and notes receivable
(651)
(420)
(650)
Inventories
(582)
(516)
(190)
Prepaid expenses and other current assets
159
26
(87)
Accounts payable and other current liabilities
1,762
766
735
Income taxes payable
30
(159)
(287)
Other, net
375
164
(196)
Net Cash Provided by Operating Activities
11,616
10,613
9,649
Investing Activities
Capital spending
(4,625)
(4,240)
(4,232)
Sales of property, plant and equipment
166
55
170
Acquisitions, net of cash acquired, and investments in noncontrolled affiliates
(61)
(6,372)
(2,717)
Divestitures and sales of investments in noncontrolled affiliates
169
6
253
Short-term investments, by original maturity:
More than three months - purchases

(1,135)

More than three months - maturities
1,135

16
More than three months - sales

62
Three months or less, net
(58)
27
19
Other investing, net
5
40
(8)
Net Cash Used for Investing Activities
(3,269)
(11,619)
(6,437)
(Continued on following page)
61

Table Contents
 Consolidated Statement Cash Flows
 PepsiCo. Subsidiaries
 Fiscal years December 25 2021 26, 2020 28, 2019
 millions
 Operating Activities
 Net income
 7,679 $
 7,175 $
 7,353
 Depreciation amortization
 2,710
 2,548
 2,432
 Operating lease right-of-use amortization
 505
 478
 412
 Share-based compensation expense
 301
 264
 237
 Restructuring impairment charges
 247
 289
 370
 Cash payments restructuring charges
 (256)
 (255)
 (350
 Acquisition divestiture-related charges
 255
 55 Cash payments divestiture charges
 (176)
 (131)
 Pension retiree medical plan expenses
 123
 408
 519
 Pension retiree medical plan contributions
 (785)
 (562)
 (716)
 Deferred income taxes tax charges credits
 298
 361
 453
 Tax expense(benefit TCJ Act
 190
 Tax payments TCJ Act
 (309)
 (78)
 (423)
 Change assets liabilities
 Accounts notes receivable
 (651)
 (420)
 (650)
 Inventories
 (582)
 (516)
 (190)
 Prepaid expenses current assets
 159
 26
 (87)
 Accounts payable current liabilities
 1,762
 766
 735
 Income taxes payable
 30
 (159)
 (287)
 375
 164
 (196)
 Cash Provided Operating Activities
 11,616
 10,613
 9,649
 Investing Activities
 Capital spending
 (4,625)
 (4,240)
 (4,232
 Sales property plant equipment
 166
 55
 170
 Acquisitions cash acquired investments noncontrolled affiliates
 (61)
 (6,372)
 (2,717)
Divestitures sales investments noncontrolled affiliates
 169
 6
 253
 Short-term investments original maturity
 three months - purchases
 (1,135)
 three months - maturities
 1,135
 16
 three months sales
 62
 Three months net
 (58)
 27
 19
 investing net
 5
 40
 (8)
 Net Cash Used Investing Activities
 (3,269)
 (11,619)
 (6,437)
 (Continued following page)
 61


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

25,332

24,742
Less Allowance for credit losses

826

896
Accounts receivable, net

24,506

23,846
Inventories

2,388

3,055
Prepaid expenses and other

8,358

6,906
Total current assets

37,857

36,728
Property, plant and equipment

307,689

289,897
Less Accumulated depreciation

200,255

190,201
Property, plant and equipment, net

107,434

99,696
Investments in unconsolidated businesses

1,071

1,061
Wireless licenses

149,796

147,619
Goodwill

28,671

28,603
Other intangible assets, net

11,461

11,677
Operating lease right-of-use assets

26,130

27,883
Other assets

17,260

13,329
Total assets
$
379,680
$
366,596

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


In 2022, 40% of our revenues were earned pursuant to U.S. government contracts

2022, 40% revenues earned pursuant to U. S. government contracts


Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows

Year Ended

December 26,

2015

December 27,

2014

December 28,

2013

(In millions)
Cash flows from operating activities:

Net loss
$
(660) $
(403) $
(83)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization
167
203
236
Net loss on disposal of property, plant and equipment

31
Stock-based compensation expense
63
81
91
Non-cash interest expense
11
17
25
Goodwill impairment charge

233

Restructuring and other special charges, net
83
14

Net loss on debt redemptions

61
1
Other
(3)
(13)
(1)
Changes in operating assets and liabilities:

Accounts receivable
280
7
(200)
Inventories
(11)
199
(322)
Prepayments and other - GLOBALFOUNDRIES
84
(113)

Prepaid expenses and other assets
(111)
(7)
(103)
Accounts payables, accrued liabilities and other
(156)
(231)
266
Payable to GLOBALFOUNDRIES
27
(146)
(89)
Net cash used in operating activities
(226)
(98)
(148)
Cash flows from investing activities:

Purchases of available-for-sale securities
(227)
(790)
(1,043)
Purchases of property, plant and equipment
(96)
(95)
(84)
Proceeds from sales and maturities of available-for-sale securities
462
873
1,344
Proceeds from sale of property, plant and equipment
8

238
Net cash provided by (used in) investing activities
147
(12)
455
Cash flows from financing activities:

Proceeds from borrowings, net
100
1,155
55
Proceeds from issuance of common stock
5
4
3
Repayments of long-term debt and capital lease obligations
(44)
(1,115)
(55)
Other
(2)
2
10
Net cash provided by financing activities
59
46
13
Net increase (decrease) in cash and cash equivalents
(20)
(64)
320
Cash and cash equivalents at beginning of year
805
869
549
Cash and cash equivalents at end of year
$
785 $
805 $
869
Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest
$
149 $
138 $
152
Income taxes
$
3 $
7 $
9
See accompanying notes to consolidated financial statements.

58

Advanced Micro Devices.
 Consolidated Statements Cash Flows
 December 26,
 2015
 December 27,
 2014
 December 28,
 2013
 millions
 Cash flows from operating activities
 Net loss
 $
 (660) $
 (403) $
 (83)
 Adjustments reconcile net loss cash operating activities
 Depreciation amortization
 167
 203
 236
 Net loss on disposal property plant equipment
 31 Stock-based compensation expense
 63
 81
 91 Non-cash interest expense
 11
 17
 25
 Goodwill impairment charge
 Restructuring special charges
 83
 14
 Net loss on debt redemptions
 61
 (3) (13)
 Changes operating assets liabilities
 Accounts receivable
 280
 7
 (200)
 Inventories
 (11)
 199
 (322)
 Prepayments GLOBALFOUNDRIES
 84
 (113)
 Prepaid expenses other assets
 (111)
 (7) (103)
 Accounts payables accrued liabilities
 (156)
 (231)
 266
 Payable to GLOBALFOUNDRIES
 27
 (146)
 (89)
 Net cash used operating activities
 (226)
 (98)
 (148)
 Cash flows from investing activities
 Purchases of available-for-sale securities
 (227)
 (790)
 (1,043)
 Purchases property plant equipment
 (96)
 (95)
 (84)
 Proceeds from sales maturities available-for-sale securities
 873
 1,344
 Proceeds from sale property plant equipment
 8 238
 Net cash investing activities
 147
 (12) 455
 Cash flows from financing activities
 Proceeds from borrowings
 100 1,155
 55
 Proceeds from issuance common stock
 5
 4Repayments long-term debt capital lease obligations
 (44)
 (1,115)
 (55)
 (2)
 2
 10
 Net cash provided financing activities
 59
 46
 13
 increase (decrease) cash cash equivalents
 (20)
 (64)
 320
 Cash cash equivalents beginning year
 805
 869
 Cash cash equivalents end year
 $
 $
 $
 869
 Supplemental disclosures cash flow information
 Cash paid year:
 Interest
 $
 149 $
 138 $
 152
 Income taxes
 $
 3 $
 7 $
 9
 accompanying notes consolidated financial statements.
 58


3M Company and Subsidiaries
Consolidated Statement of Cash Flows
Years ended December 31
(Millions)
2022
2021
2020
Cash Flows from Operating Activities
Net income including noncontrolling interest
$
5,791 $
5,929 $
5,453
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating
activities
Depreciation and amortization
1,831
1,915
1,911
Long-lived and indefinite-lived asset impairment expense
618

6
Goodwill impairment expense
271

Company pension and postretirement contributions
(158)
(180)
(156)
Company pension and postretirement expense
178
206
322
Stock-based compensation expense
263
274
262
Gain on business divestitures
(2,724)

(389)
Deferred income taxes
(663)
(166)
(165)
Changes in assets and liabilities
Accounts receivable
(105)
(122)
165
Inventories
(629)
(903)
(91)
Accounts payable
111
518
252
Accrued income taxes (current and long-term)
(47)
(244)
132
Other net
854
227
411
Net cash provided by (used in) operating activities
5,591
7,454
8,113
Cash Flows from Investing Activities
Purchases of property, plant and equipment (PP&E)
(1,749)
(1,603)
(1,501)

3M Company Subsidiaries
 Consolidated Statement Cash Flows
 Years ended December 31
 (Millions
 2022
 2021
 2020
 Cash Flows Operating Activities
 Net income noncontrolling interest
 5,791
 $ 5,453
 Adjustments reconcile net income noncontrolling interest cash operating
 activities
 Depreciation amortization
 1,831
 1,915
 1,911
 Long-lived indefinite impairment expense
 618
 Goodwill impairment expense
 271
 Company pension postretirement contributions
 (158)
 (180)
 (156) pension postretirement expense
 178
 206
 322
 Stock-based compensation expense
 263
 274
 262
 Gain business divestitures
 (2,724)
 (389)
 Deferred income taxes
 (663)
 (166)
 Changes assets liabilities
 Accounts receivable
 (105)
 (122)
 165 Inventories
 (629)
 (903)
 Accounts payable
 111
 518
 252
 Accrued income taxes long-term
 (47)
 (244)
 net 854
 227
 411
 Net cash operating activities
 5,591
 7,454
 8,113
 Cash Flows Investing Activities
 Purchases property plant equipment
 (1,749)
 (1,603)
 (1,501)


2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable
foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding
COVID-19 Vaccine of 4.6%*
 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35
increasing by 10.3%*
__________________________________________________________________________________________
 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial
execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%*
 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15
increasing by 3.6%*
__________________________________________________________________________________________
 Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and
adjusted operational EPS of $10.50, reflecting growth of 3.5%*

2022 Fourth-Quarter sales decline 4. 4% to $23. 7 Billion driven unfavorable
 foreign exchange reduced COVID-19 Vaccine sales. prior year. Operational growth excluding
 COVID-19 Vaccine 4. 6%*
 2022 Fourth-Quarter earnings per share (EPS $1. 33 decreasing 24. adjusted EPS $2. 35
 increasing 10. 3%*
 2022 Full-Year sales growth 1. 3% to $94. 9 Billion driven strong commercial
 execution offset unfavorable foreign exchange. Operational growth 6. 1%*
 2022 Full-Year earnings per share (EPS) $6. 73 decreasing 13. 8% adjusted EPS $10. 15
 increasing 3. 6%*
 Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine 4. 0%*
 adjusted operational EPS $10. 50 growth 3. 5%*


3M Company and Subsidiaries
Consolidated Balance Sheet
(Unaudited)
(Dollars in millions, except per share amount)
June 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
4,258
$
3,655
Marketable securities current
56
238
Accounts receivable net of allowances of $160 and $174
4,947
4,532
Inventories
Finished goods
2,526
2,497
Work in process
1,527
1,606
Raw materials and supplies
1,227
1,269
Total inventories
5,280
5,372
Prepaids
674
435
Other current assets
539
456
Total current assets
15,754
14,688
Property, plant and equipment
26,459
25,998
Less: Accumulated depreciation
(17,248)
(16,820)
Property, plant and equipment net
9,211
9,178
Operating lease right of use assets
812
829
Goodwill
12,869
12,790
Intangible assets net
4,470
4,699
Other assets
5,764
4,271
Total assets
$
48,880
$
46,455
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt
$
3,033
$
1,938
Accounts payable
3,231
3,183
Accrued payroll
785
692
Accrued income taxes
172
259
Operating lease liabilities current
244
261
Other current liabilities
3,471
3,190
Total current liabilities
10,936
9,523

3M Company Subsidiaries
 Consolidated Balance Sheet
 millions share amount
 June 30, 2023
 December 31, 2022
 Assets Current assets Cash cash equivalents
 4,258
 3,655
 Marketable securities
 56
 238
 Accounts receivable allowances $160 $174
 4,532
 Inventories
 Finished goods
 2,526
 2,497
 Work process
 1,527
 1,606
 Raw materials supplies
 1,227
 1,269
 Total inventories
 5,280
 5,372
 Prepaids
 674
 435
 Other current assets
 539
 Total current assets
 15,754
 14,688
 Property plant equipment
 26,459
 25,998
 Accumulated depreciation
 (17,248)
 (16,820)
 Property plant equipment
 9,211
 9,178
 Operating lease right use assets
 812
 829 Goodwill
 12,869
 12,790
 Intangible assets
 Other assets
 5,764
 4,271
 Total assets
 48,880
 46,455
 Liabilities
 Current Short-term borrowings long-term debt
 3,033
 1,938
 Accounts payable
 3,231
 3,183
 Accrued payroll
 785
 692
 Accrued income taxes
 172 259
 Operating lease liabilities
 244
 261
 Other current liabilities
 3,471
 3,190
 Total current liabilities
 10,936


We expect to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception
and through the second quarter of 2023. These charges include costs and expenses related to separation of legal entities and transaction costs.

expect to incur costs approximately $700 million connection with separating Upjohn, approximately 90% incurred since inception
 through second quarter of 2023. charges include costs expenses related to separation of legal entities and transaction costs.


Overview
We are a global semiconductor company primarily offering:

server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and
Adaptive System-on-Chip (SoC) products for data centers;

CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers;

discrete GPUs, and semi-custom SoC products and development services; and

embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.
From time to time, we may also sell or license portions of our intellectual property (IP) portfolio.

Overview
 We are global semiconductor company offering:
 server microprocessors (CPUs) graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs),
 Adaptive System-on-Chip (SoC) products for data centers;
 CPUs accelerated processing units (APUs) CPUs GPUs chipsets for desktop notebook personal computers;
 discrete GPUs semi-custom SoC products development services;
 embedded CPUs, GPUs APUs FPGAs Adaptive SoC products.
 we may sell or license portions our intellectual property (IP) portfolio.


52

Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions)

Fiscal Year

2020
2019
2018
Cash Flows - Operating Activities

Net earnings, including earnings attributable to redeemable and noncontrolling interests $
2,210.8 $
1,786.2 $
2,163.0
Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

594.7
620.1
618.8
After-tax earnings from joint ventures

(91.1)
(72.0)
(84.7)
Distributions of earnings from joint ventures

76.5
86.7
113.2
Stock-based compensation

94.9
84.9
77.0
Deferred income taxes

(29.6)
93.5
(504.3)
Pension and other postretirement benefit plan contributions

(31.1)
(28.8)
(31.8)
Pension and other postretirement benefit plan costs

(32.3)
6.1
4.6
Divestitures loss

-
30.0
-
Restructuring, impairment, and other exit costs

43.6
235.7
126.0
Changes in current assets and liabilities, excluding the effects of acquisitions
 and divestitures

793.9
(7.5)
542.1
Other, net

45.9
(27.9)
(182.9)
Net cash provided by operating activities

3,676.2
2,807.0
2,841.0
Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(460.8)
(537.6)
(622.7)
Acquisition, net of cash acquired

-
-
(8,035.8)
Investments in affiliates, net

(48.0)
0.1
(17.3)
Proceeds from disposal of land, buildings, and equipment

1.7
14.3
1.4
Proceeds from divestitures

-
26.4
-
Other, net

20.9
(59.7)
(11.0)
Net cash used by investing activities

(486.2)
(556.5)
(8,685.4)
Cash Flows - Financing Activities

Change in notes payable

(1,158.6)
(66.3)
327.5
Issuance of long-term debt

1,638.1
339.1
6,550.0
Payment of long-term debt

(1,396.7)
(1,493.8)
(600.1)
Proceeds from common stock issued on exercised options

263.4
241.4
99.3
Proceeds from common stock issued

-
-
969.9
Purchases of common stock for treasury

(3.4)
(1.1)
(601.6)
Dividends paid

(1,195.8)
(1,181.7)
(1,139.7)
Investments in redeemable interest

-
55.7
-
Distributions to noncontrolling and redeemable interest holders

(72.5)
(38.5)
(51.8)
Other, net

(16.0)
(31.2)
(108.0)
Net cash (used) provided by financing activities

(1,941.5)
(2,176.4)
5,445.5
Effect of exchange rate changes on cash and cash equivalents

(20.7)
(23.1)
31.8
Increase (decrease) in cash and cash equivalents

1,227.8

51.0

(367.1)
Cash and cash equivalents - beginning of year

450.0
399.0
766.1
Cash and cash equivalents - end of year
$
1,677.8 $
450.0 $
399.0
Cash flow from changes in current assets and liabilities, excluding the effects of
 acquisitions and divestitures:

Receivables
$
37.9 $
(42.7) $
(122.7)
Inventories

103.1
53.7
15.6
Prepaid expenses and other current assets

94.2
(114.3)
(10.7)
Accounts payable

392.5
162.4
575.3
Other current liabilities

166.2
(66.6)
84.6
Changes in current assets and liabilities
$
793.9 $
(7.5) $
542.1
See accompanying notes to consolidated financial statements.

52
 Consolidated Statements Cash Flows
 GENERAL MILLS INC. SUBSIDIARIES
 Millions)
 Fiscal Year
 2020
 2019
 2018
 Cash Flows Operating Activities
 Net earnings attributable redeemable noncontrolling interests $
 2,210. 8 $
 1,786. 2 $
 2,163. 0
 Adjustments reconcile net earnings cash operating activities
 Depreciation amortization
. 7
 620. 1
 618. 8
 After-tax earnings joint ventures
 (91. 1)
 (72. 0)
 (84. 7)
 Distributions earnings joint ventures
 76. 5
 86. 7
 113. 2
 Stock-based compensation
 94. 9
 84. 9
 77. 0
 Deferred income taxes
 (29. 6)
 93. 5
 (504. 3)
 Pension postretirement benefit plan contributions
 (31. 1)
 (28. 8)
 (31. 8)
 Pension postretirement benefit plan costs
 (32. 3)
 6. 1
 4. 6
 Divestitures loss
 30. 0
 Restructuring impairment exit costs
 43. 6
 235. 7
 126. 0
 Changes current assets liabilities excluding effects
 divestitures
 793. 9
 (7. 5)
. 1
 45. 9
 (27. 9)
 (182. 9)
 Net cash operating activities
 3,676. 2
 2,807. 0
 2,841. 0
 Cash Flows Investing Activities
 Purchases land buildings equipment
 (460. 8)
 (537. 6)
 (622. 7)
 Acquisition net cash acquired
 (8,035. 8)
 Investments affiliates
 (48. 0)
 0. 1
 (17. 3)
 Proceeds disposal land buildings equipment
 1. 7
 14. 3
.
 Proceeds from divestitures
 26. 4
 20. 9
 (59. 7)
 (11. 0)
 cash used investing activities
 (486. 2)
 (556. 5)
 (8,685. 4)
 Cash Flows Financing Activities
 Change notes payable
 (1,158. 6)
 (66. 3)
 327. 5
 Issuance long-term debt
 1,638. 1
. 1
 6,550. 0
 Payment long-term debt
 (1,396. 7)
 (1,493. 8)
 (600. 1)
 Proceeds common stock issued exercised options
 263. 4
 241. 4
 99. 3
 Proceeds common stock issued
. 9
 Purchases common stock treasury
 (3. 4)
 (1. 1)
 (601. 6)
 Dividends paid
 (1,195. 8)
 (1,181. 7)
 (1,139. 7)
 Investments redeemable interest
 55. 7
 Distributions to noncontrolling redeemable interest holders
 (72. 5)
 (38. 5)
 (51. 8)
 (16. 0)
 (31. 2)
 (108. 0)
 Net cash (used financing activities
 (1,941. 5)
 (2,176. 4)
 5,445. 5
 Effect exchange rate changes cash cash equivalents
 (20. 7)
 (23. 1)
 31. 8
 Increase (decrease) cash equivalents
 1,227. 8
 51. 0
 (367. 1)
 Cash equivalents beginning year
 450. 0
 399. 0
. 1
 equivalents end of year
 1,677. 8 $
 450. 0
 399. 0
 Cash flow from changes current assets liabilities excluding effects
 divestitures:
 Receivables
 37. 9 $
 (42. 7) $
 (122.
 Inventories
 103. 1
 53. 7
 15. 6
 Prepaid expenses current assets
 94. 2
 (114. 3)
 (10. 7)
 Accounts payable
 392. 5
 162. 4
 575. 3
 liabilities
 166. 2
 (66. 6)
 84. 6
 Changes assets liabilities
 793. 9 $
 (7. 5)
. 1
 notes consolidated financial statements.


Table of Contents
61
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Years Ended

December 1,
2017
December 2,
2016
November 27,
2015
Cash flows from operating activities:

Net income
$
1,693,954
$
1,168,782
$
629,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
325,997
331,535
339,473
Stock-based compensation
451,451
349,912
335,859
Deferred income taxes
51,605
24,222
(69,657)
Gain on the sale of property

(21,415)
Unrealized (gains) losses on investments
(5,494)
3,145
(9,210)
Excess tax benefits from stock-based compensation

(75,105)
(68,153)
Other non-cash items
4,625
2,022
1,216
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net
(187,173)
(160,416)
(79,502)
Prepaid expenses and other current assets
28,040
(71,021)
(7,701)
Trade payables
(45,186)
(6,281)
22,870
Accrued expenses
154,125
64,978
(22,564)
Income taxes payable
(34,493)
43,115
97,934
Deferred revenue
475,402
524,840
320,801
Net cash provided by operating activities
2,912,853
2,199,728
1,469,502
Cash flows from investing activities:

Purchases of short-term investments
(1,931,011)
(2,285,222)
(2,064,833)
Maturities of short-term investments
759,737
769,228
371,790
Proceeds from sales of short-term investments
1,393,929
860,849
1,176,476
Acquisitions, net of cash acquired
(459,626)
(48,427)
(826,004)
Purchases of property and equipment
(178,122)
(203,805)
(184,936)
Proceeds from sale of property

57,779
Purchases of long-term investments, intangibles and other assets
(29,918)
(58,433)
(22,779)
Proceeds from sale of long-term investments
2,134
5,777
4,149
Net cash used for investing activities
(442,877)
(960,033)
(1,488,358)
Cash flows from financing activities:

Purchases of treasury stock
(1,100,000)
(1,075,000)
(625,000)
Proceeds from issuance of treasury stock
158,351
145,697
164,270
Taxes paid related to net share settlement of equity awards
(240,126)
(236,400)
(186,373)
Excess tax benefits from stock-based compensation

75,105
68,153
Proceeds from debt issuance

989,280
Repayment of debt and capital lease obligations
(1,960)
(108)
(602,189)
Debt issuance costs

(8,828)
Net cash used for financing activities
(1,183,735)
(1,090,706)
(200,687)
Effect of foreign currency exchange rates on cash and cash equivalents
8,516
(14,234)
(21,297)
Net increase (decrease) in cash and cash equivalents
1,294,757
134,755
(240,840)
Cash and cash equivalents at beginning of year
1,011,315
876,560
1,117,400
Cash and cash equivalents at end of year
$
2,306,072
$
1,011,315
$
876,560
Supplemental disclosures:

Cash paid for income taxes, net of refunds
$
396,668
$
249,884
$
203,010
Cash paid for interest
$
69,430
$
66,193
$
56,014
Non-cash investing activities:
Investment in lease receivable applied to building purchase
$
80,439
$

$

Issuance of common stock and stock awards assumed in business acquisitions
$
10,348
$

$
677
See accompanying Notes to Consolidated Financial Statements.

Table Contents
 SYSTEMS
 STATEMENTS CASH FLOWS
 Years Ended
 December 1,
 2017
 December 2,
 2016
 November 27,
 2015
 Cash flows operating activities
 Net income
 1,693,954
 1,168,782
 629,551
 Adjustments reconcile net income cash activities
 Depreciation amortization accretion
 325,997
 331,535
,473
 Stock-based compensation
 451,451
 349,912
 335,859
 Deferred income taxes
 51,605
 24,222
 (69,657)
 Gain sale property
 (21,415)
 Unrealized losses investments
 (5,494)
 3,145
 (9,210)
 Excess tax benefits stock-based compensation
 (75,105)
 (68,153)
 non-cash items
 2,022
 1,216
 Changes operating assets liabilities acquired
 Trade receivables
 (187,173)
 (160,416)
 (79,502)
 Prepaid expenses current assets
 28,040
 (71,021)
 (7,701)
 Trade payables
 (45,186)
 (6,281)
 22,870
 Accrued expenses
 154,125
 64,978
 (22,564
 Income taxes payable
 (34,493)
 43,115
 97,934
 Deferred revenue
 475,402
 524,840
 320,801
 Net cash operating activities
 2,912,853
 2,199,728
 1,469,502
 Cash flows investing activities
 Purchases short-term investments
 (1,931,011)
 (2,285,222)
 (2,064,833)
 Maturities short-term investments
 759,737
 769,228
 371,790
 Proceeds sales short-term investments
 1,393,929
 860,849
1,176,476
 Acquisitions cash
 (459,626)
 (48,427)
 (826,004)
 Purchases property equipment
 (178,122)
 (203,805)
 (184,936)
 Proceeds sale property
 57,779
 Purchases long-term investments intangibles
 (29,918)
 (58,433)
 (22,779)
 Proceeds sale long-term investments
 2,134
 5,777
 4,149
 Net cash investing activities
 (442,877)
 (960,033)
 (1,488,358)
 Cash flows financing
 Purchases treasury stock
 (1,100,000)
 (1,075,000)
 (625,000)
 Proceeds issuance treasury stock
 158,351
 145,697
 164,270
 Taxes share settlement equity awards
 (240,126)
 (236,400)
 (186,373)
 Excess tax benefits stock-based compensation
 75,105
 68,153
 Proceeds debt issuance
,280
 Repayment debt capital lease obligations
 (1,960)
 (108)
 (602,189)
 Debt issuance costs
 (8,828)
 Net cash financing activities
 (1,183,735)
 (1,090,706)
 (200,687)
 Effect foreign currency exchange rates cash equivalents
 8,516
 (14,234)
 (21,297)
 Net increase (decrease cash equivalents
 1,294,757
 134,755
 (240,840)
 Cash equivalents beginning year
 1,011,315
 876,560
 1,117,400
 end year
 $
 2,306,072
 $
 1,011,315
 $
 876,560
 Supplemental Cash paid income taxes refunds
 $
 396,668
 $
 249,884
 $ 203,010
 Cash paid interest
 $
 69,430

 66,193
 $
 56,014
 Non-cash investing activities:
 Investment lease receivable applied building purchase
 $
 80,439
 $ $
 Issuance common stock stock awards assumed business acquisitions
 $ 10,348
 $ $
 677
 Notes Consolidated Financial Statements.


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

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

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

4
3
NET INCOME (LOSS)
(505)
(951)
152
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries
(41)
542
(106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46

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


Registrants telephone number, including area code: (212) 640-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares (par value $0.20 per Share)
AXP
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act: None

Registrants telephone number area code: (212) 640-2000
 Securities registered Section 12(b) Act:
 Title each class
 Trading Symbol(s)
 Name of each exchange registered
 Common Shares (par value $0. 20 per Share)
 AXP
 New York Stock Exchange
 Securities registered section 12(g) Act: None


NIKE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED MAY 31,
(Dollars in millions)
2023
2022
2021
Cash provided (used) by operations:
Net income
$
5,070 $
6,046 $
5,727
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation

703
717
744
Deferred income taxes

(117)
(650)
(385)
Stock-based compensation

755
638
611
Amortization, impairment and other

156
123
53
Net foreign currency adjustments

(213)
(26)
(138)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable

489
(504)
(1,606)
(Increase) decrease in inventories

(133)
(1,676)
507
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and
other current and non-current assets

(644)
(845)
(182)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities
and other current and non-current liabilities

(225)
1,365
1,326
Cash provided (used) by operations

5,841
5,188
6,657
Cash provided (used) by investing activities:
Purchases of short-term investments

(6,059)
(12,913)
(9,961)
Maturities of short-term investments

3,356
8,199
4,236
Sales of short-term investments

4,184
3,967
2,449
Additions to property, plant and equipment

(969)
(758)
(695)
Other investing activities

52
(19)
171
Cash provided (used) by investing activities

564
(1,524)
(3,800)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net

(4)
15
(52)
Repayment of borrowings

(500)

(197)
Proceeds from exercise of stock options and other stock issuances

651
1,151
1,172
Repurchase of common stock

(5,480)
(4,014)
(608)
Dividends common and preferred

(2,012)
(1,837)
(1,638)
Other financing activities

(102)
(151)
(136)
Cash provided (used) by financing activities

(7,447)
(4,836)
(1,459)
Effect of exchange rate changes on cash and equivalents

(91)
(143)
143
Net increase (decrease) in cash and equivalents

(1,133)
(1,315)
1,541
Cash and equivalents, beginning of year

8,574
9,889
8,348
CASH AND EQUIVALENTS, END OF YEAR
$
7,441 $
8,574 $
9,889

NIKE INC.
 CONSOLIDATED STATEMENTS CASH FLOWS
 YEAR MAY 31,
 (Dollars millions)
 2023
 2022
 2021
 Cash by operations
 Net income
 $
 5,070 $
 $
 5,727
 Adjustments reconcile net income cash operations
 Depreciation
 703
 717
 744
 Deferred income taxes
 (117)
 (650)
 (385)
 Stock-based compensation
 755
 638
 611
 Amortization impairment
 156
 123
 53
 Net foreign currency adjustments
 (213)
 (26)
 (138)
 Changes in working capital assets liabilities:
 (Increase decrease accounts receivable
 489
 (504)
 (1,606)
 (Increase decrease inventories
 (133)
 (1,676)
 (Increase decrease prepaid expenses operating lease right-of-use assets
 current non-current assets
 (644)
 (845)
 (182)
 Increase (decrease accounts payable accrued liabilities operating lease liabilities
 current non liabilities
 (225)
 1,365
 1,326
 Cash by operations
 5,841
 5,188
 6,657
 Cash investing activities
 Purchases of short-term investments
 (6,059)
 (12,913)
 (9,961)
 Maturities short-term investments
 3,356
 8,199
 4,236
 Sales short-term investments
 4,184
 3,967
 2,449
 Additions to property plant equipment
 (969)
 (758)
 (695)
 Other investing activities
 52
 (19)
 171
 Cash investing activities
 564
 (1,524)
 (3,800)
 Cash financing activities
 Increase (decrease notes payable net
 (4)
15
 (52)
 Repayment borrowings
 (500)
 (197)
 Proceeds stock options stock issuances
 651
 1,151
 1,172
 Repurchase common stock
 (5,480)
 (4,014)
 (608)
 Dividends common preferred
 (2,012)
 (1,837)
 (1,638)
 financing activities
 (102)
 (151)
 (136)
 Cash financing activities
 (7,447)
 (4,836)
 (1,459)
 Effect exchange rate changes cash equivalents
 (91)
 (143)
 143
 Net increase (decrease) cash equivalents
 (1,133)
 (1,315)
 1,541
 Cash equivalents beginning year
 8,574
 9,889
 8,348
 CASH EQUIVALENTS YEAR
 7,441 $
 8,574
 9,889


Table of Contents
NIKE, INC.
CONSOLIDATED BALANCE SHEETS
MAY 31,
(In millions)
2021
2020
ASSETS
Current assets:
Cash and equivalents
$
9,889 $
8,348
Short-term investments
3,587
439
Accounts receivable, net
4,463
2,749
Inventories
6,854
7,367
Prepaid expenses and other current assets
1,498
1,653
Total current assets
26,291
20,556
Property, plant and equipment, net
4,904
4,866
Operating lease right-of-use assets, net
3,113
3,097
Identifiable intangible assets, net
269
274
Goodwill
242
223
Deferred income taxes and other assets
2,921
2,326
TOTAL ASSETS
$
37,740 $
31,342
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
 $
3
Notes payable
2
248
Accounts payable
2,836
2,248
Current portion of operating lease liabilities
467
445
Accrued liabilities
6,063
5,184
Income taxes payable
306
156
Total current liabilities
9,674
8,284
Long-term debt
9,413
9,406
Operating lease liabilities
2,931
2,913
Deferred income taxes and other liabilities
2,955
2,684
Commitments and contingencies (Note 18)
Redeemable preferred stock

Shareholders' equity:
Common stock at stated value:
Class A convertible 305 and 315 shares outstanding

Class B 1,273 and 1,243 shares outstanding
3
3
Capital in excess of stated value
9,965
8,299
Accumulated other comprehensive income (loss)
(380)
(56)
Retained earnings (deficit)
3,179
(191)
Total shareholders' equity
12,767
8,055
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
37,740 $
31,342
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
2021 FORM 10-K 59

Table Contents
 NIKE.
 CONSOLIDATED BALANCE
 MAY 31,
 millions
 2021
 2020
 Current assets
 Cash equivalents
 9,889
 8,348
 Short-term investments
 3,587
 439
 Accounts receivable
 4,463
 2,749
 Inventories
 6,854
 7,367
 Prepaid expenses current assets
 1,498
 1,653
 Total current assets
 26,291
 20,556
 Property plant equipment
 4,866
 Operating lease right-of assets
 3,113
 intangible assets
 269
 274
 Goodwill
 242
 223
 Deferred income taxes assets
 2,921
 2,326
 TOTAL
 37,740
 31,342
 LIABILITIES SHAREHOLDERS' EQUITY
 Current liabilities
 long-term debt
 3 Notes payable
 248
 Accounts payable
 2,836
 2,248
 operating lease liabilities
 467
 445
 Accrued liabilities
 6,063
 5,184
 Income taxes payable
 306
 156 Total current liabilities
 9,674
 8,284
 Long-term debt
 9,413
 9,406
 Operating lease liabilities
 2,931
 2,913
 Deferred income taxes liabilities
 2,955
 2,684
 Commitments contingencies 18
 Redeemable preferred stock
 Shareholders' equity
 Common stock stated value
 Class A convertible 305 315 shares
 Class B 1,273 1,243 shares outstanding
 Capital excess stated value
 9,965
 8,299
 Accumulated comprehensive income (loss
 (380)
 (56)
 Retained earnings (deficit
 3,179
 (191)
 Total shareholders' equity
 12,767
8,055
 TOTAL LIABILITIES SHAREHOLDERS' EQUITY
 $
 37,740 $
 31,342
 accompanying Notes Consolidated Financial Statements integral part statement.
 2021 FORM 10-K 59


The Boeing Company and Subsidiaries
Notes to the Consolidated Financial Statements
Summary of Business Segment Data
(Dollars in millions)

Years ended December 31,
2022
2021
2020
Revenues:
Commercial Airplanes
$25,867
$19,493
$16,162
Defense, Space & Security
23,162
26,540
26,257
Global Services
17,611
16,328
15,543
Boeing Capital
199
272
261
Unallocated items, eliminations and other
(231)
(347)
(65)
Total revenues
$66,608
$62,286
$58,158

Boeing Company Subsidiaries
 Consolidated Financial Statements
 Business Segment Data
 millions
 December 31,
 2022
 2021
 2020
 Revenues
 Commercial Airplanes
 $25,867
 $19,493
 $16,162
 Defense Space Security
 23,162
 26,540
 26,257
 Global Services
 17,611
 16,328
 15,543
 Boeing Capital
 199 272
 261
 Unallocated items eliminations
 (231)
 (347) Total revenues
 $66,608
 $62,286
 $58,158


Table of Contents
57
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)

December 1,
2017
December 2,
2016
ASSETS
Current assets:

Cash and cash equivalents
$
2,306,072
$
1,011,315
Short-term investments
3,513,702
3,749,985
Trade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively
1,217,968
833,033
Prepaid expenses and other current assets
210,071
245,441
Total current assets
7,247,813
5,839,774
Property and equipment, net
936,976
816,264
Goodwill
5,821,561
5,406,474
Purchased and other intangibles, net
385,658
414,405
Investment in lease receivable

80,439
Other assets
143,548
139,890
Total assets
$
14,535,556
$
12,697,246
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:

Trade payables
$
113,538
$
88,024
Accrued expenses
993,773
739,630
Income taxes payable
14,196
38,362
Deferred revenue
2,405,950
1,945,619
Total current liabilities
3,527,457
2,811,635
Long-term liabilities:
Debt and capital lease obligations
1,881,421
1,892,200
Deferred revenue
88,592
69,131
Income taxes payable
173,088
184,381
Deferred income taxes
279,941
217,660
Other liabilities
125,188
97,404
Total liabilities
6,075,687
5,272,411
Commitments and contingencies
Stockholders equity:

Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued

Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued;
 491,262 and 494,254 shares outstanding, respectively
61
61
Additional paid-in-capital
5,082,195
4,616,331
Retained earnings
9,573,870
8,114,517
Accumulated other comprehensive income (loss)
(111,821)
(173,602)
Treasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances
(6,084,436)
(5,132,472)
Total stockholders equity
8,459,869
7,424,835
Total liabilities and stockholders equity
$
14,535,556
$
12,697,246
See accompanying Notes to Consolidated Financial Statements.

Table Contents
 SYSTEMS
 BALANCE SHEETS
 thousands except value
 December 1,
 2017
 December 2,
 2016
 Current assets
 Cash equivalents
 2,306,072
 1,011,315
 Short-term investments
 3,513,702
 3,749,985
 Trade receivables allowances doubtful accounts $9,151 $6,214
 1,217,968
 833,033
 Prepaid expenses current assets
 210,071
 245,441
 Total assets
 7,247,813
,774
 Property equipment
 936,976
 816,264
 Goodwill
,561
 5,406,474
 Purchased intangibles
 385,658
 414,405
 Investment lease receivable
 80,439
 Other assets
 143,548
 139,890
 Total assets
 14,535,556
 12,697,246
 LIABILITIES EQUITY
 Current liabilities
 Trade payables
 113,538
 88,024
 Accrued expenses
 993,773
 739,630
 Income taxes payable
 14,196
 38,362
 Deferred revenue
 2,405,950
 1,945,619
 Total liabilities
 3,527,457
 2,811,635
 Long-term liabilities
 Debt capital lease obligations
 1,881,421
 1,892,200
 Deferred revenue
 88,592
 69,131
 Income taxes payable
 173,088
 184,381
 Deferred income taxes
 279,941
 217,660
 Other liabilities
 125,188
 97,404
 Total liabilities
,687
 5,272,411
 Commitments contingencies
 Stockholders equity
 Preferred stock $0. 0001 par value 2,000 shares authorized none issued
Common stock $0. 0001 value 900,000 shares authorized 600,834 shares issued
 491,262,254 shares outstanding
 61
 Additional paid-in-capital
 5,082,195
 4,616,331
 Retained earnings
 9,573,870
 8,114,517
 Accumulated income (loss)
 (111,821)
 (173,602)
 Treasury stock cost (109,572 106,580 shares net reissuances
 (6,084,436)
 (5,132,472)
 Total stockholders equity
 8,459,869
,835
 Total liabilities stockholders equity
 $
 14,535,556
 12,697,246
 Notes Consolidated Financial Statements.


Table of Contents
62
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

Years Ended

December 2,
2016
November 27,
2015
November 28,
2014
Revenue:

Subscription
$
4,584,833
$
3,223,904
$
2,076,584
Product
800,498
1,125,146
1,627,803
Services and support
469,099
446,461
442,678
Total revenue
5,854,430
4,795,511
4,147,065

Cost of revenue:
Subscription
461,860
409,194
335,432
Product
68,917
90,035
97,099
Services and support
289,131
245,088
189,549
Total cost of revenue
819,908
744,317
622,080

Gross profit
5,034,522
4,051,194
3,524,985

Operating expenses:
Research and development
975,987
862,730
844,353
Sales and marketing
1,910,197
1,683,242
1,652,308
General and administrative
577,710
531,919
543,332
Restructuring and other charges
(1,508)
1,559
19,883
Amortization of purchased intangibles
78,534
68,649
52,424
Total operating expenses
3,540,920
3,148,099
3,112,300

Operating income
1,493,602
903,095
412,685

Non-operating income (expense):
Interest and other income (expense), net
13,548
33,909
7,267
Interest expense
(70,442)
(64,184)
(59,732)
Investment gains (losses), net
(1,570)
961
1,156
Total non-operating income (expense), net
(58,464)
(29,314)
(51,309)
Income before income taxes
1,435,138
873,781
361,376
Provision for income taxes
266,356
244,230
92,981
Net income
$
1,168,782
$
629,551
$
268,395
Basic net income per share
$
2.35
$
1.26
$
0.54
Shares used to compute basic net income per share
498,345
498,764
497,867
Diluted net income per share
$
2.32
$
1.24
$
0.53
Shares used to compute diluted net income per share
504,299
507,164
508,480
 See accompanying Notes to Consolidated Financial Statements.

Table Contents
 SYSTEMS
 STATEMENTS INCOME
 thousands share data
 December 2,
 2016
 November 27,
 2015
 November 28,
 2014
 Revenue
 Subscription
 4,584,833
 3,223,904
 2,076,584
 Product 800,498
 1,125,146
 1,627,803
 Services support
 469,099
 446,461
 442,678
 Total revenue
 5,854,430
 4,795,511
 4,147,065
 Cost revenue
 Subscription
 461,860
 409,194
 335,432
 Product 68,917
 90,035
 97,099
 Services support
,131
 245,088
 189,549
 Total cost revenue
 819,908
 744,317
 622,080
 Gross profit
 5,034,522
 4,051,194
 3,524,985
 Operating expenses
 Research development
 975,987
 862,730
,353
 Sales marketing
 1,910,197
 1,683,242
 1,652,308
 General administrative
 577,710
 531,919
 543,332
 Restructuring charges
 (1,508) 1,559 19,883
 Amortization purchased intangibles
 78,534
 68,649
 52,424
 Total operating expenses
 3,540,920
 3,148,099
 3,112,300
 Operating income
 1,493,602
 903,095
 412,685
 Non-operating income
 Interest 13,548
 33,909
 7,267
 expense (70,442)
 (64,184)
 (59,732)
 Investment gains
 (1,570) 1,156 non-operating income
 (58,464)
 (29,314)
 (51,309)
Income before taxes
 1,435,138
 873,781
 361,376
 Provision for income taxes
 266,356
 244,230
 92,981
 Net income
 1,168,782
 629,551
 268,395
 Basic net income per share
 $ 2. 35
 1. 26
. 54
 Shares compute basic net income per share
,345
 498,764
 497,867
 Diluted net income per share
 2. 32
 1. 24
. 53
 Shares compute diluted net income per share
 504,299
,164
 508,480
 Notes to Consolidated Financial Statements.


3M Company and Subsidiaries
Consolidated Balance Sheet
At December 31
(Dollars in millions, except per share amount)
2022
2021
Assets
Current assets
Cash and cash equivalents
$
3,655 $
4,564
Marketable securities current
238
201
Accounts receivable net of allowances of $174 and $189
4,532
4,660
Inventories
Finished goods
2,497
2,196
Work in process
1,606
1,577
Raw materials and supplies
1,269
1,212
Total inventories
5,372
4,985
Prepaids
435
654
Other current assets
456
339
Total current assets
14,688
15,403
Property, plant and equipment
25,998
27,213
Less: Accumulated depreciation
(16,820)
(17,784)
Property, plant and equipment net
9,178
9,429
Operating lease right of use assets
829
858
Goodwill
12,790
13,486
Intangible assets net
4,699
5,288
Other assets
4,271
2,608
Total assets
$
46,455 $
47,072

3M Company Subsidiaries
 Consolidated Balance Sheet
 December 31
 millions share amount
 2022
 2021
 Assets Current
 Cash equivalents
 3,655
 4,564
 Marketable securities
 238
 201
 Accounts receivable allowances $174 $189
 4,532
 4,660
 Inventories
 Finished goods
 2,497
 2,196
 Work process
 1,606
 1,577
 Raw materials supplies
 1,269
 1,212
 Total inventories
 5,372
 4,985
 Prepaids
 435
 654
 Other current assets
 Total assets
 14,688
 15,403
 Property plant equipment
 25,998
 27,213
 Accumulated depreciation
 (16,820)
 (17,784
 Property plant equipment
 9,178
 9,429
 Operating lease right use assets
 829
 858
 Goodwill
 12,790
 13,486
 Intangible assets
 5,288
 Other assets
 4,271
 2,608
 Total assets
 46,455
 47,072


Walmart Inc.
Consolidated Balance Sheets

As of January 31,
(Amounts in millions)

2018

2017
ASSETS

Current assets:

Cash and cash equivalents
 $
6,756
 $
6,867
Receivables, net

5,614

5,835
Inventories

43,783

43,046
Prepaid expenses and other

3,511

1,941
Total current assets

59,664

57,689
Property and equipment:

Property and equipment

185,154

179,492
Less accumulated depreciation

(77,479)
(71,782)
Property and equipment, net

107,675

107,710
Property under capital lease and financing obligations:

Property under capital lease and financing obligations

12,703

11,637
Less accumulated amortization

(5,560)
(5,169)
Property under capital lease and financing obligations, net

7,143

6,468

Goodwill

18,242

17,037
Other assets and deferred charges

11,798

9,921
Total assets
 $
204,522
 $
198,825

LIABILITIES AND EQUITY

Current liabilities:

Short-term borrowings
 $
5,257
 $
1,099
Accounts payable

46,092

41,433
Accrued liabilities

22,122

20,654
Accrued income taxes

645

921
Long-term debt due within one year

3,738

2,256
Capital lease and financing obligations due within one year

667

565
Total current liabilities

78,521

66,928

Long-term debt

30,045

36,015
Long-term capital lease and financing obligations

6,780

6,003
Deferred income taxes and other

8,354

9,344

Commitments and contingencies

Equity:

Common stock

295

305
Capital in excess of par value

2,648

2,371
Retained earnings

85,107

89,354
Accumulated other comprehensive loss

(10,181)
(14,232)
Total Walmart shareholders' equity

77,869

77,798
Noncontrolling interest

2,953

2,737
Total equity

80,822

80,535
Total liabilities and equity
 $
204,522
 $
198,825
See accompanying notes.
57

Walmart Inc.
 Consolidated Balance Sheets
 January 31,
 (Amounts in millions)
 2018
 2017 ASSETS Current assets
 Cash cash equivalents
 $ 6,756
 $ 6,867
 Receivables
 5,614 5,835
 Inventories
 43,783
 43,046
 Prepaid expenses other
 3,511
 1,941
 Total current assets
 59,664
 57,689
 Property and equipment
 equipment 185,154
 179,492
 Less accumulated depreciation
 (77,479)
 (71,782)
 Property equipment
 107,675
 107,710
 Property under capital lease financing obligations
 capital lease financing obligations 12,703
 11,637
 accumulated amortization
 (5,560)
 (5,169)
 Property under capital lease financing obligations
 7,143
 6,468
 Goodwill
 18,242
 17,037
 Other assets deferred charges
 11,798
 Total assets
 $ 204,522
 198,825
 LIABILITIES EQUITY
 Current liabilities
 Short-term borrowings
 $ 5,257
 $ 1,099
 Accounts payable
 46,092
 41,433
 Accrued liabilities
 22,122
 20,654
 Accrued income taxes
 921 Long-term debt due within one year
 3,738
 2,256
 Capital lease financing obligations due within one year
 Total current liabilities
 78,521
 66,928
 Long-term debt
 30,045
 36,015
 Long-term capital lease financing obligations
 6,780
 6,003
 Deferred income taxes other
 8,354
 9,344
Commitments contingencies
 Equity
 Common stock
 295
 305
 Capital excess value
 2,648
 2,371
 Retained earnings
 85,107
 89,354
 Accumulated comprehensive loss
 (10,181)
 (14,232
 Total Walmart shareholders equity
 77,869
 77,798
 Noncontrolling interest
 2,953
 2,737
 equity
 80,822
 80,535
 Total liabilities equity
 $ 204,522
 198,825
 accompanying notes.
 57