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[ "Medtronic plc\n Notes to Consolidated Financial Statements (Continued)\n Geographic Information\n Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic\n property, plant, and equipment are attributed to the country based on the physical location of the assets.\n The following table presents net sales for fiscal years 2023, 2022, and 2021, and property, plant, and equipment, net at April 28, 2023 and April 29, 2022 for the\n Company's country of domicile, countries with significant concentrations, and all other countries:\n Net sales Property, plant, and equipment, net\n (in millions) 2023 2022 2021 April 28, 2023 April 29, 2022\n Ireland $ 98 $ 101 $ 100 $ 184 $ 177\n United States 16,373 16,135 15,526 4,083 3,821\n Rest of world 14,756 15,450 14,491 1,302 1,415\n Total other countries, excluding Ireland 31,129 31,585 30,017 5,385 5,236\n Total $ 31,227 $ 31,686 $ 30,117 $ 5,569 $ 5,413\n No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2023, 2022, or 2021." ]

[ "NET SALES\n Segment and Division\n The charts below illustrate the percent of net sales by segment for fiscal years 2023 and 2022:\n The table below includes net sales by segment and division for fiscal years 2023 and 2022:\n Net Sales by Fiscal Year\n (in millions) 2023 2022 Percent Change\n Cardiac Rhythm & Heart Failure $ 5,835 $ 5,908 (1)%\n Structural Heart & Aortic 3,363 3,055 10\n Coronary & Peripheral Vascular 2,375 2,460 (3)\n Cardiovascular 11,573 11,423 1\n Surgical Innovations 5,663 6,060 (7)\n Respiratory, Gastrointestinal, & Renal 2,770 3,081 (10)\n Medical Surgical 8,433 9,141 (8)\n Cranial & Spinal Technologies 4,451 4,456 —\n Specialty Therapies 2,815 2,592 9\n Neuromodulation 1,693 1,735 (2)\n Neuroscience 8,959 8,784 2\n Diabetes 2,262 2,338 (3)\n Total $ 31,227 $ 31,686 (1)%" ]

[ "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0" ]

[ "Segment and Market Geography\n The charts below illustrate the percent of net sales by market geography for fiscal years 2023 and 2022:\n The table below includes net sales by market geography for each of our segments for fiscal years 2023 and 2022:\n U.S. Non-U.S. Developed Markets Emerging Markets\n (in millions)\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Cardiovascular $ 5,848 $ 5,545 5 % $ 3,564 $ 3,866 (8)% $ 2,161 $ 2,012 7 %\n Medical Surgical 3,658 3,862 (5) 3,080 3,373 (9) 1,694 1,905 (11)\n Neuroscience 6,018 5,753 5 1,658 1,801 (8) 1,283 1,229 4\n Diabetes 849 974 (13) 1,106 1,085 2 307 279 10\n Total $ 16,373 $ 16,135 1 % $ 9,408 $ 10,126 (7)% $ 5,446 $ 5,426 — %\n (1) U.S. includes the United States and U.S. territories.\n (2) Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.\n (3) Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed\n markets, as defined above.\n The decline in net sales for fiscal year 2023 was primarily driven by unfavorable currency impacts, impact of volume-based procurement tenders and COVID-19\n resurgence in China, as well as supply chain challenges in certain businesses, particularly in the first quarter of fiscal year 2023. Currency had an unfavorable\n impact of $1.2 billion on non-U.S. developed markets and $262 million on emerging markets. The decline in net sales was partially offset by growth in certain\n product lines and businesses, including Micra, Transcatheter Aortic Valve replacements (TAVR), hemorrhagic and ischemic stroke, and ENT, in addition to the\n $265 million one-time payment received as a result of the Intellectual Property Agreement entered into with Edwards Lifesciences, as further discussed in the\n Cardiovascular net sales section below." ]

[ "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0" ]

[ "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0", "Medtronic plc\n Consolidated Balance Sheets\n (in millions) April 28, 2023 April 29, 2022\n ASSETS\n Current assets:\n Cash and cash equivalents $ 1,543 $ 3,714\n Investments 6,416 6,859\n Accounts receivable, less allowances and credit losses of $176 and $230, respectively 5,998 5,551\n Inventories, net 5,293 4,616\n Other current assets 2,425 2,318\n Total current assets 21,675 23,059\n Property, plant, and equipment, net 5,569 5,413\n Goodwill 41,425 40,502\n Other intangible assets, net 14,844 15,595\n Tax assets 3,477 3,403\n Other assets 3,959 3,008\n Total assets $ 90,948 $ 90,981\n LIABILITIES AND EQUITY\n Current liabilities:\n Current debt obligations $ 20 $ 3,742\n Accounts payable 2,662 2,276\n Accrued compensation 1,949 2,121\n Accrued income taxes 840 704\n Other accrued expenses 3,581 3,551\n Total current liabilities 9,051 12,394\n Long-term debt 24,344 20,372\n Accrued compensation and retirement benefits 1,093 1,113\n Accrued income taxes 2,360 2,087\n Deferred tax liabilities 708 884\n Other liabilities 1,727 1,410\n Total liabilities 39,283 38,260\n Commitments and contingencies (Notes 3, 16, and 18)\n Shareholders’ equity:\n Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,330,809,036 and 1,330,743,395 shares issued and\n outstanding, respectively — —\n Additional paid-in capital 24,590 24,566\n Retained earnings 30,392 30,250\n Accumulated other comprehensive loss (3,499) (2,265)\n Total shareholders’ equity 51,483 52,551\n Noncontrolling interests 182 171\n Total equity 51,665 52,722\n Total liabilities and equity $ 90,948 $ 90,981" ]

[ "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0", "Medtronic plc\n Consolidated Balance Sheets\n (in millions) April 28, 2023 April 29, 2022\n ASSETS\n Current assets:\n Cash and cash equivalents $ 1,543 $ 3,714\n Investments 6,416 6,859\n Accounts receivable, less allowances and credit losses of $176 and $230, respectively 5,998 5,551\n Inventories, net 5,293 4,616\n Other current assets 2,425 2,318\n Total current assets 21,675 23,059\n Property, plant, and equipment, net 5,569 5,413\n Goodwill 41,425 40,502\n Other intangible assets, net 14,844 15,595\n Tax assets 3,477 3,403\n Other assets 3,959 3,008\n Total assets $ 90,948 $ 90,981\n LIABILITIES AND EQUITY\n Current liabilities:\n Current debt obligations $ 20 $ 3,742\n Accounts payable 2,662 2,276\n Accrued compensation 1,949 2,121\n Accrued income taxes 840 704\n Other accrued expenses 3,581 3,551\n Total current liabilities 9,051 12,394\n Long-term debt 24,344 20,372\n Accrued compensation and retirement benefits 1,093 1,113\n Accrued income taxes 2,360 2,087\n Deferred tax liabilities 708 884\n Other liabilities 1,727 1,410\n Total liabilities 39,283 38,260\n Commitments and contingencies (Notes 3, 16, and 18)\n Shareholders’ equity:\n Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,330,809,036 and 1,330,743,395 shares issued and\n outstanding, respectively — —\n Additional paid-in capital 24,590 24,566\n Retained earnings 30,392 30,250\n Accumulated other comprehensive loss (3,499) (2,265)\n Total shareholders’ equity 51,483 52,551\n Noncontrolling interests 182 171\n Total equity 51,665 52,722\n Total liabilities and equity $ 90,948 $ 90,981" ]

[ "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0", "Medtronic plc\n Consolidated Statements of Cash Flows\n Fiscal Year\n (in millions) 2023 2022 2021\n Operating Activities:\n Net income $ 3,784 $ 5,062 $ 3,630\n Adjustments to reconcile net income to net cash provided by operating activities:\n Depreciation and amortization 2,697 2,707 2,702\n Provision for credit losses 73 58 128\n Deferred income taxes (226) (604) (422)\n Stock-based compensation 355 359 344\n Loss on debt extinguishment 53 — 308\n Asset impairment charges — 515 —\n Other, net 270 138 251\n Change in operating assets and liabilities, net of acquisitions and divestitures:\n Accounts receivable, net (576) (477) (761)\n Inventories, net (939) (560) 78\n Accounts payable and accrued liabilities 696 213 531\n Other operating assets and liabilities (148) (65) (549)\n Net cash provided by operating activities 6,039 7,346 6,240\n Investing Activities:\n Acquisitions, net of cash acquired (1,867) (91) (994)\n Additions to property, plant, and equipment (1,459) (1,368) (1,355)\n Purchases of investments (7,514) (9,882) (11,808)\n Sales and maturities of investments 7,343 9,692 11,345\n Other investing activities, net 4 (10) (54)\n Net cash used in investing activities (3,493) (1,659) (2,866)\n Financing Activities:\n Change in current debt obligations, net — — (311)\n Proceeds from short-term borrowings (maturities greater than 90 days) 2,284 — 2,789\n Repayments from short-term borrowings (maturities greater than 90 days) (2,279) — (2,853)\n Issuance of long-term debt 5,409 — 7,172\n Payments on long-term debt (6,012) (1) (7,367)\n Dividends to shareholders (3,616) (3,383) (3,120)\n Issuance of ordinary shares 308 429 474\n Repurchase of ordinary shares (645) (2,544) (652)\n Other financing activities (409) 163 (268)\n Net cash used in financing activities (4,960) (5,336) (4,136)\n Effect of exchange rate changes on cash and cash equivalents 243 (231) 215\n Net change in cash and cash equivalents (2,171) 121 (547)\n Cash and cash equivalents at beginning of period 3,714 3,593 4,140\n Cash and cash equivalents at end of period $ 1,543 $ 3,714 $ 3,593\n Supplemental Cash Flow Information\n Cash paid for:\n Income taxes $ 1,548 $ 996 $ 1,250\n Interest 606 540 582" ]

[ "Medtronic plc\n Notes to Consolidated Financial Statements (Continued)\n Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense recognized for stock\n options, restricted stock, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2023, 2022, and 2021:\n Fiscal Year\n (in millions) 2023 2022 2021\n Stock options $ 77 $ 70 $ 72\n Restricted stock 166 184 185\n Performance share units 74 66 49\n Employee stock purchase plan 38 39 38\n Total stock-based compensation expense $ 355 $ 359 $ 344\n Cost of products sold $ 36 $ 36 $ 35\n Research and development expense 39 40 38\n Selling, general, and administrative expense 280 283 272\n Total stock-based compensation expense 355 359 344\n Income tax benefits (60) (62) (59)\n Total stock-based compensation expense, net of tax $ 295 $ 297 $ 285\n Stock Options Options are granted at the exercise price, which is equal to the closing price of the Company’s ordinary shares on the grant date. The majority of\n the Company’s options are non-qualified options with a ten-year life and a four-year ratable vesting term. The Company uses the Black-Scholes option pricing\n model (Black-Scholes model) to determine the fair value of stock options at the grant date. The fair value of stock options under the Black-Scholes model requires\n management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Company’s stock price,\n and expected dividends.\n The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:\n Fiscal Year\n 2023 2022 2021\n Weighted average fair value of options granted $ 17.76 $ 22.83 $ 16.15\n Assumptions used:\n Expected life (years) 6.0 6.0 6.0\n Risk-free interest rate 2.70 % 0.90 % 0.33 %\n Volatility 24.05 % 23.04 % 24.17 %\n Dividend yield 2.92 % 1.95 % 2.36 %\n The following table summarizes stock option activity during fiscal year 2023:\n Options\n (in thousands)\n Wtd. Avg.\n Exercise\n Price\n Wtd. Avg. Remaining\n Contractual Term (in\n years)\n Aggregate Intrinsic\n Value (in millions)\n Outstanding at April 29, 2022 28,263 $ 92.00\n Granted 5,470 92.96\n Exercised (1,513) 59.15\n Expired/Forfeited/Cancelled (1,354) 102.93\n Outstanding at April 28, 2023 30,866 93.30 5.1 $ 154\n Expected to vest at April 28, 2023 8,685 103.48 8.5 1\n Exercisable at April 28, 2023 21,468 88.90 3.7 153" ]

[ "Notes to Consolidated Financial Statements (Continued)\n 13. Income Taxes\n The income tax provision is based on income before income taxes reported for financial statement purposes. The components of income before income taxes,\n based on tax jurisdiction, are as follows:\n Fiscal Year\n (in millions) 2023 2022 2021\n U.S. $ 1,295 $ 436 $ (358)\n International 4,069 5,081 4,253\n Income before income taxes $ 5,364 $ 5,517 $ 3,895\n The income tax provision consists of the following:\n Fiscal Year\n (in millions) 2023 2022 2021\n Current tax expense:\n U.S. $ 1,303 $ 467 $ 287\n International 530 599 439\n Total current tax expense 1,833 1,066 726\n Deferred tax (benefit) expense:\n U.S. (336) (402) (625)\n International 83 (209) 165\n Net deferred tax benefit (253) (611) (461)\n Income tax provision $ 1,580 $ 456 $ 265" ]

[ "Gains and Losses on Hedging Instruments and Derivatives not Designated as Hedging Instruments\n The amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our consolidated financial statements for\n fiscal years 2023, 2022, and 2021 were as follows:\n (Gain) Loss Recognized in Accumulated Other\n Comprehensive Income (Gain) Loss Reclassified into Income\n Fiscal Year Fiscal Year\n Location of (Gain) Loss in Income\n (in millions) 2023 2022 2021 2023 2022 2021 Statement\n Cash flow hedges\n Currency exchange rate contracts $ (161) $ (953) $ 519 $ (703) $ (144) $ (17)\n Other operating (income) expense,\n net\n Currency exchange rate contracts (79) 18 108 (3) 61 15 Cost of products sold\n Net investment hedges\n Foreign currency-denominated debt 524 (2,299) 1,694 — — — N/A\n Currency exchange rate contracts 73 — — — — — N/A\n Total $ 356 $ (3,234) $ 2,321 $ (706) $ (83) $ (2)\n The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our\n consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows:\n (Gain) Loss Recognized in Income\n Fiscal Year\n (in millions) 2023 2022 2021 Location of (Gain) Loss in Income Statement\n Derivatives not designated as hedging instruments\n Currency exchange rate contracts $ 31 $ (54) $ 247 Other operating (income) expense, net\n Total return swaps 1 1 (81) Other operating (income) expense, net\n Total $ 32 $ (53) $ 166\n Balance Sheet Presentation\n The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at April 28,\n 2023 and April 29, 2022. The fair value amounts are presented on a gross basis, and are segregated between derivatives that are designated and qualify as hedging\n instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories.\n Fair Value - Assets Fair Value - Liabilities\n (in millions)\n April 28,\n 2023\n April 29,\n 2022 Balance Sheet Classification\n April 28,\n 2023\n April 29,\n 2022 Balance Sheet Classification\n Derivatives designated as hedging instruments\n Currency exchange rate contracts $ 318 $ 481 Other current assets $ 109 $ 43 Other accrued expenses\n Currency exchange rate contracts 33 168 Other assets 117 16 Other liabilities\n Total derivatives designated as hedging instruments 351 649 226 60\n Derivatives not designated as hedging instruments\n Currency exchange rate contracts 17 46 Other current assets 10 49 Other accrued expenses\n Total return swaps — — Other current assets — 20 Other accrued expenses\n Total derivatives not designated as hedging\n instruments 17 46 10 69\n Total derivatives $ 368 $ 695 $ 236 $ 129" ]

[ "Defined Benefit Pension Plans The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows:\n U.S. Pension Benefits Non-U.S. Pension Benefits\n Fiscal Year Fiscal Year\n (in millions) 2023 2022 2023 2022\n Accumulated benefit obligation at end of year: $ 3,348 $ 3,396 $ 1,422 $ 1,638\n Change in projected benefit obligation:\n Projected benefit obligation at beginning of year $ 3,526 $ 3,979 $ 1,740 $ 2,294\n Service cost 77 98 43 64\n Interest cost 142 102 38 26\n Employee contributions — — 9 12\n Plan curtailments, settlements, and amendments (19) — (8) (11)\n Actuarial (gain) loss (210) (513) (303) (394)\n Benefits paid (140) (141) (63) (48)\n Special termination benefits 74 — — —\n Currency exchange rate changes and other — — 43 (203)\n Projected benefit obligation at end of year $ 3,451 $ 3,526 $ 1,499 $ 1,740\n Change in plan assets:\n Fair value of plan assets at beginning of year $ 3,559 $ 3,660 $ 1,732 $ 1,900\n Actual return on plan assets (43) 15 (163) (12)\n Employer contributions 22 24 57 70\n Employee contributions — — 9 12\n Plan settlements — — (8) (1)\n Benefits paid (140) (141) (63) (48)\n Currency exchange rate changes and other — — 50 (188)\n Fair value of plan assets at end of year $ 3,398 $ 3,559 $ 1,614 $ 1,732\n Funded status at end of year:\n Fair value of plan assets $ 3,398 $ 3,559 $ 1,614 $ 1,732\n Benefit obligations 3,451 3,526 1,499 1,740\n Over (under) funded status of the plans (53) 33 115 (8)\n Recognized asset (liability) $ (53) $ 33 $ 115 $ (8)\n Amounts recognized on the consolidated\n balance sheets consist of:\n Non-current assets $ 221 $ 313 $ 350 $ 240\n Current liabilities (24) (21) (6) (6)\n Non-current liabilities (250) (259) (228) (242)\n Recognized asset (liability) $ (53) $ 33 $ 115 $ (8)\n Amounts recognized in accumulated other\n comprehensive loss:\n Prior service cost (credit) $ (19) $ — $ (3) $ (4)\n Net actuarial loss 891 854 76 161\n Ending balance $ 873 $ 854 $ 73 $ 157\n (1) Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gain in fiscal year 2023\n and 2022 was primarily related to increases in discount rates.\n (2) As of April 24, 2020, the Company announced the freezing of the U.S. pension benefits beginning Plan year 2028. Employees will continue to earn benefits as required by the\n Medtronic Retirement Plan until April 30, 2027, after which date benefits will no longer be earned and employees will earn benefits through the Medtronic Savings and\n Investment Plan.\n (3) This represents a portion of the total voluntary early retirement package charges for fiscal year 2023." ]

[ "Medtronic plc\n Consolidated Statements of Cash Flows\n Fiscal Year\n (in millions) 2023 2022 2021\n Operating Activities:\n Net income $ 3,784 $ 5,062 $ 3,630\n Adjustments to reconcile net income to net cash provided by operating activities:\n Depreciation and amortization 2,697 2,707 2,702\n Provision for credit losses 73 58 128\n Deferred income taxes (226) (604) (422)\n Stock-based compensation 355 359 344\n Loss on debt extinguishment 53 — 308\n Asset impairment charges — 515 —\n Other, net 270 138 251\n Change in operating assets and liabilities, net of acquisitions and divestitures:\n Accounts receivable, net (576) (477) (761)\n Inventories, net (939) (560) 78\n Accounts payable and accrued liabilities 696 213 531\n Other operating assets and liabilities (148) (65) (549)\n Net cash provided by operating activities 6,039 7,346 6,240\n Investing Activities:\n Acquisitions, net of cash acquired (1,867) (91) (994)\n Additions to property, plant, and equipment (1,459) (1,368) (1,355)\n Purchases of investments (7,514) (9,882) (11,808)\n Sales and maturities of investments 7,343 9,692 11,345\n Other investing activities, net 4 (10) (54)\n Net cash used in investing activities (3,493) (1,659) (2,866)\n Financing Activities:\n Change in current debt obligations, net — — (311)\n Proceeds from short-term borrowings (maturities greater than 90 days) 2,284 — 2,789\n Repayments from short-term borrowings (maturities greater than 90 days) (2,279) — (2,853)\n Issuance of long-term debt 5,409 — 7,172\n Payments on long-term debt (6,012) (1) (7,367)\n Dividends to shareholders (3,616) (3,383) (3,120)\n Issuance of ordinary shares 308 429 474\n Repurchase of ordinary shares (645) (2,544) (652)\n Other financing activities (409) 163 (268)\n Net cash used in financing activities (4,960) (5,336) (4,136)\n Effect of exchange rate changes on cash and cash equivalents 243 (231) 215\n Net change in cash and cash equivalents (2,171) 121 (547)\n Cash and cash equivalents at beginning of period 3,714 3,593 4,140\n Cash and cash equivalents at end of period $ 1,543 $ 3,714 $ 3,593\n Supplemental Cash Flow Information\n Cash paid for:\n Income taxes $ 1,548 $ 996 $ 1,250\n Interest 606 540 582" ]

[ "Medtronic plc\n Consolidated Statements of Equity\n Ordinary Shares Additional\n Paid-in Capital\n Retained\n Earnings\n Accumulated\n Other\n Comprehensive\n Loss\n Total\n Shareholders’\n Equity\n Noncontrolling\n Interests\n Total\n (in millions, except per share data) Number Par Value Equity\n April 24, 2020 1,341 $ — $ 26,165 $ 28,132 $ (3,560) $ 50,737 $ 135 $ 50,872\n Net income — — — 3,606 — 3,606 24 3,630\n Other comprehensive income — — — — 75 75 8 83\n Dividends to shareholders ($2.32 per ordinary\n share) — — — (3,120) — (3,120) — (3,120)\n Issuance of shares under stock purchase and\n award plans 8 — 382 — — 382 — 382\n Repurchase of ordinary shares (4) — (559) — — (559) — (559)\n Stock-based compensation — — 344 — — 344 — 344\n Changes to noncontrolling ownership interests — — (13) — — (13) 7 (6)\n Cumulative effect of change in accounting\n principle — — — (24) — (24) — (24)\n April 30, 2021 1,345 $ — $ 26,319 $ 28,594 $ (3,485) $ 51,428 $ 174 $ 51,602\n Net income — — — 5,039 — 5,039 22 5,062\n Other comprehensive income (loss) — — — — 1,219 1,219 (6) 1,213\n Dividends to shareholders ($2.52 per ordinary\n share) — — — (3,383) — (3,383) — (3,383)\n Issuance of shares under stock purchase and\n award plans 7 — 329 — — 329 — 329\n Repurchase of ordinary shares (21) — (2,442) — — (2,442) — (2,442)\n Stock-based compensation — — 359 — — 359 — 359\n Changes to noncontrolling ownership interests — — 1 — — 1 (19) (18)\n April 29, 2022 1,331 $ — $ 24,566 $ 30,250 $ (2,265) $ 52,551 $ 171 $ 52,722\n Net income — — — 3,758 — 3,758 26 3,784\n Other comprehensive (loss) income — — — — (1,234) (1,234) — (1,234)\n Dividends to shareholders ($2.72 per ordinary\n share) — — — (3,616) — (3,616) — (3,616)\n Issuance of shares under stock purchase and\n award plans 6 — 236 — — 236 — 236\n Repurchase of ordinary shares (6) — (571) — — (571) — (571)\n Stock-based compensation — — 355 — — 355 — 355\n Changes to noncontrolling ownership interests — — 5 — — 5 (15) (10)\n April 28, 2023 1,331 $ — $ 24,590 $ 30,392 $ (3,499) $ 51,483 $ 182 $ 51,665" ]

[ "COSTS AND EXPENSES\n The following is a summary of cost of products sold, research and development, and selling, general, and administrative expenses as a percent of net sales:\n Cost of Products Sold Cost of products sold for fiscal year 2023 was $10.7 billion as compared to $10.1 billion for fiscal year 2022. The increase in cost of\n products sold as a percentage of net sales was primarily attributable to increased labor and direct material manufacturing costs, predominantly due to inflationary\n pressures and supply chain challenges, increased freight due to higher fuel costs and expedited shipments for backorders resulting from supply chain challenges, as\n well as increased inventory reserves. Fiscal year 2022 included $58 million of inventory write-downs associated with our June 2021 decision to stop the\n distribution and sale of Medtronic's HVAD System (MCS charges). Looking forward, our cost of products sold likely will be further negatively impacted by\n inflation and higher labor and direct material costs. We continue to focus on reducing our costs of production through supplier management, manufacturing\n improvements, and optimizing our manufacturing network.\n Research and Development Expense We remain committed to deliver the best possible experiences for patients, physicians, and caregivers we serve; to create\n technologies that expand what’s possible across the human body to transform lives; to turn data and insights into real action to serve patient needs, improving care;\n and to expand healthcare access and deliver positive outcomes. Research and development expense for fiscal years 2023 and 2022 was $2.7 billion. Fiscal year\n 2022 included $101 million of expense related to acquisitions of, and license payments for, technology not approved by regulators, primarily in our Diabetes\n segment.\n Selling, General, and Administrative Expense Our goal is to continue to leverage selling, general, and administrative expense initiatives. Selling, general, and\n administrative expense primarily consists of salaries and wages, other administrative costs, such as professional fees and marketing expenses, certain acquisition,\n divestiture and separation-related costs, and restructuring expenses. Selling, general, and administrative expense for fiscal year 2023 was $10.4 billion as compared\n to $10.3 billion for fiscal year 2022. The increase in selling, general, and administrative expense as a percentage of net sales was primarily driven by employee\n travel, and to a lesser extent by lower net sales, partially offset by a reduction in professional services.\n The following is a summary of other costs and expenses (income):\n Fiscal Year\n (in millions) 2023 2022\n Amortization of intangible assets $ 1,698 $ 1,733\n Restructuring charges, net 375 60\n Certain litigation charges, net (30) 95\n Other operating (income) expense, net (131) 862\n Other non-operating income, net (515) (318)\n Interest expense, net 636 553" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633" ]

[ "Twelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nNet revenue:\r\nSmall Business & Self-Employed $ 8,038 $ 6,460 $ 4,688\r\nConsumer 4,135 3,915 3,563\r\nCredit Karma 1,634 1,805 865\r\nProTax 561 546 517\r\nTotal net revenue $ 14,368 $ 12,726 $ 9,633" ]

[ "Twelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nNet revenue:\r\nSmall Business & Self-Employed $ 8,038 $ 6,460 $ 4,688\r\nConsumer 4,135 3,915 3,563\r\nCredit Karma 1,634 1,805 865\r\nProTax 561 546 517\r\nTotal net revenue $ 14,368 $ 12,726 $ 9,633" ]

[ "Twelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nNet revenue:\r\nSmall Business & Self-Employed $ 8,038 $ 6,460 $ 4,688\r\nConsumer 4,135 3,915 3,563\r\nCredit Karma 1,634 1,805 865\r\nProTax 561 546 517\r\nTotal net revenue $ 14,368 $ 12,726 $ 9,633" ]

[ "Twelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nNet revenue:\r\nSmall Business & Self-Employed $ 8,038 $ 6,460 $ 4,688\r\nConsumer 4,135 3,915 3,563\r\nCredit Karma 1,634 1,805 865\r\nProTax 561 546 517\r\nTotal net revenue $ 14,368 $ 12,726 $ 9,633" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633\r\nCosts and expenses:\r\nCost of revenue:\r\nCost of product revenue 71 69 69\r\nCost of service and other revenue 2,909 2,197 1,564\r\nAmortization of acquired technology 163 140 50" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633\r\nCosts and expenses:\r\nCost of revenue:\r\nCost of product revenue 71 69 69\r\nCost of service and other revenue 2,909 2,197 1,564\r\nAmortization of acquired technology 163 140 50" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633\r\nCosts and expenses:\r\nCost of revenue:\r\nCost of product revenue 71 69 69\r\nCost of service and other revenue 2,909 2,197 1,564\r\nAmortization of acquired technology 163 140 50\r\nSelling and marketing 3,762 3,526 2,644\r\nResearch and development 2,539 2,347 1,678\r\nGeneral and administrative 1,300 1,460 982\r\nAmortization of other acquired intangible assets 483 416 146\r\nTotal costs and expenses 11,227 10,155 7,133\r\nOperating income 3,141 2,571 2,500" ]

[ " INTUIT INC.\r\n CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY\r\n Common Stock\r\n Additional\r\n Paid-In Capital Treasury Stock\r\n Accumulated Other\r\n Comprehensive Loss\r\n Retained\r\n Earnings\r\n Total\r\n Stockholders’\r\n Equity (Dollars in millions, except per share amounts; shares in thousands) Shares Amount\r\n Balance at July 31, 2020 261,740 $ 3 $ 6,179 $ (11,929)$ (32)$ 10,885 $ 5,106 \r\nComprehensive income — — — — 8 2,062 2,070 \r\nIssuance of stock under employee stock plans, net of shares\r\n withheld for employee taxes 2,593 — (187) — — — (187)\r\n Stock repurchases under stock repurchase programs (2,422) — — (1,022) — — (1,022)\r\n Dividends and dividend rights declared ($2.36 per share) — — — — — (651) (651)\r\n Share-based compensation expense — — 755 — — — 755 \r\nIssuance of stock in a business combination 11,324 — 3,798 — — — 3,798 \r\nBalance at July 31, 2021 273,235 3 10,545 (12,951) (24) 12,296 9,869 \r\nComprehensive income — — — — (36) 2,066 2,030 \r\nIssuance of stock under employee stock plans, net of shares\r\n withheld for employee taxes 2,361 — (448) — — — (448)\r\n Stock repurchases (3,754) — — (1,854) — — (1,854)\r\n Dividends and dividend rights declared ($2.72 per share) — — — — — (781) (781)\r\n Share-based compensation expense — — 1,309 — — — 1,309 \r\nIssuance of stock in a business combination 10,090 — 6,316 — — — 6,316 \r\nBalance at July 31, 2022 281,932 3 17,722 (14,805) (60) 13,581 16,441 \r\nComprehensive income — — — — 5 2,384 2,389 \r\nIssuance of stock under employee stock plans, net of shares\r\n withheld for employee taxes 3,189 — (408) — — — (408)\r\n Stock repurchases under stock repurchase programs (4,700) — — (1,967) — — (1,967)\r\n Dividends and dividend rights declared ($3.12 per share) — — — — — (898) (898)\r\n Share-based compensation expense — — 1,712 — — — 1,712 \r\nBalance at July 31, 2023 280,421 $ 3 $ 19,026 $ (16,772)$ (55)$ 15,067 $ 17,269" ]

[ "INTUIT INC.\r\nCONSOLIDATED BALANCE SHEETS\r\nJuly 31,\r\n(Dollars in millions, except par value; shares in thousands) 2023 2022\r\nASSETS\r\nCurrent assets:\r\nCash and cash equivalents $ 2,848 $ 2,796\r\nInvestments 814 485\r\nAccounts receivable, net of allowance for doubtful accounts of $7 and $31 405 446\r\nNotes receivable, net 687 509\r\nIncome taxes receivable 29 93\r\nPrepaid expenses and other current assets 354 287\r\nCurrent assets before funds receivable and amounts held for customers 5,137 4,616\r\nFunds receivable and amounts held for customers 420 431\r\nTotal current assets 5,557 5,047\r\nLong-term investments 105 98\r\nProperty and equipment, net 969 888\r\nOperating lease right-of-use assets 469 549\r\nGoodwill 13,780 13,736\r\nAcquired intangible assets, net 6,419 7,061\r\nLong-term deferred income tax assets 64 11\r\nOther assets 417 344\r\nTotal assets $ 27,780 $ 27,734\r\nLIABILITIES AND STOCKHOLDERS’ EQUITY\r\nCurrent liabilities:\r\nShort-term debt $ — $ 499\r\nAccounts payable 638 737\r\nAccrued compensation and related liabilities 665 576\r\nDeferred revenue 921 808\r\nIncome taxes payable 698 8\r\nOther current liabilities 448 571\r\nCurrent liabilities before funds payable and amounts due to customers 3,370 3,199\r\nFunds payable and amounts due to customers 420 431\r\nTotal current liabilities 3,790 3,630" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633\r\nCosts and expenses:\r\nCost of revenue:\r\nCost of product revenue 71 69 69\r\nCost of service and other revenue 2,909 2,197 1,564\r\nAmortization of acquired technology 163 140 50\r\nSelling and marketing 3,762 3,526 2,644\r\nResearch and development 2,539 2,347 1,678\r\nGeneral and administrative 1,300 1,460 982\r\nAmortization of other acquired intangible assets 483 416 146\r\nTotal costs and expenses 11,227 10,155 7,133\r\nOperating income 3,141 2,571 2,500\r\nInterest expense (248) (81) (29)" ]

[ "INTUIT INC.\r\nCONSOLIDATED BALANCE SHEETS\r\nJuly 31,\r\n(Dollars in millions, except par value; shares in thousands) 2023 2022\r\nASSETS\r\nCurrent assets:\r\nCash and cash equivalents $ 2,848 $ 2,796\r\nInvestments 814 485\r\nAccounts receivable, net of allowance for doubtful accounts of $7 and $31 405 446\r\nNotes receivable, net 687 509\r\nIncome taxes receivable 29 93\r\nPrepaid expenses and other current assets 354 287\r\nCurrent assets before funds receivable and amounts held for customers 5,137 4,616\r\nFunds receivable and amounts held for customers 420 431\r\nTotal current assets 5,557 5,047\r\nLong-term investments 105 98\r\nProperty and equipment, net 969 888\r\nOperating lease right-of-use assets 469 549\r\nGoodwill 13,780 13,736\r\nAcquired intangible assets, net 6,419 7,061\r\nLong-term deferred income tax assets 64 11\r\nOther assets 417 344\r\nTotal assets $ 27,780 $ 27,734\r\nLIABILITIES AND STOCKHOLDERS’ EQUITY\r\nCurrent liabilities:\r\nShort-term debt $ — $ 499\r\nAccounts payable 638 737\r\nAccrued compensation and related liabilities 665 576\r\nDeferred revenue 921 808\r\nIncome taxes payable 698 8\r\nOther current liabilities 448 571\r\nCurrent liabilities before funds payable and amounts due to customers 3,370 3,199\r\nFunds payable and amounts due to customers 420 431\r\nTotal current liabilities 3,790 3,630\r\nLong-term debt 6,120 6,415\r\nLong-term deferred income tax liabilities 4 619\r\nOperating lease liabilities 480 542\r\nOther long-term obligations 117 87\r\nTotal liabilities 10,511 11,293\r\nCommitments and contingencies\r\nStockholders’ equity:\r\nPreferred stock, $0.01 par value\r\nAuthorized - 1,345 shares total; 145 shares designated Series A;\r\n250 shares designated Series B Junior Participating\r\nIssued and outstanding - None — —\r\nCommon stock, $0.01 par value\r\nAuthorized - 750,000 shares\r\nOutstanding - 280,421 shares at July 31, 2023 and 281,932 shares at July 31, 2022 3 3\r\nAdditional paid-in capital 19,026 17,722\r\nTreasury stock, at cost (16,772) (14,805)\r\nAccumulated other comprehensive loss (55) (60)\r\nRetained earnings 15,067 13,581\r\nTotal stockholders’ equity 17,269 16,441\r\nTotal liabilities and stockholders’ equity $ 27,780 $ 27,734" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF OPERATIONS\r\nTwelve Months Ended July 31,\r\n(In millions, except per share amounts) 2023 2022 2021\r\nNet revenue:\r\nProduct $ 1,970 $ 1,747 $ 1,698\r\nService and other 12,398 10,979 7,935\r\nTotal net revenue 14,368 12,726 9,633\r\nCosts and expenses:\r\nCost of revenue:\r\nCost of product revenue 71 69 69\r\nCost of service and other revenue 2,909 2,197 1,564\r\nAmortization of acquired technology 163 140 50\r\nSelling and marketing 3,762 3,526 2,644\r\nResearch and development 2,539 2,347 1,678\r\nGeneral and administrative 1,300 1,460 982\r\nAmortization of other acquired intangible assets 483 416 146\r\nTotal costs and expenses 11,227 10,155 7,133\r\nOperating income 3,141 2,571 2,500\r\nInterest expense (248) (81) (29)\r\nInterest and other income, net 96 52 85\r\nIncome before income taxes 2,989 2,542 2,556\r\nIncome tax provision 605 476 494\r\nNet income $ 2,384 $ 2,066 $ 2,062" ]

[ "INTUIT INC.\r\nCONSOLIDATED STATEMENTS OF CASH FLOWS\r\nTwelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nCash flows from operating activities:\r\nNet income $ 2,384 $ 2,066 $ 2,062\r\nAdjustments to reconcile net income to net cash provided by operating activities:\r\nDepreciation 160 187 166\r\nAmortization of acquired intangible assets 646 559 197\r\nNon-cash operating lease cost 90 83 62\r\nShare-based compensation expense 1,712 1,308 753\r\nDeferred income taxes (628) 120 (42)\r\nOther 81 2 (39)\r\nTotal adjustments 2,061 2,259 1,097\r\nOriginations of loans held for sale — — (41)\r\nSale and principal payments of loans held for sale — — 143\r\nChanges in operating assets and liabilities:\r\nAccounts receivable 42 (31) (104)\r\nIncome taxes receivable 64 29 (51)\r\nPrepaid expenses and other assets (75) (121) 30\r\nAccounts payable (97) (95) 206\r\nAccrued compensation and related liabilities 88 (357) (70)\r\nDeferred revenue 111 71 22\r\nOperating lease liabilities (81) (83) (66)\r\nIncome taxes payable 690 6 (8)\r\nOther liabilities (141) 145 30\r\nTotal changes in operating assets and liabilities 601 (436) (11)\r\nNet cash provided by operating activities 5,046 3,889 3,250\r\nCash flows from investing activities:\r\nPurchases of corporate and customer fund investments (1,015) (830) (1,489)\r\nSales of corporate and customer fund investments 240 1,524 229\r\nMaturities of corporate and customer fund investments 449 234 550\r\nPurchases of property and equipment (210) (157) (53)\r\nCapitalization of internal use software (50) (72) (72)\r\nAcquisitions of businesses, net of cash acquired (33) (5,682) (3,064)\r\nOriginations and purchases of loans (1,983) (933) (232)\r\nPrincipal repayments of loans 1,727 519 136\r\nOther (47) (24) 30\r\nNet cash used in investing activities (922) (5,421) (3,965)\r\nCash flows from financing activities:\r\nProceeds from issuance of long-term debt — 4,700 —\r\nRepayments of debt (1,009) — (338)\r\nRepayments on borrowings under unsecured revolving credit facility — — (1,000)\r\nProceeds from borrowings under secured revolving credit facilities 222 182 —\r\nRepayments on borrowings under secured revolving credit facilities (23) — —\r\nProceeds from issuance of stock under employee stock plans 228 162 196\r\nPayments for employee taxes withheld upon vesting of restricted stock units (633) (611) (383)\r\nCash paid for purchases of treasury stock (1,967) (1,861) (1,005)\r\nDividends and dividend rights paid (889) (774) (646)\r\nNet change in funds receivable and funds payable and amounts due to customers (197) (56) 2\r\nOther (1) (10) (2)\r\nNet cash provided by (used in) financing activities (4,269) 1,732 (3,176)" ]

[ "Twelve Months Ended July 31,\r\n(In millions) 2023 2022 2021\r\nNet revenue:\r\nSmall Business & Self-Employed $ 8,038 $ 6,460 $ 4,688\r\nConsumer 4,135 3,915 3,563\r\nCredit Karma 1,634 1,805 865\r\nProTax 561 546 517\r\nTotal net revenue $ 14,368 $ 12,726 $ 9,633\r\nOperating income:\r\nSmall Business & Self-Employed $ 4,532 $ 3,499 $ 2,590\r\nConsumer 2,707 2,483 2,237\r\nCredit Karma 428 531 182\r\nProTax 395 383 372\r\nTotal segment operating income 8,062 6,896 5,381\r\nUnallocated corporate items:\r\nShare-based compensation expense (1,712) (1,308) (753)\r\nOther corporate expenses (2,563) (2,461) (1,932)\r\nAmortization of acquired technology (163) (140) (50)\r\nAmortization of other acquired intangible assets (483) (416) (146)\r\nTotal unallocated corporate items (4,921) (4,325) (2,881)" ]

[ "RESULTS OF OPERATIONS\r\n(Dollars in millions, except per share data) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE\r\nRevenues $ 51,217 $ 46,710 10 % $ 44,538 5 %\r\nCost of sales 28,925 25,231 15 % 24,576 3 %\r\nGross profit 22,292 21,479 4 % 19,962 8 %\r\nGross margin 43.5 % 46.0 % 44.8 %\r\nDemand creation expense 4,060 3,850 5 % 3,114 24 %\r\nOperating overhead expense 12,317 10,954 12 % 9,911 11 %\r\nTotal selling and administrative expense 16,377 14,804 11 % 13,025 14 %\r\n% of revenues 32.0 % 31.7 % 29.2 %\r\nInterest expense (income), net (6) 205 — 262 —\r\nOther (income) expense, net (280) (181) — 14 —\r\nIncome before income taxes 6,201 6,651 -7 % 6,661 0 %\r\nIncome tax expense 1,131 605 87 % 934 -35 %\r\nEffective tax rate 18.2 % 9.1 % 14.0 %\r\nNET INCOME $ 5,070 $ 6,046 -16 % $ 5,727 6 %\r\nDiluted earnings per common share $ 3.23 $ 3.75 -14 % $ 3.56 5 %" ]

[ "CONSOLIDATED OPERATING RESULTS\r\nREVENUES\r\n(Dollars in millions)\r\nFISCAL\r\n2023\r\nFISCAL\r\n2022 % CHANGE\r\n% CHANGE\r\nEXCLUDING\r\nCURRENCY\r\nCHANGES\r\nFISCAL\r\n2021 % CHANGE\r\n% CHANGE\r\nEXCLUDING\r\nCURRENCY\r\nCHANGES\r\nNIKE, Inc. Revenues:\r\nNIKE Brand Revenues by:\r\nFootwear $ 33,135 $ 29,143 14 % 20 % $ 28,021 4 % 4 %\r\nApparel 13,843 13,567 2 % 8 % 12,865 5 % 6 %\r\nEquipment 1,727 1,624 6 % 13 % 1,382 18 % 18 %\r\nGlobal Brand Divisions 58 102 -43 % -43 % 25 308 % 302 %\r\nTotal NIKE Brand Revenues $ 48,763 $ 44,436 10 % 16 % $ 42,293 5 % 6 %\r\nConverse 2,427 2,346 3 % 8 % 2,205 6 % 7 %\r\nCorporate 27 (72) — — 40 — —\r\nTOTAL NIKE, INC. REVENUES $ 51,217 $ 46,710 10 % 16 % $ 44,538 5 % 6 %\r\nSupplemental NIKE Brand Revenues Details:\r\nNIKE Brand Revenues by:\r\nSales to Wholesale Customers $ 27,397 $ 25,608 7 % 14 % $ 25,898 -1 % -1 %\r\nSales through NIKE Direct 21,308 18,726 14 % 20 % 16,370 14 % 15 %\r\nGlobal Brand Divisions 58 102 -43 % -43 % 25 308 % 302 %\r\nTOTAL NIKE BRAND REVENUES $ 48,763 $ 44,436 10 % 16 % $ 42,293 5 % 6 %\r\nNIKE Brand Revenues on a Wholesale Equivalent Basis :\r\nSales to Wholesale Customers $ 27,397 $ 25,608 7 % 14 % $ 25,898 -1 % -1 %\r\nSales from our Wholesale Operations to NIKE Direct Operations 12,730 10,543 21 % 27 % 9,872 7 % 7 %\r\nTOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES $ 40,127 $ 36,151 11 % 18 % $ 35,770 1 % 1 %\r\nNIKE Brand Wholesale Equivalent Revenues by:\r\nMen's $ 20,733 $ 18,797 10 % 17 % $ 18,391 2 % 3 %\r\nWomen's 8,606 8,273 4 % 11 % 8,225 1 % 1 %\r\nNIKE Kids' 5,038 4,874 3 % 10 % 4,882 0 % 0 %\r\nJordan Brand 6,589 5,122 29 % 35 % 4,780 7 % 7 %\r\nOthers (839) (915) 8 % -3 % (508) -80 % -79 %\r\nTOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES $ 40,127 $ 36,151 11 % 18 % $ 35,770 1 % 1 %" ]

[ "RESULTS OF OPERATIONS\r\n(Dollars in millions, except per share data) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE\r\nRevenues $ 51,217 $ 46,710 10 % $ 44,538 5 %\r\nCost of sales 28,925 25,231 15 % 24,576 3 %\r\nGross profit 22,292 21,479 4 % 19,962 8 %\r\nGross margin 43.5 % 46.0 % 44.8 %\r\nDemand creation expense 4,060 3,850 5 % 3,114 24 %\r\nOperating overhead expense 12,317 10,954 12 % 9,911 11 %\r\nTotal selling and administrative expense 16,377 14,804 11 % 13,025 14 %\r\n% of revenues 32.0 % 31.7 % 29.2 %\r\nInterest expense (income), net (6) 205 — 262 —\r\nOther (income) expense, net (280) (181) — 14 —\r\nIncome before income taxes 6,201 6,651 -7 % 6,661 0 %\r\nIncome tax expense 1,131 605 87 % 934 -35 %\r\nEffective tax rate 18.2 % 9.1 % 14.0 %\r\nNET INCOME $ 5,070 $ 6,046 -16 % $ 5,727 6 %\r\nDiluted earnings per common share $ 3.23 $ 3.75 -14 % $ 3.56 5 %" ]

[ "RESULTS OF OPERATIONS\r\n(Dollars in millions, except per share data) FISCAL 2023 FISCAL 2022 % CHANGE FISCAL 2021 % CHANGE\r\nRevenues $ 51,217 $ 46,710 10 % $ 44,538 5 %\r\nCost of sales 28,925 25,231 15 % 24,576 3 %\r\nGross profit 22,292 21,479 4 % 19,962 8 %\r\nGross margin 43.5 % 46.0 % 44.8 %\r\nDemand creation expense 4,060 3,850 5 % 3,114 24 %\r\nOperating overhead expense 12,317 10,954 12 % 9,911 11 %\r\nTotal selling and administrative expense 16,377 14,804 11 % 13,025 14 %\r\n% of revenues 32.0 % 31.7 % 29.2 %\r\nInterest expense (income), net (6) 205 — 262 —\r\nOther (income) expense, net (280) (181) — 14 —\r\nIncome before income taxes 6,201 6,651 -7 % 6,661 0 %\r\nIncome tax expense 1,131 605 87 % 934 -35 %\r\nEffective tax rate 18.2 % 9.1 % 14.0 %\r\nNET INCOME $ 5,070 $ 6,046 -16 % $ 5,727 6 %\r\nDiluted earnings per common share $ 3.23 $ 3.75 -14 % $ 3.56 5 %" ]

[ "CONSOLIDATED BALANCE SHEETS\r\nMAY 31,\r\n(In millions) 2023 2022\r\nASSETS\r\nCurrent assets:\r\nCash and equivalents $ 7,441 $ 8,574\r\nShort-term investments 3,234 4,423\r\nAccounts receivable, net 4,131 4,667\r\nInventories 8,454 8,420\r\nPrepaid expenses and other current assets 1,942 2,129\r\nTotal current assets 25,202 28,213\r\nProperty, plant and equipment, net 5,081 4,791\r\nOperating lease right-of-use assets, net 2,923 2,926\r\nIdentifiable intangible assets, net 274 286\r\nGoodwill 281 284\r\nDeferred income taxes and other assets 3,770 3,821\r\nTOTAL ASSETS $ 37,531 $ 40,321\r\nLIABILITIES AND SHAREHOLDERS' EQUITY\r\nCurrent liabilities:\r\nCurrent portion of long-term debt $ — $ 500\r\nNotes payable 6 10\r\nAccounts payable 2,862 3,358\r\nCurrent portion of operating lease liabilities 425 420\r\nAccrued liabilities 5,723 6,220\r\nIncome taxes payable 240 222\r\nTotal current liabilities 9,256 10,730\r\nLong-term debt 8,927 8,920\r\nOperating lease liabilities 2,786 2,777\r\nDeferred income taxes and other liabilities 2,558 2,613\r\nCommitments and contingencies (Note 16)\r\nRedeemable preferred stock — —\r\nShareholders' equity:\r\nCommon stock at stated value:\r\nClass A convertible — 305 and 305 shares outstanding — —\r\nClass B — 1,227 and 1,266 shares outstanding 3 3\r\nCapital in excess of stated value 12,412 11,484\r\nAccumulated other comprehensive income (loss) 231 318\r\nRetained earnings (deficit) 1,358 3,476\r\nTotal shareholders' equity 14,004 15,281\r\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 37,531 $ 40,321" ]

[ "CONSOLIDATED STATEMENTS OF CASH FLOWS\r\nYEAR ENDED MAY 31,\r\n(Dollars in millions) 2023 2022 2021\r\nCash provided (used) by operations:\r\nNet income $ 5,070 $ 6,046 $ 5,727\r\nAdjustments to reconcile net income to net cash provided (used) by operations:\r\nDepreciation 703 717 744\r\nDeferred income taxes (117) (650) (385)\r\nStock-based compensation 755 638 611\r\nAmortization, impairment and other 156 123 53\r\nNet foreign currency adjustments (213) (26) (138)\r\nChanges in certain working capital components and other assets and liabilities:\r\n(Increase) decrease in accounts receivable 489 (504) (1,606)\r\n(Increase) decrease in inventories (133) (1,676) 507\r\n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current\r\nassets (644) (845) (182)\r\nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and\r\nnon-current liabilities (225) 1,365 1,326\r\nCash provided (used) by operations 5,841 5,188 6,657\r\nCash provided (used) by investing activities:\r\nPurchases of short-term investments (6,059) (12,913) (9,961)\r\nMaturities of short-term investments 3,356 8,199 4,236\r\nSales of short-term investments 4,184 3,967 2,449\r\nAdditions to property, plant and equipment (969) (758) (695)\r\nOther investing activities 52 (19) 171\r\nCash provided (used) by investing activities 564 (1,524) (3,800)\r\nCash provided (used) by financing activities:\r\nIncrease (decrease) in notes payable, net (4) 15 (52)\r\nRepayment of borrowings (500) — (197)\r\nProceeds from exercise of stock options and other stock issuances 651 1,151 1,172\r\nRepurchase of common stock (5,480) (4,014) (608)\r\nDividends — common and preferred (2,012) (1,837) (1,638)\r\nOther financing activities (102) (151) (136)\r\nCash provided (used) by financing activities (7,447) (4,836) (1,459)\r\nEffect of exchange rate changes on cash and equivalents (91) (143) 143\r\nNet increase (decrease) in cash and equivalents (1,133) (1,315) 1,541\r\nCash and equivalents, beginning of year 8,574 9,889 8,348\r\nCASH AND EQUIVALENTS, END OF YEAR $ 7,441 $ 8,574 $ 9,889\r\nSupplemental disclosure of cash flow information:\r\nCash paid during the year for:\r\nInterest, net of capitalized interest $ 347 $ 290 $ 293\r\nIncome taxes 1,517 1,231 1,177\r\nNon-cash additions to property, plant and equipment 211 160 179\r\nDividends declared and not paid 524 480 438\r" ]

[ "CONSOLIDATED STATEMENTS OF CASH FLOWS\r\nYEAR ENDED MAY 31,\r\n(Dollars in millions) 2023 2022 2021\r\nCash provided (used) by operations:\r\nNet income $ 5,070 $ 6,046 $ 5,727\r\nAdjustments to reconcile net income to net cash provided (used) by operations:\r\nDepreciation 703 717 744\r\nDeferred income taxes (117) (650) (385)\r\nStock-based compensation 755 638 611\r\nAmortization, impairment and other 156 123 53\r\nNet foreign currency adjustments (213) (26) (138)\r\nChanges in certain working capital components and other assets and liabilities:\r\n(Increase) decrease in accounts receivable 489 (504) (1,606)\r\n(Increase) decrease in inventories (133) (1,676) 507\r\n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current\r\nassets (644) (845) (182)\r\nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and\r\nnon-current liabilities (225) 1,365 1,326\r\nCash provided (used) by operations 5,841 5,188 6,657\r\nCash provided (used) by investing activities:\r\nPurchases of short-term investments (6,059) (12,913) (9,961)\r\nMaturities of short-term investments 3,356 8,199 4,236\r\nSales of short-term investments 4,184 3,967 2,449\r\nAdditions to property, plant and equipment (969) (758) (695)\r\nOther investing activities 52 (19) 171\r\nCash provided (used) by investing activities 564 (1,524) (3,800)\r\nCash provided (used) by financing activities:\r\nIncrease (decrease) in notes payable, net (4) 15 (52)\r\nRepayment of borrowings (500) — (197)\r\nProceeds from exercise of stock options and other stock issuances 651 1,151 1,172\r\nRepurchase of common stock (5,480) (4,014) (608)\r\nDividends — common and preferred (2,012) (1,837) (1,638)\r\nOther financing activities (102) (151) (136)\r\nCash provided (used) by financing activities (7,447) (4,836) (1,459)\r\nEffect of exchange rate changes on cash and equivalents (91) (143) 143\r\nNet increase (decrease) in cash and equivalents (1,133) (1,315) 1,541\r\nCash and equivalents, beginning of year 8,574 9,889 8,348\r\nCASH AND EQUIVALENTS, END OF YEAR $ 7,441 $ 8,574 $ 9,889\r\nSupplemental disclosure of cash flow information:\r\nCash paid during the year for:\r\nInterest, net of capitalized interest $ 347 $ 290 $ 293\r\nIncome taxes 1,517 1,231 1,177\r\nNon-cash additions to property, plant and equipment 211 160 179\r\nDividends declared and not paid 524 480 438\r" ]

[ "YEAR ENDED MAY 31,\r\n2023 2022 2021\r\nFederal income tax rate 21.0 % 21.0 % 21.0 %\r\nState taxes, net of federal benefit 1.5 % 1.4 % 1.3 %\r\nForeign earnings 1.7 % -1.8 % 0.2 %\r\nSubpart F deferred tax benefit 0.0 % -4.7 % 0.0 %\r\nForeign-derived intangible income benefit -6.1 % -4.1 % -3.7 %\r\nExcess tax benefits from stock-based compensation -1.1 % -4.9 % -4.5 %\r\nIncome tax audits and contingency reserves 1.0 % 1.5 % 1.5 %\r\nU.S. research and development tax credit -1.2 % -1.0 % -0.9 %\r\nOther, net 1.4 % 1.7 % -0.9 %\r\nEFFECTIVE INCOME TAX RATE 18.2 % 9.1 % 14.0 %" ]

[ "AVERAGE FOR THE TRAILING FIVE\r\nQUARTERS ENDED\r\nMAY 31, 2023 MAY 31, 2022\r\nDenominator\r\nTotal debt $ 12,491 $ 12,722\r\nAdd: Shareholders' equity 14,982 14,425\r\nLess: Cash and equivalents and Short-term investments 11,394 13,748\r\nTotal invested capital $ 16,079 $ 13,399\r\nRETURN ON INVESTED CAPITAL 31.5% 46.5%\r" ]

[ "CONSOLIDATED STATEMENTS OF CASH FLOWS\r\nYEAR ENDED MAY 31,\r\n(Dollars in millions) 2023 2022 2021\r\nCash provided (used) by operations:\r\nNet income $ 5,070 $ 6,046 $ 5,727\r\nAdjustments to reconcile net income to net cash provided (used) by operations:\r\nDepreciation 703 717 744\r\nDeferred income taxes (117) (650) (385)\r\nStock-based compensation 755 638 611\r\nAmortization, impairment and other 156 123 53\r\nNet foreign currency adjustments (213) (26) (138)\r\nChanges in certain working capital components and other assets and liabilities:\r\n(Increase) decrease in accounts receivable 489 (504) (1,606)\r\n(Increase) decrease in inventories (133) (1,676) 507\r\n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current\r\nassets (644) (845) (182)\r\nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and\r\nnon-current liabilities (225) 1,365 1,326\r\nCash provided (used) by operations 5,841 5,188 6,657\r\nCash provided (used) by investing activities:\r\nPurchases of short-term investments (6,059) (12,913) (9,961)\r\nMaturities of short-term investments 3,356 8,199 4,236\r\nSales of short-term investments 4,184 3,967 2,449\r\nAdditions to property, plant and equipment (969) (758) (695)\r\nOther investing activities 52 (19) 171\r\nCash provided (used) by investing activities 564 (1,524) (3,800)\r\nCash provided (used) by financing activities:\r\nIncrease (decrease) in notes payable, net (4) 15 (52)\r\nRepayment of borrowings (500) — (197)\r\nProceeds from exercise of stock options and other stock issuances 651 1,151 1,172\r\nRepurchase of common stock (5,480) (4,014) (608)\r\nDividends — common and preferred (2,012) (1,837) (1,638)\r\nOther financing activities (102) (151) (136)\r\nCash provided (used) by financing activities (7,447) (4,836) (1,459)\r\nEffect of exchange rate changes on cash and equivalents (91) (143) 143\r\nNet increase (decrease) in cash and equivalents (1,133) (1,315) 1,541\r\nCash and equivalents, beginning of year 8,574 9,889 8,348\r\nCASH AND EQUIVALENTS, END OF YEAR $ 7,441 $ 8,574 $ 9,889\r\nSupplemental disclosure of cash flow information:\r\nCash paid during the year for:\r\nInterest, net of capitalized interest $ 347 $ 290 $ 293\r\nIncome taxes 1,517 1,231 1,177\r\nNon-cash additions to property, plant and equipment 211 160 179\r\nDividends declared and not paid 524 480 438\r" ]

[ "CONSOLIDATED BALANCE SHEETS\r\nMAY 31,\r\n(In millions) 2023 2022\r\nASSETS\r\nCurrent assets:\r\nCash and equivalents $ 7,441 $ 8,574\r\nShort-term investments 3,234 4,423\r\nAccounts receivable, net 4,131 4,667\r\nInventories 8,454 8,420\r\nPrepaid expenses and other current assets 1,942 2,129\r\nTotal current assets 25,202 28,213\r\nProperty, plant and equipment, net 5,081 4,791\r\nOperating lease right-of-use assets, net 2,923 2,926\r\nIdentifiable intangible assets, net 274 286\r\nGoodwill 281 284\r\nDeferred income taxes and other assets 3,770 3,821\r\nTOTAL ASSETS $ 37,531 $ 40,321\r\nLIABILITIES AND SHAREHOLDERS' EQUITY\r\nCurrent liabilities:\r\nCurrent portion of long-term debt $ — $ 500\r\nNotes payable 6 10\r\nAccounts payable 2,862 3,358\r\nCurrent portion of operating lease liabilities 425 420\r\nAccrued liabilities 5,723 6,220\r\nIncome taxes payable 240 222\r\nTotal current liabilities 9,256 10,730\r\nLong-term debt 8,927 8,920\r\nOperating lease liabilities 2,786 2,777\r\nDeferred income taxes and other liabilities 2,558 2,613\r\nCommitments and contingencies (Note 16)\r\nRedeemable preferred stock — —\r\nShareholders' equity:\r\nCommon stock at stated value:\r\nClass A convertible — 305 and 305 shares outstanding — —\r\nClass B — 1,227 and 1,266 shares outstanding 3 3\r\nCapital in excess of stated value 12,412 11,484\r\nAccumulated other comprehensive income (loss) 231 318\r\nRetained earnings (deficit) 1,358 3,476\r\nTotal shareholders' equity 14,004 15,281\r\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 37,531 $ 40,321" ]

[ "ADOBE INC. CONSOLIDATED BALANCE SHEETS (In millions, except par value) December 2, 2022 December 3, 2021 ASSETS Current assets: Cash and cash equivalents$ 4,236 $ 3,844 Short-term investments 1,860 1,954 Trade receivables, net of allowances for doubtful accounts of $23 and of $16, respectively 2,065 1,878 Prepaid expenses and other current assets 835 993 Total current assets 8,996 8,669 Property and equipment, net 1,908 1,673 Operating lease right-of-use assets, net 407 443 Goodwill 12,787 12,668 Other intangibles, net 1,449 1,820 Deferred income taxes 777 1,085 Other assets 841 883 Total assets$ 27,165 $ 27,241 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables$ 379 $ 312 Accrued expenses 1,790 1,736 Debt 500 — Deferred revenue 5,297 4,733 Income taxes payable 75 54 Operating lease liabilities 87 97 Total current liabilities 8,128 6,932 " ]

[ "Our business is organized into three reportable segments:\n • Digital Media;\n • Digital Experience; and\n • Publishing and Advertising. " ]

[ "ITEM 3. LEGAL PROCEEDINGS\n The material set forth in the section titled “Legal Proceedings” in Note 16 of our Notes to Consolidated Financial\n Statements is incorporated herein by reference." ]

[ "Founded in 1982, Adobe is one of the largest and most diversified software companies in the world. We offer a line of\n products and services used by creative professionals, including photographers, video editors, graphic and experience designers\n and game developers; communicators, including content creators, students, marketers and knowledge workers; businesses of all\n sizes; and consumers for creating, managing, delivering, measuring, optimizing, engaging and transacting with compelling\n content and experiences across personal computers, smartphones, other electronic devices and digital media formats. " ]

[ "ADOBE INC.\n CONSOLIDATED STATEMENTS OF INCOME\n (In millions, except per share data)\n Years Ended\n December 2,\n 2022\n December 3,\n 2021\n November 27,\n 2020\n Revenue:\n Subscription $ 16,388 $ 14,573 $ 11,626\n Product 532 555 507\n Services and other 686 657 735\n Total revenue 17,606 15,785 12,868\n Cost of revenue:\n Subscription 1,646 1,374 1,108\n Product 35 41 36\n Services and other 484 450 578\n Total cost of revenue 2,165 1,865 1,722\n Gross profit 15,441 13,920 11,146 " ]

[ "Research and development expenses increased due to the following:\n Components of\n % Change\n 2022-2021\n Incentive compensation, cash and stock-based 7 %\n Base compensation and related benefits 7\n Professional and consulting fees 2\n Various individually insignificant items 2\n Total change 18 %\n ", "Sales and marketing expenses increased due to the following:\n Components of\n % Change\n 2022-2021\n Marketing spend related to campaigns, events and overall marketing efforts 5 %\n Base compensation and related benefits 4\n Incentive compensation, cash and stock-based 3\n Various individually insignificant items 3\n Total change 15 %", "General and administrative expenses increased due to the following:\n Components of\n % Change\n 2022-2021\n Professional and consulting fees 4 %\n Incentive compensation, cash and stock-based 4\n Base compensation and related benefits 3\n Charitable contributions 2\n Charges related to cancellation of corporate events, net of recoveries (2)\n Various individually insignificant items 1\n Total change 12 %" ]

[ "We market and license our products directly using our sales force and certain local offices and through our own website\n at www.adobe.com. We also market and distribute our products through sales channels, which include distributors, retailers,\n software developers, mobile app stores, SIs, ISVs and VARs, as well as through OEM and hardware bundle customers and our\n local field offices.", "For all periods presented, there were no customers that represented at least 10% of net revenue or that were responsible\n for over 10% of our trade receivables" ]

[ "ADOBE INC.\n CONSOLIDATED BALANCE SHEETS\n (In millions, except par value)\n December 2,\n 2022\n December 3,\n 2021\n ASSETS\n Current assets:\n Cash and cash equivalents $ 4,236 $ 3,844\n Short-term investments 1,860 1,954\n Trade receivables, net of allowances for doubtful accounts of $23 and of $16, respectively 2,065 1,878\n Prepaid expenses and other current assets 835 993\n Total current assets 8,996 8,669\n Property and equipment, net 1,908 1,673\n Operating lease right-of-use assets, net 407 443\n Goodwill 12,787 12,668\n Other intangibles, net 1,449 1,820\n Deferred income taxes 777 1,085\n Other assets 841 883\n Total assets $ 27,165 $ 27,241\n LIABILITIES AND STOCKHOLDERS’ EQUITY\n Current liabilities:\n Trade payables $ 379 $ 312\n Accrued expenses 1,790 1,736\n Debt 500 —\n Deferred revenue 5,297 4,733\n Income taxes payable 75 54\n Operating lease liabilities 87 97\n Total current liabilities 8,128 6,932\n Long-term liabilities:\n Debt 3,629 4,123\n Deferred revenue 117 145\n Income taxes payable 530 534\n Operating lease liabilities 417 453\n Other liabilities 293 257\n Total liabilities 13,114 12,444" ]

[ "Founded in 1982, Adobe is one of the largest and most diversified software companies in the world." ]

[ "ORACLE CORPORATION CONSOLIDATED BALANCE SHEETS As of May 31, 2023 and 2022 May 31, (in millions, except per share data) 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 9,765 $ 21,383 Marketable securities 422 519 Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively 6,915 5,953 Prepaid expenses and other current assets 3,902 3,778 Total current assets 21,004 31,633 Non-current assets: Property, plant and equipment, net 17,069 9,716 Intangible assets, net 9,837 1,440 Goodwill, net 62,261 43,811 Deferred tax assets 12,226 12,782 Other non-current assets 11,987 9,915 Total non-current assets 113,380 77,664 Total assets $ 134,384 $ 109,297 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable and other borrowings, current $ 4,061 $ 3,749 Accounts payable 1,204 1,317 Accrued compensation and related benefits 2,053 1,944 Deferred revenues 8,970 8,357 Other current liabilities 6,802 4,144 Total current liabilities 23,090 19,511 Non-current liabilities: Notes payable and other borrowings, non-current 86,420 72,110 Income taxes payable 11,077 12,210 Deferred tax liabilities 5,772 6,031 Other non-current liabilities 6,469 5,203 Total non-current liabilities 109,738 95,554 Commitments and contingencies Oracle Corporation stockholders' equity (deficit): Preferred stock, $0.01 par value—authorized: 1.0 shares; outstanding: none — — Common stock, $0.01 par value and additional paid in capital—authorized: 11,000 shares; outstanding: 2,713 shares and 2,665 shares as of May 31, 2023 and 2022, respectively 30,215 26,808 Accumulated deficit (27,620 ) (31,336 ) Accumulated other comprehensive loss (1,522 ) (1,692 ) Total Oracle Corporation stockholders' equity (deficit) 1,073 (6,220 ) Noncontrolling interests 483 452 Total stockholders' equity (deficit) 1,556 (5,768 ) Total liabilities and stockholders' equity (deficit) $ 134,384 $ 109,297" ]

[ "ORACLE CORPORATION CONSOLIDATED BALANCE SHEETS As of May 31, 2023 and 2022 May 31, (in millions, except per share data) 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 9,765 $ 21,383 Marketable securities 422 519 Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively 6,915 5,953 Prepaid expenses and other current assets 3,902 3,778 Total current assets 21,004 31,633 Non-current assets: Property, plant and equipment, net 17,069 9,716 Intangible assets, net 9,837 1,440 Goodwill, net 62,261 43,811 Deferred tax assets 12,226 12,782 Other non-current assets 11,987 9,915 Total non-current assets 113,380 77,664 Total assets $ 134,384 $ 109,297 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable and other borrowings, current $ 4,061 $ 3,749 Accounts payable 1,204 1,317 Accrued compensation and related benefits 2,053 1,944 Deferred revenues 8,970 8,357 Other current liabilities 6,802 4,144 Total current liabilities 23,090 19,511 Non-current liabilities: Notes payable and other borrowings, non-current 86,420 72,110 Income taxes payable 11,077 12,210 Deferred tax liabilities 5,772 6,031 Other non-current liabilities 6,469 5,203 Total non-current liabilities 109,738 95,554 Commitments and contingencies Oracle Corporation stockholders' equity (deficit): Preferred stock, $0.01 par value—authorized: 1.0 shares; outstanding: none — — Common stock, $0.01 par value and additional paid in capital—authorized: 11,000 shares; outstanding: 2,713 shares and 2,665 shares as of May 31, 2023 and 2022, respectively 30,215 26,808 Accumulated deficit (27,620 ) (31,336 ) Accumulated other comprehensive loss (1,522 ) (1,692 ) Total Oracle Corporation stockholders' equity (deficit) 1,073 (6,220 ) Noncontrolling interests 483 452 Total stockholders' equity (deficit) 1,556 (5,768 ) Total liabilities and stockholders' equity (deficit) $ 134,384 $ 109,297" ]

[ "ORACLE CORPORATION CONSOLIDATED BALANCE SHEETS As of May 31, 2023 and 2022 May 31, (in millions, except per share data) 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 9,765 $ 21,383 Marketable securities 422 519 Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively 6,915 5,953 Prepaid expenses and other current assets 3,902 3,778 Total current assets 21,004 31,633 Non-current assets: Property, plant and equipment, net 17,069 9,716 Intangible assets, net 9,837 1,440 Goodwill, net 62,261 43,811 Deferred tax assets 12,226 12,782 Other non-current assets 11,987 9,915 Total non-current assets 113,380 77,664 Total assets $ 134,384 $ 109,297 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable and other borrowings, current $ 4,061 $ 3,749 Accounts payable 1,204 1,317 Accrued compensation and related benefits 2,053 1,944 Deferred revenues 8,970 8,357 Other current liabilities 6,802 4,144 Total current liabilities 23,090 19,511 Non-current liabilities: Notes payable and other borrowings, non-current 86,420 72,110 Income taxes payable 11,077 12,210 Deferred tax liabilities 5,772 6,031 Other non-current liabilities 6,469 5,203 Total non-current liabilities 109,738 95,554 Commitments and contingencies Oracle Corporation stockholders' equity (deficit): Preferred stock, $0.01 par value—authorized: 1.0 shares; outstanding: none — — Common stock, $0.01 par value and additional paid in capital—authorized: 11,000 shares; outstanding: 2,713 shares and 2,665 shares as of May 31, 2023 and 2022, respectively 30,215 26,808 Accumulated deficit (27,620 ) (31,336 ) Accumulated other comprehensive loss (1,522 ) (1,692 ) Total Oracle Corporation stockholders' equity (deficit) 1,073 (6,220 ) Noncontrolling interests 483 452 Total stockholders' equity (deficit) 1,556 (5,768 ) Total liabilities and stockholders' equity (deficit) $ 134,384 $ 109,297" ]

[ "ORACLE CORPORATION CONSOLIDATED BALANCE SHEETS As of May 31, 2023 and 2022 May 31, (in millions, except per share data) 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 9,765 $ 21,383 Marketable securities 422 519 Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively 6,915 5,953 Prepaid expenses and other current assets 3,902 3,778 Total current assets 21,004 31,633 Non-current assets: Property, plant and equipment, net 17,069 9,716 Intangible assets, net 9,837 1,440 Goodwill, net 62,261 43,811 Deferred tax assets 12,226 12,782 Other non-current assets 11,987 9,915 Total non-current assets 113,380 77,664 Total assets $ 134,384 $ 109,297 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable and other borrowings, current $ 4,061 $ 3,749 Accounts payable 1,204 1,317 Accrued compensation and related benefits 2,053 1,944 Deferred revenues 8,970 8,357 Other current liabilities 6,802 4,144 Total current liabilities 23,090 19,511 Non-current liabilities: Notes payable and other borrowings, non-current 86,420 72,110 Income taxes payable 11,077 12,210 Deferred tax liabilities 5,772 6,031 Other non-current liabilities 6,469 5,203 Total non-current liabilities 109,738 95,554 Commitments and contingencies Oracle Corporation stockholders' equity (deficit): Preferred stock, $0.01 par value—authorized: 1.0 shares; outstanding: none — — Common stock, $0.01 par value and additional paid in capital—authorized: 11,000 shares; outstanding: 2,713 shares and 2,665 shares as of May 31, 2023 and 2022, respectively 30,215 26,808 Accumulated deficit (27,620 ) (31,336 ) Accumulated other comprehensive loss (1,522 ) (1,692 ) Total Oracle Corporation stockholders' equity (deficit) 1,073 (6,220 ) Noncontrolling interests 483 452 Total stockholders' equity (deficit) 1,556 (5,768 ) Total liabilities and stockholders' equity (deficit) $ 134,384 $ 109,297" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions) 2023 2022 2021 Cash flows from operating activities: Net income $ 8,503 $ 6,717 $ 13,746 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 2,526 1,972 1,537 Amortization of intangible assets 3,582 1,150 1,379 Deferred income taxes (2,167 ) (1,146 ) (2,425 ) Stock-based compensation 3,547 2,613 1,837 Other, net 661 220 (39 ) Changes in operating assets and liabilities, net of effects from acquisitions: (Increase) decrease in trade receivables, net (151 ) (874 ) 333 Decrease in prepaid expenses and other assets 317 11 622 Decrease in accounts payable and other liabilities (281 ) (733 ) (23 ) Decrease in income taxes payable (153 ) (398 ) (1,485 ) Increase in deferred revenues 781 7 405 Net cash provided by operating activities 17,165 9,539 15,887 Cash flows from investing activities: Purchases of marketable securities and other investments (1,181 ) (10,272 ) (37,982 ) Proceeds from sales and maturities of marketable securities and other investments 1,113 26,151 27,060 Acquisitions, net of cash acquired (27,721 ) (148 ) (41 ) Capital expenditures (8,695 ) (4,511 ) (2,135 ) Net cash (used for) provided by investing activities (36,484 ) 11,220 (13,098 ) Cash flows from financing activities: Payments for repurchases of common stock (1,300 ) (16,248 ) (20,934 ) Proceeds from issuances of common stock 1,192 482 1,786 Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (1,203 ) (1,093 ) (666 ) Payments of dividends to stockholders (3,668 ) (3,457 ) (3,063 ) Proceeds from issuances of commercial paper, net of repayments 500 — — Proceeds from issuances of senior notes and other borrowings, net of issuance costs 33,494 — 14,934 Repayments of senior notes and other borrowings (21,050 ) (8,250 ) (2,631 ) Other, net (55 ) (560 ) 196 Net cash provided by (used for) financing activities 7,910 (29,126 ) (10,378 ) Effect of exchange rate changes on cash and cash equivalents (209 ) (348 ) 448 Net decrease in cash and cash equivalents (11,618 ) (8,715 ) (7,141 ) Cash and cash equivalents at beginning of period 21,383 30,098 37,239 Cash and cash equivalents at end of period $ 9,765 $ 21,383 $ 30,098 Non-cash investing and financing activities: Fair values of stock awards assumed in connection with acquisitions $ 55 $ — $ — Supplemental schedule of cash flow data: Cash paid for income taxes $ 3,009 $ 2,567 $ 3,189 Cash paid for interest $ 3,250 $ 2,735 $ 2,408" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions) 2023 2022 2021 Net income $ 8,503 $ 6,717 $ 13,746 Other comprehensive income (loss), net of tax: Net foreign currency translation (losses) gains (204 ) (707 ) 479 Net unrealized gains on defined benefit plans 271 190 71 Other, net 103 — (9 ) Total other comprehensive income (loss), net 170 (517 ) 541 Comprehensive income $ 8,673 $ 6,200 $ 14,287" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions, except per share data) 2023 2022 2021 Revenues: Cloud services and license support $ 35,307 $ 30,174 $ 28,700 Cloud license and on-premise license 5,779 5,878 5,399 Hardware 3,274 3,183 3,359 Services 5,594 3,205 3,021 Total revenues 49,954 42,440 40,479 Operating expenses: Cloud services and license support 7,763 5,213 4,353 Hardware 1,040 972 972 Services 4,761 2,692 2,530 Sales and marketing 8,833 8,047 7,682 Research and development 8,623 7,219 6,527 General and administrative 1,579 1,317 1,254 Amortization of intangible assets 3,582 1,150 1,379 Acquisition related and other 190 4,713 138 Restructuring 490 191 431 Total operating expenses 36,861 31,514 25,266 Operating income 13,093 10,926 15,213 Interest expense (3,505 ) (2,755 ) (2,496 ) Non-operating (expenses) income, net (462 ) (522 ) 282 Income before income taxes 9,126 7,649 12,999 (Provision for) benefit from income taxes (623 ) (932 ) 747 Net income $ 8,503 $ 6,717 $ 13,746 Earnings per share: Basic $ 3.15 $ 2.49 $ 4.67 Diluted $ 3.07 $ 2.41 $ 4.55 Weighted average common shares outstanding: Basic 2,696 2,700 2,945 Diluted 2,766 2,786 3,022" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions, except per share data) 2023 2022 2021 Revenues: Cloud services and license support $ 35,307 $ 30,174 $ 28,700 Cloud license and on-premise license 5,779 5,878 5,399 Hardware 3,274 3,183 3,359 Services 5,594 3,205 3,021 Total revenues 49,954 42,440 40,479 Operating expenses: Cloud services and license support 7,763 5,213 4,353 Hardware 1,040 972 972 Services 4,761 2,692 2,530 Sales and marketing 8,833 8,047 7,682 Research and development 8,623 7,219 6,527 General and administrative 1,579 1,317 1,254 Amortization of intangible assets 3,582 1,150 1,379 Acquisition related and other 190 4,713 138 Restructuring 490 191 431 Total operating expenses 36,861 31,514 25,266 Operating income 13,093 10,926 15,213 Interest expense (3,505 ) (2,755 ) (2,496 ) Non-operating (expenses) income, net (462 ) (522 ) 282 Income before income taxes 9,126 7,649 12,999 (Provision for) benefit from income taxes (623 ) (932 ) 747 Net income $ 8,503 $ 6,717 $ 13,746 Earnings per share: Basic $ 3.15 $ 2.49 $ 4.67 Diluted $ 3.07 $ 2.41 $ 4.55 Weighted average common shares outstanding: Basic 2,696 2,700 2,945 Diluted 2,766 2,786 3,022" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions, except per share data) 2023 2022 2021 Revenues: Cloud services and license support $ 35,307 $ 30,174 $ 28,700 Cloud license and on-premise license 5,779 5,878 5,399 Hardware 3,274 3,183 3,359 Services 5,594 3,205 3,021 Total revenues 49,954 42,440 40,479 Operating expenses: Cloud services and license support 7,763 5,213 4,353 Hardware 1,040 972 972 Services 4,761 2,692 2,530 Sales and marketing 8,833 8,047 7,682 Research and development 8,623 7,219 6,527 General and administrative 1,579 1,317 1,254 Amortization of intangible assets 3,582 1,150 1,379 Acquisition related and other 190 4,713 138 Restructuring 490 191 431 Total operating expenses 36,861 31,514 25,266 Operating income 13,093 10,926 15,213 Interest expense (3,505 ) (2,755 ) (2,496 ) Non-operating (expenses) income, net (462 ) (522 ) 282 Income before income taxes 9,126 7,649 12,999 (Provision for) benefit from income taxes (623 ) (932 ) 747 Net income $ 8,503 $ 6,717 $ 13,746 Earnings per share: Basic $ 3.15 $ 2.49 $ 4.67 Diluted $ 3.07 $ 2.41 $ 4.55 Weighted average common shares outstanding: Basic 2,696 2,700 2,945 Diluted 2,766 2,786 3,022" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions, except per share data) 2023 2022 2021 Revenues: Cloud services and license support $ 35,307 $ 30,174 $ 28,700 Cloud license and on-premise license 5,779 5,878 5,399 Hardware 3,274 3,183 3,359 Services 5,594 3,205 3,021 Total revenues 49,954 42,440 40,479 Operating expenses: Cloud services and license support 7,763 5,213 4,353 Hardware 1,040 972 972 Services 4,761 2,692 2,530 Sales and marketing 8,833 8,047 7,682 Research and development 8,623 7,219 6,527 General and administrative 1,579 1,317 1,254 Amortization of intangible assets 3,582 1,150 1,379 Acquisition related and other 190 4,713 138 Restructuring 490 191 431 Total operating expenses 36,861 31,514 25,266 Operating income 13,093 10,926 15,213 Interest expense (3,505 ) (2,755 ) (2,496 ) Non-operating (expenses) income, net (462 ) (522 ) 282 Income before income taxes 9,126 7,649 12,999 (Provision for) benefit from income taxes (623 ) (932 ) 747 Net income $ 8,503 $ 6,717 $ 13,746 Earnings per share: Basic $ 3.15 $ 2.49 $ 4.67 Diluted $ 3.07 $ 2.41 $ 4.55 Weighted average common shares outstanding: Basic 2,696 2,700 2,945 Diluted 2,766 2,786 3,022" ]

[ "ORACLE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended May 31, 2023, 2022 and 2021 Year Ended May 31, (in millions, except per share data) 2023 2022 2021 Revenues: Cloud services and license support $ 35,307 $ 30,174 $ 28,700 Cloud license and on-premise license 5,779 5,878 5,399 Hardware 3,274 3,183 3,359 Services 5,594 3,205 3,021 Total revenues 49,954 42,440 40,479 Operating expenses: Cloud services and license support 7,763 5,213 4,353 Hardware 1,040 972 972 Services 4,761 2,692 2,530 Sales and marketing 8,833 8,047 7,682 Research and development 8,623 7,219 6,527 General and administrative 1,579 1,317 1,254 Amortization of intangible assets 3,582 1,150 1,379 Acquisition related and other 190 4,713 138 Restructuring 490 191 431 Total operating expenses 36,861 31,514 25,266 Operating income 13,093 10,926 15,213 Interest expense (3,505 ) (2,755 ) (2,496 ) Non-operating (expenses) income, net (462 ) (522 ) 282 Income before income taxes 9,126 7,649 12,999 (Provision for) benefit from income taxes (623 ) (932 ) 747 Net income $ 8,503 $ 6,717 $ 13,746 Earnings per share: Basic $ 3.15 $ 2.49 $ 4.67 Diluted $ 3.07 $ 2.41 $ 4.55 Weighted average common shares outstanding: Basic 2,696 2,700 2,945 Diluted 2,766 2,786 3,022" ]

[ "Information About Our Executive Officers Our executive officers are listed below: Name Office(s) Lawrence J. Ellison Chairman of the Board of Directors and Chief Technology Officer Safra A. Catz Chief Executive Officer and Director Jeffrey O. Henley Vice Chairman of the Board of Directors Edward Screven Executive Vice President, Chief Corporate Architect Stuart Levey Executive Vice President, Chief Legal Officer Maria Smith Executive Vice President, Chief Accounting Officer" ]

[ "Total Revenues and Operating Expenses Year Ended May 31, Percent Change (Dollars in millions) 2023 Actual Constant 2022 Total Revenues by Geography: Americas $ 31,226 32% 32% $ 23,679 EMEA 12,109 1% 8% 12,011 Asia Pacific 6,619 -2% 8% 6,750 Total revenues 49,954 18% 22% 42,440 Total Operating Expenses 36,861 17% 19% 31,514 Total Operating Margin $ 13,093 20% 28% $ 10,926 Total Operating Margin % 26% 26% % Revenues by Geography: Americas 63% 56% EMEA 24% 28% Asia Pacific 13% 16% Total Revenues by Business: Cloud and license $ 41,086 14% 18% $ 36,052 Hardware 3,274 3% 6% 3,183 Services 5,594 75% 81% 3,205 Total revenues $ 49,954 18% 22% $ 42,440 % Revenues by Business: Cloud and license 83% 85% Hardware 6% 7% Services 11% 8%" ]

[ "Supplemental Disclosure Related to Certain Charges To supplement our consolidated financial information, we believe that the following information is helpful to an overall understanding of our past financial performance and prospects for the future. Our operating results reported pursuant to GAAP included the following business combination accounting adjustments and expenses related to acquisitions and certain other expense and income items that affected our GAAP net income: Year Ended May 31, (in millions) 2023 2022 Amortization of intangible assets $ 3,582 $ 1,150 Acquisition related and other 190 4,713 Restructuring 490 191 Stock-based compensation, operating segments 1,201 735 Stock-based compensation, R&D and G&A 2,346 1,878 Income tax effects (2,136 ) (1,723 ) $ 5,673 $ 6,944" ]

[ "Cloud and License Business Our cloud and license business engages in the sale and marketing of our applications and infrastructure technologies that are delivered through various deployment models and include: Oracle license support offerings; Oracle Cloud Services offerings; and Oracle cloud license and on-premise license offerings. License support revenues are typically generated through the sale of applications and infrastructure license support contracts related to cloud licenses and onpremise licenses; are purchased by our customers at their option; and are generally recognized as revenues ratably over the contractual term, which is generally one year. Our cloud services deliver applications and infrastructure technologies on a subscription basis via cloud-based deployment models that we develop, provide unspecified updates and enhancements for, deploy, host, manage and support. Revenues for our cloud services are generally recognized over the contractual term, which is generally one to three years, or in the case of usage model contracts, as the cloud services are consumed. Cloud license and onpremise license revenues represent fees earned from granting customers licenses, generally on a perpetual basis, to use our database and middleware and our applications software products within cloud and on-premise IT environments and are generally recognized up front at the point in time when the software is made available to the customer to download and use. We continue to place significant emphasis, both domestically and internationally, on direct sales through our own sales force. We also continue to market certain of our offerings through indirect channels. Costs associated with our cloud and license business are included in cloud services and license support expenses, and sales and marketing expenses. These costs are largely personnel and infrastructure related including the cost of providing our cloud services and license support offerings, salaries and commissions earned by our sales force for the sale of our cloud and license offerings, and marketing program costs. Year Ended May 31, Percent Change (Dollars in millions) 2023 Actual Constant 2022 Cloud and License Revenues: Americas $ 25,821 25% 26% $ 20,594 EMEA 9,930 -1% 6% 10,016 Asia Pacific 5,335 -2% 8% 5,442 Total revenues 41,086 14% 18% 36,052 Expenses: Cloud services and license support 7,222 47% 50% 4,915 Sales and marketing 7,738 10% 13% 7,054 Total expenses 14,960 25% 28% 11,969 Total Margin $ 26,126 8% 13% $ 24,083 Total Margin % 64% 67% % Revenues by Geography: Americas 63% 57% EMEA 24% 28% Asia Pacific 13% 15% Revenues by Offerings: Cloud services $ 15,881 47% 50% $ 10,809 License support 19,426 0% 4% 19,365 Cloud license and on-premise license 5,779 -2% 2% 5,878 Total revenues $ 41,086 14% 18% $ 36,052 Cloud Services and License Support Revenues by Ecosystem: Applications cloud services and license support $ 16,651 32% 35% $ 12,612 Infrastructure cloud services and license support 18,656 6% 10% 17,562 Total cloud services and license support revenues $ 35,307 17% 21% $ 30,174" ]

[ "The (provision for) benefit from income taxes consisted of the following: Year Ended May 31, (Dollars in millions) 2023 2022 2021 Current provision: Federal $ (625 ) $ (709 ) $ (516 ) State (398 ) (186 ) (233 ) Foreign (1,767 ) (1,183 ) (929 ) Total current provision $ (2,790 ) $ (2,078 ) $ (1,678 ) Deferred benefit: Federal $ 2,193 $ 1,661 $ (8,631 ) State 398 139 77 Foreign (424 ) (654 ) 10,979 Total deferred benefit $ 2,167 $ 1,146 $ 2,425 Total (provision for) benefit from income taxes $ (623 ) $ (932 ) $ 747 Effective income tax expense (benefit) rate 6.8% 12.2% (5.7%)" ]

[ "Period Total Number of Shares Purchased Average Purchase Price per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions, except per share data) July 1-31, 2023 3 $ 240.62 3 $ 8,215 August 1-31, 2023 7 $ 243.29 7 $ 6,473 September 1-30, 2023 7 $ 238.94 7 $ 4,733 Total 17 $ 241.03 17" ]

[ "For the Year Ended September 30, 2023 Operating Expenses Non-operating Income (Expense) Income Tax Provision Effective Income Tax Rate Net Income Diluted Earnings Per Share (in millions, except percentages and per share data) As reported $ 11,653 $ 37 $ 3,764 17.9 % $ 17,273 $ 8.28 (Gains) losses on equity investments, net — 104 23 81 0.04 Amortization of acquired intangible assets (176) — 38 138 0.07 Acquisition-related costs (90) — 7 83 0.04 Litigation provision (906) — 201 705 0.34 Non-GAAP $ 10,481 $ 141 $ 4,033 18.1 % $ 18,280 $ 8.77" ]

[ "For the Year Ended September 30, 2023 Operating Expenses Non-operating Income (Expense) Income Tax Provision Effective Income Tax Rate Net Income Diluted Earnings Per Share (in millions, except percentages and per share data) As reported $ 11,653 $ 37 $ 3,764 17.9 % $ 17,273 $ 8.28 (Gains) losses on equity investments, net — 104 23 81 0.04 Amortization of acquired intangible assets (176) — 38 138 0.07 Acquisition-related costs (90) — 7 83 0.04 Litigation provision (906) — 201 705 0.34 Non-GAAP $ 10,481 $ 141 $ 4,033 18.1 % $ 18,280 $ 8.77", "For the Year Ended September 30, 2022 Operating Expenses Non-operating Income (Expense) Income Tax Provision Effective Income Tax Rate Net Income Diluted Earnings Per Share (in millions, except percentages and per share data) As reported $ 10,497 $ (677) $ 3,179 17.5 % $ 14,957 $ 7.00 (Gains) losses on equity investments, net — 264 67 197 0.09 Amortization of acquired intangible assets (120) — 26 94 0.04 Acquisition-related costs (69) — 9 60 0.03 Litigation provision (861) — 191 670 0.31 Russia-Ukraine charges (60) — 4 56 0.03 Non-GAAP $ 9,387 $ (413) $ 3,476 17.8 % $ 16,034 $ 7.50", "For the Year Ended September 30, 2021 Operating Expenses Non-operating Income (Expense) Income Tax Provision Effective Income Tax Rate Net Income Diluted Earnings Per Share (in millions, except percentages and per share data) As reported $ 8,301 $ 259 $ 3,752 23.4 % $ 12,311 $ 5.63 (Gains) losses on equity investments, net — (712) (159) (553) (0.25) Amortization of acquired intangible assets (51) — 12 39 0.02 Acquisition-related costs (21) — 4 17 0.01 Remeasurement of deferred tax balances — — (1,007) 1,007 0.46 Indirect taxes (152) — 40 112 0.05 Non-GAAP $ 8,077 $ (453) $ 2,642 17.0 % $ 12,933 $ 5.91" ]

[ "For the Years Ended September 30, % Change 2023 2022 2021 2023 vs. 2022 2022 vs. 2021 (in millions, except percentages) Visa processed transactions 212,579 192,530 164,734 10 % 17 %" ]

[ "For the Years Ended September 30, % Change 2023 2022 2021 2023 vs. 2022 2022 vs. 2021 (in millions, except percentages) Service revenues $ 14,826 $ 13,361 $ 11,475 11 % 16 % Data processing revenues 16,007 14,438 12,792 11 % 13 % International transaction revenues 11,638 9,815 6,530 19 % 50 % Other revenues 2,479 1,991 1,675 24 % 19 % Client incentives (12,297) (10,295) (8,367) 19 % 23 % Net revenues $ 32,653 $ 29,310 $ 24,105 11 % 22 %" ]

[ "For the Years Ended September 30, 2023 2022 2021 (in millions) Total cash provided by (used in): Operating activities $ 20,755 $ 18,849 $ 15,227 Investing activities $ (2,006) $ (4,288) $ (152) Financing activities $ (17,772) $ (12,696) $ (14,410)" ]

[ "For the Years Ended September 30, 2023 2022 2021 (in millions) Total cash provided by (used in): Operating activities $ 20,755 $ 18,849 $ 15,227 Investing activities $ (2,006) $ (4,288) $ (152) Financing activities $ (17,772) $ (12,696) $ (14,410)" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501" ]

[ "VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended September 30, 2023 2022 2021 (in millions, except per share data) Net revenues $ 32,653 $ 29,310 $ 24,105 Operating Expenses Personnel 5,831 4,990 4,240 Marketing 1,341 1,336 1,136 Network and processing 736 743 730 Professional fees 545 505 403 Depreciation and amortization 943 861 804 General and administrative 1,330 1,194 985 Litigation provision 927 868 3 Total operating expenses 11,653 10,497 8,301 Operating income 21,000 18,813 15,804 Non-operating Income (Expense) Interest expense (644) (538) (513) Investment income (expense) and other 681 (139) 772 Total non-operating income (expense) 37 (677) 259 Income before income taxes 21,037 18,136 16,063 Income tax provision 3,764 3,179 3,752 Net income $ 17,273 $ 14,957 $ 12,311 Basic Earnings Per Share Class A common stock $ 8.29 $ 7.01 $ 5.63 Class B common stock $ 13.26 $ 11.33 $ 9.14 Class C common stock $ 33.17 $ 28.03 $ 22.53 Basic Weighted-average Shares Outstanding Class A common stock 1,618 1,651 1,691 Class B common stock 245 245 245 Class C common stock 10 10 10 Diluted Earnings Per Share Class A common stock $ 8.28 $ 7.00 $ 5.63 Class B common stock $ 13.24 $ 11.31 $ 9.13 Class C common stock $ 33.13 $ 28.00 $ 22.51 Diluted Weighted-average Shares Outstanding Class A common stock 2,085 2,136 2,188 Class B common stock 245 245 245 Class C common stock 10 10 10" ]

[ "VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended September 30, 2023 2022 2021 (in millions, except per share data) Net revenues $ 32,653 $ 29,310 $ 24,105 Operating Expenses Personnel 5,831 4,990 4,240 Marketing 1,341 1,336 1,136 Network and processing 736 743 730 Professional fees 545 505 403 Depreciation and amortization 943 861 804 General and administrative 1,330 1,194 985 Litigation provision 927 868 3 Total operating expenses 11,653 10,497 8,301 Operating income 21,000 18,813 15,804 Non-operating Income (Expense) Interest expense (644) (538) (513) Investment income (expense) and other 681 (139) 772 Total non-operating income (expense) 37 (677) 259 Income before income taxes 21,037 18,136 16,063 Income tax provision 3,764 3,179 3,752 Net income $ 17,273 $ 14,957 $ 12,311 Basic Earnings Per Share Class A common stock $ 8.29 $ 7.01 $ 5.63 Class B common stock $ 13.26 $ 11.33 $ 9.14 Class C common stock $ 33.17 $ 28.03 $ 22.53 Basic Weighted-average Shares Outstanding Class A common stock 1,618 1,651 1,691 Class B common stock 245 245 245 Class C common stock 10 10 10 Diluted Earnings Per Share Class A common stock $ 8.28 $ 7.00 $ 5.63 Class B common stock $ 13.24 $ 11.31 $ 9.13 Class C common stock $ 33.13 $ 28.00 $ 22.51 Diluted Weighted-average Shares Outstanding Class A common stock 2,085 2,136 2,188 Class B common stock 245 245 245 Class C common stock 10 10 10" ]

[ "VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended September 30, 2023 2022 2021 (in millions, except per share data) Net revenues $ 32,653 $ 29,310 $ 24,105 Operating Expenses Personnel 5,831 4,990 4,240 Marketing 1,341 1,336 1,136 Network and processing 736 743 730 Professional fees 545 505 403 Depreciation and amortization 943 861 804 General and administrative 1,330 1,194 985 Litigation provision 927 868 3 Total operating expenses 11,653 10,497 8,301 Operating income 21,000 18,813 15,804 Non-operating Income (Expense) Interest expense (644) (538) (513) Investment income (expense) and other 681 (139) 772 Total non-operating income (expense) 37 (677) 259 Income before income taxes 21,037 18,136 16,063 Income tax provision 3,764 3,179 3,752 Net income $ 17,273 $ 14,957 $ 12,311 Basic Earnings Per Share Class A common stock $ 8.29 $ 7.01 $ 5.63 Class B common stock $ 13.26 $ 11.33 $ 9.14 Class C common stock $ 33.17 $ 28.03 $ 22.53 Basic Weighted-average Shares Outstanding Class A common stock 1,618 1,651 1,691 Class B common stock 245 245 245 Class C common stock 10 10 10 Diluted Earnings Per Share Class A common stock $ 8.28 $ 7.00 $ 5.63 Class B common stock $ 13.24 $ 11.31 $ 9.13 Class C common stock $ 33.13 $ 28.00 $ 22.51 Diluted Weighted-average Shares Outstanding Class A common stock 2,085 2,136 2,188 Class B common stock 245 245 245 Class C common stock 10 10 10" ]

[ "VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended September 30, 2023 2022 2021 (in millions, except per share data) Net revenues $ 32,653 $ 29,310 $ 24,105 Operating Expenses Personnel 5,831 4,990 4,240 Marketing 1,341 1,336 1,136 Network and processing 736 743 730 Professional fees 545 505 403 Depreciation and amortization 943 861 804 General and administrative 1,330 1,194 985 Litigation provision 927 868 3 Total operating expenses 11,653 10,497 8,301 Operating income 21,000 18,813 15,804 Non-operating Income (Expense) Interest expense (644) (538) (513) Investment income (expense) and other 681 (139) 772 Total non-operating income (expense) 37 (677) 259 Income before income taxes 21,037 18,136 16,063 Income tax provision 3,764 3,179 3,752 Net income $ 17,273 $ 14,957 $ 12,311 Basic Earnings Per Share Class A common stock $ 8.29 $ 7.01 $ 5.63 Class B common stock $ 13.26 $ 11.33 $ 9.14 Class C common stock $ 33.17 $ 28.03 $ 22.53 Basic Weighted-average Shares Outstanding Class A common stock 1,618 1,651 1,691 Class B common stock 245 245 245 Class C common stock 10 10 10 Diluted Earnings Per Share Class A common stock $ 8.28 $ 7.00 $ 5.63 Class B common stock $ 13.24 $ 11.31 $ 9.13 Class C common stock $ 33.13 $ 28.00 $ 22.51 Diluted Weighted-average Shares Outstanding Class A common stock 2,085 2,136 2,188 Class B common stock 245 245 245 Class C common stock 10 10 10" ]

[ "VISA INC. CONSOLIDATED BALANCE SHEETS September 30, 2023 2022 (in millions, except per share data) Assets Cash and cash equivalents $ 16,286 $ 15,689 Restricted cash equivalents—U.S. litigation escrow 1,764 1,449 Investment securities 3,842 2,833 Settlement receivable 2,183 1,932 Accounts receivable 2,291 2,020 Customer collateral 3,005 2,342 Current portion of client incentives 1,577 1,272 Prepaid expenses and other current assets 2,584 2,668 Total current assets 33,532 30,205 Investment securities 1,921 2,136 Client incentives 3,789 3,348 Property, equipment and technology, net 3,425 3,223 Goodwill 17,997 17,787 Intangible assets, net 26,104 25,065 Other assets 3,731 3,737 Total assets $ 90,499 $ 85,501 Liabilities Accounts payable $ 375 $ 340 Settlement payable 3,269 3,281 Customer collateral 3,005 2,342 Accrued compensation and benefits 1,506 1,359 Client incentives 8,177 6,099 Accrued liabilities 5,015 3,726 Current maturities of debt — 2,250 Accrued litigation 1,751 1,456 Total current liabilities 23,098 20,853 Long-term debt 20,463 20,200 Deferred tax liabilities 5,114 5,332 Other liabilities 3,091 3,535 Total liabilities 51,766 49,920 Commitments and contingencies (Note 18 and Note 20) Equity Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding as of September 30, 2023 and 2022 1,698 2,324 Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,849 (Class A 1,594, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding as of September 30, 2023 and 2022, respectively 20,452 19,545 Right to recover for covered losses (140) (35) Accumulated income 18,040 16,116 Accumulated other comprehensive income (loss): Investment securities (64) (106) Defined benefit pension and other postretirement plans (155) (169) Derivative instruments (177) 418 Foreign currency translation adjustments (921) (2,512) Total accumulated other comprehensive income (loss) (1,317) (2,369) Total equity 38,733 35,581 Total liabilities and equity $ 90,499 $ 85,501", "VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended September 30, 2023 2022 2021 (in millions, except per share data) Net revenues $ 32,653 $ 29,310 $ 24,105 Operating Expenses Personnel 5,831 4,990 4,240 Marketing 1,341 1,336 1,136 Network and processing 736 743 730 Professional fees 545 505 403 Depreciation and amortization 943 861 804 General and administrative 1,330 1,194 985 Litigation provision 927 868 3 Total operating expenses 11,653 10,497 8,301 Operating income 21,000 18,813 15,804 Non-operating Income (Expense) Interest expense (644) (538) (513) Investment income (expense) and other 681 (139) 772 Total non-operating income (expense) 37 (677) 259 Income before income taxes 21,037 18,136 16,063 Income tax provision 3,764 3,179 3,752 Net income $ 17,273 $ 14,957 $ 12,311 Basic Earnings Per Share Class A common stock $ 8.29 $ 7.01 $ 5.63 Class B common stock $ 13.26 $ 11.33 $ 9.14 Class C common stock $ 33.17 $ 28.03 $ 22.53 Basic Weighted-average Shares Outstanding Class A common stock 1,618 1,651 1,691 Class B common stock 245 245 245 Class C common stock 10 10 10 Diluted Earnings Per Share Class A common stock $ 8.28 $ 7.00 $ 5.63 Class B common stock $ 13.24 $ 11.31 $ 9.13 Class C common stock $ 33.13 $ 28.00 $ 22.51 Diluted Weighted-average Shares Outstanding Class A common stock 2,085 2,136 2,188 Class B common stock 245 245 245 Class C common stock 10 10 10" ]

[ "VISA INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Preferred Stock Common Stock and Additional Paid-in Capital Right to Recover for Covered Losses Accumulated Income Accumulated Other Comprehensive Income (Loss) Total Shares Amount Shares Amount Equity (in millions, except per share data) Balance as of September 30, 2022 5 $ 2,324 1,890 $ 19,545 $ (35) $ 16,116 $ (2,369) $ 35,581 Net income 17,273 17,273 Other comprehensive income (loss) 1,052 1,052 VE territory covered losses incurred (136) (136) Recovery through conversion rate adjustment (30) 31 1 Conversion to class A common stock upon sales into public market — (596) 10 596 — Share-based compensation 765 765 Stock issued under equity plans 5 260 260 Restricted stock and performance-based shares settled in cash for taxes (1) (130) (130) Cash dividends declared and paid, at a quarterly amount of $0.45 per class A common stock (3,751) (3,751) Repurchase of class A common stock (55) (584) (11,598) (12,182)" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of earnings\n (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n 2023 2022 2021\n Sales to customers $85,159 79,990 78,740\n Cost of products sold 26,553 24,596 23,402\n Gross profit 58,606 55,394 55,338\n Selling, marketing and administrative expenses 21,512 20,246 20,118\n Research and development expense 15,085 14,135 14,277\n In-process research and development impairments 313 783 900\n Interest income (1,261) (490) (53)\n Interest expense, net of portion capitalized (Note 4) 772 276 183\n Other (income) expense, net 6,634 810 526\n Restructuring (Note 20) 489 275 209\n Earnings before provision for taxes on income 15,062 19,359 19,178\n Provision for taxes on income (Note 8) 1,736 2,989 1,377\n Net earnings from continuing operations 13,326 16,370 17,801\n Net earnings from discontinued operations, net of tax (Note 21) 21,827 1,571 3,077\n Net earnings $35,153 17,941 20,878\n Net earnings per share (Notes 1 and 15)\n Continuing operations - basic $5.26 6.23 6.76\n Discontinued operations - basic $8.62 0.60 1.17\n Total net earnings per share - basic $13.88 6.83 7.93\n Continuing operations - diluted $5.20 6.14 6.66\n Discontinued operations - diluted $8.52 0.59 1.15\n Total net earnings per share - diluted $13.72 6.73 7.81\n Average shares outstanding (Notes 1 and 15)\n Basic 2,533.5 2,625.2 2,632.1\n Diluted 2,560.4 2,663.9 2,674.0" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of earnings\n (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n 2023 2022 2021\n Sales to customers $85,159 79,990 78,740\n Cost of products sold 26,553 24,596 23,402\n Gross profit 58,606 55,394 55,338\n Selling, marketing and administrative expenses 21,512 20,246 20,118\n Research and development expense 15,085 14,135 14,277\n In-process research and development impairments 313 783 900\n Interest income (1,261) (490) (53)\n Interest expense, net of portion capitalized (Note 4) 772 276 183\n Other (income) expense, net 6,634 810 526\n Restructuring (Note 20) 489 275 209\n Earnings before provision for taxes on income 15,062 19,359 19,178\n Provision for taxes on income (Note 8) 1,736 2,989 1,377\n Net earnings from continuing operations 13,326 16,370 17,801\n Net earnings from discontinued operations, net of tax (Note 21) 21,827 1,571 3,077\n Net earnings $35,153 17,941 20,878\n Net earnings per share (Notes 1 and 15)\n Continuing operations - basic $5.26 6.23 6.76\n Discontinued operations - basic $8.62 0.60 1.17\n Total net earnings per share - basic $13.88 6.83 7.93\n Continuing operations - diluted $5.20 6.14 6.66\n Discontinued operations - diluted $8.52 0.59 1.15\n Total net earnings per share - diluted $13.72 6.73 7.81\n Average shares outstanding (Notes 1 and 15)\n Basic 2,533.5 2,625.2 2,632.1\n Diluted 2,560.4 2,663.9 2,674.0", "Johnson & Johnson and subsidiaries consolidated statements of cash flows\n (Dollars in Millions) (Note 1)\n 2023 2022 2021\n Cash flows from operating activities\n Net earnings $35,153 17,941 20,878\n Adjustments to reconcile net earnings to cash flows from operating activities:\n Depreciation and amortization of property and intangibles 7,486 6,970 7,390\n Stock based compensation 1,162 1,138 1,135\n Asset write-downs 1,295 1,216 989\n Charge for purchase of in-process research and development assets 483 — —\n Gain on Kenvue separation (20,984) — —\n Net gain on sale of assets/businesses (117) (380) (617)\n Deferred tax provision (4,194) (1,663) (2,079)\n Credit losses and accounts receivable allowances — (17) (48)\n Changes in assets and liabilities, net of effects from acquisitions and divestitures:\n Increase in accounts receivable (624) (1,290) (2,402)\n Increase in inventories (1,323) (2,527) (1,248)\n Increase in accounts payable and accrued liabilities 2,346 1,098 2,437\n (Increase)/Decrease in other current and non-current assets (3,480) 687 (1,964)\n Increase/(Decrease) in other current and non-current liabilities 5,588 (1,979) (1,061)\n Net cash flows from operating activities 22,791 21,194 23,410\n Cash flows from investing activities\n Additions to property, plant and equipment (4,543) (4,009) (3,652)\n Proceeds from the disposal of assets/businesses, net 358 543 711\n Acquisitions, net of cash acquired (Note 18) — (17,652) (60)\n Purchases of in-process research and development assets (Note 18) (470) — —\n Purchases of investments (10,906) (32,384) (30,394)\n Sales of investments 19,390 41,609 25,006\n Credit support agreements activity, net (2,963) (249) 214\n Other (including capitalized licenses and milestones) 12 (229) (508)\n Net cash from/(used) by investing activities 878 (12,371) (8,683)\n Cash flows from financing activities\n Dividends to shareholders (11,770) (11,682) (11,032)\n Repurchase of common stock (5,054) (6,035) (3,456)\n Proceeds from short-term debt 13,743 16,134 1,997\n Repayment of short-term debt (22,973) (6,550) (1,190)\n Proceeds from long-term debt, net of issuance costs — 2 5\n Repayment of long-term debt (1,551) (2,134) (1,802)\n Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,094 1,329 1,036\n Credit support agreements activity, net (219) (28) 281" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of earnings\n (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n 2023 2022 2021\n Sales to customers $85,159 79,990 78,740\n Cost of products sold 26,553 24,596 23,402\n Gross profit 58,606 55,394 55,338\n Selling, marketing and administrative expenses 21,512 20,246 20,118\n Research and development expense 15,085 14,135 14,277\n In-process research and development impairments 313 783 900\n Interest income (1,261) (490) (53)\n Interest expense, net of portion capitalized (Note 4) 772 276 183\n Other (income) expense, net 6,634 810 526\n Restructuring (Note 20) 489 275 209\n Earnings before provision for taxes on income 15,062 19,359 19,178\n Provision for taxes on income (Note 8) 1,736 2,989 1,377\n Net earnings from continuing operations 13,326 16,370 17,801\n Net earnings from discontinued operations, net of tax (Note 21) 21,827 1,571 3,077\n Net earnings $35,153 17,941 20,878\n Net earnings per share (Notes 1 and 15)\n Continuing operations - basic $5.26 6.23 6.76\n Discontinued operations - basic $8.62 0.60 1.17\n Total net earnings per share - basic $13.88 6.83 7.93\n Continuing operations - diluted $5.20 6.14 6.66\n Discontinued operations - diluted $8.52 0.59 1.15\n Total net earnings per share - diluted $13.72 6.73 7.81\n Average shares outstanding (Notes 1 and 15)\n Basic 2,533.5 2,625.2 2,632.1\n Diluted 2,560.4 2,663.9 2,674.0" ]

[ "The Company’s significant financial assets and liabilities measured at fair value as of the fiscal year ended December 31, 2023 and January 1, 2023 were as\n follows:\n 2023 2022\n (Dollars in Millions) Level 1 Level 2 Level 3 Total Total\n Derivatives designated as hedging instruments:\n Assets:\n Forward foreign exchange contracts $— 539 — 539 629\n Interest rate contracts — 988 — 988 1,534\n Total $— 1,527 — 1,527 2,163\n Liabilities:\n Forward foreign exchange contracts — 624 — 624 511\n Interest rate contracts — 5,338 — 5,338 2,778\n Total $— 5,962 — 5,962 3,289\n Derivatives not designated as hedging instruments:\n Assets:\n Forward foreign exchange contracts $— 64 — 64 38\n Liabilities:\n Forward foreign exchange contracts — 75 — 75 68\n Available For Sale Other Investments:\n Equity investments 4,473 — — 4,473 576\n Debt securities — 8,874 — 8,874 10,487\n Other Liabilities\n Contingent Consideration $ 1,092 1,092 1,120\n Gross to Net Derivative Reconciliation 2023 2022\n (Dollars in Millions)\n Total Gross Assets $1,591 2,201\n Credit Support Agreements (CSA) (1,575) (2,176)\n Total Net Asset 16 25\n Total Gross Liabilities 6,037 3,357\n Credit Support Agreements (CSA) (5,604) (3,023)\n Total Net Liabilities $433 334" ]

[ "Johnson & Johnson and subsidiaries consolidated balance sheets\n At December 31, 2023 and January 1, 2023\n (Dollars in Millions Except Share and Per Share Amounts) (Note 1)\n 2023 2022\n Assets\n Current assets\n Cash and cash equivalents (Notes 1 and 2) $21,859 12,889\n Marketable securities (Notes 1 and 2) 1,068 9,392\n Accounts receivable trade, less allowances $166 (2022, $169) 14,873 14,039\n Inventories (Notes 1 and 3) 11,181 10,268\n Prepaid expenses and other receivables 4,514 2,876\n Current assets of discontinued operations (Note 21) — 5,830\n Total current assets 53,495 55,294\n Property, plant and equipment, net (Notes 1 and 4) 19,898 17,982\n Intangible assets, net (Notes 1 and 5) 34,175 38,489\n Goodwill (Notes 1 and 5) 36,558 36,047\n Deferred taxes on income (Note 8) 9,279 8,947\n Other assets 14,153 9,212\n Noncurrent assets of discontinued operations (Note 21) — 21,407\n Total assets $167,558 187,378\n Liabilities and Shareholders’ Equity\n Current liabilities\n Loans and notes payable (Note 7) $3,451 12,756\n Accounts payable 9,632 9,889\n Accrued liabilities 10,212 10,719\n Accrued rebates, returns and promotions 16,001 13,579\n Accrued compensation and employee related obligations 3,993 3,049\n Accrued taxes on income (Note 8) 2,993 2,220\n Current liabilities of discontinued operations (Note 21) — 3,590\n Total current liabilities 46,282 55,802\n Long-term debt (Note 7) 25,881 26,886\n Deferred taxes on income (Note 8) 3,193 3,991\n Employee related obligations (Notes 9 and 10) 7,149 6,542\n Long-term taxes payable (Note 1) 2,881 4,306\n Other liabilities 13,398 10,146\n Noncurrent liabilities of discontinued operations (Note 21) — 2,901\n Total liabilities 98,784 110,574\n Commitments and Contingencies (Note 19)\n Shareholders’ equity\n Preferred stock — without par value (authorized and unissued 2,000,000 shares) — —\n Common stock — par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) 3,120 3,120\n Accumulated other comprehensive income (loss) (Note 13) (12,527) (12,967)\n Retained earnings and Additional-paid-in-capital 153,843 128,345\n Less: common stock held in treasury, at cost (Note 12) (712,765,000 shares and 506,246,000 shares) 75,662 41,694\n Total shareholders’ equity 68,774 76,804\n Total liabilities and shareholders’ equity $167,558 187,378" ]

[ "Johnson & Johnson and subsidiaries consolidated balance sheets\n At December 31, 2023 and January 1, 2023\n (Dollars in Millions Except Share and Per Share Amounts) (Note 1)\n 2023 2022\n Assets\n Current assets\n Cash and cash equivalents (Notes 1 and 2) $21,859 12,889\n Marketable securities (Notes 1 and 2) 1,068 9,392\n Accounts receivable trade, less allowances $166 (2022, $169) 14,873 14,039\n Inventories (Notes 1 and 3) 11,181 10,268\n Prepaid expenses and other receivables 4,514 2,876\n Current assets of discontinued operations (Note 21) — 5,830\n Total current assets 53,495 55,294\n Property, plant and equipment, net (Notes 1 and 4) 19,898 17,982\n Intangible assets, net (Notes 1 and 5) 34,175 38,489\n Goodwill (Notes 1 and 5) 36,558 36,047\n Deferred taxes on income (Note 8) 9,279 8,947\n Other assets 14,153 9,212\n Noncurrent assets of discontinued operations (Note 21) — 21,407\n Total assets $167,558 187,378\n Liabilities and Shareholders’ Equity\n Current liabilities\n Loans and notes payable (Note 7) $3,451 12,756\n Accounts payable 9,632 9,889\n Accrued liabilities 10,212 10,719\n Accrued rebates, returns and promotions 16,001 13,579\n Accrued compensation and employee related obligations 3,993 3,049\n Accrued taxes on income (Note 8) 2,993 2,220\n Current liabilities of discontinued operations (Note 21) — 3,590\n Total current liabilities 46,282 55,802\n Long-term debt (Note 7) 25,881 26,886\n Deferred taxes on income (Note 8) 3,193 3,991\n Employee related obligations (Notes 9 and 10) 7,149 6,542\n Long-term taxes payable (Note 1) 2,881 4,306\n Other liabilities 13,398 10,146\n Noncurrent liabilities of discontinued operations (Note 21) — 2,901\n Total liabilities 98,784 110,574\n Commitments and Contingencies (Note 19)\n Shareholders’ equity\n Preferred stock — without par value (authorized and unissued 2,000,000 shares) — —\n Common stock — par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) 3,120 3,120\n Accumulated other comprehensive income (loss) (Note 13) (12,527) (12,967)\n Retained earnings and Additional-paid-in-capital 153,843 128,345\n Less: common stock held in treasury, at cost (Note 12) (712,765,000 shares and 506,246,000 shares) 75,662 41,694\n Total shareholders’ equity 68,774 76,804\n Total liabilities and shareholders’ equity $167,558 187,378", "Johnson & Johnson and subsidiaries consolidated statements of earnings\n (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n 2023 2022 2021\n Sales to customers $85,159 79,990 78,740\n Cost of products sold 26,553 24,596 23,402\n Gross profit 58,606 55,394 55,338\n Selling, marketing and administrative expenses 21,512 20,246 20,118\n Research and development expense 15,085 14,135 14,277\n In-process research and development impairments 313 783 900\n Interest income (1,261) (490) (53)\n Interest expense, net of portion capitalized (Note 4) 772 276 183\n Other (income) expense, net 6,634 810 526\n Restructuring (Note 20) 489 275 209\n Earnings before provision for taxes on income 15,062 19,359 19,178\n Provision for taxes on income (Note 8) 1,736 2,989 1,377\n Net earnings from continuing operations 13,326 16,370 17,801\n Net earnings from discontinued operations, net of tax (Note 21) 21,827 1,571 3,077\n Net earnings $35,153 17,941 20,878\n Net earnings per share (Notes 1 and 15)\n Continuing operations - basic $5.26 6.23 6.76\n Discontinued operations - basic $8.62 0.60 1.17\n Total net earnings per share - basic $13.88 6.83 7.93\n Continuing operations - diluted $5.20 6.14 6.66\n Discontinued operations - diluted $8.52 0.59 1.15\n Total net earnings per share - diluted $13.72 6.73 7.81\n Average shares outstanding (Notes 1 and 15)\n Basic 2,533.5 2,625.2 2,632.1\n Diluted 2,560.4 2,663.9 2,674.0" ]

[ "Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.\n The Company has access to substantial sources of funds at numerous banks worldwide. In September 2023, the Company secured a new 364-day Credit Facility\n of $10 billion, which expires on September 5, 2024. The Company early terminated the additional 364-day revolving Credit Facility of $10 billion, which had an\n expiration of November 21, 2023. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other\n applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.\n Throughout fiscal years 2023 and 2022, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the\n current portion of long-term debt amounted to approximately $3.5 billion and $12.8 billion at the end of fiscal years 2023 and 2022, respectively. The current portion\n of the long term debt was $1.5 billion and $1.6 billion in 2023 and 2022, respectively, and the remainder is commercial paper and local borrowing by international\n subsidiaries.\n The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted\n average maturity of approximately two months. The current debt balance as of January 1, 2023 includes $11.2 billion of commercial paper which has a weighted\n average interest rate of 4.23% and a weighted average maturity of approximately two months.\n Aggregate maturities of long-term debt obligations commencing in 2024 are:\n (Dollars in Millions)\n 2024 2025 2026 2027 2028 After 2028\n $1,469 1,700 1,997 2,320 2,325 17,539" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of earnings\n (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)\n 2023 2022 2021\n Sales to customers $85,159 79,990 78,740\n Cost of products sold 26,553 24,596 23,402\n Gross profit 58,606 55,394 55,338\n Selling, marketing and administrative expenses 21,512 20,246 20,118\n Research and development expense 15,085 14,135 14,277\n In-process research and development impairments 313 783 900\n Interest income (1,261) (490) (53)\n Interest expense, net of portion capitalized (Note 4) 772 276 183\n Other (income) expense, net 6,634 810 526\n Restructuring (Note 20) 489 275 209\n Earnings before provision for taxes on income 15,062 19,359 19,178\n Provision for taxes on income (Note 8) 1,736 2,989 1,377\n Net earnings from continuing operations 13,326 16,370 17,801\n Net earnings from discontinued operations, net of tax (Note 21) 21,827 1,571 3,077\n Net earnings $35,153 17,941 20,878\n Net earnings per share (Notes 1 and 15)\n Continuing operations - basic $5.26 6.23 6.76\n Discontinued operations - basic $8.62 0.60 1.17\n Total net earnings per share - basic $13.88 6.83 7.93\n Continuing operations - diluted $5.20 6.14 6.66\n Discontinued operations - diluted $8.52 0.59 1.15\n Total net earnings per share - diluted $13.72 6.73 7.81\n Average shares outstanding (Notes 1 and 15)\n Basic 2,533.5 2,625.2 2,632.1\n Diluted 2,560.4 2,663.9 2,674.0" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of cash flows\n (Dollars in Millions) (Note 1)\n 2023 2022 2021\n Cash flows from operating activities\n Net earnings $35,153 17,941 20,878\n Adjustments to reconcile net earnings to cash flows from operating activities:\n Depreciation and amortization of property and intangibles 7,486 6,970 7,390\n Stock based compensation 1,162 1,138 1,135\n Asset write-downs 1,295 1,216 989\n Charge for purchase of in-process research and development assets 483 — —\n Gain on Kenvue separation (20,984) — —\n Net gain on sale of assets/businesses (117) (380) (617)\n Deferred tax provision (4,194) (1,663) (2,079)\n Credit losses and accounts receivable allowances — (17) (48)\n Changes in assets and liabilities, net of effects from acquisitions and divestitures:\n Increase in accounts receivable (624) (1,290) (2,402)\n Increase in inventories (1,323) (2,527) (1,248)\n Increase in accounts payable and accrued liabilities 2,346 1,098 2,437\n (Increase)/Decrease in other current and non-current assets (3,480) 687 (1,964)\n Increase/(Decrease) in other current and non-current liabilities 5,588 (1,979) (1,061)\n Net cash flows from operating activities 22,791 21,194 23,410\n Cash flows from investing activities\n Additions to property, plant and equipment (4,543) (4,009) (3,652)\n Proceeds from the disposal of assets/businesses, net 358 543 711\n Acquisitions, net of cash acquired (Note 18) — (17,652) (60)\n Purchases of in-process research and development assets (Note 18) (470) — —\n Purchases of investments (10,906) (32,384) (30,394)\n Sales of investments 19,390 41,609 25,006\n Credit support agreements activity, net (2,963) (249) 214\n Other (including capitalized licenses and milestones) 12 (229) (508)\n Net cash from/(used) by investing activities 878 (12,371) (8,683)\n Cash flows from financing activities\n Dividends to shareholders (11,770) (11,682) (11,032)\n Repurchase of common stock (5,054) (6,035) (3,456)\n Proceeds from short-term debt 13,743 16,134 1,997\n Repayment of short-term debt (22,973) (6,550) (1,190)\n Proceeds from long-term debt, net of issuance costs — 2 5\n Repayment of long-term debt (1,551) (2,134) (1,802)\n Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,094 1,329 1,036\n Credit support agreements activity, net (219) (28) 281" ]

[ "Johnson & Johnson and subsidiaries consolidated statements of cash flows\n (Dollars in Millions) (Note 1)\n 2023 2022 2021\n Cash flows from operating activities\n Net earnings $35,153 17,941 20,878\n Adjustments to reconcile net earnings to cash flows from operating activities:\n Depreciation and amortization of property and intangibles 7,486 6,970 7,390\n Stock based compensation 1,162 1,138 1,135\n Asset write-downs 1,295 1,216 989\n Charge for purchase of in-process research and development assets 483 — —\n Gain on Kenvue separation (20,984) — —\n Net gain on sale of assets/businesses (117) (380) (617)\n Deferred tax provision (4,194) (1,663) (2,079)\n Credit losses and accounts receivable allowances — (17) (48)\n Changes in assets and liabilities, net of effects from acquisitions and divestitures:\n Increase in accounts receivable (624) (1,290) (2,402)\n Increase in inventories (1,323) (2,527) (1,248)\n Increase in accounts payable and accrued liabilities 2,346 1,098 2,437\n (Increase)/Decrease in other current and non-current assets (3,480) 687 (1,964)\n Increase/(Decrease) in other current and non-current liabilities 5,588 (1,979) (1,061)\n Net cash flows from operating activities 22,791 21,194 23,410\n Cash flows from investing activities\n Additions to property, plant and equipment (4,543) (4,009) (3,652)\n Proceeds from the disposal of assets/businesses, net 358 543 711\n Acquisitions, net of cash acquired (Note 18) — (17,652) (60)\n Purchases of in-process research and development assets (Note 18) (470) — —\n Purchases of investments (10,906) (32,384) (30,394)\n Sales of investments 19,390 41,609 25,006\n Credit support agreements activity, net (2,963) (249) 214\n Other (including capitalized licenses and milestones) 12 (229) (508)\n Net cash from/(used) by investing activities 878 (12,371) (8,683)\n Cash flows from financing activities\n Dividends to shareholders (11,770) (11,682) (11,032)\n Repurchase of common stock (5,054) (6,035) (3,456)\n Proceeds from short-term debt 13,743 16,134 1,997\n Repayment of short-term debt (22,973) (6,550) (1,190)\n Proceeds from long-term debt, net of issuance costs — 2 5\n Repayment of long-term debt (1,551) (2,134) (1,802)\n Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,094 1,329 1,036\n Credit support agreements activity, net (219) (28) 281" ]

[ "Translation rate at December 31, 2023.\n Translation rate at January 1, 2023.\n The excess of the carrying value over the fair value of debt was $1.0 billion and $1.6 billion at the end of fiscal year 2023 and fiscal year 2022, respectively.\n Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.\n The Company has access to substantial sources of funds at numerous banks worldwide. In September 2023, the Company secured a new 364-day Credit Facility\n of $10 billion, which expires on September 5, 2024. The Company early terminated the additional 364-day revolving Credit Facility of $10 billion, which had an\n expiration of November 21, 2023. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other\n applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.\n Throughout fiscal years 2023 and 2022, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the\n current portion of long-term debt amounted to approximately $3.5 billion and $12.8 billion at the end of fiscal years 2023 and 2022, respectively. The current portion\n of the long term debt was $1.5 billion and $1.6 billion in 2023 and 2022, respectively, and the remainder is commercial paper and local borrowing by international\n subsidiaries.\n The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted\n average maturity of approximately two months. The current debt balance as of January 1, 2023 includes $11.2 billion of commercial paper which has a weighted\n average interest rate of 4.23% and a weighted average maturity of approximately two months.\n Aggregate maturities of long-term debt obligations commencing in 2024 are:\n (Dollars in Millions)\n 2024 2025 2026 2027 2028 After 2028\n $1,469 1,700 1,997 2,320 2,325 17,539\n 8. Income taxes\n The provision for taxes on income consists of:\n (Dollars in Millions) 2023 2022 2021\n Currently payable:\n U.S. taxes $2,705 2,274 1,338\n International taxes 3,090 2,295 2,069\n Total currently payable 5,795 4,569 3,407\n Deferred:\n U.S. taxes (3,440) (1,990) 565\n International taxes (619) 410 (2,595)\n Total deferred (4,059) (1,580) (2,030)\n Provision for taxes on income $1,736 2,989 1,377" ]

[ "The contractual maturities of the available for sale debt securities at December 31, 2023 are as follows:\n (Dollars in Millions) Cost Basis Fair Value\n Due within one year $8,865 8,864\n Due after one year through five years 10 10\n Due after five years through ten years — —\n Total debt securities $8,875 8,874\n The Company invests its excess cash in both deposits with major banks throughout the world and other high-quality money market instruments. The Company has\n a policy of making investments only with commercial institutions that have at least an investment grade credit rating.\n 3. Inventories\n At the end of fiscal years 2023 and 2022, inventories comprised:\n (Dollars in Millions) 2023 2022\n Raw materials and supplies $2,355 1,719\n Goods in process 1,952 1,577\n Finished goods 6,874 6,972\n Total inventories $11,181 10,268\n 4. Property, plant and equipment\n At the end of fiscal years 2023 and 2022, property, plant and equipment at cost and accumulated depreciation were:\n (Dollars in Millions) 2023 2022\n Land and land improvements $795 784\n Buildings and building equipment 12,375 11,470\n Machinery and equipment 28,979 26,603\n Construction in progress 5,627 4,677\n Total property, plant and equipment, gross $47,776 43,534\n Less accumulated depreciation 27,878 25,552\n Total property, plant and equipment, net $19,898 17,982\n The Company capitalizes interest expense as part of the cost of construction of facilities and equipment. Interest expense capitalized in fiscal years 2023, 2022\n and 2021 was $70 million, $49 million and $49 million, respectively.\n Depreciation expense, including the amortization of capitalized interest in fiscal years 2023, 2022 and 2021 was $2.6 billion, $2.4 billion and $2.4 billion,\n respectively.\n Upon retirement or other disposal of property, plant and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from\n the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds are recorded in earnings." ]

[ "Employees and human capital management\n As of December 31, 2023, the number of employees was approximately:\n 2023\n Employees 134,400\n Full-time equivalent (FTE) positions 131,900\n “Employee” is defined as an individual working full-time or part-time, excluding fixed term employees, interns and co-op employees. Employee data may not include full population\n from more recently acquired companies and individuals on long-term disability are excluded. Contingent workers, contractors and subcontractors are also excluded.\n FTE represents the total number of full-time equivalent positions and does not reflect the total number of individual employees as some work part-time." ]

[ "(Dollars in Millions) 2023 2022 2021\n Beginning of year $3,716 3,210 3,260\n Increases related to current year tax positions 239 523 242\n Increases related to prior period tax positions 244 143 23\n Decreases related to prior period tax positions (781) (148) (128)\n Settlements (880) (1) (187)\n Lapse of statute of limitations (53) (11) —\n End of year $2,485 3,716 3,210\n As of December 31, 2023 the Company had approximately $2.5 billion of unrecognized tax benefits. The Company conducts business and files tax returns in\n numerous countries and currently has tax audits in progress with a number of tax authorities. With respect to the United States the Internal Revenue Service has\n completed its audit for all tax years through 2016.\n In other major jurisdictions where the Company conducts business, the years that remain open to tax audits go back to the year 2008. The Company believes it is\n possible that some tax audits may be completed over the next twelve months by taxing authorities in some jurisdictions, including in the United States. However,\n the Company is not able to provide a reasonably reliable estimate of the timing of any other future tax payments or change in uncertain tax positions, if any.\n The Company classifies liabilities for unrecognized tax benefits and related interest and penalties as long-term liabilities. Interest expense and penalties related to\n unrecognized tax benefits are classified as income tax expense. The Company recognized after tax interest expense of $99 million, $136 million and $42 million in\n fiscal years 2023, 2022 and 2021, respectively. The total amount of accrued interest was $264 million and $637 million in fiscal years 2023 and 2022, respectively.\n 9. Employee related obligations\n At the end of fiscal 2023 and fiscal 2022, employee related obligations recorded on the Consolidated Balance Sheets were:\n (Dollars in Millions) 2023 2022\n Pension benefits $3,129 2,475\n Postretirement benefits 1,963 1,728\n Postemployment benefits 2,527 2,832\n Deferred compensation 68 100\n Total employee obligations 7,687 7,135\n Less current benefits payable 538 593\n Employee related obligations — non-current $7,149 6,542\n Prepaid employee related obligations of $4,992 million and $4,581 million for 2023 and 2022, respectively, are included in Other assets on the Consolidated\n Balance Sheets." ]

[ "20. Restructuring\n In fiscal 2023, the Company commenced restructuring actions within its Innovative Medicine and MedTech segments. The amounts and details of the current year\n programs are included below.\n In fiscal 2023, the Company completed a prioritization of its research and development (R&D) investment within its Innovative Medicine segment to focus on the\n most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within certain therapeutic areas. The R&D program exits\n are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV\n development. Pre-tax Restructuring expenses of $479 million in the fiscal year 2023, included the termination of partnered and non-partnered development\n program costs and asset impairments. The estimated costs of these total activities is between $500 million - $600 million and is expected to be completed by the\n end of fiscal year 2024.\n In fiscal 2023, the Company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain\n markets, product lines and distribution network arrangements. The pre-tax restructuring expense of $319 million in the fiscal year 2023 primarily included inventory\n and instrument charges related to market and product exits. The estimated costs of the total program are between $700 million - $800 million and is expected to be\n completed by the end of fiscal year 2025.\n The following table summarizes the restructuring expenses for the fiscal year 2023:\n (Pre-tax Dollars in Millions) 2023\n Innovative Medicine Segment $479\n MedTech Segment 319\n Total Programs $798\n Included $449 million in Restructuring and $30 million in Cost of products sold on the Consolidated Statement of Earnings\n Included $40 million in Restructuring and $279 million in Cost of products sold on the Consolidated Statement of Earnings\n Restructuring reserves as of December 31, 2023 and January 1, 2023 were insignificant." ]