Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)

For the Years Ended December 31,

2019

2018

2017
Cash flows from operating activities:

Net income
$
1,503
 $
1,848
 $
273
Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes
(352)
(35)
(181)
Provision for inventories
6

6

33
Non-cash operating lease cost
64

Depreciation and amortization
328

509

888
Amortization of capitalized software development costs and intellectual property licenses (1)
225

489

311
Loss on extinguishment of debt

40

12
Share-based compensation expense (2)
166

209

176
Unrealized gain on equity investment (Note 10)
(38)

Other
51

7

40
Changes in operating assets and liabilities, net of effect from business acquisitions:

Accounts receivable, net
182

(114)
(165)
Inventories
7

(5)
(26)
Software development and intellectual property licenses
(275)
(372)
(301)
Other assets
164

(51)
(97)
Deferred revenues
(154)
(122)
220
Accounts payable
31

(65)
85
Accrued expenses and other liabilities
(77)
(554)
945
Net cash provided by operating activities
1,831

1,790

2,213
Cash flows from investing activities:

Proceeds from maturities of available-for-sale investments
153

116

80
Purchases of available-for-sale investments
(65)
(209)
(135)
Capital expenditures
(116)
(131)
(155)
Other investing activities
6

(6)
3
Net cash used in investing activities
(22)
(230)
(207)
Cash flows from financing activities:

Proceeds from issuance of common stock to employees
105

99

178
Tax payment related to net share settlements on restricted stock units
(59)
(94)
(56)
Dividends paid
(283)
(259)
(226)
Proceeds from debt issuances, net of discounts

3,741
Repayment of long-term debt

(1,740)
(4,251)
Premium payment for early redemption of note

(25)

Other financing activities

(1)
(10)
Net cash used in financing activities
(237)
(2,020)
(624)
Effect of foreign exchange rate changes on cash and cash equivalents
(3)
(31)
76
Net increase (decrease) in cash and cash equivalents and restricted cash
1,569

(491)
1,458
Cash and cash equivalents and restricted cash at beginning of period
4,229

4,720

3,262
Cash and cash equivalents and restricted cash at end of period
$
5,798
 $
4,229
 $
4,720
(1)
Excludes deferral and amortization of share-based compensation expense.
(2)
Includes the net effects of capitalization, deferral, and amortization of share-based compensation expense.
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-8

Table Contents
 ACTIVISION BLIZZARD INC. SUBSIDIARIES
 CONSOLIDATED STATEMENTS CASH FLOWS
 (Amounts millions)
 Years Ended December 31,
 2019
 2018
 2017
 Cash flows operating activities
 Net income
 $
 1,503
 $
 1,848
 $
 273
 Adjustments reconcile net income cash operating activities
 Deferred income taxes
 (352)
 (35) (181)
 Provision inventories
 6
 6 33 Non-cash operating lease cost
 64
 Depreciation amortization
 328
 509
 Amortization capitalized software development costs property licenses
 225
 311
 Loss on extinguishment debt
 40
 12 Share-based compensation expense (2)
 166
 209
 176
 Unrealized gain equity investment (Note 10)
 (38) Other 51
 7
 40 Changes operating assets liabilities effect business
 Accounts receivable
 182
 (114)
 (165)
 Inventories
 7
 (5) (26) Software development intellectual property licenses
 (275)
 (372)
 (301)
 Other assets
 164
 (51)
 (97)
 Deferred revenues
 (154)
 (122)
 220 Accounts payable
 31
 (65)
 85 Accrued expenses other liabilities
 (77)
 (554)
 945
 Net cash operating activities
 1,831
 1,790
 2,213
 Cash flows from investing activities
 Proceeds maturities available-for-sale investments
 153
 116
 80 Purchases available-for-sale investments
 (65) (209)
 (135)
 Capital expenditures
 (116)
 (131)
 (155)
 Other investing activities
 6
 (6) 3 Net cash used investing activities
(22)
 (230)
 (207)
 Cash flows financing activities
 Proceeds issuance common stock employees
 105
 99
 178
 Tax payment related net share settlements restricted stock units
 (59)
 (94)
 (56)
 Dividends paid
 (283)
 (259)
 (226)
 Proceeds debt issuances net discounts
 3,741
 Repayment long-term debt
 (1,740)
 (4,251)
 Premium payment early redemption note
 (25)
 financing activities
 (1) (10) Net cash used financing activities
 (237)
 (2,020)
 (624)
 Effect foreign exchange rate changes cash cash equivalents
 (3)
 (31)
 76
 Net increase (decrease) cash cash equivalents restricted cash
 1,569
 (491)
 1,458
 Cash cash equivalents restricted cash beginning period
 4,229
 4,720
 3,262
 Cash cash equivalents restricted cash end period
 $ 5,798
 $
 4,229
 $
 4,720
 (1) Excludes deferral amortization share-based compensation expense.
 (2) Includes net effects capitalization deferral amortization share-based compensation expense.
 accompanying notes integral part Consolidated Financial Statements.
 F-8


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

For the Years Ended December 31,

2020
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES

Net income
$
709
$
621
$
565
Adjustments to reconcile to net cash flows provided by operating activities:

Depreciation and amortization
604
582
545
Deferred income taxes and amortization of investment tax credits
207
208
195
Provision for losses on accounts receivable
34
28
33
Loss (gain) on asset dispositions and purchases

34
(20)
Impairment charge

57
Pension and non-pension postretirement benefits
(14)
17
23
Other non-cash, net
(20)
(41)
20
Changes in assets and liabilities:

Receivables and unbilled revenues
(97)
(25)
(17)
Pension and non-pension postretirement benefit contributions
(39)
(31)
(22)
Accounts payable and accrued liabilities
(2)
66
25
Other assets and liabilities, net
44
(72)
22
Impact of Freedom Industries settlement activities

(4)
(40)
Net cash provided by operating activities
1,426
1,383
1,386
CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures
(1,822)
(1,654)
(1,586)
Acquisitions, net of cash acquired
(135)
(235)
(398)
Proceeds from sale of assets
2
48
35
Removal costs from property, plant and equipment retirements, net
(106)
(104)
(87)
Net cash used in investing activities
(2,061)
(1,945)
(2,036)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt
1,334
1,530
1,358
Repayments of long-term debt
(342)
(495)
(526)
Proceeds from term loan
500

Net short-term borrowings with maturities less than three months
(5)
(178)
60
Issuance of common stock

183
Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17, $11
and $8 in 2020, 2019 and 2018, respectively
9
15
16
Advances and contributions in aid of construction, net of refunds of $24, $30 and $22 in 2020, 2019
and 2018, respectively
28
26
21
Debt issuance costs and make-whole premium on early debt redemption
(15)
(15)
(22)
Dividends paid
(389)
(353)
(319)
Anti-dilutive share repurchases

(36)
(45)
Net cash provided by financing activities
1,120
494
726
Net increase (decrease) in cash, cash equivalents and restricted funds
485
(68)
76
Cash, cash equivalents and restricted funds at beginning of period
91
159
83
Cash, cash equivalents and restricted funds at end of period
$
576
$
91
$
159
Cash paid during the year for:

Interest, net of capitalized amount
$
382
$
383
$
332
Income taxes, net of refunds of $2, $4 and $0 in 2020, 2019 and 2018, respectively
$
7
$
12
$
38
Non-cash investing activity:

Capital expenditures acquired on account but unpaid as of year end
$
221
$
235
$
181
The accompanying notes are an integral part of these Consolidated Financial Statements.
84

Table Contents
 American Water Works Company. Subsidiary Companies
 Statements Cash Flows
 millions
 Years Ended December 31,
 2020
 2019
 2018
 CASH FLOWS FROM OPERATING
 Net income
 $
 709
 $
 621
 $
 565
 Adjustments reconcile net cash flows activities
 Depreciation amortization
 604
 582
 545
 Deferred income taxes amortization investment tax credits
 207
 208
 195
 Provision losses accounts receivable
 34
 28
 33
 Loss dispositions purchases
 34
 (20) Impairment charge
 57
 Pension non-pension postretirement benefits
 (14)
 17
 23
 Other non-cash
 (20)
 (41)
 20 Changes assets liabilities
 Receivables unbilled revenues
 (97)
 (25)
 (17)
 Pension non-pension postretirement benefit contributions
 (39)
 (31)
 (22)
 Accounts payable accrued liabilities
 66
 25
 Other assets liabilities
 44
 (72)
 22
 Impact Freedom Industries settlement activities
 (4) (40) Net cash operating activities
 1,426
 1,383
 1,386
 CASH FLOWS FROM INVESTING
 Capital expenditures
 (1,822)
 (1,654)
 (1,586)
 Acquisitions cash acquired
 (135)
 (235)
 (398)
 Proceeds sale assets
 2
 48
 35
 Removal costs property plant equipment retirements
 (106)
 (104)
 (87)
 cash investing activities
 (2,061)
 (1,945)
 (2,036)
 CASH FLOWS FROM FINANCING
 Proceeds long-term debt
 1,334
 1,530
 1,358
 Repayments long-term debt
 (342)
 (495)
 (526)
 Proceeds term loan
 500
short-term borrowings maturities less than three months
 (5)
 (178)
 60
 Issuance common stock
 183
 Proceeds from issuances employee stock plans direct stock purchase plan net taxes paid $17, $11
 $8 in 2020 2019 2018
 9
 15
 16
 Advances contributions construction net refunds $24, $30 $22 in 2020 2019
 2018
 28
 26
 21
 Debt issuance costs make-whole premium early debt redemption
 (15)
 (15)
 (22)
 Dividends paid
 (389)
 (353)
 (319)
 Anti-dilutive share repurchases
 (36)
 (45)
 Net cash financing activities
 1,120
 494
 726
 Net increase (decrease) in cash cash equivalents restricted funds
 485
 (68)
 76
 Cash cash equivalents restricted funds beginning period
 91
 159
 83
 Cash cash equivalents restricted funds end of period
 $
 576
 $
 91
 $
 159
 Cash paid year
 Interest net capitalized amount
 $
 382
 $
 383
 332
 Income taxes net refunds $2, $4 $0 in 2020 2019 2018
 $
 7
 12
 $
 38
 Non-cash investing activity:
 Capital expenditures acquired account unpaid year end
 $
 221
 $
 235
 $
 181
 accompanying notes integral part of Consolidated Financial Statements.
 84


Estimated Future Benefit Payments
The benefit payments to retirees are expected to be paid as follows:
(dollars in millions)
Year
Pension Benefits
Health Care and Life
2022
$
2,049
$
906
2023
1,648
883
2024
1,097
862
2025
1,066
850
2026
1,034
840
2027 to 2031
5,097
4,139

Future Benefit Payments
 benefit payments retirees paid
 (dollars millions
 Year
 Pension Benefits
 Health Care Life
 2022
 $
 2,049
 906
 2023
 1,648
 883
 2024
 1,097
 862
 2025
 1,066
 850
 2026
 1,034
 840
 2027 2031
 5,097
 4,139


Fair value level
June 30, 2023
December 31, 2022
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$
2,195
$
12,009
Commercial paper and certificates of deposit
Level 2

5,992
Cash and cash equivalents
2,195
18,001
Short-term investments:
U.S. government securities
Level 1
57,696
56,835
U.S. agency securities
Level 2
29,049
9,530
Commercial paper and certificates of deposit
Level 2
4,561
4,466
Corporate bonds
Level 2
416,420
213,875
Short-term investments
507,726
284,706
Total debt investments
$
509,921
$
302,707

Fair value level
 June 30, 2023
 December 31, 2022
 thousands
 Cash equivalents
 Money market funds
 Level 1
 2,195
 12,009
 Commercial paper certificates deposit
 Level 2
 Cash equivalents
 2,195
 18,001
 Short-term investments
 U. S. government securities
 Level 1
 57,696
 56,835
. agency securities
 Level 2
 29,049
 Commercial paper certificates deposit
 2 4,561
 4,466
 Corporate bonds
 2
 416,420
 213,875
 Short-term investments
 507,726
 284,706
 Total debt investments
 509,921
 302,707


63
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Years Ended

November 27,
2015
November 28,
2014
November 29,
2013
Cash flows from operating activities:

Net income..................................................................................................................... $
629,551
$
268,395
$
289,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion.................................................................
339,473
313,590
321,227
Stock-based compensation .......................................................................................
335,859
333,701
328,987
Deferred income taxes..............................................................................................
(69,657)
(26,089)
29,704
Gain on the sale of property .....................................................................................
(21,415)

Write down of assets held for sale............................................................................

23,151
Unrealized (gains) losses on investments.................................................................
(9,210)
(74)
5,665
Tax benefit from stock-based compensation............................................................
68,133
53,225
25,290
Excess tax benefits from stock-based compensation................................................
(68,153)
(53,235)
(40,619)
Other non-cash items................................................................................................
1,216
1,889
5,654
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net ............................................................................................
(79,502)
7,928
33,649
Prepaid expenses and other current assets .............................................................
(7,701)
(1,918)
(55,509)
Trade payables .......................................................................................................
22,870
6,211
7,132
Accrued expenses...................................................................................................
(5,944)
37,544
41,828
Accrued restructuring.............................................................................................
(16,620)
8,871
(6,949)
Income taxes payable.............................................................................................
29,801
11,006
(58,875)
Deferred revenue....................................................................................................
320,801
326,438
201,366
Net cash provided by operating activities.........................................................
1,469,502
1,287,482
1,151,686
Cash flows from investing activities:

Purchases of short-term investments .............................................................................
(2,064,833)
(2,014,186)
(2,058,058)
Maturities of short-term investments.............................................................................
371,790
272,076
360,485
Proceeds from sales of short-term investments .............................................................
1,176,476
1,443,577
1,449,961
Acquisitions, net of cash acquired .................................................................................
(826,004)
(29,802)
(704,589)
Purchases of property and equipment............................................................................
(184,936)
(148,332)
(188,358)
Proceeds from sale of property ......................................................................................
57,779

24,260
Purchases of long-term investments, intangibles and other assets ................................
(22,779)
(17,572)
(67,737)
Proceeds from sale of long-term investments................................................................
4,149
3,532
6,233
Net cash used for investing activities ...............................................................
(1,488,358)
(490,707)
(1,177,803)
Cash flows from financing activities:

Purchases of treasury stock............................................................................................
(625,000)
(600,000)
(1,100,000)
Proceeds from issuance of treasury stock......................................................................
164,270
227,841
598,194
Cost of issuance of treasury stock..................................................................................
(186,373)
(173,675)
(97,418)
Excess tax benefits from stock-based compensation.....................................................
68,153
53,235
40,619
Proceeds from debt and capital lease obligations ..........................................................
989,280

25,703
Repayment of debt and capital lease obligations...........................................................
(602,189)
(14,684)
(25,879)
Debt issuance costs ........................................................................................................
(8,828)

(357)
Net cash used for financing activities...............................................................
(200,687)
(507,283)
(559,138)
Effect of foreign currency exchange rates on cash and cash equivalents.........................
(21,297)
(6,648)
(5,241)
Net increase (decrease) in cash and cash equivalents.......................................................
(240,840)
282,844
(590,496)
Cash and cash equivalents at beginning of year...............................................................
1,117,400
834,556
1,425,052
Cash and cash equivalents at end of year ......................................................................... $
876,560
$
1,117,400
$
834,556
Supplemental disclosures:

Cash paid for income taxes, net of refunds.................................................................... $
203,010
$
20,140
$
129,701
Cash paid for interest ..................................................................................................... $
56,014
$
68,886
$
64,843
Non-cash investing activities:
Investment in lease receivable applied to building purchase......................................... $

$
126,800
$

Issuance of common stock and stock awards assumed in business acquisitions........... $
677
$
21
$
1,160
See accompanying Notes to Consolidated Financial Statements.

63
 ADOBE SYSTEMS INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Years Ended November 27, 2015 November 28, 2014 November 29, 2013 Cash flows from operating activities: Net income. $
 629,551 $ 268,395 $ 289,985 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion.
 339,473 313,590 321,227 Stock-based compensation.
 335,859 333,701 328,987 Deferred income taxes..
 (69,657) (26,089) 29,704 Gain on the sale of property.
 (21,415) Write down of assets held for sale.
 23,151 Unrealized (gains) losses on investments.
 (9,210) (74) 5,665 Tax benefit from stock-based compensation.
 68,133 53,225 25,290 Excess tax benefits from stock-based compensation.
 (68,153) (53,235) (40,619) Other non-cash items..
 1,216 1,889 5,654 Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: Trade receivables, net.
 (79,502) 7,928 33,649 Prepaid expenses and other current assets.
 (7,701) (1,918) (55,509) Trade payables.
 22,870 6,211 7,132 Accrued expenses.
 (5,944) 37,544 41,828Accrued restructuring.
 (16,620) 8,871 (6,949) Income taxes payable.
 29,801 11,006 (58,875) Deferred revenue.
 320,801 326,438 201,366 Net cash provided by operating activities.
 1,469,502 1,287,482 1,151,686 Cash flows from investing activities: Purchases of short-term investments..
 (2,064,833) (2,014,186) (2,058,058) Maturities of short-term investments.
 371,790 272,076 360,485 Proceeds from sales of short-term investments.
 1,176,476 1,443,577 1,449,961 Acquisitions, net of cash acquired.
 (826,004) (29,802) (704,589) Purchases of property and equipment.
 (184,936) (148,332) (188,358) Proceeds from sale of property..
 57,779 24,260 Purchases of long-term investments, intangibles and other assets.
 (22,779) (17,572) (67,737) Proceeds from sale of long-term investments.
 4,149 3,532 6,233 Net cash used for investing activities.
 (1,488,358) (490,707) (1,177,803) Cash flows from financing activities: Purchases of treasury stock.
 (625,000) (600,000) (1,100,000) Proceeds from issuance of treasury stock.
 164,270 227,841 598,194 Cost of issuance of treasury stock..
 (186,373) (173,675) (97,418) Excess tax benefits from stock-based compensation.
 68,153 53,235 40,619 Proceeds from debt and capital lease obligations.
 989,280 25,703 Repayment of debt and capital lease obligations.
 (602,189) (14,684) (25,879) Debt issuance costs.
 (8,828) (357) Net cash used for financing activities..
 (200,687) (507,283) (559,138) Effect of foreign currency exchange rates on cash and cash equivalents.
 (21,297) (6,648) (5,241) Net increase (decrease) in cash and cash equivalents.
 (240,840) 282,844 (590,496) Cash and cash equivalents at beginning of year.
 1,117,400 834,556 1,425,052 Cash and cash equivalents at end of year. $
 876,560 $ 1,117,400 $ 834,556 Supplemental disclosures: Cash paid for income taxes, net of refunds. $
 203,010 $ 20,140 $ 129,701 Cash paid for interest.. $
 56,014
 $ 68,886
 $ 64,843
 Non-cash investing activities:
 Investment in lease receivable applied to building purchase. $
 $ 126,800
 $ Issuance of common stock and stock awards assumed in business acquisitions. $
 677 $ 21
 $ 1,160
 See accompanying Notes to Consolidated Financial Statements.


Year Ended December 31,
(MILLIONS, EXCEPT PER COMMON SHARE DATA)
2021
2020
2019
Revenues
$
81,288
$
41,651
$
40,905
Costs and expenses:

Cost of sales
30,821
8,484
8,054
Selling, informational and administrative expenses
12,703
11,597
12,726
Research and development expenses
13,829
9,393
8,385
Amortization of intangible assets
3,700
3,348
4,429
Restructuring charges and certain acquisition-related costs
802
579
601
(Gain) on completion of Consumer Healthcare JV transaction

(6)
(8,107)
Other (income)/deductionsnet
(4,878)
1,219
3,497
Income from continuing operations before provision/(benefit) for taxes on income
24,311
7,036
11,321
Provision/(benefit) for taxes on income
1,852
370
583
Income from continuing operations
22,459
6,666
10,738
Discontinued operationsnet of tax
(434)
2,529
5,318
Net income before allocation to noncontrolling interests
22,025
9,195
16,056
Less: Net income attributable to noncontrolling interests
45
36
29
Net income attributable to Pfizer Inc. common shareholders
$
21,979
$
9,159
$
16,026

Ended December 31,
 (MILLIONS COMMON SHARE DATA
 2021
 2020
 2019
 Revenues
 $
 81,288
 41,651
 $ 40,905
 Costs expenses
 Cost sales
 30,821
 8,484
 8,054
 Selling informational administrative expenses
 12,703
 11,597
 12,726
 Research development expenses
 13,829
 9,393
 8,385
 Amortization intangible assets
 3,700
 3,348
 Restructuring charges-related costs
 802
 (Gain completion Consumer Healthcare JV transaction
 (8,107)
 Other (income)/deductionsnet
 (4,878)
 1,219
 3,497
 Income continuing operations before provision(benefit taxes income
 24,311
 7,036
 11,321
 Provision(benefit) taxes
 1,852
 370
 583
 Income continuing operations
 22,459
 6,666
 10,738
 Discontinued operationsnet tax
 (434)
 2,529
 5,318
 Net income before allocation noncontrolling interests
 22,025
 9,195
 16,056
 Less Net income attributable noncontrolling interests
 45
 36
 29
 income Pfizer Inc. common shareholders
 21,979
 9,159
 16,026


ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Advanced Micro Devices, Inc.
Consolidated Statements of Operations

Year Ended

December 26,

2015

December 27,

2014

December 28,

2013

(In millions, except per share amounts)
Net revenue
$
3,991 $
5,506 $
5,299
Cost of sales
2,911
3,667
3,321
Gross margin
1,080
1,839
1,978
Research and development
947
1,072
1,201
Marketing, general and administrative
482
604
674
Amortization of acquired intangible assets
3
14
18
Restructuring and other special charges, net
129
71
30
Goodwill impairment charge

233

Legal settlements, net

(48)
Operating income (loss)
(481)
(155)
103
Interest expense
(160)
(177)
(177)
Other expense, net
(5)
(66)

Loss before income taxes
(646)
(398)
(74)
Provision for income taxes
14
5
9
Net loss
$
(660) $
(403) $
(83)
Net loss per share

Basic
$
(0.84) $
(0.53) $
(0.11)
Diluted
$
(0.84) $
(0.53) $
(0.11)
Shares used in per share calculation

Basic
783
768
754
Diluted
783
768
754
See accompanying notes to consolidated financial statements.

54

ITEM 8.
 FINANCIAL STATEMENTS SUPPLEMENTARY DATA
 Advanced Micro Devices.
 Consolidated Statements Operations
 Ended December 26,
 2015
 December 27,
 2014
 December 28,
 2013
 millions share amounts
 revenue
 $
 $
 5,506 $
 5,299
 Cost sales
 2,911
 3,667
 3,321
 Gross margin
 1,080
 1,839
 1,978
 Research development
 947
 1,072
 1,201
 Marketing general administrative
 482
 674
 Amortization acquired intangible assets
 3
 14
 18
 Restructuring special charges
 129
 71
 30
 Goodwill impairment charge
 233
 Legal settlements
 (48)
 Operating income (loss)
 (481)
 (155)
 103
 Interest expense
 (160)
 (177)
 (177)
 expense
 (5)
 (66)
 Loss income taxes
 (646)
 (398)
 (74)
 Provision income taxes
 14
 5
 9
 Net loss
 $
 (660) $
 (403) $
 (83)
 Net loss share
 Basic $
 (0. 84) $
. $
. 11)
 Diluted $. 84) $
. $
 (0. 11)
 Shares share calculation
 783
 768
 754
 Diluted 783
 754
 accompanying notes consolidated financial statements.
 54


In December 2022, the Company agreed to a formal settlement agreement, the financial amounts of which were agreed to in principle in October 2022, with a
leadership group of a number of state Attorneys General and the Plaintiffs Executive Committee (PEC). The agreement would resolve substantially all
opioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the
settlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys fees and costs and additional remediation. The amounts
would be payable over 10 years, beginning in 2023.

December 2022 Company agreed to formal settlement agreement financial amounts agreed to in principle in October 2022, with
 leadership group of state Attorneys General and Plaintiffs Executive Committee (PEC). agreement resolve substantially all
 opioid claims against Company entities by states and political subdivisions, not private plaintiffs. maximum amount payable by Company under
 settlement approximately $4. 3 billion in opioid remediation and $625 million in attorneys fees and costs additional remediation. amounts
 payable over 10 years, beginning in 2023.


ConsolidatedBalanceSheets

AtDecember31,
In millions, except per share amounts
2018

2017
Assets:

Cashandcashequivalents
$
4,059 $
1,696
Investments
2,522
111
Accountsreceivable,net
17,631
13,181
Inventories
16,450
15,296
Othercurrentassets
4,581
945
Totalcurrentassets
45,243
31,229
Long-terminvestments
15,732
112
Propertyandequipment,net
11,349
10,292
Goodwill
78,678
38,451
Intangibleassets,net
36,524
13,630
Separateaccountsassets
3,884

Otherassets
5,046
1,417
Totalassets
$
196,456 $
95,131

Liabilities:

Accountspayable
$
8,925 $
8,863
Pharmacyclaimsanddiscountspayable
12,302
10,355
Healthcarecostspayable
5,210
5
Policyholdersfunds
2,939

Accruedexpenses
10,711
6,581
Otherinsuranceliabilities
1,937
23
Short-termdebt
720
1,276
Currentportionoflong-termdebt
1,265
3,545
Totalcurrentliabilities
44,009
30,648
Long-termdebt
71,444
22,181
Deferredincometaxes
7,677
2,996
Separateaccountsliabilities
3,884

Otherlong-terminsuranceliabilities
8,119
334
Otherlong-termliabilities
2,780
1,277
Totalliabilities
137,913
57,436
Commitmentsandcontingencies(Note16)

Shareholdersequity:

CVSHealthshareholdersequity:

Preferredstock,parvalue$0.01:0.1sharesauthorized;noneissuedoroutstanding

Commonstock,parvalue$0.01:3,200sharesauthorized;1,720sharesissuedand1,295sharesoutstandingat
December31,2018and1,712sharesissuedand1,014sharesoutstandingatDecember31,2017andcapital
surplus
45,440
32,096
Treasurystock,atcost:425sharesatDecember31,2018and698sharesatDecember31,2017
(28,228)
(37,796)
Retainedearnings
40,911
43,556
Accumulatedothercomprehensiveincome(loss)
102
(165)
TotalCVSHealthshareholdersequity
58,225
37,691
Noncontrollinginterests
318
4
Totalshareholdersequity
58,543
37,695
Totalliabilitiesandshareholdersequity
$
196,456 $
95,131

Seeaccompanyingnotestoconsolidatedfinancialstatements.
Page40

ConsolidatedBalanceSheets
 millions share amounts
 2018
 2017 Assets
 Cashandcashequivalents 4,059
 1,696
 Investments
 2,522
 Accountsreceivable
 17,631
 13,181
 Inventories
 16,450
 15,296
 Othercurrentassets
 4,581
 945 Totalcurrentassets
 45,243
 31,229
 Long-terminvestments
 15,732
 Propertyandequipment 11,349
 10,292
 Goodwill
 78,678
 38,451
 Intangibleassets
 36,524
 13,630
 Separateaccountsassets
 3,884
 Otherassets
 5,046
 1,417
 Totalassets
 196,456
 95 Liabilities
 Accountspayable
 8,863
 Pharmacyclaimsanddiscountspayable 12,302
 10,355
 Healthcarecostspayable
 5,210
 Policyholdersfunds
 2,939
 Accruedexpenses
 10,711
 6,581 Otherinsuranceliabilities
 1,937
 Short-termdebt
 720 1,276 Currentportionoflong-termdebt
 1,265 3,545 Totalcurrentliabilities
 44,009
 30,648
 Long-termdebt
 71,444
 22,181 Deferredincometaxes
 7,677
 2,996
 Separateaccountsliabilities
 3,884
 Otherlong-terminsuranceliabilities 8,119
-termliabilities 2,780
 1,277 Totalliabilities
 137,913
 57,436
 Commitmentsandcontingencies(Note16) Shareholdersequity
 CVSHealthshareholdersequity
 Preferredstock. 1sharesauthorized
Commonstock.:3;1,720sharesissuedand1,295sharesoutstandingat
 December31,2018and1,712sharesissuedand1,014sharesoutstandingatDecember31
 45,440
 32,096
 Treasurystock,2018and698sharesatDecember31,2017
 (28,228
 (37,796)
 40,911
 43,556
 Accumulatedothercomprehensiveincome(loss
 102 TotalCVSHealthshareholdersequity
 58,225
 37,691
 Noncontrollinginterests
 318
 Totalshareholdersequity
 58,543
 37,695
 Totalliabilitiesandshareholdersequity
 196,456
 95,131
 Seeaccompanyingnotestoconsolidatedfinancialstatements.
 Page40


Dividends
During 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively.

Dividends
 During 2022 2021 2020 quarterly cash dividend $0. 55, $0. 50 $0. 50 per share.


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share data)
Year Ended December 31,
2022
2021
2020
Net Operating Revenues
$
43,004 $
38,655 $
33,014
Cost of goods sold
18,000
15,357
13,433
Gross Profit
25,004
23,298
19,581
Selling, general and administrative expenses
12,880
12,144
9,731
Other operating charges
1,215
846
853
Operating Income
10,909
10,308
8,997
Interest income
449
276
370
Interest expense
882
1,597
1,437
Equity income (loss) net
1,472
1,438
978
Other income (loss) net
(262)
2,000
841
Income Before Income Taxes
11,686
12,425
9,749
Income taxes
2,115
2,621
1,981
Consolidated Net Income
9,571
9,804
7,768
Less: Net income (loss) attributable to noncontrolling interests
29
33
21
Net Income Attributable to Shareowners of The Coca-Cola Company
$
9,542 $
9,771 $
7,747
Basic Net Income Per Share
$
2.20 $
2.26 $
1.80
Diluted Net Income Per Share
$
2.19 $
2.25 $
1.79
Average Shares Outstanding Basic
4,328
4,315
4,295
Effect of dilutive securities
22
25
28
Average Shares Outstanding Diluted
4,350
4,340
4,323
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
1
1
1
61

COCA-COLA COMPANY SUBSIDIARIES
 CONSOLIDATED STATEMENTS INCOME
 millions share data
 Ended December 31,
 2022
 2021
 2020
 Net Operating Revenues
 43,004 $
 38,655 $
 33,014
 Cost goods sold
 18,000
 15,357
 13,433
 Gross Profit
 25,004
 23,298
 19,581
 Selling general administrative expenses
 12,880
 12,144
 9,731
 Other operating charges
 1,215
 846
 853
 Operating Income
 10,909
 10,308
 8,997
 Interest income
 276
 Interest expense
 882
 1,597
 1,437
 Equity income (loss
 1,472
 1,438
 978
 Other income (loss
 (262)
 2,000
 841
 Income Before Income Taxes
 11,686
 12,425
 9,749
 Income taxes
 2,115
 2,621
 1,981
 Consolidated Net Income
 9,571
 7,768
 Net income (loss noncontrolling interests
 29
 Net Income Shareowners Coca Company
 9,542 $
 9,771 $
 7,747
 Basic Net Income Per Share
 2. 20
. 26
.
 Diluted Net Income Per Share
. 19 $
. 25
.
 Average Shares Outstanding Basic
 4,328
 4,315
 4,295
 Effect dilutive securities
 22
 25 28 Average Shares Outstanding Diluted
 4,350
 4,340
 4,323
 Calculated net income attributable shareowners Coca-Cola Company.
 Notes Consolidated Financial Statements.
 61


59
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)

November 27,
2015
November 28,
2014
ASSETS
Current assets:

Cash and cash equivalents.................................................................................................................... $
876,560
$
1,117,400
Short-term investments ........................................................................................................................
3,111,524
2,622,091
Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively........
672,006
591,800
Deferred income taxes..........................................................................................................................

95,279
Prepaid expenses and other current assets ...........................................................................................
161,802
175,758
Total current assets..........................................................................................................................
4,821,892
4,602,328
Property and equipment, net...................................................................................................................
787,421
785,123
Goodwill .................................................................................................................................................
5,366,881
4,721,962
Purchased and other intangibles, net.......................................................................................................
510,007
469,662
Investment in lease receivable................................................................................................................
80,439
80,439
Other assets.............................................................................................................................................
159,832
126,315
Total assets...................................................................................................................................... $
11,726,472
$
10,785,829
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:

Trade payables...................................................................................................................................... $
93,307
$
68,377
Accrued expenses.................................................................................................................................
678,364
683,866
Debt and capital lease obligations........................................................................................................

603,229
Accrued restructuring...........................................................................................................................
1,520
17,120
Income taxes payable...........................................................................................................................
6,165
23,920
Deferred revenue..................................................................................................................................
1,434,200
1,097,923
Total current liabilities....................................................................................................................
2,213,556
2,494,435
Long-term liabilities:

Debt and capital lease obligations........................................................................................................
1,907,231
911,086
Deferred revenue..................................................................................................................................
51,094
57,401
Accrued restructuring...........................................................................................................................
3,214
5,194
Income taxes payable...........................................................................................................................
256,129
125,746
Deferred income taxes..........................................................................................................................
208,209
342,315
Other liabilities.....................................................................................................................................
85,459
73,747
Total liabilities................................................................................................................................
4,724,892
4,009,924
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;
 497,809 and 497,484 shares outstanding, respectively......................................................................
61
61
Additional paid-in-capital ....................................................................................................................
4,184,883
3,778,495
Retained earnings.................................................................................................................................
7,253,431
6,924,294
Accumulated other comprehensive income (loss) ...............................................................................
(169,080)
(8,094)
Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances......................
(4,267,715)
(3,918,851)
Total stockholders equity...............................................................................................................
7,001,580
6,775,905
Total liabilities and stockholders equity........................................................................................ $
11,726,472
$
10,785,829
See accompanying Notes to Consolidated Financial Statements.

59
 ADOBE SYSTEMS INCORPORATED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) November 27, 2015 November 28, 2014 ASSETS Current assets: Cash and cash equivalents. $
 876,560 $ 1,117,400 Short-term investments.
 3,111,524 2,622,091 Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively.
 672,006 591,800 Deferred income taxes.
 95,279Prepaid expenses and other current assets.
 161,802 175,758 Total current assets.
 4,821,892 4,602,328 Property and equipment, net.
 787,421 785,123 Goodwill..
 5,366,881 4,721,962 Purchased and other intangibles, net.
 510,007 469,662 Investment in lease receivable.
 80,439 80,439 Other assets.
 159,832 126,315 Total assets.. $
 11,726,472 $ 10,785,829 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Trade payables. $
 93,307 $ 68,377 Accrued expenses.
 678,364 683,866 Debt and capital lease obligations.
 603,229Accrued restructuring.
 1,520 17,120 Income taxes payable.
 6,165 23,920 Deferred revenue.
 1,434,200 1,097,923 Total current liabilities..
 2,213,556 2,494,435 Long-term liabilities: Debt and capital lease obligations.
 1,907,231 911,086 Deferred revenue.
 51,094 57,401 Accrued restructuring.
 3,214 5,194 Income taxes payable..
 256,129 125,746 Deferred income taxes.
 208,209 342,315 Other liabilities.
 85,459 73,747 Total liabilities.
 4,724,892 4,009,924Commitments 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;
 497,809 and 497,484 shares outstanding, respectively.
 61 61 Additional paid-in-capital.
 4,184,883 3,778,495 Retained earnings.
 7,253,431 6,924,294 Accumulated other comprehensive income (loss)..
 (169,080) (8,094) Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances.
 (4,267,715) (3,918,851) Total stockholders equity.
 7,001,580 6,775,905 Total liabilities and stockholders equity. $
 11,726,472 $ 10,785,829 See accompanying Notes to Consolidated Financial Statements.


Table of Contents
NETFLIX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

As of December 31,

2017

2016
Assets

Current assets:

Cash and cash equivalents
 $
2,822,795 $
1,467,576
Short-term investments

266,206
Current content assets, net

4,310,934
3,726,307
Other current assets

536,245
260,202
Total current assets

7,669,974
5,720,291
Non-current content assets, net

10,371,055
7,274,501
Property and equipment, net

319,404
250,395
Other non-current assets

652,309
341,423
Total assets
 $
19,012,742 $
13,586,610
Liabilities and Stockholders Equity

Current liabilities:

Current content liabilities
 $
4,173,041 $
3,632,711
Accounts payable

359,555
312,842
Accrued expenses

315,094
197,632
Deferred revenue

618,622
443,472
Total current liabilities

5,466,312
4,586,657
Non-current content liabilities

3,329,796
2,894,654
Long-term debt

6,499,432
3,364,311
Other non-current liabilities

135,246
61,188
Total liabilities

15,430,786
10,906,810
Commitments and contingencies (Note 5)

Stockholders equity:

Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2017 and 2016; no shares
issued and outstanding at December 31, 2017 and 2016

Common stock, $0.001 par value; 4,990,000,000 shares authorized at December 31, 2017 and December 31,
2016, respectively; 433,392,686 and 430,054,212 issued and outstanding at December 31, 2017 and
December 31, 2016, respectively

1,871,396
1,599,762
Accumulated other comprehensive loss

(20,557)
(48,565)
Retained earnings

1,731,117
1,128,603
Total stockholders equity

3,581,956
2,679,800
Total liabilities and stockholders equity
 $
19,012,742 $
13,586,610
See accompanying notes to consolidated financial statements.
43

Table Contents
.
 CONSOLIDATED BALANCE SHEETS
 thousands except share data
 December 31,
 2017 2016 Assets Current assets
 Cash cash equivalents
 2,822,795 $
 1,467,576
 Short-term investments
 266,206
 Current content assets
 4,310,934
 3,726,307
 Other current assets
 536,245
 260,202
 Total current assets
 7,669,974
 5,720,291
 Non-current content assets
 10,371,055
 7,274,501
 Property equipment
 319,404
 250,395
 non-current assets
 652,309
 341,423
 Total assets
 19,012,742 $
 13,586,610
 Liabilities Stockholders Equity
 Current liabilities
 liabilities 4,173,041 $
 3,632,711
 Accounts payable
 359,555
 312,842
 Accrued expenses
 315,094
 197,632
 Deferred revenue
 618,622
,472
 Total current liabilities
 5,466,312
 4,586,657
 Non-current content liabilities
 3,329,796
 2,894,654
 Long-term debt
 6,499,432
 3,364,311
 Other non liabilities
 135,246
 61,188
 Total liabilities
 15,430,786
 10,906,810
 Commitments contingencies
 Stockholders equity
 Preferred stock $0. 001 par value 10,000,000 shares authorized December 31, 2017 2016 no shares
 issued outstanding December 31, 2017 2016
 Common stock $0. 001 par value 4,990,000,000 shares authorized December 31, 2017
2016,,392,686 430,054,212 issued outstanding December 31, 2017
 December 31, 2016,
 1,871,396
 1,599,762
 Accumulated comprehensive loss
 (20,557)
 (48,565)
 Retained earnings
 1,731,117
 1,128,603
 Total stockholders equity
 3,581,956
 2,679,800
 liabilities stockholders equity
 19,012,742 $
 13,586,610
 notes consolidated financial statements.
 43


SQUARE,INC.
CONSOLIDATEDBALANCESHEETS
(In thousands, except share and per share data)

December31,

2016

2015
Assets

Currentassets:

Cashandcashequivalents
$
452,030 $
461,329
Short-terminvestments
59,901

Restrictedcash
22,131
13,537
Settlementsreceivable
321,102
142,727
Customerfundsheld
43,574
9,446
Loansheldforsale
42,144
604
Merchantcashadvancereceivable,net
4,212
36,473
Othercurrentassets
56,331
41,447
Totalcurrentassets
1,001,425
705,563
Propertyandequipment,net
88,328
87,222
Goodwill
57,173
56,699
Acquiredintangibleassets,net
19,292
26,776
Long-terminvestments
27,366

Restrictedcash
14,584
14,686
Otherassets
3,194
3,826
Totalassets
$
1,211,362 $
894,772
LiabilitiesandStockholdersEquity

Currentliabilities:

Accountspayable
$
12,602 $
18,869
Customerspayable
388,058
215,365
Customerfundsobligation
43,574
9,446
Accruedtransactionlosses
20,064
17,176
Accruedexpenses
39,543
44,401
Othercurrentliabilities
73,623
28,945
Totalcurrentliabilities
577,464
334,202
Debt(Note11)

Otherliabilities
57,745
52,522
Totalliabilities
635,209
386,724
Commitmentsandcontingencies(Note16)

Stockholdersequity:

Preferredstock,$0.0000001parvalue:100,000,000sharesauthorizedatDecember31,2016andDecember31,2015.None
issuedandoutstandingatDecember31,2016andDecember31,2015.

ClassAcommonstock,$0.0000001parvalue:1,000,000,000sharesauthorizedatDecember31,2016andDecember31,2015;
198,746,620and31,717,133issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.

ClassBcommonstock,$0.0000001parvalue:500,000,000sharesauthorizedatDecember31,2016andDecember31,2015;
165,800,756and303,232,312issuedandoutstandingatDecember31,2016andDecember31,2015,respectively.

Additionalpaid-incapital
1,357,381
1,116,882
Accumulatedothercomprehensiveloss
(1,989)
(1,185)
Accumulateddeficit
(779,239)
(607,649)
Totalstockholdersequity
576,153
508,048
Totalliabilitiesandstockholdersequity
$
1,211,362 $
894,772
Seeaccompanyingnotestoconsolidatedfinancialstatements.
68

SQUARE.
 CONSOLIDATEDBALANCESHEETS
 thousands share data December31
 2016 2015 Assets Currentassets
 Cashandcashequivalents 452,030
 461,329
 Short-terminvestments
 59,901
 Restrictedcash
 22,131
 13,537
 Settlementsreceivable
 321,102
 142,727
 Customerfundsheld
 43,574
 9,446
 Loansheldforsale
 42,144
 Merchantcashadvancereceivable
 4,212
 36,473
 Othercurrentassets
 56,331
 41,447
 Totalcurrentassets
 705,563
 Propertyandequipment 88,328
 87,222
 Goodwill
 57,173
 56,699
 Acquiredintangibleassets
 19,292
 26,776
 Long-terminvestments
 27,366
 Restrictedcash
 14,584
 14,686
 Otherassets
 3,194
 3,826
 Totalassets
 1,211,362
 894,772
 LiabilitiesandStockholdersEquity Currentliabilities
 Accountspayable
 12,602
 18,869
 Customerspayable
 388,058
 215,365
 Customerfundsobligation
 43,574
 9,446
 Accruedtransactionlosses
 20,064
 17,176 Accruedexpenses 39,543
 44,401
 Othercurrentliabilities
 73,623
 28,945
 Totalcurrentliabilities
,464
,202
 Debt
 Otherliabilities
 57,745
 52,522
 Totalliabilities,209
 386,724
 Commitmentsandcontingencies
 Stockholdersequity
 Preferredstock.,2015
issuedandoutstandingatDecember31,2015.
 ClassAcommonstock,$0. 0000001parvalue:1,000,000,000sharesauthorizedatDecember31
 198,746,620and31,717,133issuedandoutstandingatDecember31.
 ClassBcommonstock,$0.:500,000,000sharesauthorizedatDecember31
 165,800,756and303,232,312issuedandoutstandingatDecember31.
 Additionalpaid-incapital
 1,357,381
 1,116,882
 Accumulatedothercomprehensiveloss
 (1,989)
 (1,185)
 Accumulateddeficit
 (779,239)
 (607,649)
 Totalstockholdersequity
 576,153
 508,048
 Totalliabilitiesandstockholdersequity
 1,211,362 $
 894,772
 Seeaccompanyingnotestoconsolidatedfinancialstatements.
 68


Table of Contents

PART II
Item 8

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INCOME STATEMENTS

(In millions, except per share amounts)

Year Ended June 30,

2016
2015
2014
Revenue:

Product

$ 61,502
$ 75,956
$ 72,948
Service and other

23,818

17,624

13,885

Total revenue

85,320

93,580

86,833

Cost of revenue:

Product

17,880

21,410

16,681
Service and other

14,900

11,628

10,397

Total cost of revenue

32,780

33,038

27,078

Gross margin

52,540

60,542

59,755
Research and development

11,988

12,046

11,381
Sales and marketing

14,697

15,713

15,811
General and administrative

4,563

4,611

4,677
Impairment, integration, and restructuring

1,110

10,011

127

Operating income

20,182

18,161

27,759
Other income (expense), net

(431)

346

61

Income before income taxes

19,751

18,507

27,820
Provision for income taxes

2,953

6,314

5,746

Net income

$ 16,798
$ 12,193
$ 22,074

Earnings per share:

Basic

$
2.12
$
1.49
$
2.66
Diluted

$
2.10
$
1.48
$
2.63
Weighted average shares outstanding:

Basic

7,925

8,177

8,299
Diluted

8,013

8,254

8,399
Cash dividends declared per common share

$
1.44
$
1.24
$
1.12
See accompanying notes.

52

Table Contents
 PART II
 Item 8
 8. FINANCIAL STATEMENTS SUPPLEMENTARY DATA
 INCOME STATEMENTS
 (In millions except per share amounts)
 Year Ended June 30,
 2016
 2015
 2014
 Revenue:
 Product
 $ 61,502
 $ 75,956
 $ 72,948
 Service other
 23,818
 17,624
 13,885
 Total revenue
 85,320
 93,580
 86,833
 Cost of revenue:
 Product 17,880
 21,410
 16,681
 Service other
 14,900
 11,628
 10,397
 Total cost revenue
 32,780
 33,038
 27,078
 Gross margin
 52,540
 60,542
 59,755
 Research development
 11,988
 12,046
 11,381
 Sales marketing
 14,697
 15,713
 15,811
 General administrative
 4,563
 4,611 4,677
 Impairment integration restructuring
 1,110
 10,011
 127 Operating income
 20,182
 18,161
 27,759
 Other income (expense), net
 (431) 346 61 Income before income taxes
 19,751
 18,507
 27,820
 Provision for income taxes
 2,953
 6,314
 5,746 Net income
 $ 16,798
 $ 12,193
 $ 22,074
 Earnings per share:
 Basic $ 2. 12
 $ 1. 49
 $ 2. 66
 Diluted $ 2. 10
 $ 1. 48
 $ 2. 63
 Weighted average shares outstanding:
Basic
 8,177
 8,299
 Diluted 8,013 8,254
 8,399
 Cash dividends declared common share
 $ 1. 44
 $ 1. 24
 $ 1. 12
 accompanying notes.
 52


Walmart Inc.
Consolidated Statements of Cash Flows

Fiscal Years Ended January 31,
(Amounts in millions)

2020

2019

2018
Cash flows from operating activities:

Consolidated net income
 $
15,201
 $
7,179 $
10,523
Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization

10,987

10,678
10,529
Unrealized (gains) and losses

(1,886)
3,516

(Gains) and losses for disposal of business operations

15

4,850

Asda pension contribution

(1,036)

Deferred income taxes

320

(499)
(304)
Loss on extinguishment of debt

3,136
Other operating activities

1,981

1,734
1,210
Changes in certain assets and liabilities, net of effects of acquisitions:

Receivables, net

154

(368)
(1,074)
Inventories

(300)
(1,311)
(140)
Accounts payable

(274)
1,831
4,086
Accrued liabilities

186

183
928
Accrued income taxes

(93)
(40)
(557)
Net cash provided by operating activities

25,255

27,753
28,337

Cash flows from investing activities:

Payments for property and equipment

(10,705)
(10,344)
(10,051)
Proceeds from the disposal of property and equipment

321

519
378
Proceeds from the disposal of certain operations

833

876
1,046
Payments for business acquisitions, net of cash acquired

(56)
(14,656)
(375)
Other investing activities

479

(431)
(77)
Net cash used in investing activities

(9,128)
(24,036)
(9,079)

Cash flows from financing activities:

Net change in short-term borrowings

(4,656)
(53)
4,148
Proceeds from issuance of long-term debt

5,492

15,872
7,476
Repayments of long-term debt

(1,907)
(3,784)
(13,061)
Premiums paid to extinguish debt

(3,059)
Dividends paid

(6,048)
(6,102)
(6,124)
Purchase of Company stock

(5,717)
(7,410)
(8,296)
Dividends paid to noncontrolling interest

(555)
(431)
(690)
Purchase of noncontrolling interest

(8)
Other financing activities

(908)
(629)
(261)
Net cash used in financing activities

(14,299)
(2,537)
(19,875)

Effect of exchange rates on cash, cash equivalents and restricted cash

(69)
(438)
487

Net increase (decrease) in cash, cash equivalents and restricted cash

1,759

742
(130)
Cash, cash equivalents and restricted cash at beginning of year

7,756

7,014
7,144
Cash, cash equivalents and restricted cash at end of year
 $
9,515
 $
7,756 $
7,014

Supplemental disclosure of cash flow information:

Income taxes paid
 $
3,616
 $
3,982 $
6,179
Interest paid

2,464

2,348
2,450
See accompanying notes.

Walmart Inc.
 Consolidated Statements Cash Flows
 Fiscal Years Ended January 31,
 (Amounts in millions)
 2020
 2019
 2018
 Cash flows from operating activities
 Consolidated net income
 $ 15,201
 7,179 $
 10,523
 Adjustments reconcile consolidated net income operating activities
 Depreciation amortization
 10,987
 10,678
 10,529
 Unrealized (gains) losses
 (1,886)
 3,516
 (Gains) losses disposal business operations
 15
 4,850
 Asda pension contribution
 (1,036)
 Deferred income taxes
 320
 (499)
 (304)
 Loss on extinguishment debt
 3,136
 Other operating activities
 1,981
 1,734
 1,210
 Changes in assets liabilities effects:
 Receivables
 154
 (368)
 (1,074)
 Inventories
 (300)
 (1,311)
 (140) Accounts payable
 (274)
 1,831
 4,086
 Accrued liabilities
 186
 183 928
 Accrued income taxes
 (93)
 (40) (557) Net cash operating activities
 25,255
 27,753
 28,337
 Cash flows from investing activities
 Payments for property equipment
 (10,705)
 (10,344)
 (10,051)
 Proceeds from disposal property equipment
 321 519 378 Proceeds disposal operations
 833 876 1,046
 Payments for business acquisitions net cash acquired
 (56) (14,656)
 (375)
 Other investing activities
 (431)
 (77) Net cash used investing activities
 (9,128)
 (24,036)
 (9,079)
 Cash flows from financing activities

 Net change short-term borrowings
 (4,656)
 (53)
 4,148
 Proceeds issuance long-term debt
 5,492
 15,872
 7,476
 Repayments long-term debt
 (1,907)
 (3,784)
 (13,061)
 Premiums paid extinguish debt
 (3,059)
 Dividends paid
 (6,048)
 (6,102)
 (6,124)
 Purchase Company stock
 (5,717)
 (7,410)
 (8,296)
 Dividends paid noncontrolling interest
 (555)
 (431)
 (690)
 Purchase noncontrolling interest
 (8) financing activities
 (908)
 (629)
 (261)
 Net cash used financing activities
 (14,299)
 (2,537)
 (19,875)
 Effect exchange rates cash cash equivalents restricted cash
 (69)
 (438)
 Net increase (decrease) cash cash equivalents restricted cash
 1,759
 742
 (130)
 Cash cash equivalents restricted cash beginning of year
 7,756
 7,014
 7,144
 Cash cash restricted cash end of year
 7,756 $
 7,014
 Supplemental disclosure cash flow information
 Income taxes paid
 $ 3,616
 $ 6,179
 Interest paid
 2,464
 2,348
 2,450
 accompanying notes.


dited)

Three months ended

Twelve months ended

December 31,
2022

December 31,
2021

December 31,
2022

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

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

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

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

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

Interest expense, net of amounts capitalized

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

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

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

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

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

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

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

(2,277,747)

Gain on consolidation of CityCenter, net

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

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

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

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

 Three months ended
 Twelve months ended
 December 31,
 2022
 December 31, 2021
 31, 2022 31, 2021 Net income MGM Resorts International
 284,002 $
 131,013 $
 1,473,093 $
 1,254,370
 Net loss noncontrolling interests
 (604,016)
 (14,926)
 (1,266,362)
 (45,981)
 Net income (loss
 (320,014)
 116,087
 206,731
 1,208,389
 Provision income taxes
 285,937
 31,152
,068
 253,415
 Income (loss) before income taxes
 (34,077)
 147,239
 903,799
 1,461,804
 Non-operating (income) expense
 Interest expense capitalized
 137,132
 201,477
 594,954
 799,593
 (104,951)
 20,131
 (59,381)
 17,302
 32,181
 221,608
 535,573
 816,895
 Operating income (loss)
 (1,896),847
 1,439,372
 2,278,699
 Preopening start-up expenses
 3,452
 1,876
 5,094
 Property transactions
 (1,060,701)
 (68,578)
 (1,036,997)
 (67,736)
 Depreciation amortization
 1,421,637
,031
,050
 1,150,610
 Gain REIT transactions
 (2,277,747)
 consolidation CityCenter
 (1,562,329)
 Triple-net operating lease ground lease rent expense
 600,467
 262,307
 1,950,566
 833,158
 sale Harmon land unconsolidated affiliate
 (49,755)
unconsolidated affiliates real estate
 ventures (2,704)
 (41,651)
 (61,866)
 (166,658)
 Adjusted EBITDAR
 957,307
 3,497,254


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

Note 2. Acquisitions, Divestitures Equity-Method Investments Licensing Arrangements Collaborative Arrangements
 A. Acquisitions
 Trillium
 November 17, 2021 we acquired all issued outstanding common stock not owned by Pfizer of Trillium, clinical stage immuno-oncology company developing
 therapies targeting cancer immune evasion pathways specific cell targeting approaches for price $18. 50 per share in cash for total consideration $2. 0 billion, net of cash
 acquired. Trillium became our wholly owned subsidiary. previously held 2% ownership investment in Trillium. Trilliums lead program, TTI-622, is investigational
 fusion protein designed to block inhibitory activity of CD47, molecule overexpressed by tumors.
 accounted for transaction as asset acquisition lead asset, TTI-622, represented all fair value of gross assets acquired exclude cash
 acquired. acquisition date recorded $2. 1 billion charge representing acquired IPR&D asset no alternative future use in Research and development expenses
 $2. 0 billion net cash consideration as cash outflow from operating activities. acquisition recorded $256 million of assets acquired
 primarily cash and investments. Liabilities assumed approximately $81 million.
 Array
 July 30, 2019 acquired Array, commercial stage biopharmaceutical company focused on discovery, development commercialization of targeted small molecule
 medicines to treat cancer other diseases of high unmet need, for $48 per share in cash. total fair value of consideration transferred was $11. 2 billion ($10. 9 billion, net of
 cash acquired). $157 million in payments to Array employees for fair value of previously unvested stock options recognized as post-closing compensation expense
 recorded in Restructuring charges certain acquisition-related costs (see Note 3).We financed majority of transaction with debt balance with existing cash.


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

August 19, 2022, Foot Locker, Inc. (the Company), issued press release announcing planned succession process, Richard
 A. Johnson will step down as President and Chief Executive Officer Company effective September 1, 2022. Mary N. Dillon, 61, former Executive
 Chair and Chief Executive Officer of Ulta Beauty, Inc. , appointed President and Chief Executive Officer member of Companys Board
 of Directors (the Board) Executive Committee Board each effective September 1, 2022. copy press release furnished as Exhibit
 99. 1, incorporated herein by reference.


Item 8.01.
Other Events.

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

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

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

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

Item 8. 01.
 Other Events.
 Effective May 26, 2023, PepsiCo, Inc. (PepsiCo) terminated $3,800,000,000 364 day unsecured revolving credit agreement, dated
 May 27, 2022, among PepsiCo borrower, lenders party Citibank, N. A., administrative agent (the 2022 364 Day Credit
 Agreement). no outstanding borrowings under 2022 364 Day Credit Agreement at time termination.
 May 26, 2023 PepsiCo entered new $4,200,000,000 364 day unsecured revolving credit agreement (the 2023 364 Day Credit
 Agreement) among PepsiCo borrower lenders Citibank, N. A., administrative agent. 2023 364 Day Credit Agreement
 enables PepsiCo borrowing subsidiaries to borrow up to $4,200,000,000 in U. S. Dollars and/or Euros subject to customary terms and conditions
 expires May 24, 2024. PepsiCo may agreement of existing lenders or additional banks not party
 2023 Agreement, increase commitments under 2023 364 Day Credit Agreement to up to $4,950,000,000 in U. S. Dollars/or
 Euros. PepsiCo may request renewal 2023 364 Day Credit Agreement for additional 364 day period or convert amounts outstanding into
 term loan for period up to one year term loan mature no later than anniversary of effective termination date. Subject to
 certain conditions in 2023 364 Day Credit Agreement, PepsiCo and borrowing subsidiaries may borrow, prepay reborrow amounts under
 2023 364 Day Credit Agreement any time during term 2023 364 Day Credit Agreement. Funds borrowed under 2023 364 Day Credit
 Agreement may be used for general corporate purposes of PepsiCo subsidiaries. 2023 364 Day Credit Agreement contains customary
 representations warranties events of default.lenders under 2023 364 Day Credit
 Agreement and affiliates engaged may future engage in commercial banking investment banking transactions with PepsiCo
 and affiliates.
 Effective May 26, 2023, PepsiCo terminated $3,800,000,000 five year unsecured revolving credit agreement, dated as of May 27, 2022, among
 PepsiCo borrower, lenders party and Citibank, N. A., as administrative agent (the 2022 Five Year Credit Agreement). no
 outstanding borrowings under 2022 Five Year Credit Agreement at time of termination.
 On May 26, 2023, PepsiCo entered new $4,200,000,000 five year unsecured revolving credit agreement (the 2023 Five Year Credit
 Agreement) among PepsiCo borrower lenders Citibank, N. A. , administrative agent. 2023 Five Year Credit Agreement
 enables PepsiCo and borrowing subsidiaries to borrow up to $4,200,000,000 in U. S. Dollars/or Euros including $750,000,000 swing line
 subfacility for Euro-denominated borrowings same day basis subject to customary terms conditions expires on
 May 26, 2028. PepsiCo may upon agreement of lenders or additional banks not party 2023 Five Year
 Credit Agreement increase commitments under 2023 Five Year Credit Agreement to up to $4,950,000,000 in U. S. Dollars and/or Euros. PepsiCo
 may once a year request renewal of 2023 Five Year Credit Agreement for additional one year period. Subject to conditions in 2023
 Five Year Credit Agreement PepsiCo and borrowing subsidiaries may borrow, prepay and reborrow amounts under 2023 Five Year Credit
 Agreement any time during term of 2023 Five Year Credit Agreement. Funds borrowed under 2023 Five Year Credit Agreement may be used
 for general corporate purposes of PepsiCo and subsidiaries.2023 Five Year Credit Agreement contains customary representations warranties
 events of default. In ordinary course businesses, lenders under 2023 Five Year Credit Agreement and affiliates have
 engaged, and may future engage, in commercial banking/or investment banking transactions with PepsiCo and its affiliates.


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

derive substantial portion of our revenue from U. S. government


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

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

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

$ millions
 Employee Costs
 Fixed Asset
 Related Costs
 Other Costs
 Restructuring
 Costs Liability balance June 30 2022
 $ 97
 $
 3
 $ 18
 $
 118
 Net charges earnings
 2
 Cash paid
 (16)
 (1) (8) Reversal unused amounts
 (2) Liability balance December 31, 2022
 $
 81
 $
 2
 $ 10
 $ 93


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

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

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

899
Gainonsaleofassetgroup

(373,445)

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

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

Proceedsfromsaleofequityinvestment

33,016

Purchaseofintangibleassets

(1,584)
Proceedsfromsaleofassetgroup

309,324

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

855,663
Purchaseofconvertibleseniornotehedges
(338,145)

(172,586)
Proceedsfromissuanceofwarrants
232,095

112,125
Principalpaymentonconversionofseniornotes

(219,384)
ProceedsfromPPPLiquidityFacilityadvances
464,094

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

SQUARE.
 CONSOLIDATED STATEMENTS CASH FLOWS
 Ended December 31,
 2020
 2019 Cash flows operating activities
 Netincome(loss
 213,105
 375,446
 (38,453
 Depreciationandamortization
 84,212
 75,598
 60,961
 Non
 76,129
 33,478
 28,512
 Lossonextinguishmentoflong 6,651
 5,047
 Non-cashleaseexpense
 70,253
 29,696
 Share-basedcompensation
,800
,863
 216,881
 Gainonsaleofassetgroup (373,445)
 Loss)onrevaluationofequityinvestment
 (295,297)
 12,326
 (20,342
 Transactionandloanlosses
 177,670
 126,959
 88,077
 Changeindeferredincometaxes (8,016) (1,376)
 Changesinoperatingassetsandliabilities Settlementsreceivable
 (473,871)
 (248,271)
 245,795
 Customerfunds
 (1,151,536)
 (204,208)
 (131,004) Purchaseofloansheldforsale
 (1,837,137
 (2,266,738)
 (1,609,611)
 1,505,406
 2,168,682
 1,579,834
 Customerspayable
 1,733,138
 523,795
 15,597
 Settlementspayable
 143,528
 41,697
 (60,651
 Charge
 (73,613)
 (78,325)
 (58,192)
 Otherassetsandliabilities
 (186,819)
 (47,478)
 (27,624)
Netcashprovidedbyoperatingactivities
 381,603
 465,699
 295,080
 Cash flows investing activities
 Purchaseofmarketabledebtsecurities (1,322,362)
 (992,583)
 (1,000,346)
 607,134
 430,888
 197,454
 585,427
,619
 171,992
 (642,252)
 (311,499)
 (148,096)
 382,887
 158,055
 51,430
 17,493
 48,334
 Purchaseofpropertyandequipment (138,402)
 (62,498)
 (61,203)
 Purchaseofotherinvestments (51,277)
 (15,250)
 Proceedsfromsaleofequityinvestment 33,016
 Purchaseofintangibleassets (1,584) Proceedsfromsaleofassetgroup 309,324
 Businesscombinations,netofcashacquired
 (79,221)
 (20,372)
 (112,399)
 Netcashprovidedby)investingactivities (606,636)
 95,193
 (905,848)
 Cash flows financing activities
 Proceedsfromissuanceofconvertibleseniornotes 2,116,544
 855,663
 Purchaseofconvertibleseniornotehedges (338,145)
 (172,586)
 Proceedsfromissuanceofwarrants 232,095
 112,125
 Principalpaymentonconversionofseniornotes (219,384)
 ProceedsfromPPPLiquidityFacilityadvances,094

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


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

COCA-COLA COMPANY SUBSIDIARIES
 CONSOLIDATED STATEMENTS INCOME
 millions share data
 Ended December 31,
 2021
 2020
 2019
 Net Operating Revenues
 38,655 $
 33,014 $
 37,266
 Cost goods sold
 15,357
 13,433
 14,619
 Gross Profit
 23,298
 19,581
 22,647
 Selling general administrative expenses
 12,144
 9,731
 12,103
 Other operating charges
 846
 853
 458
 Operating Income
 10,308
 8,997
 10,086
 Interest income
 276
 370 563
 Interest expense
 1,597
 1,437
 946
 Equity income (loss
 1,438
 978
 1,049
 Other income (loss
 2,000
 841
 Income Before Income Taxes
 12,425
 9,749
 10,786
 Income taxes
 2,621
 1,981
 1,801
 Consolidated Net Income
 7,768
 8,985
 Net income (loss noncontrolling interests
 33
 21 Net Income Shareowners Coca Company
 9,771 $
 7,747 $
 Basic Net Income Per Share
 2. 26
. 80
.
 Diluted Net Income Per Share
 2. 25 $
. 79
.
 Average Shares Outstanding Basic
 4,315
 4,295
 4,276
 Effect dilutive securities
 25
 28 38 Average Shares Outstanding Diluted
 4,340
 4,323
 4,314
 Calculated net income attributable shareowners Coca-Cola Company.
 Notes Consolidated Financial Statements.
 60


Index

Consolidated Statements of Income
Corning Incorporated and Subsidiary Companies

YearendedDecember31,
(Inmillions,exceptpershareamounts)
2020

2019

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

 7,772

7,468
6,829

Grossmargin

 3,531

4,035
4,461

Operatingexpenses:

Selling,generalandadministrativeexpenses

 1,747

1,585
1,799
Research,developmentandengineeringexpenses

 1,154

1,031
993
Amortizationofpurchasedintangibles

 121

113
94

Operatingincome

 509

1,306
1,575

Equityin(losses)earningsofaffiliatedcompanies(Note3)

 (25)

17
390
Interestincome

 15

21
38
Interestexpense

 (276)

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

 (38)

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

 498

Otherexpense,net

 (60)

(155)
(216)

Incomebeforeincometaxes

 623

1,216
1,503
Provisionforincometaxes(Note8)

 (111)

(256)
(437)

NetincomeattributabletoCorningIncorporated
$
 512
$
960 $
1,066

Earningspercommonshareattributableto
CorningIncorporated:

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

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

70

Index
 Consolidated Statements of Income
 Corning Incorporated and Subsidiary Companies
 YearendedDecember31,
 (Inmillions,exceptpershareamounts) 2020 2019
 2018 Netsales
 $ 11,303
 $ 11,503 $
 11,290
 Costofsales
 7,772
 7,468
 6,829 Grossmargin
 3,531
 4,035
 4,461
 Operatingexpenses:
 Selling,generalandadministrativeexpenses 1,747
 1,585
 1,799
 Research,developmentandengineeringexpenses
 1,154
 1,031
 993
 Amortizationofpurchasedintangibles
 121 113 94 Operatingincome
 509
 1,306
 1,575
 Equityin(losses)earningsofaffiliatedcompanies(Note3)
 (25) 17 390 Interestincome 15 21 38 Interestexpense
 (276) (221) (191) Translatedearningscontract(loss)gain,net(Note15)
 (38) 248 (93) Transaction-relatedgain,net(Note4)
 498 Otherexpense,net (60) (155) (216) Incomebeforeincometaxes
 623
 1,216
 1,503
 Provisionforincometaxes(Note8)
 (111) (256) (437) NetincomeattributabletoCorningIncorporated
 $ 512 $ 960 $ 1,066
 Earningspercommonshareattributableto
 CorningIncorporated:
 Basic(Note18) $ 0. 54
 $ 1. 11 $
 1. 19
Diluted(Note18)
 $
 0. 54
 $ 1. 07
. 13
.
 70


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

7,202

7,269
 (1)

7,104

5,955
 19

969

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

5,315

6,018
 (12)

7,501

4,048
 85

1,424

1,179
 21
Provision for credit losses

(3,602)

5,772
NM

(331)

1,401
NM

(118)

1,010
NM
Net income/(loss)

6,728

197
NM

5,740

1,985
 189

1,168

139
NM
Return on equity (ROE)

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

2,574

2,435
 6

876
146
 500

18,725

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

1,503

954
 58

(1,349)
20
NM

14,394

12,219
 18
Provision for credit losses

(121)

94
NM

16
8
 100

(4,156)

8,285
NM
Net income/(loss)

1,244

669
 86

(580)
(125)
 (364)

14,300

2,865
 399
ROE

35 %
25 %
NM
NM
 23 %
 4 %

Segment results managed
 tables summarize Firms results segment periods.
 Three months ended March 31,
 Consumer Community Banking
 Corporate Investment Bank
 Commercial Banking
 millions ratios
 2021
 2020
 Change 2020 2020 Total net revenue
 $ 12,517
 $ 13,287
 (6) %
 $ 14,605
 $ 10,003
 46 %
 2,393
 $ 2,165
 11 %
 Total noninterest expense
 7,202
 7,269
 7,104
 5,955
 19
 969
 986
 (2) Pre-provision profit/(loss)
 5,315
 6,018
 (12) 7,501
 4,048
 85
 1,424
 1,179
 21
 Provision for credit losses
 (3,602)
 5,772
 NM (331)
 1,401
 (118)
 1,010
 NM Net income/(loss)
 197
 5,740
 1,985
 189
 1,168
 139
 Return on equity (ROE)
 54 %
 1 %
 27 %
 9 %
 19 %
 2 %
 Three months ended March 31,
 Asset & Wealth Management
 Corporate
 Total millions ratios
 2021
 2020
 Change 2020 Total net revenue
 $ 4,077
 $ 3,389
 20 %
 $ (473) $
 166 $ 33,119
 $ 29,010
 14 %
 Total noninterest expense
 2,574
 2,435
 6 876
 146 500 18,725
 16,791
 12 Pre-provision profit/(loss)
 1,503
 954
 58 (1,349)
 20
 14,394
 12,219
 18
 Provision for credit losses
 (121)
 94
 NM16
 8
 100
 (4,156)
 8,285
 1,244
 669
 86 (580)
 (125)
 (364)
 14,300
 2,865
 399
 ROE 35 %
 25 %
 NM 23 %
 4 %


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

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

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

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

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

Amcor plc Subsidiaries
 Consolidated Balance Sheet
 millions
 June 30
 2020
 2019
 Assets
 Current assets
 Cash cash equivalents
 742. 6
 601.
 Trade receivables
 1,615. 9
 1,864. 3
 Inventories
 1,831. 9
 1,953. 8
 Prepaid expenses current assets
 344. 3
 374.
 Assets sale
 416.
 Total current assets
 4,534. 7
 5,210.
 Non-current assets
 Investments affiliated companies
 77. 7
 98.
 Property plant equipment
 3,614. 8
.
 Operating lease assets
 525. 3
 Deferred tax assets
 135.
 190. 9
 Other intangible assets
 1,994. 3
 2,306.
 Goodwill
 5,339. 3
 5,156.
 Employee benefit assets
 43. 4
 40.
 Other non-current assets
 177.
 187.
 Total non assets
 11,907. 4
 11,954. 9
 Total assets
 16,442.
 17,165.
 Liabilities
 Current liabilities
 long-term debt
 11. 1
 5.
 Short-term debt
 195. 2
.
 Trade payables
 2,170.
 2,303.
 Accrued employee costs
. 5
 378. 4
 Other current liabilities
 1,120.
 1,044. 9
 Liabilities held sale
 20. 9
 Total current liabilities
 3,973. 6
 4,541. 8
 Non-current liabilities
 Long-term debt current portion
. 4
 5,309.
 Operating lease liabilities
. 7
 Deferred tax liabilities
 672. 4
 1,011.
 Employee benefit obligations
 391. 7
 386. 8
non-current liabilities
 223. 2
 241. 0
 7,781. 4
 6,948. 5
 11,755.
 11,490. 3
 Commitments contingencies Note 19)
 Shareholders' Equity
 Amcor plc shareholders
 Ordinary shares ($0. 01 par
 Authorized (9,000. 0 shares
 Issued (1,568. 5 1,625. 9 shares
 15. 7
 16. 3
 Additional paid-in capital
 5,480.
 6,007. 5
 Retained earnings
 246. 5
 323. 7
 comprehensive income (loss)
 (1,049. 3)
 (722. 4)
 Treasury shares (6. 7 1. 4 shares
 (67. 0
 (16. 1)
 Total Amcor plc shareholders' equity
. 9
 5,609. 0
 Non-controlling interest
 61. 2
 65. 7
 Total shareholders' equity
 4,687. 1
. 7
 liabilities shareholders' equity
 16,442. 1
 17,165. 0
 consolidated financial statements.


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

Fiscal Years Ended
January 28, 2023

January 29, 2022

January 30, 2021
Revenue
$
 46,298

$
 51,761

$
 47,262
Cost of sales

 36,386

 40,121

 36,689
Gross profit

 9,912

 11,640

 10,573
Selling, general and administrative expenses

 7,970

 8,635

 7,928
Restructuring charges

 147

 (34)

 254
Operating income

 1,795

 3,039

 2,391
Other income (expense):

Investment income and other

 28

 10

 38
Interest expense

 (35)

 (25)

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

 1,788

 3,024

 2,377
Income tax expense

 370

 574

 579
Equity in income of affiliates

 1

 4

 -
Net earnings
$
 1,419

$
 2,454

$
 1,798

Consolidated Statements of Earnings
 $ shares in millions, except per share amounts
 Fiscal Years Ended January 28, 2023
 January 29, 2022
 January 30, 2021
 Revenue
 $
 46,298
 $ 51,761
 $ 47,262
 Cost of sales
 36,386
 40,121
 36,689
 Gross profit
 9,912 11,640
 10,573
 Selling, general administrative expenses
 7,970
 8,635
 7,928 Restructuring charges
 147 (34) 254 Operating income
 1,795
 3,039 2,391
 Other income (expense):
 Investment income other
 28
 10 38 Interest expense
 (35) (25) (52) Earnings before income tax expense and equity in income of affiliates
 1,788
 3,024 2,377
 Income tax expense
 370 574 579
 Equity in income of affiliates
 1 4 - Net earnings
 $ 1,419
 $ 2,454
 $ 1,798


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

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

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

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

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

(0.5)
(3.9)
(3.2)

Worldwide Sales Change
 Business Segment
 Organic sales
 Acquisitions
 Divestitures
 Translation
 Total sales
 Safety Industrial
 1. %
 (4. 2)
 (3. 2)
 Transportation Electronics
 1. 2
. 5)
 (4. 6)
 (3. 9)
 Health Care
 3. 2
. 4)
 (3. 8)
 (2.
 Consumer
 (0. 9)
. 4)
 (2. 6)
 (3. 9)
 Company
 1. 2
. 5)
 (3. 9)
. 2)


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

Year Ended December 31,

2015

2016

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

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

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

Table Contents
.
 CONSOLIDATED STATEMENTS OPERATIONS
 millions except share data
 Ended December 31,
 2015
 2016
 2017
 Net product sales
 79,268 $
 94,665 $
 118,573
 service sales
 27,738
 41,322
 59,293
 Total net sales
 107,006
 135,987
 177,866
 Operating expenses
 Cost sales
 71,651
 88,265
 111,934
 Fulfillment
 13,410
 17,619
 25,249
 Marketing
 5,254
 7,233
 10,069
 Technology content
 12,540
 16,085
 22,620
 General administrative
 1,747
 2,432
 3,674
 operating expense
 171
 167 214 Total operating expenses
 104,773
 131,801
 173,760
 Operating income
 2,233
 4,186
 4,106
 Interest income
 50 Interest expense
 (459)
 (484)
 (848) Other income
 (256)
 90 346
 non income (expense
 (665)
 (294)
 (300
 Income before income taxes
 1,568
 3,892
 3,806
 Provision income taxes
 (950)
 (1,425)
 (769)
 Equity-method investment activity net tax
 (22) (96) Net income
 596 $
 2,371 $
 Basic earnings per share
 1. 28 $
 5. $
.
 Diluted earnings per share
 1. 25 $
 4. 90 $
 6.
 Weighted-average shares computation earnings per share
 474
 480
 Diluted 484
 493
 notes consolidated financial statements.
 38


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

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

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

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

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

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

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

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

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

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

61
62
(10)
Operating profit

8,348
9,123
8,644
Interest expense

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

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

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

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

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

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

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

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

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

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

Lockheed Martin Corporation
 Consolidated Statements Earnings
 millions share data
 Years Ended December 31,
 2022
 2021
 2020
 Net sales
 Products $ 55,466 $
 56,435 $
 54,928
 Services 10,518
 10,609
 10,470
 Total net sales
 65,984
 67,044
 65,398
 Cost sales
 Products (49,577)
 (50,273)
 (48,996)
 (9,280)
 (9,463)
 (9,371)
 Severance charges
 (100)
 (36) unallocated
 1,260
 1,789
 1,650
 Total cost sales
 (57,697)
 (57,983)
 (56,744)
 profit
 8,287
 9,061
 8,654
 income (expense),
 61
 62
 Operating profit
 8,348
 9,123
 8,644
 Interest expense
 (623)
 (569)
 (591)
 Non-service FAS pension (expense) income
 (971)
 (1,292)
 219 non-operating (expense) income
 (74) 288
 Earnings continuing operations income taxes
 6,680
 7,550
 8,235
 Income tax expense
 (948)
 (1,235)
 (1,347)
 Net earnings continuing operations
 6,315
 6,888
 loss discontinued operations
 (55)
 Net earnings
 $
 6,315 $
 Earnings (loss) common share
 operations
 $ 21. 74 $
 22. 85 $
 24. 60
 Discontinued operations
. 20
 Basic earnings common share
 21. 74 $
 22. 85 $
 24. 40
 operations
 21. 66 $
 22. 76 $
 24. 50
 Discontinued operations
 (0. 20
earnings per common share
 21. 66 $
 22. 76 $
 24. 30
 accompanying notes integral part consolidated financial statements.
 Table of Contents
 63


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

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


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

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

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

Table Contents
 Consolidated Statement Income
 PepsiCo Inc. Subsidiaries
 Fiscal years December 31, 2022 25 2021 December 26, 2020
 millions share amounts
 2022
 2021
 Net Revenue
 86,392 $
 79,474 $
 70,372
 Cost sales
 40,576
 37,075
 31,797
 Gross profit
 45,816
 42,399
 38,575
 Selling general administrative expenses
 34,459
 31,237
 28,453
 Gain Juice Transaction Note 13)
 (3,321)
 Impairment intangible assets Notes 1 4)
 3,166
 42 Operating Profit
 11,512
 11,162
 10,080
 pension retiree medical benefits income
 132
 522
 117
 Net interest expense other
 (939)
 (1,863)
 (1,128)
 Income before taxes
 10,705
 9,069
 Provision income taxes
 1,727
 2,142
 1,894
 Net income
 7,679
 7,175
 Net income noncontrolling interests
 68
 61
 55 Net Income Attributable PepsiCo
 $
 $
 7,120
 Net Income Attributable PepsiCo Common Share
 Basic 6. 45 $
 5. 51 $
 5. 14
 Diluted
 6. 42 $
 5. 49 $
. 12
 Weighted-average common shares
 1,380
 1,382
 1,385
 Diluted
 1,387
 1,389
 1,392
 accompanying notes consolidated financial statements.
 60