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Ferraro 500 – 2012 Archive
Ferraro 500 – 2012 Archive
The Ferraro 500 is a reorganization of the Fortune 500 by the size of the companies’ Unrecognized Tax Benefit reserve (“Tax Reserve”). Under the accounting requirements of FIN 48, a company must reserve, or in other words “hold back,” earnings for tax positions for which the company thinks the IRS has a greater likelihood of prevailing than the company. This Tax Reserve amount can be substantial, especially when compared to the annual revenue generated by the company. The issues that make up a company’s Tax Reserve are generally disclosed to the IRS in a concise description on Schedule UTP. However, the details of the issues are contained in the tax accrual work papers of the company. The details in the tax accrual work papers often make for valuable tax whistleblower submissions.
2012 Ferraro 500 Rank
(+/- Change)Company 2012 Fortune 500 Rank 2011 Revenues
($ millions)2011 Profits
($ millions)2011 Tax Reserves
($ millions)2010 Tax Reserves
($ millions)% Change 1 (+2) Pfizer 40 67,932.0 10,009.0 7,309.0 6,759.0 8.1% 2 (-1) J.P. Morgan Chase & Co. 16 110,838.0 18,976.0 7,189.0 7,767.0 -7.4% 3 (+1) Microsoft 37 69,943.0 23,150.0 6,935.0 6,542.0 6.0% 4 (-2) General Electric 6 147,616.0 14,151.0 6,384.0 7,448.0 -14.3% 5 (0) AT&T 11 126,723.0 3,944.0 5,853.0 5,689.0 2.9% 6 (+2) International Business Machines 19 106,916.0 15,855.0 5,575.0 5,293.0 5.3% 7 (-1) Wells Fargo 26 87,597.0 15,869.0 5,005.0 5,500.0 -9.0% 8 (4) Exxon Mobil 1 452,926.0 41,060.0 4,922.0 4,148.0 18.7% 9 (-2) American International Group 33 71,730.0 17,798.0 4,279.0 5,296.0 -19.2% 10 (+1) Merck 57 48,047.0 6,272.0 4,277.0 4,919.0 -13.1% 11 (-2) Bank of America Corp. 13 115,074.0 1,446.0 4,203.0 5,169.0 -18.7% 12 (+2) Morgan Stanley 68 39,376.0 4,110.0 4,045.0 3,711.0 9.0% 13 (0) Citigroup 20 102,939.0 11,067.0 3,923.0 4,035.0 -2.8% 14 (+1) Chevron 3 245,621.0 26,895.0 3,481.0 3,507.0 -0.7% 15 (+4) Oracle 82 35,622.0 8,547.0 3,160.0 2,527.0 25.0% 16 (0) Verizon Communications 15 110,875.0 2,404.0 3,078.0 3,242.0 -5.1% 17 (+1) Cisco Systems 64 43,218.0 6,490.0 2,948.0 2,677.0 10.1% 18 (+2) Johnson & Johnson 42 65,030.0 9,672.0 2,699.0 2,307.0 17.0% 19 (-10) General Motors 5 150,276.0 9,190.0 2,370.0 5,169.0 -54.1% 20 (+5) Dell 44 62,071.0 3,492.0 2,194.0 1,983.0 10.6% 21 (3) PepsiCo 41 66,504.0 6,443.0 2,167.0 2,022.0 7.2% 22 (-5) Abbott Laboratories 71 38,851.3 4,728.4 2,123.0 2,724.0 -22.1% 23 (-2) Time Warner 103 28,974.0 2,886.0 2,122.0 2,100.0 1.0% 24 (-2) Hewlett-Packard 10 127,245.0 7,074.0 2,118.0 2,085.0 1.6% 25 (-2) Goldman Sachs Group 80 36,793.0 4,442.0 1,887.0 2,081.0 -9.3% 26 (0) Procter & Gamble 27 82,559.0 11,797.0 1,848.0 1,797.0 2.8% 27 (+10) Ford Motor 9 136,264.0 20,213.0 1,818.0 1,063.0 71.0% 28 (-1) Energy Future Holdings 357 7,040.0 -1,913.0 1,779.0 1,642.0 8.3% 29 (+6) Google 73 37,905.0 9,737.0 1,564.0 1,140.0 37.2% 30 (0) Kraft Foods 50 54,365.0 3,527.0 1,538.0 1,281.0 20.1% 31 (+1) Comcast 49 55,842.0 4,160.0 1,435.0 1,251.0 14.7% 32 (+9) Apple 17 108,249.0 25,922.0 1,375.0 943.0 45.8% 33 (-2) Johnson Controls 67 40,833.0 1,624.0 1,357.0 1,262.0 7.5% 34 (-1) Freddie Mac 25 88,262.0 -5,266.0 1,355.0 1,220.0 11.1% 35 (-7) Eli Lilly 119 24,286.5 4,347.7 1,274.8 1,619.6 -21.3% 36(-7) American Express 95 32,282.0 4,935.0 1,223.0 1,377.0 -11.2% 37 (-1) ConocoPhillips 4 237,272.0 12,436.0 1,071.0 1,125.0 -4.8% 38 (+4) Amgen 168 15,582.0 3,683.0 975.0 920.0 6.0% 39 (+10) Caterpillar 46 60,138.0 4,928.0 958.0 789.0 21.4% 40 (-1) Boston Scientific 335 7,622.0 441.0 952.0 965.0 -1.3% 41 (+3) United Technologies 48 58,190.0 4,979.0 946.0 891.0 6.2% 42 (-8) Boeing 39 68,735.0 4,018.0 939.0 1,198.0 -21.6% 43 (-5) Berkshire Hathaway 7 143,688.0 10,254.0 928.0 1,005.0 -7.7% 44 (+125) International Paper 111 26,034.0 1,341.0 857.0 199.0 330.7% 45 (+27) Visa 281 9,188.0 3,650.0 850.0 545.0 56.0% 46 (+7) Public Service Enterprise Group 240 11,191.0 1,503.0 825.0 756.0 9.1% 47 (+4) Honeywell International 77 37,059.0 2,067.0 815.0 757.0 7.7% 48 (-1) Entergy 239 11,229.1 1,346.4 812.1 805.5 0.8% 49 (+1) Exelon 145 18,924.0 2,495.0 807.0 787.0 2.5% 50 (+7) DuPont 72 38,719.0 3,474.0 800.0 693.0 15.4% 51 (+22) Medtronic 164 15,933.0 3,096.0 769.0 538.0 42.9% 52 (-7) Fannie Mae 8 137,451.0 -16,855.0 758.0 864.0 -12.3% 53 (+1) Cardinal Health 21 102,644.2 959.0 746.8 730.6 2.2% 54 (+4) Walt Disney 66 40,893.0 4,807.0 718.0 680.0 5.6% 55 (-12) Bristol-Myers Squibb 134 21,244.0 3,709.0 704.0 919.0 -23.4% 56 (-10) MetLife 34 70,641.0 6,981.0 679.0 810.0 -16.2% 57 (+12) Edison International 211 12,760.0 -37.0 631.0 565.0 11.7% 58 (+2) Home Depot 35 70,395.0 3,883.0 621.0 662.0 -6.2% 59 (+17) Symantec 391 6,190.0 597.0 619.0 527.0 17.5% 60 (-12) Wal-Mart Stores 2 446,950.0 15,699.0 611.0 795.0 -23.1% 61 (N/A) Celgene 492 4,842.1 1,318.2 596.8 NR N/A 62 (0) McKesson 14 112,084.0 1,202.0 595.0 635.0 -6.3% 63 (0) 3M 102 29,611.0 4,283.0 594.0 622.0 -4.5% 64 (+2) McDonald’s 107 27,006.0 5,503.1 565.0 572.6 -1.3% 65 (+2) Kimberly-Clark 137 20,846.0 1,591.0 558.0 568.0 -1.8% 66 (+18) CIT Group 489 4,855.3 26.7 549.2 451.6 21.6% 67 (-2) Yahoo 483 4,984.2 1,048.8 532.9 597.1 -10.8% 68 (0) Caesars Entertainment 288 8,834.5 -687.6 532.3 567.4 -6.2% 69 (+8) Danaher 158 16,476.4 2,172.3 518.3 517.5 0.2% 70 (+28) Discover Financial Services 300 8,550.3 2,226.7 506.9 373.3 35.8% 71 (-16) PG&E Corp. 179 14,956.0 844.0 506.0 714.0 -29.1% 72 (+18) HCA Holdings 94 32,506.0 2,465.0 494.0 413.0 19.6% 73 (+8) Dr Pepper Snapple Group 417 5,903.0 606.0 480.0 490.0 -2.0% 74 (0) U.S. Bancorp 132 21,399.0 4,872.0 479.0 532.0 -10.0% 75 (+11) AES 151 17,759.0 58.0 471.0 437.0 7.8% 76 (-15) Agilent Technologies 375 6,615.0 1,012.0 469.0 656.0 -28.5% 77 (+23) Sara Lee 220 12,103.0 1,287.0 462.0 367.0 25.9% 78 (+3) Baxter International 195 13,893.0 2,224.0 443.0 490.0 -9.6% 79 (-23) Illinois Tool Works 149 18,256.8 2,071.4 437.2 704.0 -37.9% 80 (+11) Northwestern Mutual 116 24,861.0 645.1 436.0 412.0 5.8% 81 (+12) Hess 74 37,871.0 1,703.0 415.0 400.0 3.8% 82 (+1) Liberty Global 261 10,246.5 -772.7 400.6 475.0 -15.7% 83 (+19) DirecTV 105 27,226.0 2,609.0 390.0 362.0 7.7% 84 (+8) Icahn Enterprises 223 11,855.0 750.0 388.0 407.0 -4.7% 85 (+18) Best Buy 53 50,272.0 1,277.0 387.0 359.0 7.8% 86 (+20) Duke Energy 186 14,529.0 1,706.0 385.0 342.0 12.6% 87 (+7) Altria Group 156 16,619.0 3,390.0 381.0 399.0 -4.5% 88 (-3) Baker Hughes 141 19,831.0 1,739.0 379.0 438.0 -13.5% 89 (+19) Kroger 23 90,374.0 602.0 375.0 333.0 12.6% 90 (+272) Chesapeake Energy 229 11,635.0 1,742.0 369.0 34.0 985.3% 91 (+4) Pepco Holdings 415 5,920.0 257.0 357.0 395.0 -9.6% 92 (+24) BlackRock 283 9,081.0 2,337.0 349.0 307.0 13.7% 93 (+14) Monsanto 224 11,822.0 1,607.0 348.0 341.0 2.1% 93 (+22) Yum Brands 213 12,626.0 1,319.0 348.0 308.0 13.0% 95 (+21) Dominion Resources 187 14,379.0 1,408.0 347.0 307.0 13.0% 96 (+16) Dow Chemical 47 59,985.0 2,742.0 339.0 319.0 6.3% 97 (+135) Newmont Mining 257 10,358.0 366.0 336.0 116.0 189.7% 98 (+1) First Data 243 10,713.6 -516.1 334.7 368.6 -9.2% 99 (+12) Liberty Mutual Insurance Group 84 34,671.0 365.0 332.0 321.0 3.4% 100 (-3) United Parcel Service 52 53,105.0 3,804.0 328.0 386.0 -15.0% 101 (+8) Valero Energy 12 125,095.0 2,090.0 326.0 330.0 -1.2% 102 (-6) Coca-Cola 59 46,542.0 8,572.0 320.0 387.0 -17.3% 103 (+10) Lincoln National 247 10,635.6 293.8 316.0 318.0 -0.6% 104 (-26) Ameren 340 7,531.0 519.0 305.0 517.0 -41.0% 105 (+18) BB&T Corp. 267 9,998.0 1,289.0 301.0 292.0 3.1% 106 (+20) Textron 236 11,275.0 242.0 294.0 285.0 3.2% 107 (N/A) Rock-Tenn 449 5,399.6 141.1 287.9 NR N/A 108 (-20) Computer Sciences 162 16,144.0 740.0 287.0 426.0 -32.6% 109 (-22) eBay 228 11,651.7 3,229.4 285.7 428.3 -33.3% 110 (55) Halliburton 118 24,829.0 2,839.0 274.0 209.0 31.1% 111 (-6) Capital One Financial 148 18,525.0 3,147.0 273.0 350.0 -22.0% 112 (+8) MeadWestvaco 406 6,079.0 246.0 268.0 301.0 -11.0% 113 (+59) DISH Network 191 14,048.4 1,515.9 266.7 193.3 38.0% 114 (+16) El Paso 488 4,860.0 141.0 266.0 276.0 -3.6% 115 (+35) Mosaic 268 9,937.8 2,514.6 263.5 228.8 15.2% 116 (+19) Mattel 388 6,266.0 768.5 262.6 252.6 4.0% 117 (+22) News Corp. 91 33,405.0 2,739.0 256.0 243.0 5.3% 118 (+170) Sealed Air 433 5,640.9 149.1 254.5 72.5 251.0% 119 (+21) Domtar 436 5,612.0 365.0 253.0 242.0 4.5% 120 (+6) NCR 447 5,443.0 53.0 252.0 285.0 -11.6% 121 (+64) Weyerhaeuser 374 6,618.0 331.0 251.0 180.0 39.4% 122 (+12) Staples 114 25,022.2 984.7 250.4 254.2 -1.5% 123 (+1) Bank of New York Mellon Corp. 166 15,804.0 2,516.0 250.0 289.0 -13.5% 124 (-23) Stryker 308 8,307.0 1,345.0 249.0 365.6 -31.9% 125 (0) Rite Aid 113 25,214.9 -555.4 247.7 287.0 -13.7% 126 (-46) PPL 212 12,756.0 1,495.0 246.0 496.0 -50.4% 127 (+22) Western Digital 276 9,526.0 726.0 245.0 230.0 6.5% 128 (+25) Eaton 163 16,049.0 1,350.0 236.0 224.0 5.4% 128 (-9) Target 38 69,865.0 2,929.0 236.0 302.0 -21.9% 130 (+33) Amazon.com 56 48,077.0 631.0 229.0 213.0 7.5% 131 (+22) Charter Communications 351 7,204.0 -369.0 228.0 224.0 1.8% 132 (-62) General Mills 181 14,880.2 1,798.3 226.2 552.9 -59.1% 133 (+48) Avaya 442 5,547.0 -863.0 226.0 185.0 22.2% 133 (+40) Genworth Financial 258 10,344.0 122.0 226.0 193.0 17.1% 135 (+16) Sprint Nextel 90 33,679.0 -2,890.0 225.0 228.0 -1.3% 135 (+45) Xerox 127 22,626.0 1,295.0 225.0 186.0 21.0% 137 (+20) Fluor 124 23,381.4 593.7 215.0 219.0 -1.8% 138 (-7) Stanley Black & Decker 252 10,437.6 674.6 214.2 273.6 -21.7% 139 (+57) MasterCard 370 6,714.0 1,906.0 214.0 165.0 29.7% 140 (+39) Broadcom 344 7,389.0 927.0 212.0 187.5 13.1% 140 (+20) Intel 51 53,999.0 12,942.0 212.0 216.0 -1.9% 140 (-12) Nike 136 20,862.0 2,133.0 212.0 282.1 -24.8% 140 (-22) Viacom 177 14,963.0 2,136.0 212.0 304.0 -30.3% 144 (-6) Celanese 368 6,763.0 607.0 211.0 244.0 -13.5% 145 (+101) Texas Instruments 200 13,735.0 2,236.0 210.0 103.0 103.9% 146 (-4) PNC Financial Services Group 165 15,820.0 3,056.0 209.0 238.0 -12.2% 147 (+51) St. Jude Medical 437 5,611.7 825.8 205.5 162.9 26.2% 148 (+11) Deere 97 32,012.5 2,799.9 199.0 218.0 -8.7% 149 (-74) Pitney Bowes 461 5,278.0 617.5 198.6 531.8 -62.7% 150 (+11) Ally Financial 201 13,642.0 -157.0 198.0 214.0 -7.5% 151 (-3) EMC 139 20,007.6 2,461.3 196.8 230.3 -14.5% 152 (+10) CBS 188 14,245.0 1,305.0 195.0 213.7 -8.8% 153 (+56) Quest Diagnostics 341 7,510.5 470.6 194.9 151.6 28.6% 154 (+29) Reinsurance Group of America 289 8,829.5 599.6 194.3 182.4 6.5% 155 (-11) Dover 304 8,501.9 895.2 193.2 234.2 -17.5% 156 (+18) Sears Holdings 65 41,567.0 -3,140.0 192.0 192.0 0.0% 157 (-12) Motorola Solutions 274 9,549.0 1,158.0 191.0 234.0 -18.4% 158 (-15) L-3 Communications 174 15,169.0 956.0 187.0 237.0 -21.1% 159 (+183) Avis Budget Group 418 5,900.0 -29.0 186.0 40.0 365.0% 160 (+28) SanDisk 430 5,662.1 987.0 185.8 172.1 8.0% 161 (+125) Ameriprise Financial 248 10,621.0 1,076.0 184.0 75.0 145.3% 161 (+31) PVH (formerly Phillips-Van Heusen) 419 5,890.6 317.9 184.0 169.6 8.5% 163 (-22) Constellation Energy 199 13,758.2 -340.3 181.1 239.8 -24.5% 164 (-17) Freeport-McMoRan Copper & Gold 135 20,880.0 4,560.0 180.0 233.0 -22.7% 165 (+1) Macy’s 110 26,405.0 1,256.0 179.0 205.0 -12.7% 166 (-107) NRG Energy 284 9,079.0 197.0 178.0 663.0 -73.2% 166 (+11) Whirlpool 147 18,666.0 390.0 178.0 190.0 -6.3% 168 (+22) Colgate-Palmolive 155 16,734.0 2,431.0 176.0 171.0 2.9% 169 (-17) CC Media Holdings 394 6,161.4 -302.1 175.8 225.5 -22.0% 170 (+51) Avnet 108 26,534.4 669.1 175.2 132.8 31.9% 171 (+11) Tyson Foods 96 32,266.0 750.0 174.0 184.0 -5.4% 172 (+15) Progress Energy 286 8,907.0 575.0 173.0 176.0 -1.7% 173 (-9) Owens Corning 454 5,335.0 276.0 170.0 210.0 -19.0% 174 (-17) American Electric Power 176 15,116.0 1,941.0 168.0 219.0 -23.3% 174 (+30) Ralph Lauren 431 5,660.3 567.6 168.0 156.4 7.4% 176 (+2) Raytheon 117 24,857.0 1,866.0 167.0 188.0 -11.2% 177 (-6) Devon Energy 232 11,497.0 4,704.0 165.0 194.0 -14.9% 177 (+7) Supervalu 75 37,534.0 -1,510.0 165.0 182.0 -9.3% 179 (+28) Praxair 238 11,252.0 1,672.0 163.0 153.0 6.5% 180 (-13) Mylan 396 6,129.8 536.8 162.9 203.4 -19.9% 181 (+30) Goodrich 319 8,074.9 810.4 162.7 147.1 10.6% 182 (+9) Emerson Electric 120 24,234.0 2,480.0 162.0 170.0 -4.7% 183 (+18) Safeway 63 43,630.2 516.7 161.3 159.9 0.9% 184 (+29) Interpublic Group 358 7,014.6 532.3 161.0 146.7 9.7% 185 (+31) Terex 379 6,504.6 45.2 160.1 141.7 13.0% 186 (+46) Ashland 307 8,370.0 414.0 160.0 116.0 37.9% 187 (+8) Omnicom Group 196 13,872.5 952.6 157.8 165.1 -4.4% 188 (+58) Marathon Oil 173 15,282.0 2,946.0 157.0 103.0 52.4% 189 (-110) Starwood Hotels & Resorts 434 5,624.0 489.0 153.0 510.0 -70.0% 190 (+104) Cameron International 362 6,959.0 521.9 148.4 68.4 117.0% 191 (-2) TRW Automotive Holdings 161 16,244.0 1,157.0 148.0 172.0 -14.0% 192 (+33) Gilead Sciences 306 8,385.4 2,803.6 146.9 126.5 16.1% 193 (+12) Avery Dennison 367 6,786.7 190.1 146.6 154.2 -4.9% 194 (+18) Limited Brands 256 10,364.0 850.1 146.0 147.0 -0.7% 194 (+2) Lowe’s 54 50,208.0 1,839.0 146.0 165.0 -11.5% 196 (+24) MGM Resorts International 331 7,849.3 3,114.6 145.8 134.4 8.5% 197 (+31) TJX 125 23,191.5 1,496.1 144.5 123.1 17.4% 198 (-29) Marsh & McLennan 231 11,526.0 993.0 143.0 199.0 -28.1% 199 (+31) Medco Health Solutions 36 70,063.3 1,455.7 140.7 118.8 18.4% 200 (N/A) CF Industries Holdings 402 6,097.9 1,539.2 137.1 NR N/A 201 (+63) Becton Dickinson 333 7,832.1 1,271.0 135.5 90.1 50.4% 202 (N/A) NetApp 474 5,122.6 673.1 133.3 NR N/A 203 (+47) SunTrust Banks 271 9,602.0 647.0 133.0 102.0 30.4% 204 (+23) Philip Morris International 99 31,097.0 8,591.0 132.0 125.0 5.6% 205 (+26) National Oilwell Varco 184 14,658.0 1,994.0 131.0 118.0 11.0% 206 (+53) Consolidated Edison 209 12,938.0 1,051.0 130.0 93.0 39.8% 207 (+186) SAIC 245 10,657.0 59.0 129.0 23.0 460.9% 207 (-51) UnitedHealth Group 22 101,862.0 5,142.0 129.0 220.0 -41.4% 209 (+15) Reynolds American 302 8,541.0 1,406.0 128.0 127.0 0.8% 210 (-64) Air Products & Chemicals 265 10,082.0 1,224.2 126.4 233.7 -45.9% 211 (+4) Bed Bath & Beyond 294 8,758.5 791.3 125.0 141.9 -11.9% 211 (+3) Owens-Illinois 345 7,358.0 -510.0 125.0 143.0 -12.6% 211 (-122) State Street Corp. 262 10,207.0 1,920.0 125.0 419.0 -70.2% 214 (-150) Western Union 445 5,491.4 1,165.4 123.7 618.7 -80.0% 215 (-86) Liberty Interactive (formerly Liberty Media) 230 11,624.0 912.0 123.0 280.0 -56.1% 215 (+7) Visteon 321 8,047.0 80.0 123.0 131.0 -6.1% 217 (+50) Micron Technology 291 8,788.0 167.0 121.0 88.0 37.5% 218 (+85) Thermo Fisher Scientific 225 11,780.2 1,329.9 120.3 62.1 93.7% 219 (+37) KBR 280 9,261.0 480.0 120.0 95.0 26.3% 219 (-98) Southern 152 17,657.0 2,203.0 120.0 296.0 -59.5% 221 (+14) Peabody Energy 316 8,096.0 957.7 119.6 111.0 7.7% 222 (+13) Tenneco 350 7,205.0 157.0 119.0 111.0 7.2% 223 (+73) VF 277 9,459.2 888.1 118.1 67.4 75.2% 224 (+28) Aon 235 11,287.0 979.0 118.0 100.0 18.0% 224 (+2) Northrop Grumman 104 28,058.0 2,118.0 118.0 126.0 -6.3% 226 (+106) FirstEnergy 160 16,258.0 885.0 117.0 45.0 160.0% 227 (+84) Principal Financial 295 8,709.6 715.0 114.3 54.8 108.6% 228 (-114) CenturyLink 171 15,351.0 573.0 111.0 311.1 -64.3% 229 (-23) Gannett 465 5,240.0 458.7 110.3 153.5 -28.1% 230 (-31) J.C. Penney 153 17,260.0 -152.0 110.0 162.0 -32.1% 230 (+4) United States Steel 140 19,884.0 -53.0 110.0 115.0 -4.3% 232 (+3) Meritor 481 4,990.0 63.0 109.0 111.0 -1.8% 233 (+2) PPG Industries 180 14,885.0 1,095.0 107.0 111.0 -3.6% 233 (+37) Union Pacific 143 19,557.0 3,292.0 107.0 86.0 24.4% 235 (+41) Costco Wholesale 24 88,915.0 1,462.0 106.0 83.0 27.7% 236 (+6) Automatic Data Processing 269 9,879.5 1,254.2 105.7 107.2 -1.4% 237 (-14) NiSource 409 6,019.1 299.1 105.3 129.2 -18.5% 238 (-30) Norfolk Southern 241 11,172.0 1,916.0 105.0 152.0 -30.9% 239 (-37) Estée Lauder 290 8,810.0 700.8 104.8 157.3 -33.4% 240 (+41) Cliffs Natural Resources 366 6,794.3 1,619.1 102.1 79.8 27.9% 241 (+57) Gap 185 14,549.0 833.0 102.0 67.0 52.2% 242 (+12) Kohl’s 146 18,804.0 1,167.0 101.0 96.0 5.2% 243 (+40) Rockwell Collins 496 4,825.0 634.0 100.0 78.0 28.2% 244 (+14) Franklin Resources 353 7,140.0 1,923.6 99.7 93.3 6.9% 245 (-2) Dole Food 349 7,223.8 38.4 97.4 106.4 -8.5% 246 (-6) Apache 154 16,888.0 4,584.0 97.0 110.0 -11.8% 246 (+28) Clorox 456 5,326.0 557.0 97.0 84.0 15.5% 248 (-144) Qualcomm 178 14,962.0 4,260.0 96.0 353.0 -72.8% 249 (+10) Walgreen 32 72,184.0 2,714.0 94.0 93.0 1.1% 250 (+1) WellPoint 45 60,710.7 2,646.7 93.2 100.4 -7.2% 251 (+34) CBRE Group (formerly CB Richard Ellis Group) 416 5,912.1 239.2 91.7 77.2 18.8% 252 (+17) Goodyear Tire & Rubber 126 22,767.0 343.0 90.0 87.0 3.4% 252 (-181) Prudential Financial 55 49,045.0 3,666.0 90.0 552.0 -83.7% 254 (+46) Ecolab 365 6,798.5 462.5 89.5 66.2 35.2% 254 (-1) Newell Rubbermaid 414 5,923.4 125.2 89.5 96.8 -7.5% 256 (N/A) Timken 470 5,170.2 454.3 87.2 NR N/A 257 (-40) Unum Group 260 10,278.0 235.4 86.9 138.9 -37.4% 258 (+13) Cummins 150 18,048.0 1,848.0 86.0 85.0 1.2% 259 (N/A) Wynn Resorts 462 5,269.8 613.4 85.5 NR N/A 260 (-42) Coventry Health Care 219 12,186.7 543.1 85.4 136.3 -37.3% 261 (-6) SPX 446 5,461.9 180.6 85.2 95.5 -10.8% 262 (+20) Jabil Circuit 157 16,518.8 381.1 84.9 78.1 8.7% 263 (+15) Parker Hannifin 216 12,345.9 1,049.1 81.2 82.1 -1.1% 264 (-7) Masco 338 7,560.0 -575.0 81.0 94.0 -13.8% 265 (-4) Nucor 138 20,023.6 778.2 80.9 92.8 -12.8% 266 (+5) Momentive Specialty Chemicals 452 5,352.0 118.0 80.0 85.0 -5.9% 267 (+7) Archer Daniels Midland 28 80,676.0 2,036.0 79.0 84.0 -6.0% 267 (-27) Sempra Energy 266 10,036.0 1,357.0 79.0 110.0 -28.2% 269 (-66) R.R. Donnelley & Sons 249 10,611.0 -122.6 76.4 157.1 -51.4% 270 (-133) Eastman Kodak 408 6,022.0 -764.0 76.0 245.0 -69.0% 270 (+9) Spectra Energy 438 5,602.0 1,184.0 76.0 82.0 -7.3% 272 (+27) Rockwell Automation 410 6,000.4 697.8 75.1 66.3 13.3% 273 (-6) Calpine 364 6,800.0 -190.0 74.0 88.0 -15.9% 274 (-9) Sysco 69 39,323.5 1,152.0 72.1 89.9 -19.8% 275 (+50) AGCO 292 8,773.2 583.3 71.1 48.2 47.5% 276 (+21) Ryder System 407 6,050.5 169.8 69.2 67.1 3.1% 277 (+62) Advanced Micro Devices 378 6,568.0 491.0 69.0 42.0 64.3% 277 (+2) FedEx 70 39,304.0 1,452.0 69.0 82.0 -15.9% 279 (+26) Ball 297 8,630.9 444.0 68.8 60.1 14.5% 280 (+12) CHS 78 36,915.8 961.4 67.3 69.4 -3.0% 281 (+65) Occidental Petroleum 122 24,216.0 6,771.0 67.0 38.0 76.3% 282 (-38) Kellogg 205 13,198.0 1,231.0 66.0 104.0 -36.5% 283 (+21) Foot Locker 435 5,623.0 278.0 65.0 62.0 4.8% 284 (+9) Cablevision Systems 348 7,252.3 291.9 64.6 68.7 -6.0% 284 (+39) Steel Dynamics 323 7,997.5 278.1 64.6 49.4 30.8% 286 (-57) Biogen Idec 476 5,048.6 1,234.4 64.4 121.5 -47.0% 287 (+14) Arrow Electronics 133 21,390.3 598.8 63.5 66.1 -3.9% 288 (+33) Genuine Parts 214 12,458.9 565.1 59.5 50.2 18.5% 289 (-179) Applied Materials 251 10,517.0 1,926.0 59.0 328.0 -82.0% 290 (0) AECOM Technology 322 8,037.4 275.8 58.1 70.5 -17.6% 291 (+19) Jarden 371 6,679.9 204.7 57.8 55.7 3.8% 292 (-1) Harley-Davidson 458 5,311.7 599.1 57.1 69.8 -18.2% 293 (+23) McGraw-Hill 384 6,336.0 911.0 57.0 52.9 7.8% 294 (+99) Cognizant Technology Solutions 398 6,121.2 883.6 56.5 23.0 145.7% 294 (+19) ConAgra Foods 215 12,395.5 817.0 56.5 53.4 5.8% 294 (+22) Kinder Morgan 311 8,264.9 594.4 56.5 52.9 6.8% 294 (+39) Ross Stores 299 8,608.3 657.2 56.5 44.0 28.4% 298 (+4) General Cable 421 5,866.7 84.1 55.8 63.1 -11.6% 299 (-15) Booz Allen Hamilton Holding 439 5,591.3 84.7 54.9 77.3 -29.0% 300 (-145) Republic Services 314 8,192.9 589.2 54.3 222.8 -75.6% 301 (+6) Hershey 404 6,080.8 629.0 53.6 58.0 -7.6% 302 (+16) Oshkosh 337 7,584.7 273.4 53.3 52.1 2.3% 303 (+64) Allergan 448 5,419.1 934.5 53.0 32.5 63.1% 304 (-10) Starbucks 227 11,700.4 1,245.7 52.9 68.4 -22.7% 305 (-16) H.J. Heinz 244 10,706.6 989.5 52.7 70.7 -25.5% 305 (+7) Laboratory Corp. of America 443 5,542.3 519.7 52.7 53.6 -1.7% 307 (-121) Cigna 130 21,998.0 1,327.0 52.0 177.0 -70.6% 308 (+20) Alcoa 115 24,951.0 611.0 51.0 46.0 10.9% 308 (-172) CenterPoint Energy 305 8,450.0 1,357.0 51.0 252.0 -79.8% 310 (+10) Time Warner Cable 142 19,675.0 1,665.0 50.0 51.0 -2.0% 311 (+41) Lear 189 14,156.5 540.7 49.4 36.2 36.5% 312 (+2) Waste Management 203 13,378.0 961.0 49.0 53.0 -7.5% 313 (+52) Harris 413 5,924.6 588.0 48.4 33.2 45.8% 314 (+61) DTE Energy 287 8,897.0 711.0 48.0 28.0 71.4% 314 (+12) Hartford Financial Services 131 21,918.0 662.0 48.0 48.0 0.0% 316 (+83) Health Net 221 11,901.0 72.1 47.1 21.9 115.1% 317 (N/A) FMC Technologies 475 5,099.0 399.8 46.1 NR N/A 317 (+5) Mohawk Industries 432 5,642.3 173.9 46.1 49.9 -7.6% 319 (-5) Dana Holding 336 7,592.0 219.0 46.0 53.0 -13.2% 320 (+20) SLM 426 5,756.0 633.0 45.9 41.7 10.1% 321 (+30) O’Reilly Automotive 424 5,788.8 507.7 45.8 36.7 24.8% 322 (+16) Fidelity National Information Services 425 5,757.4 469.6 45.5 42.7 6.6% 323 (+34) Las Vegas Sands 278 9,410.7 1,560.1 43.4 35.8 21.2% 324 (+31) Campbell Soup 334 7,719.0 805.0 43.0 36.0 19.4% 325 (+54) Dollar General 183 14,807.2 766.7 42.0 26.4 59.1% 325 (-17) Toys “R” Us 194 13,909.0 149.0 42.0 57.0 -26.3% 327 (-21) Dean Foods 207 13,055.5 -1,575.6 41.7 58.2 -28.4% 328 (+30) Sanmina-SCI 376 6,602.4 68.9 41.5 35.0 18.6% 329 (-1) Loews 190 14,127.0 1,064.0 41.0 46.0 -10.9% 330 (0) AK Steel Holding 381 6,468.0 -155.6 40.7 45.1 -9.8% 331 (+5) Huntsman 237 11,259.0 247.0 39.0 43.0 -9.3% 331 (+12) Marriott International 217 12,317.0 198.0 39.0 39.0 0.0% 331 (+15) Regions Financial 343 7,427.0 -215.0 39.0 38.0 2.6% 334 (+24) CVS Caremark 18 107,750.0 3,461.0 38.0 35.0 8.6% 334 (-71) Williams 325 7,930.0 376.0 38.0 91.0 -58.2% 336 (-74) Consol Energy 399 6,117.2 632.5 37.6 91.3 -58.8% 337 (N/A) Frontier Communications 464 5,243.0 149.6 37.5 NR N/A 338 (+10) Crown Holdings 296 8,644.0 282.0 37.0 37.0 0.0% 338 (-92) Travelers Cos. 112 25,446.0 1,426.0 37.0 103.0 -64.1% 340 (-67) Avon Products 234 11,291.6 513.6 36.0 84.3 -57.3% 341 (+9) AmerisourceBergen 29 80,217.6 706.6 35.8 36.8 -2.7% 341 (-14) Shaw Group 412 5,937.7 -175.0 35.8 47.3 -24.3% 343 (-94) NII Holdings 369 6,719.3 198.8 35.6 102.9 -65.4% 344 (N/A) Corn Products International 390 6,219.4 415.7 35.0 NR N/A 344 (+14) Tenet Healthcare 272 9,601.0 82.0 35.0 35.0 0.0% 346 (+28) Alliant Techsystems 491 4,842.3 313.2 34.7 29.5 17.6% 346 (-5) Xcel Energy 246 10,654.8 841.2 34.7 40.5 -14.3% 348 (-24) Aramark 204 13,244.7 100.1 34.0 49.3 -31.0% 349 (-15) Smithfield Foods 218 12,202.7 521.0 33.6 43.2 -22.2% 350 (+35) EOG Resources 263 10,126.1 1,091.1 33.0 25.0 32.0% 351 (+2) Health Management Associates 423 5,822.1 178.7 31.5 36.1 -12.7% 352 (+130) Jacobs Engineering Group 254 10,381.7 331.0 31.1 N/A N/A 353 (+35) Aflac 128 22,171.0 1,964.0 31.0 24.0 29.2% 353 (+15) Anadarko Petroleum 192 13,967.0 -2,649.0 31.0 32.0 -3.1% 353 (+9) Tesoro 101 29,927.0 546.0 31.0 34.0 -8.8% 356 (-12) AutoZone 320 8,073.0 849.0 29.9 38.6 -22.5% 357 (N/A) Allegheny Technologies 468 5,183.0 214.3 29.7 NR N/A 357 (13) Sherwin-Williams 293 8,765.7 441.9 29.7 31.3 -5.1% 359 (3) Telephone & Data Systems 469 5,180.5 200.6 28.8 34.0 -15.3% 360 (N/A) Alpha Natural Resources 356 7,109.2 -677.4 28.7 NR N/A 361 (+48) CH2M Hill 440 5,555.2 113.3 27.4 18.3 49.7% 362 (-32) YRC Worldwide 487 4,868.8 -351.3 27.1 45.1 -39.9% 363 (+16) Manpower 129 22,006.0 251.6 27.0 26.4 2.3% 363 (+16) Spectrum Group International 352 7,203.4 3.8 27.0 26.4 2.3% 365 (+26) Family Dollar Stores 301 8,547.8 388.4 26.3 23.4 12.4% 366 (+10) BorgWarner 355 7,114.7 550.1 26.2 27.6 -5.1% 367 (+21) Bemis 457 5,322.7 184.1 25.6 24.0 6.7% 367 (+15) World Fuel Services 85 34,622.9 194.0 25.6 26.3 -2.7% 369 (+18) GameStop 273 9,550.5 339.9 25.4 24.9 2.0% 370 (+15) Allstate 93 32,654.0 788.0 25.0 25.0 0.0% 371 (+19) Ingram Micro 81 36,328.7 244.2 24.9 23.6 5.5% 372 (+50) Advance Auto Parts 392 6,170.5 394.7 24.7 13.0 90.0% 373 (+68) Anixter International 386 6,270.1 188.2 24.2 5.9 310.2% 374 (-6) United Continental Holdings 76 37,110.0 840.0 24.0 32.0 -25.0% 375 (N/A) Motorola Mobility Holdings 206 13,064.0 -249.0 23.0 NR N/A 376 (-15) W.W. Grainger 318 8,078.2 658.4 22.8 34.1 -33.1% 377 (+27) CSX 226 11,743.0 1,822.0 22.0 20.0 10.0% 377 (-111) Delta Air Lines 83 35,115.0 854.0 22.0 89.0 -75.3% 377 (-29) SunGard Data Systems 480 4,991.0 -149.0 22.0 37.0 -40.5% 380 (-8) Darden Restaurants 342 7,500.2 476.3 21.9 30.4 -28.0% 381 (-3) Hertz Global Holdings 309 8,298.4 176.2 21.6 27.2 -20.6% 382 (+1) Hormel Foods 327 7,895.1 474.2 21.4 26.1 -18.0% 383 (+19) OfficeMax 354 7,121.2 34.9 21.2 20.9 1.4% 384 (+9) Corning 328 7,890.0 2,805.0 21.0 23.0 -8.7% 384 (-48) Nordstrom 242 10,877.0 683.0 21.0 43.0 -51.2% 386 (+21) CarMax 279 9,402.2 380.9 20.9 18.7 11.8% 386 (+24) PetSmart 400 6,113.3 290.2 20.9 16.7 25.1% 386 (+68) Wesco International 397 6,125.7 196.3 20.9 3.4 514.7% 389 (+26) J.M. Smucker 495 4,825.7 479.5 20.3 15.3 32.7% 390 (N/A) Marathon Petroleum 31 73,645.0 2,389.0 20.0 NR N/A 391 (+9) Henry Schein 303 8,530.2 367.7 19.2 21.8 -11.9% 392 (-148) Navistar International 193 13,958.0 1,723.0 19.0 104.0 -81.7% 392 (+35) Synnex 253 10,409.8 150.3 19.0 10.5 81.0% 394 (-2) Murphy Oil 98 31,446.3 872.7 18.9 23.2 -18.5% 395 (+25) Dick’s Sporting Goods 466 5,211.8 263.9 18.7 13.6 37.5% 396 (-61) Paccar 159 16,355.2 1,042.3 18.3 43.1 -57.5% 397 (N/A) CVR Energy 477 5,029.1 345.8 17.7 NR N/A 398 (N/A) Aleris 494 4,826.4 161.6 17.6 NR N/A 399 (+20) Assurant 310 8,272.8 545.8 17.5 13.8 26.8% 400 (+6) Omnicare 389 6,239.9 86.9 17.1 19.0 -10.0% 401 (-24) Big Lots 467 5,202.3 207.1 16.8 27.3 -38.5% 402 (+13) Barnes & Noble 360 6,998.6 -73.9 16.7 15.3 9.2% 402 (-1) URS 275 9,545.0 -465.8 16.7 21.5 -22.3% 404 (+9) Reliance Steel & Aluminum 315 8,134.7 343.8 16.1 15.4 4.5% 405 (-1) Sunoco 61 45,765.0 -1,684.0 16.0 20.0 -20.0% 406 (+11) Dollar Tree 373 6,630.5 488.3 15.5 15.2 2.0% 407 (-53) Penske Automotive Group 222 11,869.5 176.9 14.9 36.1 -58.7% 408 (-43) Autoliv 313 8,232.4 623.4 14.0 33.2 -57.8% 408 (+3) Fifth Third Bancorp 372 6,673.0 1,297.0 14.0 16.0 -12.5% 410 (-12) Sonic Automotive 330 7,871.3 76.3 13.7 22.5 -39.1% 411 (+46) Centene 453 5,340.6 111.2 13.6 1.7 700.0% 412 (+13) Live Nation Entertainment 450 5,384.0 -83.0 13.4 10.9 22.9% 413 (+8) Owens & Minor 298 8,627.9 115.2 13.2 13.4 -1.5% 413 (N/A) Vanguard Health Systems 484 4,895.9 -10.9 13.2 NR N/A 415 (+9) Charles Schwab 485 4,884.0 864.0 13.0 11.0 18.2% 416 (+7) Precision Castparts 387 6,267.2 1,013.5 12.9 12.3 4.9% 417 (-14) Commercial Metals 326 7,919.8 -129.6 10.8 20.4 -47.1% 418 (+10) Con-way 459 5,290.0 88.4 10.7 9.8 9.2% 418 (N/A) Molina Healthcare 500 4,769.9 20.8 10.7 NR N/A 420 (+10) Eastman Chemical 346 7,283.0 696.0 10.0 9.0 11.1% 421 (+10) DaVita 359 6,998.9 478.0 8.9 8.1 9.9% 422 (+7) Dillard’s 383 6,399.8 463.9 8.5 9.1 -6.6% 423 (-30) KeyCorp 499 4,780.0 920.0 8.0 23.0 -65.2% 424 (+29) Seaboard 427 5,746.9 345.8 7.9 3.5 125.7% 425 (+14) Kelly Services 441 5,551.0 63.7 7.8 6.4 21.9% 426 (+7) C.H. Robinson Worldwide 259 10,336.3 431.6 7.7 7.6 1.3% 427 (+5) Universal Health Services 339 7,534.1 398.2 7.4 7.9 -6.3% 428 (-189) Office Depot 233 11,489.5 95.7 6.5 110.5 -94.1% 429 (+7) AutoNation 197 13,832.4 281.4 6.4 6.9 -7.2% 429 (-3) Whole Foods Market 264 10,107.8 342.6 6.4 10.7 -40.2% 431 (+12) UGI 403 6,091.3 232.9 6.3 5.4 16.7% 432 (N/A) Casey’s General Stores 473 5,140.2 94.6 6.1 NR N/A 432 (N/A) MetroPCS Communications 490 4,847.4 301.3 6.1 NR N/A 434 (+6) AMR 123 23,979.0 -1,979.0 6.0 6.0 0.0% 435 (+3) Emcor Group 428 5,731.7 130.8 5.7 6.5 -12.3% 436 (+10) Host Hotels & Resorts 479 5,003.0 -15.0 5.0 5.0 0.0% 436 (+12) Southwest Airlines 167 15,658.0 178.0 5.0 4.0 25.0% 438 (+4) Insight Enterprises 460 5,287.2 100.2 4.6 5.6 -17.9% 439 (+9) CMS Energy 380 6,503.0 415.0 4.0 4.0 0.0% 440 (+12) Graybar Electric 451 5,374.8 81.4 3.7 3.8 -2.6% 440 (+5) Tech Data 109 26,488.1 206.4 3.7 5.1 -27.5% 442 (+12) WellCare Health Plans 401 6,106.9 264.2 3.5 3.4 2.9% 443 (+4) United Stationers 478 5,005.5 109.0 3.4 4.5 -24.4% 444 (-36) Land O’Lakes 210 12,849.3 182.2 3.2 18.5 -82.7% 445 (+11) HollyFrontier 170 15,439.5 1,023.4 2.4 1.9 26.3% 446 (+11) Nash-Finch 498 4,807.2 35.8 2.1 1.7 23.5% 447 (+13) Core-Mark Holding 393 6,163.4 26.2 1.8 1.2 50.0% 448 (+11) Fidelity National Financial 472 5,153.7 369.5 1.6 1.6 0.0% 449 (N/A) Kindred Healthcare 444 5,523.3 -53.5 1.1 NR N/A 450 (+13) INTL FCStone 30 75,497.6 37.3 0.9 0.0 N/A 451 (N/A) BrightPoint 463 5,244.4 48.8 0.8 NR N/A 452 (-17) Community Health Systems 198 13,817.0 201.9 0.6 7.5 -92.0% 452 (-19) Winn-Dixie Stores 363 6,929.9 -70.1 0.6 7.6 -92.1% 454 (9) Aetna 89 33,779.8 1,985.7 0.0 0.0 0.0% 454 (-403) Amerigroup 385 6,318.4 195.6 0.0 757.0 -100.0% 454 (N/A) Catalyst Health Solutions 455 5,329.6 67.0 0.0 NR N/A 454 (N/A) CDW 270 9,602.4 17.1 0.0 NR N/A 454 (+9) Chubb 202 13,585.0 1,678.0 0.0 0.0 0.0% 454 (+27) Coca-Cola Enterprises 324 7,939.0 749.0 0.0 N/A N/A 454 (+9) Enbridge Energy Partners 282 9,109.8 624.0 0.0 0.0 0.0% 454 (+27) Enterprise Products Partners 62 44,313.0 2,046.9 0.0 N/A N/A 454 (+9) Erie Insurance Group 497 4,824.0 169.0 0.0 0.0 0.0% 454 (N/A) Exelis 422 5,839.0 326.0 0.0 NR N/A 454 (+9) Expeditors International of Washington 395 6,150.5 385.7 0.0 0.0 0.0% 454 (+9) General Dynamics 92 32,677.0 2,526.0 0.0 0.0 0.0% 454 (+27) Global Partners 182 14,835.7 19.4 0.0 N/A N/A 454 (+9) Group 1 Automotive 405 6,079.8 82.4 0.0 0.0 0.0% 454 (+9) Humana 79 36,832.0 1,419.0 0.0 0.0 0.0% 454 (-254) Lockheed Martin 58 46,692.0 2,655.0 0.0 160.0 -100.0% 454 (+27) Massachusetts Mutual Life Insurance 121 24,226.4 877.4 0.0 N/A N/A 454 (N/A) MRC Global 493 4,832.4 29.0 0.0 NR N/A 454 (+27) Mutual of Omaha Insurance 411 5,974.1 130.0 0.0 N/A N/A 454 (-322) NextEra Energy 172 15,341.0 1,923.0 0.0 264.0 -100.0% 454 (+9) NuStar Energy 377 6,575.3 221.5 0.0 0.0 0.0% 454 (+9) Oneok 175 15,119.2 360.6 0.0 0.0 0.0% 454 (-36) Pacific Life 420 5,879.0 679.0 0.0 14.0 0.0% 454 (+7) Pantry 347 7,271.8 9.8 0.0 0.6 0.0% 454 (+9) Progressive 169 15,508.1 1,015.5 0.0 0.0 0.0% 454 (+9) Publix Super Markets 106 27,178.8 1,492.0 0.0 0.0 0.0% 454 (N/A) Susser Holdings 486 4,873.8 47.5 0.0 NR N/A 454 (+9) Targa Resources 361 6,994.5 30.7 0.0 0.0 0.0% 454 (+9) TravelCenters of America 329 7,888.9 23.6 0.0 0.0 0.0% 454 (+9) US Airways Group 208 13,055.0 71.0 0.0 0.0 0.0% 454 (+9) Western Refining 285 9,071.0 132.7 0.0 0.0 0.0% 485 (-4) American Family Insurance Group 382 6,400.2 295.2 N/A N/A N/A 485 (-4) Auto-Owners Insurance 429 5,709.5 69.1 N/A N/A N/A 485 (-4) Energy Transfer Equity 312 8,240.7 309.8 N/A N/A N/A 485 (N/A) Express Scripts Holding 60 46,128.3 1,275.8 N/A+ N/A N/A 485 (-24) Great Atlantic & Pacific Tea 317 8,078.5 -598.6 N/A++ 0.6 N/A 485 (-4) Guardian Life Ins. Co. of America 250 10,571.3 209.9 N/A N/A N/A 485 (-4) Nationwide 100 30,697.8 -793.1 N/A N/A N/A 485 (-4) New York Life Insurance 86 34,393.5 557.3 N/A N/A N/A 485 (-4) Peter Kiewit Sons’ 255 10,381.0 573.0 N/A N/A N/A 485 (-4) Plains All American Pipeline 87 34,275.0 966.0 N/A N/A N/A 485 (-4) State Farm Insurance Cos. 43 64,305.1 845.0 N/A N/A N/A 485 (-4) Thrivent Financial for Lutherans 332 7,842.8 454.6 N/A N/A N/A 485 (-4) TIAA-CREF 88 34,079.0 2,388.4 N/A N/A N/A 485 (-4) United Services Automobile Assn. 144 19,036.1 2,128.3 N/A N/A N/A 485 (-4) W.R. Berkley 471 5,156.0 394.8 N/A N/A N/A 485 (-4) Western & Southern Financial Group 482 4,986.4 450.4 N/A N/A N/A For some Ferraro 500 companies, the reserve amount reflected on the list includes interest and penalties. For example, AT&T’s $5.853 billion reserve includes interest and penalties of $1.312 billion. Similarly, GE’s $6.384 billion reserve amount includes $1.033 billion of interest and $121 million of penalties.
Other Ferraro 500 companies do not include interest and penalties in the unrecognized tax benefits figure; rather, these companies report interest and penalties as selling, general, and administrative expenses, as interest expense, or as part of another item on their financial statements. For these companies, the actual reserve amount exceeds the reserves listed above. For example, Procter & Gamble reported unrecognized tax benefits of $1.848 billion, which does not include interest and penalties of $475 million and $80 million, respectively. Thus, Procter & Gamble’s reserve amount is actually $2.403 billion, $555 million higher than the $1.848 billion figure reflected on the Ferraro 500. Similarly, Chevron did not include $118 million of interest and penalties in its reported $3.481 billion of unrecognized tax benefits. Thus, Chevron’s reserve actually totals $3.599 billion, $118 million higher than the reserve amount above.
N/A is utilized where the UTB reserve could not be determined. Certain insurance companies and certain publically traded partnerships do not report reserve amounts, and as such, the reserve amounts for these companies are not available.
NR is utilized where the company was not on the Ferraro 500 in 2011.
+ New Company, no 10-K was filed as of June 15, 2012.
++ Filed Securities Registration Termination on 3/14/2012.
All information is believed to be accurate as of June 15, 2012, but Lynam Knott P.A. cannot vouch for the validity of any information contained in any financial statement.
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Ferraro 500 – 2013 Archive
Ferraro 500 – 2013 Archive
The Ferraro 500 is a reorganization of the Fortune 500 by the size of the companies’ Unrecognized Tax Benefit reserve (“Tax Reserve”). Under the accounting requirements of FIN 48, a company must reserve, or in other words “hold back,” earnings for tax positions for which the company thinks the IRS has a greater likelihood of prevailing than the company. This Tax Reserve amount can be substantial, especially when compared to the annual revenue generated by the company. The issues that make up a company’s Tax Reserve are generally disclosed to the IRS in a concise description on Schedule UTP. However, the details of the issues are contained in the tax accrual work papers of the company. The details in the tax accrual work papers often make for valuable tax whistleblower submissions.
2013 Ferraro 500 Rank (+/- Change) Company 2013 Fortune 500 Rank 2012 Revenues
($ billions)2012 Profits
($ millions)2012 Tax Reserves
($ millions)2011 Tax Reserves
($ millions)% Change 1 (+7) Exxon Mobil 2 449.9 44,880.0 7,663.0 4,922.0 55.7% 2 (+1) Microsoft 35 73.7 16,978.0 7,202.0 6,935.0 3.9% 3 (-1) J.P. Morgan Chase & Co. 18 108.2 21,284.0 7,158.0 7,189.0 -0.4% 4 (0) General Electric 8 146.9 13,641.0 6,579.0 6,384.0 3.1% 5 (-4) Pfizer 48 61.2 14,570.0 6,315.0 7,309.0 -13.6% 6 (+1) Wells Fargo 25 91.2 18,897.0 6,069.0 5,005.0 21.3% 7 (-2) AT&T 11 127.4 7,264.0 5,770.0 5,853.0 -1.4% 8 (-2) International Business Machines 20 104.5 16,604.0 5,672.0 5,575.0 1.7% 9 (+1) Merck 58 47.3 6,168.0 4,425.0 4,277.0 3.5% 10 (-1) American International Group 38 70.1 3,438.0 4,385.0 4,279.0 2.5% 11 (+37) Entergy 261 10.3 846.7 4170.4* 812.1 413.5% 12 (0) Morgan Stanley 96 32.4 68.0 4,065.0 4,045.0 0.5% 13 (-2) Bank of America Corp. 21 100.1 4,188.0 3,677.0 4,203.0 -12.5% 14 (+1) Oracle 80 37.1 9,981.0 3,276.0 3,160.0 3.7% 15 (-2) Citigroup 26 90.8 7,541.0 3,109.0 3,923.0 -20.7% 16 (-2) Chevron 3 233.9 26,179.0 3,071.0 3,481.0 -11.8% 17 (+1) Johnson & Johnson 41 67.2 10,853.0 3,054.0 2,699.0 13.2% 18 (-2) Verizon Communications 16 115.8 875.0 2,943.0 3,078.0 -4.4% 19 (-2) Cisco Systems 60 46.1 8,041.0 2,819.0 2,948.0 -4.4% 20 (-1) General Motors 7 152.3 6,188.0 2,745.0 2,370.0 15.8% 21 (+3) Hewlett-Packard 15 120.4 -12,650.0 2,573.0 2,118.0 21.5% 22 (-2) Dell 51 56.9 2,372.0 2,446.0 2,194.0 11.5% 23 (-2) PepsiCo 43 65.5 6,178.0 2,425.0 2,167.0 11.9% 24 (-2) Abbott Laboratories 70 39.9 5,962.9 2,257.0 2,123.0 6.3% 25 (0) Goldman Sachs Group 68 41.7 7,475.0 2,237.0 1,887.0 18.5% 26 (-3) Time Warner 105 28.7 3,019.0 2,222.0 2,122.0 4.7% 27 (+5) Apple 6 156.5 41,733.0 2,062.0 1,375.0 50.0% 28 (+1) Google 55 52.2 10,737.0 1,933.0 1,564.0 23.6% 29 (+1) Energy Future Holdings 447 5.6 -3,360.0 1,788.0 1,779.0 0.5% 30 (-4) Procter & Gamble 28 85.1 10,756.0 1,773.0 1,848.0 -4.1% 31 (0) Comcast 46 62.6 6,203.0 1,573.0 1,435.0 9.6% 32 (-5) Ford Motor 10 134.3 5,665.0 1,547.0 1,818.0 -14.9% 33 (0) Johnson Controls 67 42.0 1,226.0 1,465.0 1,357.0 8.0% 34 (+1) Eli Lilly 130 22.6 4,088.6 1,433.8 1,274.8 12.5% 35 (+1) American Express 90 33.8 4,482.0 1,230.0 1,223.0 0.6% 36 (+2) Amgen 162 17.3 4,345.0 1,200.0 975.0 23.1% 37 (-7) Mondelēz International (formerly known as Kraft Foods) 88 35.0 3,028.0 1,183.0 1,538.0 -23.1% 38 (+3) United Technologies 50 59.8 5,130.0 1,073.0 946.0 13.4% 39 (+3) Boeing 30 81.7 3,900.0 1,055.0 939.0 12.4% 40 (0) Boston Scientific 357 7.2 -4,068.0 1,052.0 952.0 10.5% 41 (+8) Exelon 129 23.5 1,160.0 1,024.0 807.0 26.9% 42 (+2) International Paper 107 27.8 794.0 972.0 857.0 13.4% 43 (+8) Medtronic 172 16.5 3,617.0 917.0 769.0 19.2% 44(-7) ConocoPhillips 45 63.4 8,428.0 872.0 1,071.0 -18.6% 45 (-2) Berkshire Hathaway 5 162.5 14,824.0 866.0 928.0 -6.7% 46 (+14) Wal-Mart Stores 1 469.2 16,999.0 818.0 611.0 33.9% 47 (+10) Edison International 212 13.1 -183.0 812.0 631.0 28.7% 48 (+2) DuPont 72 39.5 2,788.0 805.0 800.0 0.6% 49 (+6) Bristol-Myers Squibb 158 17.6 1,960.0 733.0 704.0 4.1% 50 (+17) Yahoo 494 5.0 3,945.5 727.4 532.9 36.5% 51 (-4) Honeywell International 78 37.7 2,926.0 722.0 815.0 -11.4% 52 (-13) Caterpillar 42 65.9 5,681.0 715.0 958.0 -25.4% 53 (+3) MetLife 40 68.2 1,324.0 708.0 679.0 4.3% 54 (-9) Visa 260 10.4 2,144.0 679.0 850.0 -20.1% 55 (-1) Walt Disney 66 42.3 5,682.0 668.0 718.0 -7.0% 56 (-3) Cardinal Health 19 107.6 1,069.0 654.0 746.8 -12.4% 57 (-5) Fannie Mae 12 127.2 17,220.0 648.0 758.0 -14.5% 58 (0) Home Depot 34 74.8 4,535.0 638.0 621.0 2.7% 59 (+10) Danaher 152 18.3 2,392.2 613.2 518.3 18.3% 60 (+30) Chesapeake Energy 223 12.3 -769.0 599.0 369.0 62.3% 61 (+10) PG&E Corp. 183 15.0 816.0 581.0 506.0 14.8% 62 (+8) Discover Financial Services 294 9.0 2,345.0 573.0 506.9 13.0% 63 (-1) McKesson 14 122.7 1,403.0 560.0 595.0 -5.9% 64 (+22) Duke Energy 145 19.6 1,768.0 540.0 385.0 40.3% 65 (-2) 3M 101 29.9 4,444.0 528.0 594.0 -11.1% 66 (+15) Hess 75 38.4 2,025.0 523.0 415.0 26.0% 67 (+418) Express Scripts Holding 24 94.4 1,312.9 500.8 N/A N/A 68 (-4) McDonald’s 111 27.6 5,464.8 482.4 565.0 -14.6% 69 (+6) AES 153 18.2 -912.0 481.0 471.0 2.1% 70 (+8) Baxter International 193 14.2 2,326.0 477.0 443.0 7.7% 71 (+44) Mosaic 246 11.1 1,930.2 476.9 263.5 81.0% 72 (+1) Dr Pepper Snapple Group 427 6.0 629.0 469.0 480.0 -2.3% 73 (+3) Agilent Technologies 371 6.9 1,153.0 464.0 469.0 -1.1% 74 (-9) Kimberly-Clark 136 21.1 1,750.0 435.0 558.0 -22.0% 75 (+5) Northwestern Mutual 114 26.0 783.0 434.0 436.0 -0.5% 76 (-4) HCA Holdings 82 36.8 1,605.0 426.0 494.0 -13.8% 77 (-18) Symantec 379 6.7 1,172.0 412.0 619.0 -33.4% 78 (+18) Dow Chemical 52 56.8 1,182.0 409.0 339.0 20.6% 79 (+13) BlackRock 286 9.3 2,458.0 404.0 349.0 15.8% 80 (-34) Public Service Enterprise Group 276 9.8 1,275.0 402.0 825.0 -51.3% 81 (+16) Newmont Mining 274 9.9 1,809.0 399.0 336.0 18.8% 82 (+3) Best Buy 61 45.1 -441.0 383.0 387.0 -1.0% 83 (N/A) CA 499 4.8 951.0 382.0 NR N/A 84 (-2) Liberty Global 256 10.6 322.8 359.7 400.6 -10.2% 85 (+14) Liberty Mutual Insurance Group 81 36.9 829.0 356.0 332.0 7.2% 86 (+27) DISH Network 189 14.3 636.7 346.7 266.7 30.0% 87 (+14) Valero Energy 9 138.3 2,083.0 341.0 326.0 4.6% 88 (+35) Bank of New York Mellon Corp. 180 15.5 2,445.0 340.0 250.0 36.0% 88 (+21) eBay 196 14.1 2,609.0 340.0 285.7 19.0% 90 (-22) Caesars Entertainment 300 8.8 -1,497.5 333.4 532.3 -37.4% 91 (+49) Broadcom 327 8.0 719.0 331.0 212.0 56.1% 92 (+12) Ameren 373 6.8 -974.0 320.0 305.0 4.9% 93 (+54) St. Jude Medical 457 5.5 752.0 314.0 205.5 52.8% 94 (-1) Yum Brands 201 13.6 1,597.0 309.0 348.0 -11.2% 95 (+7) Coca-Cola 57 48.0 9,019.0 302.0 320.0 -5.6% 95 (-21) U.S. Bancorp 132 22.2 5,647.0 302.0 479.0 -37.0% 97 (-8) Kroger 23 96.8 1,496.5 299.0 375.0 -20.3% 98 (+7) BB&T Corp. 251 10.7 1,979.0 297.0 301.0 -1.3% 99 (+11) Halliburton 106 28.5 2,635.0 296.0 274.0 8.0% 100 (+30) Amazon.com 49 61.1 -39.0 294.0 229.0 28.4% 101 (-6) Dominion Resources 210 13.2 302.0 293.0 347.0 -15.6% 102 (+4) Textron 225 12.2 589.0 290.0 294.0 -1.4% 103 (+4) Rock-Tenn 291 9.2 249.1 289.7 287.9 0.6% 104 (+13) News Corp. 91 33.7 1,179.0 289.0 256.0 12.9% 104 (-4) United Parcel Service 53 54.1 807.0 289.0 328.0 -11.9% 106 (-13) Monsanto 206 13.5 2,045.0 288.0 348.0 -17.2% 107 (-9) First Data 254 10.7 -700.9 286.2 334.7 -14.5% 108 (+8) Mattel 395 6.4 776.5 285.6 262.6 8.8% 109 (+31) Nike 126 24.1 2,223.0 285.0 212.0 34.4% 110 (+17) Western Digital 222 12.5 1,612.0 280.0 245.0 14.3% 111 (-28) DirecTV 102 29.7 2,949.0 278.0 390.0 -28.7% 112(+39) EMC 133 21.7 2,732.6 269.9 196.8 37.1% 113 (+181) Kinder Morgan 265 10.2 315.0 269.0 56.5 376.1% 114 (+60) American Electric Power 185 14.9 1,259.0 267.0 168.0 58.9% 114 (-26) Baker Hughes 135 21.4 1,311.0 267.0 379.0 -29.6% 116 (+32) Deere 85 36.2 3,064.7 265.0 199.0 33.2% 117 (-30) Altria Group 159 17.5 4,180.0 262.0 381.0 -31.2% 117 (-6) Capital One Financial 127 23.8 3,517.0 262.0 273.0 -4.0% 119 (-7) MeadWestvaco 448 5.6 205.0 259.0 268.0 -3.4% 120 (N/A) Kraft Foods Group 151 18.3 1,642.0 258.0 NR N/A 121 (+18) MasterCard 348 7.4 2,759.0 257.0 214.0 20.1% 122 (0) Staples 122 24.7 -210.7 254.7 250.4 1.7% 123 (-4) Domtar 458 5.5 172.0 254.0 253.0 0.4% 124 (-4) NCR 441 5.8 146.0 250.0 252.0 -0.8% 125 (-46) Illinois Tool Works 155 18.1 2,870.0 249.0 437.2 -43.0% 126 (+7) Avaya 477 5.2 -344.0 248.0 226.0 9.7% 127 (+27) Reinsurance Group of America 275 9.8 631.9 245.6 194.3 26.4% 128 (-20) Computer Sciences 176 15.9 -4,242.0 241.0 287.0 -16.0% 129 (+325) Massachusetts Mutual Life Insurance 94 32.9 1,114.6 235.0 0.0 N/A 130 (-12) Sealed Air 333 7.9 -1,410.3 233.2 254.5 -8.4% 131 (+1) General Mills 169 16.7 1,567.3 231.3 226.2 2.3% 132 (-8) Stryker 305 8.7 1,298.0 227.0 249.0 -8.8% 133 (+44) Devon Energy 284 9.5 -206.0 216.0 165.0 30.9% 133 (-5) Target 36 73.3 2,999.0 216.0 236.0 -8.5% 135 (+33) Colgate-Palmolive 165 17.1 2,472.0 212.0 176.0 20.5% 136 (+2) Stanley Black & Decker 245 11.1 883.8 207.2 214.2 -3.3% 137 (+7) Celanese 396 6.4 605.0 207.0 211.0 -1.9% 137 (+3) Viacom 198 13.9 1,981.0 207.0 212.0 -2.4% 139 (-8) Charter Communications 340 7.5 -304.0 202.0 228.0 -11.4% 140 (-5) Xerox 131 22.4 1,195.0 201.0 225.0 -10.7% 141 (-50) Pepco Holdings 483 5.1 285.0 200.0 357.0 -44.0% 142 (+11) Quest Diagnostics 341 7.5 555.7 199.4 194.9 2.3% 143 (+18) PVH 422 6.0 433.8 198.0 184.0 7.6% 144 (+105) Walgreen 37 71.6 2,127.0 197.0 94.0 109.6% 145 (+39) Interpublic Group 366 7.0 446.7 194.6 161.0 20.9% 146 (N/A) HD Supply 330 8.0 -639.0 193.0 NR N/A 146 (+20) NRG Energy 314 8.4 559.0 193.0 178.0 8.4% 148 (+41) Starwood Hotels & Resorts 400 6.3 562.0 191.0 153.0 24.8% 149 (-9) Intel 54 53.3 11,005.0 189.0 212.0 -10.8% 150 (+37) Omnicom Group 191 14.2 998.3 188.6 157.8 19.5% 151 (+26) Supervalu 86 36.1 -1,040.0 187.0 165.0 13.3% 152 (+42) L Brands (formerly known as Limited Brands) 258 10.5 753.0 185.0 146.0 26.7% 153 (-8) Texas Instruments 218 12.8 1,759.0 184.0 210.0 -12.4% 154 (+135) Applied Materials 302 8.7 109.0 181.0 59.0 206.8% 155 (0) Dover 308 8.5 811.1 180.2 193.2 -6.7% 156 (+4) SanDisk 487 5.1 417.4 179.5 185.8 -3.4% 157 (+9) Whirlpool 154 18.1 401.0 178.0 178.0 0.0% 158 (-37) Weyerhaeuser 363 7.1 385.0 177.0 251.0 -29.5% 159 (-13) PNC Financial Services Group 170 16.6 3,013.0 176.0 209.0 -15.8% 160 (-99) Celgene 456 5.5 1,456.2 174.7 596.8 -70.7% 161 (-9) CBS 186 14.7 1,574.0 173.0 195.0 -11.3% 162 (-27) Sprint Nextel 87 35.3 -4,326.0 171.0 225.0 -24.0% 163 (+2) Macy’s 109 27.7 1,335.0 170.0 179.0 -5.0% 164 (0) Freeport-McMoRan Copper & Gold 156 18.0 3,041.0 169.0 180.0 -6.1% 165 (+6) Tyson Foods 93 33.3 583.0 168.0 174.0 -3.4% 166 (+52) Thermo Fisher Scientific 220 12.7 1,177.9 164.8 120.3 37.0% 167 (N/A) Facebook 482 5.1 53.0 164.0 NR N/A 168 (-11) Motorola Solutions 304 8.7 881.0 161.0 191.0 -15.7% 168 (+34) NetApp 408 6.2 605.4 161.0 133.3 20.8% 168 (+5) Owens Corning 476 5.2 -19.0 161.0 170.0 -5.3% 168 (+36) Philip Morris International 99 31.4 8,800.0 161.0 132.0 22.0% 168 (-12) Sears Holdings 71 39.9 -930.0 161.0 192.0 -16.1% 173 (+18) TRW Automotive Holdings 173 16.4 1,008.0 160.0 148.0 8.1% 174 (N/A) Phillips 66 4 169.6 4,124.0 158.0 NR N/A 175 (+7) Emerson Electric 123 24.5 1,968.0 157.0 162.0 -3.1% 175 (+17) Gilead Sciences 280 9.7 2,591.6 157.0 146.9 6.9% 177 (+47) Northrop Grumman 120 25.2 1,978.0 156.0 118.0 32.2% 178 (+23) Becton Dickinson 332 7.9 1,169.9 155.4 135.5 14.7% 179 (+21) CF Industries Holdings 419 6.1 1,848.7 154.4 137.1 12.6% 180 (+16) MGM Resorts International 292 9.2 -1,767.7 153.2 145.8 5.1% 181 (+42) VF 250 10.9 1,086.0 152.1 118.1 28.8% 182 (-8) Ralph Lauren 370 6.9 681.0 150.2 168.0 -10.6% 183 (+14) TJX 115 25.9 1,906.7 148.8 144.5 3.0% 184 (+1) Terex 351 7.3 105.8 148.6 160.1 -7.2% 185 (-59) PPL 224 12.3 1,526.0 148.0 246.0 -39.8% 186 (-37) Pitney Bowes 489 5.0 445.2 146.9 198.6 -26.0% 187 (-17) Avnet 117 25.7 567.0 146.6 175.2 -16.3% 188 (+27) Liberty Interactive 270 10.1 1,530.0 146.0 123.0 18.7% 189 (+69) Cummins 160 17.3 1,645.0 145.0 86.0 68.6% 190 (+60) WellPoint 47 61.7 2,655.5 143.5 93.2 54.0% 191 (-12) Praxair 241 11.2 1,692.0 142.0 163.0 -12.9% 192 (-23) CC Media Holdings 407 6.2 -424.5 138.4 175.8 -21.3% 193 (+10) SunTrust Banks 239 11.2 1,958.0 137.0 133.0 3.0% 194 (-14) Mylan 374 6.8 640.9 132.3 162.9 -18.8% 195 (-37) L-3 Communications 197 14.1 810.0 130.0 187.0 -30.5% 196 (-20) Raytheon 124 24.4 1,888.0 129.0 167.0 -22.8% 197 (+8) National Oilwell Varco 144 20.0 2,491.0 128.0 131.0 -2.3% 198 (+88) Biogen Idec 454 5.5 1,380.0 125.9 64.4 95.5% 199 (-13) Ashland 321 8.2 26.0 124.0 160.0 -22.5% 200 (+21) Peabody Energy 315 8.3 -585.7 122.8 119.6 2.7% 201 (-8) Avery Dennison 375 6.8 215.4 121.6 146.6 -17.1% 202 (-12) Cameron International 310 8.5 750.5 121.0 148.4 -18.5% 203 (+24) Principal Financial 290 9.2 805.9 119.5 114.3 4.5% 204 (-21) Safeway 62 44.2 596.5 119.4 161.3 -26.0% 205 (-7) Marsh & McLennan 228 11.9 1,176.0 117.0 143.0 -18.2% 205 (+10) Visteon 359 7.2 100.0 117.0 123.0 -4.9% 207 (+55) Jabil Circuit 163 17.2 394.7 116.7 84.9 37.5% 208 (-47) Ameriprise Financial 263 10.3 1,029.0 116.0 184.0 -37.0% 208 (+27) Costco Wholesale 22 99.1 1,709.0 116.0 106.0 9.4% 210 (+23) Union Pacific 138 20.9 3,943.0 115.0 107.0 7.5% 211 (-127) Icahn Enterprises 178 15.7 379.0 113.0 388.0 -70.9% 212 (+44) Timken 493 5.0 495.5 112.6 87.2 29.1% 213 (-3) Air Products & Chemicals 273 9.9 1,167.3 110.8 126.4 -12.3% 214 (+49) Parker-Hannifin 211 13.1 1,151.8 109.7 81.2 35.1% 215 (+26) Gap 179 15.7 1,135.0 109.0 102.0 6.9% 216 (+103) Dana Holding 356 7.3 300.0 108.0 46.0 134.8% 216 (+26) Kohl’s 148 19.3 986.0 108.0 101.0 6.9% 218 (+4) Tenneco 349 7.4 275.0 107.0 119.0 -10.1% 219 (N/A) Actavis 432 5.9 97.3 103.7 NR N/A 220 (-6) Western Union 445 5.7 1,025.9 103.2 123.7 -16.6% 221 (-71) Ally Financial 221 12.6 1,196.0 102.0 198.0 -48.5% 222 (+32) Newell Rubbermaid 433 5.9 401.3 101.5 89.5 13.4% 223 (+21) Franklin Resources 362 7.1 1,931.4 101.3 99.7 1.6% 224 (+43) Sempra Energy 281 9.6 859.0 99.0 79.0 25.3% 225 (-37) Marathon Oil 174 16.2 1,582.0 98.0 157.0 -37.6% 226 (-15) Bed Bath & Beyond 285 9.5 989.5 97.9 125.0 -21.7% 227 (-16) Owens-Illinois 364 7.0 184.0 97.0 125.0 -22.4% 228 (+23) CBRE Group 387 6.5 315.6 95.6 91.7 4.3% 229 (-10) KBR 334 7.9 144.0 95.0 120.0 -20.8% 229 (-18) State Street Corp. 268 10.1 2,061.0 95.0 125.0 -24.0% 231 (+44) AGCO 272 10.0 522.1 94.5 71.1 32.9% 232 (+22) Ecolab 229 11.8 703.6 93.1 89.5 4.0% 233 (+61) Cognizant Technology Solutions 352 7.3 1,051.3 92.7 56.5 64.1% 234 (+39) Calpine 459 5.5 199.0 92.0 74.0 24.3% 235 (+25) Coventry Health Care 195 14.1 487.1 87.5 85.4 2.5% 236 (+43) Ball 301 8.7 403.5 87.0 68.8 26.5% 237 (-8) Gannett 467 5.4 424.3 86.2 110.3 -21.8% 238 (-32) Consolidated Edison 226 12.2 1,138.0 86.0 130.0 -33.8% 238 (+10) Qualcomm 149 19.1 6,109.0 86.0 96.0 -10.4% 240 (-10) United States Steel 147 19.3 -124.0 85.0 110.0 -22.7% 241 (+4) Dole Food 372 6.8 -144.5 84.8 97.4 -12.9% 242 (-6) Automatic Data Processing 255 10.7 1,388.5 84.7 105.7 -19.9% 242 (+58) Republic Services 323 8.1 571.8 84.7 54.3 56.0% 244 (+15) Wynn Resorts 478 5.2 502.0 84.3 85.5 -1.4% 245 (N/A) Northeast Utilities 402 6.3 525.9 83.1 NR N/A 246 (+6) Goodyear Tire & Rubber 137 21.0 212.0 82.0 90.0 -8.9% 246 (-13) PPG Industries 182 15.2 941.0 82.0 107.0 -23.4% 248 (-41) UnitedHealth Group 17 110.6 5,526.0 81.0 129.0 -37.2% 249 (+16) Nucor 146 19.4 504.6 80.9 80.9 0.0% 250 (-4) Clorox 461 5.5 541.0 80.0 97.0 -17.5% 250 (+84) CVS Caremark 13 123.1 3,876.9 80.0 38.0 110.5% 250 (+32) Kellogg 192 14.2 961.0 80.0 66.0 21.2% 250 (+20) Spectra Energy 475 5.2 940.0 80.0 76.0 5.3% 254 (-15) Estée Lauder 279 9.7 856.9 78.5 104.8 -25.1% 255 (-27) CenturyLink 150 18.4 777.0 78.0 111.0 -29.7% 256 (+11) Archer Daniels Midland 27 89.0 1,223.0 77.0 79.0 -2.5% 256 (-153) Lincoln National 235 11.5 1,313.0 77.0 316.0 -75.6% 256 (-39) Micron Technology 318 8.2 -1,032.0 77.0 121.0 -36.4% 259 (-29) J.C. Penney 215 13.0 -985.0 76.0 110.0 -30.9% 259 (+22) Occidental Petroleum 125 24.3 4,598.0 76.0 67.0 13.4% 261 (+43) Starbucks 208 13.3 1,383.8 75.3 52.9 42.3% 262 (+29) Jarden 383 6.7 243.9 75.1 57.8 29.9% 263 (-186) Hillshire Brands (formerly known as Sara Lee) 288 9.3 845.0 74.0 462.0 -84.0% 263 (+30) McGraw-Hill 390 6.5 437.0 74.0 57.0 29.8% 265 (-4) SPX 431 5.9 259.2 73.8 85.2 -13.4% 266 (+44) Time Warner Cable 134 21.4 2,155.0 73.0 50.0 46.0% 267 (+5) Rockwell Automation 403 6.3 737.0 70.3 75.1 -6.4% 268 (-49) Southern 171 16.5 2,350.0 70.0 120.0 -41.7% 269 (+5) Sysco 65 42.4 1,121.6 68.2 72.1 -5.4% 270 (-6) Masco 336 7.8 -114.0 68.0 81.0 -16.0% 270 (-61) Reynolds American 316 8.3 1,272.0 68.0 128.0 -46.9% 272 (+149) DaVita HealthCare Partners (formerly known as DaVita) 311 8.5 536.0 67.5 8.9 658.4% 273 (+7) CHS 69 40.6 1,260.6 67.3 67.3 0.0% 274 (+34) Alcoa 128 23.7 191.0 66.0 51.0 29.4% 275 (+19) Ross Stores 278 9.7 786.8 65.7 56.5 16.3% 276 (+144) Eastman Chemical 324 8.1 437.0 65.0 10.0 550.0% 277 (+21) General Cable 425 6.0 4.0 64.0 55.8 14.7% 278 (-84) Lowe’s 56 50.5 1,959.0 63.0 146.0 -56.8% 278 (-40) Norfolk Southern 247 11.0 1,749.0 63.0 105.0 -40.0% 280 (+23) Allergan 440 5.8 1,098.8 61.9 53.0 16.8% 281 (+42) Las Vegas Sands 244 11.1 1,524.1 59.3 43.4 36.6% 282 (+6) Genuine Parts 214 13.0 648.0 58.0 59.5 -2.5% 282 (+52) Williams 342 7.5 859.0 58.0 38.0 52.6% 284 (0) Cablevision Systems 382 6.7 233.5 57.8 64.6 -10.5% 285 (-9) Ryder System 404 6.3 210.0 57.6 69.2 -16.8% 286 (N/A) Quanta Services 397 6.4 306.6 57.5 NR N/A 287 (+29) Health Net 236 11.5 122.1 57.3 47.1 21.7% 288 (+43) Huntsman 242 11.2 363.0 57.0 39.0 46.2% 289 (-12) Advanced Micro Devices 464 5.4 -1,183.0 56.0 69.0 -18.8% 289 (+165) Exelis 453 5.5 330.0 56.0 0.0 N/A 291 (-1) AECOM Technology 320 8.2 -58.6 55.8 58.1 -4.0% 292 (+7) Booz Allen Hamilton Holding 436 5.9 240.0 55.6 54.9 1.3% 293 (-53) Cliffs Natural Resources 424 6.0 -899.4 55.5 102.1 -45.6% 294 (-161) Genworth Financial 271 10.0 323.0 55.0 226.0 -75.7% 294 (+37) Regions Financial 401 6.3 1,120.0 55.0 39.0 41.0% 296 (+32) Sanmina (formerly known as Sanmina-SCI) 420 6.1 180.2 54.2 41.5 30.6% 297 (+33) AK Steel Holding 430 5.9 -1,027.3 54.0 40.7 32.7% 297 (-138) Avis Budget Group 350 7.4 290.0 54.0 186.0 -71.0% 297 (-14) Foot Locker 413 6.2 397.0 54.0 65.0 -16.9% 297 (+15) Waste Management 200 13.6 817.0 54.0 49.0 10.2% 301 (+16) Mohawk Industries 442 5.8 250.3 53.8 46.1 16.7% 302 (+50) Jacobs Engineering Group 249 10.9 379.0 53.6 31.1 72.3% 303 (+2) H.J. Heinz 234 11.6 923.2 52.7** 52.7 0.0% 304 (-3) Hershey 384 6.6 660.9 51.5 53.6 -3.9% 305 (+2) Cigna 103 29.1 1,623.0 51.0 52.0 -1.9% 305 (-28) FedEx 63 42.7 2,032.0 51.0 69.0 -26.1% 305 (+16) O’Reilly Automotive 412 6.2 585.7 51.0 45.8 11.4% 308 (+84) Navistar International 216 12.9 -3,010.0 49.0 19.0 157.9% 309 (-17) Harley-Davidson 449 5.6 623.9 48.8 57.1 -14.5% 310 (-16) ConAgra Foods 209 13.3 467.9 48.7 56.5 -13.8% 311 (+2) Harris 429 6.0 30.6 48.3 48.4 -0.2% 312 (+12) Campbell Soup 338 7.7 774.0 48.0 43.0 11.6% 312 (+2) Hartford Financial Services Group 112 26.4 -38.0 48.0 48.0 0.0% 312 (+17) Loews 188 14.6 568.0 48.0 41.0 17.1% 315 (-46) R.R. Donnelley & Sons 264 10.2 -651.4 47.9 76.4 -37.3% 316 (-29) Arrow Electronics 141 20.4 506.3 47.0 63.5 -26.0% 316 (-179) Fluor 110 27.6 456.3 47.0 215.0 -78.1% 318 (+35) Anadarko Petroleum 207 13.4 2,391.0 46.0 31.0 48.4% 319 (+58) Delta Air Lines 83 36.7 1,009.0 44.0 22.0 100.0% 320 (-94) FirstEnergy 181 15.3 770.0 43.0 117.0 -63.2% 321 (-1) SLM 418 6.1 939.0 41.2 45.9 -10.2% 322 (+54) W.W. Grainger 295 9.0 689.9 40.9 22.8 79.4% 323 (-1) Fidelity National Information Services 434 5.9 461.2 40.4 45.5 -11.2% 324 (+66) Marathon Petroleum 33 76.8 3,389.0 40.0 20.0 100.0% 325 (+46) Ingram Micro 76 37.8 305.9 38.8 24.9 55.8% 326 (+1) Dean Foods 217 12.9 158.6 38.2 41.7 -8.4% 327 (+17) Ingredion (formerly known as Corn Products International, Inc) 386 6.5 427.5 37.0 35.0 5.7% 328 (+13) AmerisourceBergen 32 79.7 719.0 36.9 35.8 3.1% 328 (-11) FMC Technologies 417 6.2 430.0 36.9 46.1 -20.0% 330 (-25) Laboratory Corp. of America 444 5.7 583.1 36.4 52.7 -30.9% 331 (+9) Avon Products 252 10.7 -42.5 36.0 36.0 0.0% 332 (+11) NII Holdings 421 6.1 -765.2 35.6 35.6 0.0% 333 (+18) Health Management Associates 376 6.8 164.3 35.3 31.5 12.1% 334 (+4) Crown Holdings 312 8.5 557.0 35.0 37.0 -5.4% 335 (+1) Consol Energy 463 5.4 388.5 34.8 37.6 -7.4% 336 (+10) Xcel Energy 266 10.1 905.2 34.5 34.7 -0.6% 337 (-26) Lear 187 14.6 1,282.8 34.4 49.4 -30.4% 338 (N/A) Joy Global 446 5.7 762.0 33.5 NR N/A 339 (+11) EOG Resources 233 11.7 570.3 33.0 33.0 0.0% 340 (-38) Oshkosh 322 8.2 230.8 32.9 53.3 -38.3% 341 (+50) Henry Schein 296 8.9 388.1 32.7 19.2 70.3% 342 (+6) Aramark 205 13.5 138.2 32.0 34.0 -5.9% 342 (+2) Tenet Healthcare 269 10.1 152.0 32.0 35.0 -8.6% 342 (-17) Toys “R” Us 204 13.5 38.0 32.0 42.0 -23.8% 345 (-220) Rite Aid 113 26.1 -368.6 30.0 247.7 -87.9% 345 (+8) Tesoro 95 32.5 743.0 30.0 31.0 -3.2% 347 (+15) YRC Worldwide 498 4.9 -140.4 29.7 27.1 9.6% 348 (+9) Allegheny Technologies 490 5.0 158.4 29.2 29.7 -1.7% 349 (-18) Marriott International 230 11.8 571.0 29.0 39.0 -25.6% 350 (+10) Alpha Natural Resources 365 7.0 -2,437.1 28.7 28.7 0.0% 350 (+19) GameStop 298 8.9 -269.7 28.7 25.4 13.0% 352 (+11) ManpowerGroup (formerly known as Manpower) 140 20.7 197.6 28.5 27.0 5.6% 352 (-115) NiSource 480 5.1 416.1 28.5 105.3 -72.9% 354 (+5) Telephone & Data Systems 468 5.3 81.9 28.4 28.8 -1.4% 355 (+2) Sherwin-Williams 282 9.5 631.0 28.1 29.7 -5.4% 356 (0) AutoZone 306 8.6 930.4 27.7 29.9 -7.4% 357 (+60) Commercial Metals 335 7.9 207.5 27.4 10.8 153.7% 358 (+127) Energy Transfer Equity 161 17.3 302.0 27.0 N/A N/A 358 (+5) Spectrum Group International 331 8.0 4.1 27.0 27.0 0.0% 360 (+6) BorgWarner 358 7.2 500.9 25.8 26.2 -1.5% 360 (N/A) J.B. Hunt Transport Services 486 5.1 310.4 25.8 NR N/A 362 (+5) Bemis 479 5.1 173.8 25.6 25.6 0.0% 363 (+23) CarMax 259 10.5 413.8 25.1 20.9 20.1% 364 (+6) Allstate 92 33.3 2,306.0 25.0 25.0 0.0% 365 (-4) CH2M Hill 415 6.2 93.0 24.8 27.4 -9.5% 366 (+11) CSX 231 11.8 1,859.0 24.0 22.0 9.1% 366 (+23) J.M. Smucker 452 5.5 459.7 24.0 20.3 18.2% 366 (-28) Travelers Cos. 116 25.7 2,473.0 24.0 37.0 -35.1% 369 (+47) Precision Castparts 355 7.3 1,224.1 23.6 12.9 82.9% 370 (+26) Paccar 168 17.1 1,111.6 23.4 18.3 27.9% 371 (-6) Family Dollar Stores 287 9.3 422.2 22.4 26.3 -14.8% 371 (-4) World Fuel Services 74 38.9 189.3 22.4 25.6 -12.5% 373 (-48) Dollar General 175 16.0 952.7 22.2 42.0 -47.1% 374 (-90) Steel Dynamics 354 7.3 163.6 22.2 64.6 -65.6% 375 (+7) Hormel Foods 319 8.2 500.1 22.1 21.4 3.3% 376 (+78) Enbridge Energy Partners 381 6.7 493.1 21.8 0.0 N/A 377 (+9) WESCO International 385 6.6 201.8 21.1 20.9 1.0% 378 (-25) Aflac 118 25.4 2,866.0 21.0 31.0 -32.3% 378 (-171) SAIC 240 11.2 525.0 21.0 129.0 -83.7% 380 (+12) Synnex 262 10.3 151.4 20.0 19.0 5.3% 381 (N/A) Huntington Ingalls Industries 380 6.7 146.0 19.0 NR N/A 381 (-129) Prudential Financial 29 84.8 469.0 19.0 90.0 -78.9% 381 (-7) United Continental Holdings 79 37.2 -723.0 19.0 24.0 -20.8% 384 (N/A) Windstream 414 6.2 168.0 18.3 NR N/A 385 (N/A) American Financial Group 485 5.1 488.0 18.0 NR N/A 385 (+23) Fifth Third Bancorp 361 7.1 1,576.0 18.0 14.0 28.6% 385 (N/A) Level 3 Communications 398 6.4 -422.0 18.0 NR N/A 388 (-131) Unum Group 257 10.5 894.4 17.5 86.9 -79.9% 389 (-8) Hertz Global Holdings 293 9.0 243.1 17.2 21.6 -20.4% 390 (+12) Barnes & Noble 360 7.1 -68.9 17.0 16.7 1.8% 391 (+35) C.H. Robinson Worldwide 237 11.4 593.8 16.8 7.7 118.2% 392 (-20) Advance Auto Parts 409 6.2 387.7 16.7 24.7 -32.4% 393 (+1) Murphy Oil 104 28.8 970.9 16.6 18.9 -12.2% 394 (+7) Big Lots 466 5.4 177.1 16.0 16.8 -4.8% 394 (-10) Corning 326 8.0 1,728.0 16.0 21.0 -23.8% 394 (+18) Live Nation Entertainment 439 5.8 -163.2 16.0 13.4 19.4% 397 (+7) Reliance Steel & Aluminum 313 8.4 403.5 15.9 16.1 -1.2% 398 (N/A) Leucadia National 289 9.3 854.5 15.8 NR N/A 399 (-19) Darden Restaurants 328 8.0 475.5 15.7 21.9 -28.3% 399 (-13) PetSmart 377 6.8 389.5 15.7 20.9 -24.9% 401 (+1) URS 248 11.0 310.6 15.4 16.7 -7.8% 402 (-53) Smithfield Foods 213 13.1 361.3 15.3 33.6 -54.5% 403 (-19) Nordstrom 227 12.1 735.0 15.0 21.0 -28.6% 404 (+4) Autoliv 317 8.3 483.1 14.7 14.0 5.0% 404 (+3) Penske Automotive Group 203 13.6 185.5 14.7 14.9 -1.3% 406 (-6) Omnicare 416 6.2 194.9 14.2 17.1 -17.0% 407 (-70) Frontier Communications 492 5.0 136.6 13.6 37.5 -63.7% 408 (N/A) JetBlue Airways 495 5.0 128.0 13.0 NR N/A 409 (+36) HollyFrontier 143 20.1 1,727.2 12.6 2.4 425.0% 410 (+3) Owens & Minor 297 8.9 109.0 12.3 13.2 -6.8% 411 (+4) Charles Schwab 488 5.0 928.0 12.0 13.0 -7.7% 412 (-13) Assurant 309 8.5 483.7 11.5 17.5 -34.3% 413 (+22) EMCOR Group 399 6.3 146.6 11.3 5.7 98.2% 414 (-100) DTE Energy 299 8.8 610.0 11.0 48.0 -77.1% 415 (-20) Dick’s Sporting Goods 437 5.8 290.7 10.7 18.7 -42.8% 416 (+2) Molina Healthcare 423 6.0 9.8 10.6 10.7 -0.9% 417 (+31) Fidelity National Financial 353 7.3 606.5 10.0 1.6 525.0% 418 (0) Con-way 450 5.6 104.5 9.7 10.7 -9.3% 418 (-5) Vanguard Health Systems 391 6.5 57.3 9.7 13.2 -26.5% 420 (+34) Western Refining 283 9.5 398.9 9.6 0.0 N/A 421 (-11) Sonic Automotive 307 8.5 89.1 9.1 13.7 -33.6% 422 (-11) Centene 303 8.7 1.9 7.9 13.6 -41.9% 423 (+9) Casey’s General Stores 392 6.5 116.8 7.5 6.1 23.0% 424 (N/A) Priceline.com 473 5.3 1,419.6 7.3 NR N/A 425 (+4) AutoNation 177 15.7 316.4 6.8 6.4 6.2% 425 (+2) Universal Health Services 337 7.8 443.4 6.8 7.4 -8.1% 427 (+11) Insight Enterprises 470 5.3 92.8 6.7 4.6 45.7% 428 (-45) OfficeMax 367 6.9 416.8 6.3 21.2 -70.3% 429 (-88) Shaw Group 426 6.0 198.9 6.2 35.8 -82.7% 430 (+4) AMR 121 24.9 -1,876.0 6.0 6.0 0.0% 431 (-25) Dollar Tree 346 7.4 619.3 5.6 15.5 -63.9% 432 (-10) Dillard’s 378 6.8 336.0 5.4 8.5 -36.5% 433 (-9) Seaboard 411 6.2 282.3 5.1 7.9 -35.4% 434 (+2) Southwest Airlines 164 17.1 421.0 5.0 5.0 0.0% 435 (N/A) KKR 277 9.7 560.8 4.6 NR N/A 435 (-7) Office Depot 253 10.7 -77.1 4.6 6.5 -29.2% 437 (-8) Whole Foods Market 232 11.7 465.6 4.0 6.4 -37.5% 438 (+2) Tech Data 119 25.4 214.6 3.7*** 3.7 0.0% 439 (+1) Graybar Electric 465 5.4 86.3 3.5 3.7 -5.4% 440 (-67) Anixter International 405 6.3 124.8 3.4 24.2 -86.0% 441 (-9) MetroPCS Communications 481 5.1 394.2 3.3 6.1 -45.9% 442 (+1) United Stationers 484 5.1 111.8 3.1 3.4 -8.8% 443 (-197) Apache 167 17.1 2,001.0 3.0 97.0 -96.9% 443 (-7) Host Hotels & Resorts 469 5.3 61.0 3.0 5.0 -40.0% 445 (-20) Kelly Services 462 5.5 50.1 2.9 7.8 -62.8% 445 (-14) UGI 388 6.5 199.4 2.9 6.3 -54.0% 447 (-3) Land O’Lakes 194 14.1 240.4 2.7 3.2 -15.6% 448 (-2) Nash-Finch 500 4.8 -93.9 2.0 2.1 -4.8% 449 (-2) Core-Mark Holding 368 6.9 33.9 1.6 1.8 -11.1% 450 (-11) CMS Energy 406 6.3 382.0 1.0 4.0 -75.0% 451 (+3) Erie Insurance Group 455 5.5 160.0 0.9 0.0 N/A 451 (-2) Kindred Healthcare 410 6.2 -40.4 0.9 1.1 -18.2% 453 (-1) Community Health Systems 184 15.0 265.6 0.7 0.6 16.7% 454 (-4) INTL FCStone 39 69.3 15.0 0.5 0.9 -44.4% 455 (-1) Aetna 84 36.6 1,657.9 0.0 0.0 0.0% 455 (N/A) Andersons 472 5.3 79.5 0.0 NR N/A 455 (-1) CDW 267 10.1 119.0 0.0 0.0 0.0% 455 (-1) Chubb 202 13.6 1,545.0 0.0 0.0 0.0% 455 (-1) Coca-Cola Enterprises 339 7.6 677.0 0.0 0.0 0.0% 455 (-1) Enterprise Products Partners 64 42.6 2,419.9 0.0 0.0 0.0% 455 (-1) Expeditors International of Washington 428 6.0 333.4 0.0 0.0 0.0% 455 (-421) Freddie Mac 31 80.6 10,982.0 0.0 1,355.0 -100.0% 455 (-1) General Dynamics 98 31.5 -332.0 0.0 0.0 0.0% 455 (-1) Global Partners 157 17.6 45.5 0.0 0.0 0.0% 455 (-1) Group 1 Automotive 343 7.5 100.2 0.0 0.0 0.0% 455 (-1) Humana 73 39.1 1,222.0 0.0 0.0 0.0% 455 (N/A) Jones Financial 491 5.0 555.0 0.0 NR N/A 455 (-1) Lockheed Martin 59 47.2 2,745.0 0.0 0.0 0.0% 455 (-1) MRC Global 451 5.6 118.0 0.0 0.0 0.0% 455 (-1) Mutual of Omaha Insurance 394 6.4 283.8 0.0 0.0 0.0% 455 (-1) NextEra Energy 190 14.3 1,911.0 0.0 0.0 0.0% 455 (-1) NuStar Energy 389 6.5 -226.6 0.0 0.0 0.0% 455 (N/A) Old Republic International 496 5.0 -68.6 0.0 NR N/A 455 (-1) Oneok 219 12.7 360.6 0.0 0.0 0.0% 455 (-1) Pacific Life 369 6.9 460.0 0.0 0.0 0.0% 455 (-1) Pantry 347 7.4 -2.5 0.0 0.0 0.0% 455 (N/A) PBF Energy 142 20.1 2.0 0.0 NR N/A 455 (+30) Plains All American Pipeline 77 37.8 1,094.0 0.0 N/A N/A 455 (-1) Progressive 166 17.1 902.3 0.0 0.0 0.0% 455 (-1) Publix Super Markets 108 27.7 1,552.3 0.0 0.0 0.0% 455 (-1) Susser Holdings 460 5.5 46.7 0.0 0.0 0.0% 455 (-1) Targa Resources 435 5.9 38.1 0.0 0.0 0.0% 455 (-1) TravelCenters of America 329 8.0 32.2 0.0 0.0 0.0% 455 (N/A) United Natural Foods 474 5.2 91.3 0.0 NR N/A 455 (-1) US Airways Group 199 13.8 637.0 0.0 0.0 0.0% 455 (+30) W.R. Berkley 438 5.8 510.6 0.0 N/A N/A 455 (-13) WellCare Health Plans 345 7.4 184.7 0.0 3.5 -100.0% 488 (-3) American Family Insurance Group 393 6.5 360.5 N/A N/A N/A 488 (-3) Auto-Owners Insurance 443 5.7 435.6 N/A N/A N/A 488 (-3) Guardian Life Ins. Co. of America 238 11.3 265.8 N/A N/A N/A 488 (-3) Nationwide 100 30.4 748.5 N/A N/A N/A 488 (-3) New York Life Insurance 89 34.3 1,333.2 N/A N/A N/A 488 (-3) Peter Kiewit Sons’ 243 11.2 290.0 N/A N/A N/A 488 (-3) State Farm Insurance Cos. 44 65.3 3,159.2 N/A N/A N/A 488 (-3) Thrivent Financial for Lutherans 325 8.0 487.6 N/A N/A N/A 488 (-3) United Services Automobile Assn. 139 20.7 2,832.3 N/A N/A N/A 488 (-3) TIAA-CREF 97 32.2 2,060.0 N/A N/A N/A 488 (N/A) Simon Property Group 497 4.9 1,434.5 N/A NR N/A 488 (-3) Western & Southern Financial Group 471 5.3 137.7 N/A N/A N/A 500 (-192) CenterPoint Energy 344 7.5 417.0 -23**** 51.0 -145.1% For some Ferraro 500 companies, the reserve amount reflected on the list includes interest and penalties. For example, AT&T’s $5.770 billion reserve includes interest and penalties of $977 million. Similarly, GE’s $6.579 billion reserve amount includes $961 million of interest and $173 million of penalties.
Other Ferraro 500 companies do not include interest and penalties in the unrecognized tax benefits figure; rather, these companies report interest and penalties as selling, general, and administrative expenses, as interest expense, or as part of another item on their financial statements. For these companies, the actual reserve amount exceeds the reserves listed above. For example, Procter & Gamble reported unrecognized tax benefits of $1.773 billion, which does not include interest and penalties of $439 million and $66 million, respectively. Thus, Procter & Gamble’s reserve amount is actually $2.278 billion, $505 million higher than the $1.773 billion figure reflected on the Ferraro 500. Similarly, Chevron did not include $293 million of interest and penalties in its reported $3.071 billion of unrecognized tax benefits. Thus, Chevron’s reserve actually totals $3.364 billion, $293 million higher than the reserve amount above.
N/A is utilized where the UTB reserve could not be determined. Certain insurance companies and certain publically traded partnerships do not report reserve amounts, and as such, the reserve amounts for these companies are not available.
NR is utilized where the company was not on the Ferraro 500 in 2011.
* In past years we have inappropriately calculated the tax reserve. This was due to credit and loss carryovers as well as cash paid to taxing authorities having been deducted from gross tax reserves. Last year the stated reserve on the Ferraro 500 was 812.1; this number was net of $3,212.4 million of credit and loss carryovers and $363.3 million of cash paid to taxing authorities. The gross tax reserves as of December 31, 2011, were $4,387.8 million.
** H.J. Heinz filed their new 10-K on July 9, 2013, which is later than in prior years. Therefore, the tax reserves reported on the most recent 10-K filed prior to June 15, 2013, were the tax reserves for the year ending April 29, 2012. On July 9, 2013, H.J. Heinz filed its 10-K for the year ending April 28, 2013, which reported tax reserves of 45.4 million.
*** Most recent 10-K filed for Tech Data was filed on March 21, 2012.
**** CenterPoint Energy has income tax refund claims pending with the IRS, which CenterPoint Energy claims results in a negative balance for uncertain income tax positions as of December 31, 2012. We leave it to the reader to determine if the reader believes a negative tax reserve is proper under GAAP. All information is believed to be accurate as of June 15, 2013, but Lynam Knott P.A. cannot vouch for the validity of any information contained in any financial statement.
All information is believed to be accurate as of June 15, 2013, but Lynam Knott P.A. cannot vouch for the validity of any information contained in any financial statement.
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Ferraro 500 – Uncertain Tax Positions
Ferraro 500 – Uncertain Tax Positions
The Ferraro 500 is a reorganization of the Fortune 500 by the size of the companies’ Unrecognized Tax Benefit reserve (“Tax Reserve”). Under the accounting requirements of FIN 48, a company must reserve, or in other words “hold back,” earnings for tax positions for which the company thinks the IRS has a greater likelihood of prevailing than the company. This Tax Reserve amount can be substantial, especially when compared to the annual revenue generated by the company. The issues that make up a company’s Tax Reserve are generally disclosed to the IRS in a concise description on Schedule UTP. However, the details of the issues are contained in the tax accrual work papers of the company. The details in the tax accrual work papers often make for valuable tax whistleblower submissions.
2015 Ferraro 500 Rank Company 2015 Fortune 500 Rank 2014 Revenues
($ billions)2014 Profits
($ millions)2014 Tax Reserves
($ millions)2013 Tax Reserves
($ millions)% Change 1 (+1) Exxon Mobil 2 382.6 32,520.00 8,986.0 7,838.0 14.6% 2 (-1) Microsoft 31 86.8 22,074.00 8,714.0 8,648.0 0.8% 3 (0) General Electric 8 148.3 15,233.00 6,529.0 6,955.0 -6.1% 4 (0) Pfizer 56 49.6 9,135.00 6,182.0 6,087.0 1.6% 5 (+2) AT&T 12 132.4 6,224.00 5,438.0 5,261.0 3.4% 6 (+3) International Business Machines 24 94.1 12,022.00 5,104.0 4,458.0 14.5% 7 (-1) Wells Fargo 30 88.4 23,057.00 5,002.0 5,528.0 -9.5% 8 (-3) J.P. Morgan Chase & Co. 21 102.1 21,762.00 4,911.0 5,535.0 -11.3% 9 (-1) Entergy Corporation 241 12.5 941.00 4,736.8 4,593.2 3.1% 10 (0) American International Group 46 64.4 7,529.00 4,395.0 4,340.0 1.3% 11 (+4) Hewlett-Packard 19 111.5 5,013.00 4,128.0 3,484.0 18.5% 12 (+6) Apple 5 182.8 39,510.00 4,033.0 2,714.0 48.6% 13 (0) Oracle Corporation 81 38.3 10,955.00 3,838.0 3,601.0 6.6% 14 (-2) Chevron 3 203.8 19,241.00 3,552.0 3,848.0 -7.7% 15 (-1) Merck & Co., Inc. 71 42.2 11,920.00 3,534.0 3,503.0 0.9% 16 (+3) Google 40 71.5 14,444.00 3,412.0 2,571.0 32.7% 17 (0) Johnson & Johnson 37 74.3 16,323.00 2,465.0 2,729.0 -9.7% 18 (-7) Morgan Stanley 82 38 3,467.00 2,228.0 4,096.0 -45.6% 19 (+6) Cisco Systems, Inc. 60 47.1 7,853.00 1,938.0 1,775.0 9.2% 20 (0) General Motors 6 155.9 3,949.00 1,877.0 2,530.0 -25.8% 21 (+1) Exelon Corporation 111 27.4 1,623.00 1,829.0 2,175.0 -15.9% 22 (+1) Verizon Communications 15 127.1 9,625.00 1,823.0 2,130.0 -14.4% 23 (+8) Amgen Inc. 145 20.1 5,158.00 1,772.0 1,415.0 25.2% 24 (+143) Anadarko Petroleum Corporation 162 18.5 (1,750.00) 1,687.0 147.0 1047.6% 25 (+8) Facebook, Inc. 242 12.5 2,940.00 1,682.0 1,316.0 27.8% 26 (+6) Johnson Controls, Inc. 66 43.9 1,215.00 1,655.0 1,345.0 23.0% 27 (+7) PepsiCo 44 66.7 6,513.00 1,587.0 1,268.0 25.2% 28 (0) Procter & Gamble 32 84.5 11,643.00 1,437.0 1,600.0 -10.2% 29 (-5) Abbott Laboratories 134 22.3 2,284.00 1,403.0 1,965.0 -28.6% 30 (+8) Eli Lilly and Company 151 19.6 2,391.00 1,338.8 1,136.4 17.8% 31 (-10) Time Warner Inc. 104 28.8 3,827.00 1,327.0 2,186.0 -39.3% 32 (+5) Boeing 27 90.7 5,446.00 1,312.0 1,141.0 15.0% 33 (+11) Visa Inc. 238 12.7 5,438.00 1,303.0 1,023.0 27.4% 34 (-4) Ford Motor 9 144.1 3,187.00 1,286.0 1,564.0 -17.8% 35 (-8) Comcast 43 68.8 8,380.00 1,171.0 1,701.0 -31.2% 36 (+6) Express Scripts Holding 22 100.9 2,008.00 1,117.2 1,061.5 5.2% 37 (-2) United Technologies 45 65.1 6,220.00 1,089.0 1,223.0 -11.0% 38 (-22) Bank of America 23 95.2 4,833.00 1,068.0 3,068.0 -65.2% 39 (-10) Citigroup 28 90.6 7,313.00 1,060.0 1,574.0 -32.7% 40 (-0) Boston Scientific Corporation 378 7.4 (119.00) 1,047.0 1,069.0 -2.1% 40 (+7) Bristol-Myers Squibb Company 195 15.9 2,004.00 1,047.0 873.0 19.9% 42 (+3) Valero Energy 13 130.8 3,630.00 989.0 950.0 4.1% 43 (+26) McDonald’s Corporation 110 27.4 4,758.00 988.1 512.7 92.7% 44 (+2) Du Pont de Nemours and Company 87 36 3,625.00 986.0 901.0 9.4% 45 (-2) American Express Company 88 36 5,885.00 909.0 1,044.0 -12.9% 46 (-20) Goldman Sachs Group, Inc. 76 40.1 8,477.00 871.0 1,765.0 -50.7% 47 (-11) Mondelez International, Inc. 91 34.2 2,184.00 852.0 1,189.0 -28.3% 48 (+5) Caterpillar 54 55.2 3,695.00 846.0 759.0 11.5% 49 (+3) Wal-Mart Stores 1 485.7 16,363.00 838.0 763.0 9.8% 50 (-11) Walt Disney Company 57 48.8 7,501.00 803.0 1,120.0 -28.3% 51 (+14) DIRECTV 95 33.2 2,756.00 784.0 589.0 33.1% 52 (-1) MetLife 39 73.3 6,309.00 779.0 774.0 0.6% 53 (-3) Home Depot 33 83.2 6,345.00 765.0 790.0 -3.2% 54 (+2) Danaher Corporation 147 20 2,598.00 728.5 689.0 5.7% 55 (+2) PG&E Corporation 182 17.1 1,436.00 713.0 666.0 7.1% 56 (+23) Amazon.com 29 88.9 (241.00) 710.0 407.0 74.4% 57 (-9) Bank of New York Mellon Corporation 189 16.4 2,567.00 669.0 866.0 -22.7% 58 (+59) Gilead Sciences, Inc. 118 24.9 12,101.00 661.0 236.5 179.5% 59 (-5) Honeywell International Inc. 74 40.3 4,239.00 659.0 729.0 -9.6% 60 (-5) Berkshire Hathaway 4 194.7 19,872.00 645.0 692.0 -6.8% 61 (+3) Discover Financial Services 303 9.6 2,323.00 635.0 629.0 1.0% 62 (-1) McKesson 11 138 1,263.00 616.0 647.0 -4.8% 63 (+3) Hess Corporation 141 21 2,317.00 603.0 570.0 5.8% 64 (-6) 3M Company 98 31.8 4,956.00 583.0 659.0 -11.5% 65 (+69) Intel Corporation 52 55.8 11,704.00 577.0 207.0 178.7% 66 (-17) Edison International 226 13.4 1,612.00 576.0 815.0 -29.3% 67 (+8) HCA Holdings, Inc. 75 40.1 1,875.00 548.0 462.0 18.6% 68 (-8) Cardinal Health 26 91.1 1,166.00 510.0 650.0 -21.5% 69 (+7) Nike, Inc. 106 27.8 2,693.00 506.0 447.0 13.2% 70 (-8) BB&T Corporation 292 9.9 2,151.00 503.0 644.0 -21.9% 71 (-12) ConocoPhillips 51 56 6,869.00 442.0 655.0 -32.5% 72 (+6) Energy Transfer Equity, L.P. 53 55.7 633.00 440.0 429.0 2.6% 73 (0) Northwestern Mutual Life Insurance Company,Inc. 109 27.5 679.00 431.0 467.0 -7.7% 74 (-7) Agilent Technologies, Inc. 389 7 504.00 424.0 516.0 -17.8% 75 (+36) AbbVie Inc. 146 20 1,774.00 421.0 247.0 70.4% 76 (-4) Kimberly-Clark Corporation 140 21 1,526.00 416.0 473.0 -12.1% 77 (+5) Best Buy Co., Inc. 72 41.9 1,233.00 410.0 370.0 10.8% 78 (-1) Hilton Worldwide Holdings Inc. 280 10.5 673.00 401.0 435.0 -7.8% 79 (+4) eBay Inc. 172 17.9 46.00 396.0 334.0 18.6% 80 (+1) AES Corporation 178 17.4 769.00 395.0 392.0 0.8% 81 (+4) Newmont Mining Corporation 379 7.3 508.00 394.0 320.0 23.1% 82 (+9) Textron Inc. 219 13.9 600.00 385.0 284.0 35.6% 83 (+19) EMC Corporation 121 24.4 2,714.00 383.0 266.0 44.0% 84 (-11) BlackRock, Inc. 267 11.1 3,294.00 379.0 467.0 -18.8% 85 (+45) Halliburton Company 96 32.9 3,500.00 370.0 209.0 77.0% 86 (-6) Broadcom Corporation 340 8.4 652.00 364.0 403.0 -9.7% 86 (-1) MasterCard Incorporated 308 9.5 3,617.00 364.0 320.0 13.8% 88 (-17) Public Service Enterprise Group Incorporated 274 10.9 1,518.00 332.0 478.0 -30.5% 89 (-2) St. Jude Medical, Inc. 466 5.6 1,002.00 328.0 315.0 4.1% 90 (+45) Stryker Corporation 300 9.7 515.00 315.0 204.0 54.4% 91 (+250) Aflac Incorporated 132 22.7 2,951.00 309.0 28.0 1003.6% 91 (+19) Computer Sciences Corporation 229 13.2 674.00 309.0 253.0 22.1% 93 (-31) Chesapeake Energy Corporation 142 21 1,917.00 303.0 644.0 -53.0% 94 (+22) Western Digital Corporation 205 15.1 1,617.00 300.0 240.0 25.0% 95 (-3) Baker Hughes Incorporated 119 24.5 1,719.00 291.0 282.0 3.2% 96 (+3) Stanley Black & Decker, Inc. 261 11.5 761.00 280.8 269.5 4.2% 97 (-2) Reinsurance Group of America, Incorporated 273 10.9 684.00 274.7 279.8 -1.8% 98 (+49) Tyson Foods, Inc. 83 37.6 864.00 272.0 175.0 55.4% 99 (+42) NetApp, Inc. 428 6.3 638.00 271.9 189.6 43.4% 100 (+4) U.S. Bancorp 138 21.4 5,851.00 267.0 264.0 1.1% 101 (+73) Safeway Inc. 84 36.6 113.00 262.7 137.5 91.1% 102 (+20) Altria Group, Inc. 169 17.9 5,070.00 258.0 227.0 13.7% 103 (+4) Kraft Foods Group, Inc. 165 18.2 1,043.00 256.0 259.0 -1.2% 104 (+23) Celgene Corporation 369 7.7 2,000.00 251.8 219.2 14.9% 105 (-8) NCR Corporation 412 6.6 191.00 248.0 277.0 -10.5% 106 (-22) Kroger 20 108.5 1,728.00 246.0 325.0 -24.3% 107 (-37) PVH Corp. 351 8.2 439.00 244.5 485.7 -49.7% 108 (+22) Ameriprise Financial, Inc. 247 12.3 1,619.00 242.0 209.0 15.8% 109 (+4) Devon Energy Corporation 152 19.6 1,607.00 241.0 243.0 -0.8% 110 (-8) Dow Chemical 48 58.2 3,772.00 240.0 266.0 -9.8% 110 (-4) Starwood Hotels & Resorts Worldwide, Inc. 442 6 633.00 240.0 261.0 -8.0% 110 (-9) Xerox Corporation 143 20.9 969.00 240.0 267.0 -10.1% 113 (+14) Interpublic Group of Companies, Inc. 372 7.5 477.00 238.0 219.2 8.6% 114 (-18) First Data Corporation 265 11.2 (458.00) 236.4 279.5 -15.4% 115 (+8) Jabil Circuit, Inc. 191 16.3 241.00 229.7 222.2 3.4% 116 (-5) Celanese Corporation 395 6.8 624.00 228.0 247.0 -7.7% 116 (+140) KBR, Inc. 424 6.4 (1,262.00) 228.0 68.0 235.3% 116 (+127) Micron Technology, Inc. 190 16.4 3,045.00 228.0 78.0 192.3% 119 (+19) Colgate-Palmolive Company 179 17.3 2,180.00 218.0 199.0 9.5% 119 (-19) Illinois Tool Works Inc. 201 15.3 2,946.00 218.0 268.0 -18.7% 121 (-3) United Parcel Service 47 58.2 3,032.00 217.0 235.0 -7.7% 122 (-28) Staples, Inc. 133 22.5 135.00 216.0 281.0 -23.1% 123 (+54) Thermo Fisher Scientific Inc. 181 17.1 1,894.00 214.1 134.2 59.5% 124 (-26) Deere & Company 86 36.1 3,162.00 213.0 272.0 -21.7% 124 (-4) Duke Energy Corporation 116 25.7 1,883.00 213.0 230.0 -7.4% 124 (-56) Fannie Mae 17 116.5 14,208.00 213.0 514.0 -58.6% 127 (-7) Coca-Cola Company 63 46 7,098.00 211.0 230.0 -8.3% 128 (-13) Northrop Grumman Corporation 124 24 2,069.00 210.0 241.0 -12.9% 128 (-39) SunTrust Banks, Inc. 327 8.7 1,774.00 210.0 291.0 -27.8% 130 (+34) DISH Network Corporation 208 14.6 945.00 207.7 151.4 37.2% 131 (-41) Baxter International Inc. 185 17 2,497.00 206.0 287.0 -28.2% 132 (+46) Becton, Dickinson and Company 338 8.4 1,185.00 197.0 134.0 47.0% 133 (+21) L Brands, Inc. 262 11.5 1,042.00 193.0 167.0 15.6% 133 (-41) Symantec Corporation 405 6.7 898.00 193.0 282.0 -31.6% 133 (0) Walgreen Co. 35 76.4 1,932.00 193.0 208.0 -7.2% 136 (-31) Ally Financial Inc. 295 9.8 1,150.00 191.0 262.0 -27.1% 137 (-7) Kinder Morgan, Inc. 193 16.2 1,026.00 189.0 209.0 -9.6% 138 (-13) Sealed Air Corporation 366 7.8 258.00 188.9 221.9 -14.9% 139 (+57) CVS Caremark 10 139.3 4,644.00 188.0 117.0 60.7% 140 (0) HD Supply Holdings, Inc. 316 9.2 3.00 187.0 192.0 -2.6% 141 (+8) Leucadia National Corporation 244 12.4 208.00 185.9 173.7 7.0% 142 (+16) Viacom Inc. 222 13.8 2,391.00 185.0 159.0 16.4% 143 (+4) American Electric Power Company, Inc. 184 17 1,634.00 182.0 175.0 4.0% 143 (-55) Liberty Mutual Holding Company Inc. 78 39.8 1,833.00 182.0 298.0 -38.9% 145 (+13) L-3 Communications Holdings, Inc. 252 12.1 664.00 180.0 159.0 13.2% 146 (-2) Discovery Communications, Inc. 430 6.3 1,139.00 176.0 185.0 -4.9% 147 (+5) Cummins Inc. 154 19.2 1,651.00 174.0 169.0 3.0% 148 (+57) Principal Financial Group, Inc. 282 10.5 1,144.00 172.4 108.9 58.3% 149 (-7) Macy’s, Inc. 105 28.1 1,526.00 172.0 189.0 -9.0% 150 (+262) Southern Company 163 18.5 1,963.00 170.0 7.0 2328.6% 151 (-5) TRW Automotive Holdings Corp. 175 17.5 293.00 168.0 176.0 -4.5% 152 (+56) Parker-Hannifin Corporation 230 13.2 1,041.00 164.8 107.4 53.4% 153 (+19) Philip Morris International Inc. 102 29.8 7,493.00 163.0 138.0 18.1% 153 (+7) State Street Corporation 278 10.7 2,037.00 163.0 158.0 3.2% 155 (+1) International Paper Company 114 26.2 555.00 158.0 161.0 -1.9% 156 (+23) Ashland Inc. 371 7.6 233.00 155.0 133.0 16.5% 156 (-11) Target 36 74.5 (1,636.00) 155.0 183.0 -15.3% 158 (-4) Monsanto Company 197 15.8 2,740.00 152.0 167.0 -9.0% 159 (+118) Union Pacific Corporation 123 24 5,180.00 151.0 59.0 155.9% 160 (-31) General Mills, Inc. 171 17.9 1,824.00 150.9 216.2 -30.2% 161 (+32) Sempra Energy 270 11 1,161.00 150.0 120.0 25.0% 162 (-53) Massachusetts Mutual Life Insurance Company 94 33.6 1,327.00 148.0 256.0 -42.2% 163 (N/A) SalesForce.com 483 5.4 (263.00) 146.2 NR N/A 164 (+66) Jarden Corporation 348 8.3 243.00 145.3 88.9 63.4% 165 (-41) Dominion Resources, Inc. 243 12.4 1,310.00 145.0 222.0 -34.7% 166 (-29) Twenty-First Century Fox, Inc. 97 31.9 4,514.00 144.0 200.0 -28.0% 167 (-4) Capital One Financial Corporation 126 23.9 4,428.00 143.0 153.0 -6.5% 168 (-32) Phillips 66 7 149.4 4,762.00 142.0 202.0 -29.7% 169 (+30) Whirlpool Corporation 148 19 650.00 141.0 113.0 24.8% 170 (+1) CBS Corporation 212 14.5 2,959.00 140.0 140.0 0.0% 171 (+2) Omnicom Group Inc. 200 15.3 1,104.00 139.8 137.8 1.5% 172 (N/A) Alliance Data Systems 494 5.3 506.00 137.6 NR N/A 173 (-16) Liberty Interactive Corporation 263 11.4 537.00 136.0 160.0 -15.0% 174 (+46) Cognizant Technology Solutions Corporation 288 10.3 1,439.00 135.6 96.6 40.4% 175 (-36) Applied Materials, Inc. 319 9.1 1,072.00 134.0 194.0 -30.9% 176 (+26) Biogen Idec Inc. 298 9.7 2,935.00 131.5 110.1 19.4% 177 (-12) Sears Holdings Corporation 99 31.2 (1,682.00) 131.0 150.0 -12.7% 178 (-2) V.F. Corporation 248 12.3 1,048.00 130.8 136.0 -3.8% 179 (+12) AGCO Corporation 296 9.7 410.00 130.6 122.2 6.9% 180 (+10) Avnet, Inc. 108 27.5 546.00 128.2 123.9 3.5% 181 (-38) SanDisk Corporation 408 6.6 1,007.00 125.2 185.3 -32.4% 182 (+6) Kohl’s Corporation 157 19 867.00 123.0 125.0 -1.6% 183 (-8) Avery Dennison Corporation 427 6.3 249.00 122.6 137.2 -10.6% 184 (-31) Quest Diagnostics Incorporated 375 7.4 556.00 122.0 168.0 -27.4% 184 (+1) Emerson Electric Co. 120 24.5 2,147.00 120.0 127.0 -5.5% 186 (-4) Freeport-McMoRan Copper & Gold Inc. 137 21.4 (1,308.00) 119.0 131.0 -9.2% 187 (+17) Franklin Resources, Inc. 335 8.5 2,384.00 118.2 109.5 7.9% 188 (+49) McGraw Hill Financial, Inc. 500 5.2 (115.00) 118.0 82.0 43.9% 189 (+107) Eastman Chemical Company 305 9.5 751.00 117.0 51.0 129.4% 190 (-10) Ralph Lauren Corporation 374 7.5 776.00 116.0 132.0 -12.1% 191 (+22) Anthem (Formerly WellPoint) 38 73.9 2,570.00 115.8 103.2 12.2% 192 (-7) National Oilwell Varco, Inc. 127 23.1 2,502.00 115.0 127.0 -9.4% 192 (-79) Yum! Brands, Inc. 228 13.3 1,051.00 115.0 243.0 -52.7% 194 (+3) Tenneco Inc. 341 8.4 226.00 114.0 115.0 -0.9% 195 (-15) Icahn Enterprises L.P. 155 19.2 (373.00) 113.0 132.0 -14.4% 196 (+35) Starbucks Corporation 187 16.4 2,068.00 112.7 88.8 26.9% 197 (+10) Time Warner Cable Inc. 130 22.8 2,031.00 112.0 108.0 3.7% 197 (-12) United States Steel Corporation 176 17.5 102.00 112.0 127.0 -11.8% 199 (N/A) Expedia 458 5.8 398.00 110.6 NR N/A 200 (+15) Dana Holding Corporation 410 6.6 319.00 109.0 101.0 7.9% 201 (-12) Air Products & Chemicals, Inc. 284 10.4 992.00 108.7 124.3 -12.6% 202 (+23) Texas Instruments Incorporated 233 13 2,821.00 108.0 91.0 18.7% 203 (-20) iHeartMedia (Formerly CC Communications) 429 6.3 (794.00) 106.9 129.4 -17.4% 204 (-42) Owens Corning 498 5.3 226.00 106.0 155.0 -31.6% 205 (-6) Realogy Holdings Corp. 488 5.3 143.00 106.0 113.0 -6.2% 206 (-12) Raytheon Company 129 22.8 2,244.00 104.0 118.0 -11.9% 207 (+5) Newell Rubbermaid Inc. 455 5.8 378.00 101.4 103.3 -1.8% 208 (+10) Mosaic Company 320 9.1 1,029.00 100.6 99.2 1.4% 209 (-8) Mattel, Inc. 439 6 499.00 100.4 111.4 -9.9% 210 (+4) Cameron International Corporation 275 10.8 811.00 97.0 102.6 -5.5% 210 (-26) Marsh & McLennan Companies, Inc. 235 13 1,465.00 97.0 128.0 -24.2% 212 (-51) Motorola Solutions, Inc. 363 7.8 1,299.00 96.0 147.0 -34.7% 213 (+33) Supervalu Inc. 164 18.4 182.00 94.0 76.0 23.7% 214 (-19) Western Union Company 468 5607 852.00 93.4 117.5 -20.5% 215 (+14) UnitedHealth Group 14 130.5 5,619.00 92.0 89.0 3.4% 216 (+29) Allergan, Inc. 380 7.2 1,524.00 91.6 77.3 18.5% 217 (+42) Williams Companies, Inc. 370 7.6 2,114.00 89.0 66.0 34.8% 218 (+10) Wynn Resorts, Limited 477 5.4 732.00 88.9 89.5 -0.7% 219 (-93) Qualcomm Incorporated 113 26.5 7,967.00 87.0 221.0 -60.6% 220 (+3) MeadWestvaco Corporation 464 5.6 263.00 85.0 95.0 -10.5% 221 (-5) ConAgra Foods, Inc. 173 17.8 303.00 84.9 100.0 -15.1% 222 (+10) Goodyear Tire & Rubber Company 166 18.1 2,452.00 81.0 88.0 -8.0% 223 (+1) Bed Bath & Beyond Inc. 260 11.5 1,022.00 80.0 92.6 -13.6% 223 (-53) Caesars Entertainment Corporation 328 8.7 (2,783.00) 80.0 142.3 -43.8% 223 (-55) Marathon Oil Corporation 227 13.3 3,046.00 80.0 146.0 -45.2% 226 (-7) Ecolab Inc. 213 14.3 1,203.00 78.7 98.7 -20.3% 227 (+12) Ross Stores, Inc. 269 11 925.00 78.1 80.3 -2.7% 228 (+13) Kellogg Company 210 14.6 632.00 78.0 79.0 -1.3% 229 (+7) Dover Corporation 346 8.3 775.00 77.1 82.6 -6.7% 230 (-14) Owens-Illinois, Inc. 399 6.8 75.00 77.0 100.0 -23.0% 230 (-27) PNC Financial Services Group, Inc. 192 16.3 4,184.00 77.0 110.0 -30.0% 232 (+8) Costco Wholesale 18 112.6 2,058.00 75.0 80.0 -6.3% 232 (+19) Gap, Inc. 188 16.4 1,262.00 75.0 72.0 4.2% 234 (+1) Terex Corporation 377 7.4 319.00 74.2 83.7 -11.4% 235 (+23) CHS Inc. 69 42.7 1,081.00 72.2 67.3 7.3% 236 (+23) Archer Daniels Midland 34 81.2 2,248.00 72.0 66.0 9.1% 237 (+55) H.J. Heinz Company 272 10.9 657.00 71.4 53.1 34.5% 238 (+33) Campbell Soup Company 342 8.4 818.00 71.0 61.0 16.4% 238 (+17) Clorox Company 469 5.6 558.00 71.0 69.0 2.9% 238 (-41) NRG Energy, Inc. 196 15.8 134.00 71.0 115.0 -38.3% 238 (-4) PPG Industries, Inc. 198 15.6 2,102.00 71.0 85.0 -16.5% 238 (-46) Praxair, Inc. 249 12.3 1,694.00 71.0 121.0 -41.3% 243 (+8) Republic Services, Inc. 323 8.8 548.00 70.1 72.0 -2.6% 244 (-23) Huntsman Corporation 259 11.6 323.00 68.0 96.0 -29.2% 245 (-23) CBRE Group, Inc. 321 9.1 485.00 67.0 95.7 -30.0% 246 (+66) Xcel Energy Inc. 255 11.7 1,021.00 66.5 41.2 61.4% 247 (N/A) Hanesbrands 490 5.3 405.00 66.2 NR N/A 248 (+62) Henry Schein, Inc. 287 10.4 466.00 65.8 43.2 52.3% 249 (+19) Ryder System, Inc. 407 6.6 219.00 65.6 62.6 4.8% 250 (-8) Ball Corporation 332 8.6 470.00 65.5 78.3 -16.3% 251 (-132) Energy Future Holdings Corp. 446 6 (6,406.00) 65.0 231.0 -71.9% 252 (+13) Harley-Davidson, Inc. 431 6.2 845.00 64.2 63.1 1.7% 253 (+13) Avis Budget Group, Inc. 336 8.5 245.00 63.0 63.0 0.0% 253 (+6) Nucor Corporation 139 21.1 714.00 63.0 66.0 -4.5% 255 (+27) Las Vegas Sands Corp. 209 14.6 2,841.00 62.8 56.7 10.8% 256 (N/A) Voya Financial 268 11.1 2,300.00 62.4 NR N/A 257 (N/A) Trinity Industries 433 6.2 678.00 62.3 NR N/A 258 (-4) J.C. Penney Company, Inc. 250 12.3 (771.00) 62.0 70.0 -11.4% 259 (+26) Health Net, Inc. 216 14 146.00 61.5 55.6 10.6% 260 (+3) Norfolk Southern Corporation 256 11.6 2,000.00 61.0 65.0 -6.2% 260 (+11) Occidental Petroleum Corporation 115 25.9 616.00 61.0 61.0 0.0% 262 (+93) BorgWarner Inc. 347 8.3 656.00 60.4 22.9 163.8% 263 (+11) TravelCenters of America LLC 365 7.8 61.00 60.0 60.0 0.0% 263 (-13) Visteon Corporation 344 8.3 (295.00) 60.0 73.0 -17.8% 265 (+25) AK Steel Holding Corporation 415 6.5 (97.00) 59.9 53.8 11.3% 266 (+15) Gannett Co., Inc. 441 6 1,062.00 58.9 57.3 2.8% 267 (+74) Avon Products, Inc. 322 8.6 (389.00) 58.7 28.0 109.6% 268 (+59) R.R. Donnelley & Sons Company 258 11.6 117.00 58.5 33.8 73.1% 269 (-5) Estée Lauder Companies Inc. 271 11 1,204.00 58.1 64.0 -9.2% 269 (+19) Quanta Services, Inc. 361 7.9 297.00 58.1 54.8 6.0% 271 (N/A) News Corporation 331 8.6 239.00 58.0 NR 0.0% 272 (-47) Loews Corporation 211 14.6 591.00 57.0 91.0 -37.4% 273 (-20) Automatic Data Processing, Inc. 251 12.2 1,516.00 56.5 70.7 -20.1% 274 (-18) Calpine Corporation 353 8 946.00 56.0 68.0 -17.6% 275 (+25) TJX Companies, Inc. 103 29.1 2,215.00 55.6 48.7 14.2% 276 (+10) Booz Allen Hamilton Holding Corp. 475 5.5 232.00 55.2 55.0 0.4% 277 (+173) Publix Super Markets, Inc. 101 30.8 1,735.00 55.0 0.0 0.0% 278 (-16) Sanmina 432 6.2 197.00 54.2 65.2 -16.9% 279 (-52) Ameren Corporation 438 6.1 586.00 54.0 90.0 -40.0% 280 (+77) Priceline Group Inc. 339 8.4 2,422.00 52.4 22.1 137.1% 281 (N/A) Navient 463 5.6 1,149.00 51.9 NR N/A 282 (+16) O’Reilly Automotive, Inc. 381 7.2 778.00 50.0 50.5 -1.0% 282 (+14) Regions Financial Corporation 479 5.4 1,155.00 50.0 51.0 -2.0% 282 (-36) Spectra Energy Corp 449 5.9 1,082.00 50.0 76.0 -34.2% 285 (-2) Mohawk Industries, Inc. 362 7.8 532.00 49.6 56.5 -12.2% 286 (-80) Sysco Corporation 61 46.5 932.00 49.2 108.3 -54.6% 287 (+26) Genworth Financial, Inc. 304 9.6 (1,244.00) 49.0 41.0 19.5% 288 (+40) CH2M HILL Companies, Ltd. 480 5414 (182.00) 48.6 32.8 48.2% 289 (N/A) Jones Lang LaSalle 478 5.4 386.00 48.5 NR N/A 290 (N/A) ARRIS Group 492 5.3 327.00 48.0 NR N/A 290 (-183) Domtar Corporation 470 5.6 431.00 48.0 259.0 -81.5% 290 (+11) Hartford Financial Services Group, Inc. 160 18.8 798.00 48.0 48.0 0.0% 290 (-13) Masco Corporation 334 8.5 856.00 48.0 59.0 -18.6% 294 (-3) AECOM Technology Corporation 343 8.4 230.00 47.5 53.7 -11.5% 295 (-63) Navistar International Corporation 276 10.8 (619.00) 47.0 88.0 -46.6% 296 (-20) US Foods, Inc. 128 23 (73.00) 46.6 59.3 -21.4% 297 (+20) Eversource Energy (Formerly Northeast Utilities) 367 7.7 820.00 46.2 38.2 20.9% 298 (+18) W.W. Grainger, Inc. 290 10 802.00 45.1 40.3 11.9% 299 (+8) Arrow Electronics, Inc 131 22.8 498.00 44.7 46.0 -2.8% 300 (-131) Peabody Energy Corporation 398 6.8 (787.00) 44.5 143.9 -69.1% 301 (N/A) Harman International Industries 486 5.3 235.00 44.2 NR N/A 302 (+7) FMC Technologies, Inc. 357 7.9 700.00 43.5 44.2 -1.6% 303 (+3) AmerisourceBergen 16 119.6 277.00 42.9 46.3 -7.3% 304 (-5) Waste Management, Inc. 217 14 1,298.00 42.0 49.0 -14.3% 305 (-10) Jacobs Engineering Group Inc. 239 12.7 328.00 41.9 51.8 -19.1% 306 (-20) Quintiles Transnational Holdings Inc. 476 5.5 356.00 40.8 55.0 -25.8% 307 (+11) Delta Air Lines, Inc. 73 40.4 659.00 40.0 37.0 8.1% 307 (-6) Foot Locker, Inc. 384 7.1 520.00 40.0 48.0 -16.7% 309 (-1) Lear Corporation 174 17.7 672.00 39.7 45.2 -12.2% 310 (+4) Rockwell Automation, Inc. 409 6.6 827.00 38.9 40.8 -4.7% 311 (+25) Darden Restaurants, Inc. 325 8.8 286.00 38.1 29.9 27.4% 312 (-7) FedEx Corporation 65 45.6 2,097.00 38.0 47.0 -19.1% 312 (-1) Tenet Healthcare Corporation 170 17.9 12.00 38.0 43.0 -11.6% 314 (+46) Rock-Tenn Company 293 9.9 480.00 36.5 21.3 71.4% 315 (-49) Alcoa Inc. 125 23.9 268.00 35.0 63.0 -44.4% 315 (+3) PPL Corporation 257 11.6 1,737.00 35.0 37.0 -5.4% 315 (+7) Wyndham Worldwide Corporation 497 5.3 529.00 35.0 36.0 -2.8% 318 (N/A) Netflix 474 5.5 267.00 34.8 NR N/A 319 (+85) Consolidated Edison, Inc. 236 12.9 1,092.00 34.0 9.0 277.8% 319 (-18) FirstEnergy Corp. 206 15.1 299.00 34.0 48.0 -29.2% 319 (-30) Fluor Corporation 136 21.5 511.00 34.0 54.1 -37.2% 322 (-4) Oshkosh Corporation 394 6.8 309.00 33.5 37.0 -9.5% 323 (+11) AutoZone, Inc. 307 9.5 1,070.00 33.1 30.6 8.2% 324 (-174) PulteGroup, Inc. 453 5.8 474.00 32.9 173.3 -81.0% 325 (-115) Hershey Company 376 7.4 847.00 32.2 104.0 -69.0% 326 (-53) DaVita HealthCare Partners Inc. 231 13.2 723.00 31.9 60.5 -47.3% 326 (-47) General Cable Corporation 443 6 (628.00) 31.9 57.7 -44.7% 328 (+9) J.B. Hunt Transport Services, Inc. 434 6.2 375.00 31.6 29.7 6.4% 328 (+4) Sherwin-Williams Company 266 11.1 866.00 31.6 31.0 1.9% 330 (-121) MGM Resorts International 289 10.1 (150.00) 31.1 106.2 -70.7% 331 (-2) ManpowerGroup Inc. 144 20.8 428.00 30.8 32.3 -4.6% 332 (-9) Ingram Micro Inc. 62 46.5 267.00 30.4 35.4 -14.1% 333 (-15) Toys “R” Us, Inc. 245 12.4 (292.00) 30.0 37.0 -18.9% 334 (+3) J.M. Smucker Company 467 5.6 565.00 29.1 29.7 -2.0% 335 (-42) Advanced Micro Devices, Inc. 473 5.5 (403.00) 28.0 52.0 -46.2% 336 (N/A) Amphenol 487 5.3 709.00 27.7 NR N/A 337 (+3) Commercial Metals Company 388 7.1 116.00 27.3 28.6 -4.5% 338 (-69) Reynolds American Inc. 337 8.5 1,470.00 27.0 62.0 -56.5% 339 (-24) Dean Foods Company 306 9.5 (20.00) 26.5 40.5 -34.6% 340 (-10) Aramark Holdings Corporation 207 14.8 149.00 26.2 32.0 -18.1% 341 (+31) CIGNA Corporation 90 35.1 2,102.00 26.0 17.0 52.9% 341 (-9) Crown Holdings, Inc. 318 9.1 387.00 26.0 31.0 -16.1% 343 (+5) CarMax, Inc. 232 13.1 493.00 25.0 26.3 -4.9% 344 (-9) Family Dollar Stores, Inc. 281 10.5 285.00 24.7 30.2 -18.2% 345 (+7) NiSource Inc. 418 6.5 530.00 24.4 23.8 2.5% 346 (+1) World Fuel Services Corporation 68 43.4 222.00 24.3 26.5 -8.3% 347 (-22) Ingredion Incorporated 462 5.7 355.00 23.0 34.0 -32.4% 347 (+28) Office Depot, Inc. 194 16.1 (354.00) 23.0 15.0 53.3% 347 (+14) Travelers Companies, Inc. 112 27.2 3,692.00 23.0 21.0 9.5% 350 (+13) Hormel Foods Corporation 310 9.3 603.00 22.6 20.1 12.4% 351 (+7) Synnex Corporation 220 13.8 180.00 21.9 21.9 0.0% 352 (+4) Autoliv, Inc. 312 9.2 468.00 21.5 22.7 -5.3% 353 (+9) GameStop Corp. 311 9.3 393.00 21.4 20.6 3.9% 354 (-1) CSX Corporation 240 12.6 1,927.00 21.0 23.0 -8.7% 354 (-13) Tesoro Corporation 77 40.1 843.00 21.0 28.0 -25.0% 356 (+9) Reliance Steel & Aluminum Co. 283 10.5 372.00 20.2 19.4 4.1% 357 (-6) WESCO International, Inc. 360 7.9 276.00 20.0 25.5 -21.6% 358 (+9) The Blackstone Group L.P. 373 7.5 1,585.00 19.8 18.9 4.8% 358 (+11) Unum Group 279 10.5 413.00 19.8 18.4 7.6% 360 (-85) Genuine Parts Company 199 15.3 711.00 19.5 59.5 -67.2% 361 (-30) Barnes & Noble, Inc. 423 6.4 (47.00) 19.2 31.5 -39.0% 362 (+31) Huntington Ingalls Industries, Inc. 390 7 338.00 19.0 11.0 72.7% 363 (-24) Fidelity National Information Services, Inc. 422 6.4 679.00 18.4 29.2 -37.0% 364 (+9) C. H. Robinson Worldwide, Inc. 225 13.5 450.00 18.3 16.9 8.3% 365 (+6) PetSmart, Inc. 386 7.1 426.00 17.8* 17.8 0.0% 366 (-20) Steel Dynamics, Inc. 326 8.8 157.00 17.3 26.6 -35.0% 367 (+12) CenturyLink, Inc. 168 18 772.00 17.0 14.0 21.4% 367 (+22) Level 3 Communications, Inc. 401 6.8 314.00 17.0 13.0 30.8% 369 (-19) Laboratory Corporation of America Holdings 440 6 511.00 16.7 25.6 -34.8% 370 (+8) Omnicare, Inc. 414 6.5 145.00 16.5 14.8 11.5% 371 (+74) Community Health Systems, Inc. 135 22 92.00 16.0 0.5 3100.0% 371 (+22) JetBlue Airways Corporation 454 5.8 401.00 16.0 11.0 45.5% 371 (+8) Precision Castparts Corp. 302 9.6 1,777.00 16.0 14.0 14.3% 374 (-137) Lincoln National Corporation 223 13.6 1,515.00 15.0 82.0 -81.7% 374 (+5) Nordstrom, Inc. 224 13.5 720.00 15.0 14.0 7.1% 376 (-8) Advance Auto Parts, Inc. 294 9.8 494.00 14.0 18.5 -24.3% 377 (+20) Western Refining, Inc. 204 15.2 560.00 13.8 10.6 30.2% 378 (+1) Penske Automotive Group, Inc. 177 17.4 287.00 13.1 14.0 -6.4% 379 (0) Dr Pepper Snapple Group, Inc. 437 6.1 703.00 13.0 14.0 -7.1% 380 (+8) Harbinger Group Inc. 447 6 (10.00) 12.6 13.8 -8.7% 380 (+12) Live Nation Entertainment, Inc. 392 6.9 (91.00) 12.6 12.9 -2.3% 382 (+9) Marathon Petroleum 25 91.4 2,524.00 12.0 13.0 -7.7% 382 (+7) PACCAR Inc 158 19 1,359.00 12.0 13.1 -8.4% 384 (+18) Charles Schwab Corporation 435 6.2 1,321.00 11.0 10.0 10.0% 384 (+28) Fifth Third Bancorp 416 6.5 1,481.00 11.0 7.0 57.1% 384 (-35) Weyerhaeuser Company 355 8 1,826.00 11.0 26.0 -57.7% 387 (+63) WellCare Health Plans, Inc. 234 13 64.00 10.4 0.0 0.0% 388 (-13) Corning Incorporated 297 9.7 2,472.00 10.0 15.0 -33.3% 388 (+33) Host Hotels & Resorts, Inc. 485 5.4 732.00 10.0 5.0 100.0% 388 (-63) Marriott International, Inc. 221 13.8 753.00 10.0 34.0 -70.6% 391 (+10) Rite Aid Corporation 117 25.5 249.00 9.5 10.1 -5.9% 392 (-28) Dollar General Corporation 159 18.9 1,065.00 9.3 19.6 -52.6% 393 (+13) Casey’s General Stores, Inc. 382 7.2 127.00 9.2 8.9 3.4% 394 (+8) DTE Energy Company 246 12.3 905.00 9.0 10.0 -10.0% 394 (-15) United Continental Holdings, Inc. 79 38.9 1,132.00 9.0 14.0 -35.7% 396 (+14) Dick’s Sporting Goods, Inc. 393 6.8 344.00 8.4 7.5 12.0% 397 (+1) Lennar Corporation 364 7.8 639.00 7.3 10.5 -30.5% 398 (+19) KKR & Co. L.P. 356 8 478.00 7.2 6.0 20.0% 399 (-130) Lowe’s Companies 50 56.2 2,698.00 7.0 62.0 -88.7% 399 (-46) United Rentals, Inc. 461 5.7 540.00 7.0 23.0 -69.6% 401 (+10) Seaboard Corporation 417 6.5 365.00 6.9 7.3 -5.5% 402 (+22) Owens & Minor, Inc. 309 9.4 67.00 6.7 4.6 45.7% 403 (+17) Dollar Tree, Inc. 330 8.6 599.00 6.5 5.5 18.2% 404 (-4) Assurant, Inc. 285 10.4 471.00 6.3 10.3 -38.8% 405 (+45) Murphy USA Inc. 202 15.3 244.00 6.1 0.0 0.0% 406 (+11) American Airlines Group Inc. (formerly known as AMR) 70 42.7 2,882.00 6.0 6.0 0.0% 406 (+10) Murphy Oil Corporation 350 8.3 906.00 6.0 6.4 -6.3% 406 (-13) Prudential Financial, Inc. 55 54.1 1,381.00 6.0 11.0 -45.5% 409 (N/A) Spirit AeroSystems Holdings 396 6.8 359.00 5.9 NR N/A 410 (+4) Sonic Automotive, Inc. 315 9.2 97.00 5.7 6.7 -14.9% 411 (+13) Windstream Holdings, Inc. 452 5.8 (40.00) 5.6 4.6 21.7% 412 (+23) EMCOR Group, Inc. 421 6.4 169.00 5.2 3.1 67.7% 413 (+6) Tech Data Corporation 107 27.7 175.00 5.1 5.9 -13.6% 414 (+14) CMS Energy Corporation 383 7.2 477.00 5.0 4.0 25.0% 414 (-39) Fidelity National Financial, Inc. 314 9.2 583.00 5.0 15.0 -66.7% 414 (+7) Southwest Airlines Co. 161 18.6 1,136.00 5.0 5.0 0.0% 417 (+6) AutoNation, Inc. 156 19.1 419.00 4.9 4.8 2.1% 417 (-9) Con-way Inc. 456 5.8 137.00 4.9 8.4 -41.7% 419 (-4) Dillard’s, Inc. 400 6.8 332.00 4.8 6.5 -26.2% 420 (N/A) Packaging Corp. of America 451 5.9 393.00 4.4 NR N/A 421 (-141) Cablevision Systems Corporation 419 6.5 311.00 4.0 57.4 -93.0% 421 (+13) Centene Corporation 186 16.6 271.00 4.0 3.3 21.2% 421 (+5) Insight Enterprises, Inc. 493 5.3 76.00 4.0 4.2 -4.8% 424 (+16) Tractor Supply Company 460 5.7 371.00 3.5 2.5 40.0% 425 (+4) Integrys Energy Group, Inc. 404 6.7 277.00 3.3 3.6 -8.3% 426 (+9) Essendant (Formerly United Stationers Inc.) 489 5.3 119.00 3.2 3.1 3.2% 427 (+3) Graybar Electric Company, Inc. 445 6 87.00 3.1 3.4 -8.8% 428 (+2) Anixter International Inc. 420 6.4 195.00 3.0 3.4 -11.8% 429 (N/A) Delek US Holdings 345 8.3 199.00 2.7 NR N/A 430 (+11) LKQ Corporation 403 6.7 382.00 2.6 1.8 44.4% 430 (-21) Molina Healthcare, Inc. 301 9.7 62.00 2.6 8.0 -67.5% 432 (+7) Kelly Services, Inc. 471 5.6 24.00 2.4 2.8 -14.3% 432 (-2) UGI Corporation 349 8.3 337.00 2.4 3.4 -29.4% 432 (-2) Universal Health Services, Inc. 324 8.8 545.00 2.4 3.4 -29.4% 435 (N/A) SpartanNash 359 7.9 59.00 2.2 NR N/A 436 (N/A) LifePoint Health 495 5.3 126.00 1.7 NR N/A 437 (N/A) Lithia Motors 482 5.4 139.00 1.5 NR N/A 438 (+4) Land O’Lakes, Inc. 203 15.2 267.00 1.4 1.5 -6.7% 439 (N/A) A-Mark Precious Metals 444 6 8.00 0.7 NR N/A 440 (+4) Core-Mark Holding Company, Inc. 352 8.2 43.00 0.4 0.6 -33.3% 441 (+5) Asbury Automotive Group, Inc. 450 5.8 112.00 0.3 0.3 0.0% 442 (+8) Aetna Inc. 49 58 2,041.00 0.0 0.0 0.0% 442 (N/A) AGL Resources 465 5.6 482.00 0.0 NR N/A 442 (+8) Alaska Air Group, Inc. 484 5.4 605.00 0.0 0.0 0.0% 442 (+8) Alleghany Corporation 499 5.2 679.00 0.0 0.0 0.0% 442 (+8) Allstate Corporation 89 35.2 2,850.00 0.0 0.0 0.0% 442 (-76) American Financial Group, Inc. 459 5.7 452.00 0.0 19.0 -100.0% 442 (-5) Apache Corporation 218 13.9 (5,403.00) 0.0 3.0 -100.0% 442 (+8) Buckeye Partners, L.P. 406 6.6 273.00 0.0 0.0 0.0% 442 (+8) Calumet Specialty Products Partners, L.P. 457 5.8 (112.00) 0.0 0.0 0.0% 442 (+8) CDW Corporation 253 12.1 245.00 0.0 0.0 0.0% 442 (+8) CenterPoint Energy, Inc. 313 9.2 611.00 0.0 0.0 0.0% 442 (+8) Charter Communications, Inc. 317 9.1 (183.00) 0.0 0.0 0.0% 442 (+8) Chubb Corporation 215 14.1 2,100.00 0.0 0.0 0.0% 442 (+8) Coca-Cola Enterprises, Inc. 368 7.7 663.00 0.0 0.0 0.0% 442 (+8) CST Brands, Inc. 277 10.8 200.00 0.0 0.0 0.0% 442 (-16) D.R. Horton, Inc. 354 8 534.00 0.0 4.2 -100.0% 442 (+8) Enterprise Products Partners L.P. 59 48 2,787.00 0.0 0.0 0.0% 442 (+8) EOG Resources, Inc. 167 18 2,916.00 0.0 0.0 0.0% 442 (+8) Erie Insurance Group 436 6.1 168.00 0.0 0.0 0.0% 442 (+8) Expeditors International of Washington, Inc. 413 6.6 377.00 0.0 0.0 0.0% 442 (N/A) Farmers Insurance Exchange 264 11.3 3.00 0.0 NR N/A 441 (+9) Freddie Mac 42 69.4 7,690.00 0.0 0.0 0.0% 442 (+8) General Dynamics Corporation 100 30.9 2,533.00 0.0 0.0 0.0% 442 (+8) Global Partners LP 180 17.3 115.00 0.0 0.0 0.0% 442 (+8) Group 1 Automotive, Inc. 291 9.9 93.00 0.0 0.0 0.0% 442 (-38) HollyFrontier Corporation 150 19.8 281.00 0.0 9.0 -100.0% 442 (+8) Humana Inc. 58 48.5 1,147.00 0.0 0.0 0.0% 442 (+7) INTL FCStone Inc. 93 34.1 19.00 0.0 0.1 -100.0% 442 (+8) Jones Financial Companies,L.L.L.P. 426 6.3 770.00 0.0 0.0 0.0% 442 (+4) Kindred Healthcare, Inc. 491 5.3 (80.00) 0.0 0.3 -100.0% 442 (+8) Lockheed Martin Corporation 64 45.6 3,614.00 0.0 0.0 0.0% 442 (+8) MRC Global Inc. 448 5.9 144.00 0.0 0.0 0.0% 442 (+8) Mutual of Omaha Insurance Company 391 6.9 292.00 0.0 0.0 0.0% 442 (+8) NextEra Energy, Inc. 183 17 2,465.00 0.0 0.0 0.0% 442 (N/A) NGL Energy Partners 299 9.7 48.00 0.0 NR N/A 442 (+8) Old Republic International Corporation 472 5.5 410.00 0.0 0.0 0.0% 442 (+8) ONEOK, Inc. 237 12.8 314.00 0.0 0.0 0.0% 442 (+8) Pacific Life 387 7.1 540.00 0.0 0.0 0.0% 442 (+8) Pantry, Inc. 402 6.8 13.00 0.0 0.0 0.0% 442 (+8) PBF Energy Inc. 149 19.8 (38.00) 0.0 0.0 0.0% 442 (N/A) Pioneer Natural Resources 496 5.3 930.00 0.0 NR N/A 442 (+8) Plains GP Holdings, L.P. 67 43.5 70.00 0.0 0.0 0.0% 442 (+8) Progressive Corporation 153 19.4 1,281.00 0.0 0.0 0.0% 442 (+8) Targa Resources Corp. 329 8.6 102.00 0.0 0.0 0.0% 442 (+8) United Natural Foods, Inc. 397 6.8 126.00 0.0 0.0 0.0% 442 (+8) W.R. Berkley Corporation 385 7.1 649.00 0.0 0.0 0.0% 442 (-5) Whole Foods Market, Inc. 214 14.2 579.00 0.0 3.0 -100.0% 489 (+1) American Family Ins. Group 358 7.9 515.00 N/A N/A N/A 489 (+1) Auto-Owners Insurance Group 425 6.3 564.00 N/A N/A N/A 489 (+1) Guardian Life Ins. Co. of America 254 11.9 445.00 N/A N/A N/A 489 (N/A) Lansing Trade Group 411 6.6 58.00 N/A NR N/A 489 (+1) Nationwide Mutual Insurance Co. 85 36.3 432.00 N/A N/A N/A 489 (+1) New York Life Insurance Company 80 38.7 1,602.00 N/A N/A N/A 489 (+1) Peter Kiewit Sons’, Inc. 286 10.4 350.00 N/A N/A N/A 489 (+1) State Farm Insurance Cos. 41 71.2 4,191.00 N/A N/A N/A 489 (+1) Thrivent Financial for Lutherans 333 8.5 753.00 N/A N/A N/A 489 (+1) TIAA-CREF 92 34.2 967.00 N/A N/A N/A 489 (+1) United Services Automobile Association 122 24 3,410.00 N/A N/A N/A 489 (N/A) Western & Southern Financial Group 481 5.4 790.00 N/A NR N/A For some Ferraro 500 companies, the reserve amount reflected on the list includes interest and penalties. For example, AT&T’s $5.438 billion reserve includes interest and penalties of $973 million. Similarly, GE’s $6.529 billion reserve amount includes $807 million of interest and $103 million of penalties.
Other Ferraro 500 companies do not include interest and penalties in the unrecognized tax benefits figure; rather, these companies report interest and penalties as selling, general, and administrative expenses, as interest expense, or as part of another item on their financial statements. For these companies, the actual reserve amount exceeds the reserves listed above. For example, Procter & Gamble reported unrecognized tax benefits of $1.437 billion, which does not include interest and penalties of $411 million and $32 million, respectively. Thus, Procter & Gamble’s reserve amount is actually $1.88 billion, $443 million higher than the $1.437 billion figure reflected on the Ferraro 500. Similarly, Chevron did not include $233 million of interest and penalties in its reported $3.552 billion of unrecognized tax benefits. Thus, Chevron’s reserve actually totals $3.785 billion, $233 million higher than the reserve amount above.
N/A is utilized where the UTB reserve could not be determined. Certain insurance companies and certain publicly traded partnerships do not report reserve amounts, and as such, the reserve amounts for these companies are not available.
NR is utilized where the company was not on the Ferraro 500 in 2014.
*Securities terminated in March of 2015 due to acquisition transaction wherein PetSmart was merged into Argos Merger Sub Inc. with PetSmart, Inc. as the surviving entity.
All information is believed to be accurate as of June 15, 2015, but The Ferraro Law Firm cannot vouch for the validity of any information contained in any financial statement.
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Ferraro 500 – 2010 Archive
Ferraro 500 – 2010 Archive
The Ferraro 500 is a reorganization of the Fortune 500 by the size of the companies’ Unrecognized Tax Benefit reserve (“Tax Reserve”). Under the accounting requirements of FIN 48, a company must reserve, or in other words “hold back,” earnings for tax positions for which the company thinks the IRS has a greater likelihood of prevailing than the company. This Tax Reserve amount can be substantial, especially when compared to the annual revenue generated by the company. The issues that currently make up a company’s Tax Reserve are not generally disclosed to the IRS but rather are contained in the tax accrual work papers of the company. The details in the tax accrual work papers often make for valuable tax whistleblower submissions.
Ferraro 500 Rank Fortune 500 Rank Company Revenues ($ millions) Profits ($ millions) Tax Reserve ($ millions) 1 4 General Electric 156,779.0 11,025.0 8,719.0 2 40 Pfizer 50,009.0 8,635.0 7,657.0 3 7 AT&T 123,018.0 12,535.0 7,523.0 4 9 J.P. Morgan Chase & Co. 115,632.0 11,728.0 6,608.0 5 15 General Motors 104,589.0 n/a 5,410.0 6 36 Microsoft 58,437.0 14,569.0 5,403.0 7 5 Bank of America Corp. 150,450.0 6,276.0 5,253.0 8 19 Wells Fargo 98,636.0 12,275.0 4,921.0 9 16 American International Group 103,189.0 -10,949.0 4,843.0 10 20 International Business Machines 95,758.0 13,425.0 4,790.0 11 2 Exxon Mobil 284,650.0 19,280.0 4,725.0 12 85 Merck 27,428.3 12,901.3 4,341.1 13 70 Morgan Stanley 31,515.0 1,346.0 4,052.0 14 13 Verizon Communications 107,808.0 3,651.0 3,400.0 15 3 Chevron 163,527.0 10,483.0 3,195.0 16 12 Citigroup 108,785.0 -1,606.0 3,079.0 17 58 Cisco Systems 36,117.0 6,134.0 2,816.0 18 33 Johnson & Johnson 61,897.0 12,266.0 2,403.0 19 105 Oracle 23,252.0 5,593.0 2,262.0 20 75 Abbott Laboratories 30,764.7 5,745.8 2,172.0 21 22 Procter & Gamble 79,697.0 13,436.0 2,003.0 22 82 Time Warner 28,842.0 2,468.0 1,953.0 23 39 Goldman Sachs Group 51,673.0 13,385.0 1,925.0 24 10 Hewlett-Packard 114,552.0 7,660.0 1,888.0 25 38 Dell 52,902.0 1,433.0 1,793.0 26 28 Boeing 68,281.0 1,312.0 1,787.0 27 50 PepsiCo 43,232.0 5,946.0 1,731.0 28 246 Energy Future Holdings 9,546.0 344.0 1,638.0 29 134 Exelon 17,318.0 2,707.0 1,498.0 30 6 ConocoPhillips 139,515.0 4,858.0 1,208.0 31 102 Google 23,650.6 6,520.4 1,187.7 32 59 Comcast 35,756.0 3,638.0 1,185.0 33 8 Ford Motor 118,308.0 2,717.0 1,173.0 34 159 Amgen 14,642.0 4,605.0 1,140.0 35 88 American Express 26,730.0 2,130.0 1,081.0 36 83 Johnson Controls 28,497.0 -338.0 1,049.0 37 112 Eli Lilly 21,836.0 4,328.8 1,038.3 38 279 Boston Scientific 8,188.0 -1,025.0 1,038.0 39 114 Bristol-Myers Squibb 21,634.0 10,612.0 1,026.0 40 1 Wal-Mart Stores 408,214.0 14,335.0 1,019.0 41 438 Starwood Hotels & Resorts 4,712.0 73.0 999.0 42 56 Apple 36,537.0 5,704.0 971.0 43 461 Agilent Technologies 4,481.0 -31.0 930.0 44 11 Berkshire Hathaway 112,493.0 8,055.0 926.0 45 81 Fannie Mae 29,065.0 -71,969.0 911.0 46 343 Yahoo 6,460.3 598.0 893.5 47 404 Amerigroup 5,188.1 149.3 882.0 48 17 Cardinal Health 99,612.9 1,151.6 848.8 49 267 eBay 8,727.4 2,389.1 838.6 50 186 Public Service Enterprise Group 12,406.0 1,592.0 836.0 51 53 Kraft Foods 40,386.0 3,021.0 829.0 52 54 Freddie Mac 37,614.0 -21,553.0 805.0 53 37 United Technologies 52,920.0 3,829.0 793.0 54 51 MetLife 41,098.0 -2,246.0 773.0 55 66 Caterpillar 32,396.0 895.0 761.0 56 86 DuPont 27,328.0 1,755.0 739.0 57 169 Illinois Tool Works 13,903.6 947.0 725.0 58 74 Honeywell International 30,908.0 2,153.0 720.0 59 57 Walt Disney 36,149.0 3,307.0 686.0 60 173 PG&E Corp. 13,399.0 1,220.0 673.0 61 181 Duke Energy 12,731.0 1,075.0 664.0 62 187 Edison International 12,361.0 849.0 664.0 63 29 Home Depot 66,176.0 2,661.0 659.0 64 46 Dow Chemical 44,945.0 648.0 650.0 65 263 NRG Energy 8,952.0 942.0 643.0 66 77 HCA 30,052.0 1,054.0 628.0 67 14 McKesson 106,632.0 823.0 619.0 68 106 3M 23,123.0 3,193.0 618.0 69 409 Avis Budget Group 5,131.0 -47.0 603.0 70 137 Altria Group 16,824.0 3,206.0 601.0 71 23 Kroger 76,733.2 70.0 586.0 72 155 General Mills 14,691.3 1,304.4 570.1 73 126 Kimberly-Clark 19,115.0 1,884.0 570.0 74 180 Sara Lee 12,881.0 364.0 547.0 75 353 Symantec 6,149.9 -6,728.9 543.0 76 116 DirecTV Group 21,565.0 942.0 527.0 77 375 Pitney Bowes 5,569.2 423.4 515.6 78 156 AES 14,690.0 658.0 511.0 79 65 Prudential Financial 32,688.0 3,124.0 510.0 80 108 McDonald’s 22,744.7 4,551.0 492.0 81 26 Valero Energy 70,035.0 -1,982.0 484.0 82 378 Dr. Pepper Snapple Group 5,531.0 555.0 483.0 83 413 Western Union 5,083.6 848.8 477.2 84 95 Raytheon 24,881.0 1,935.0 469.0 85 110 Motorola 22,063.0 -51.0 466.0 86 351 Fortune Brands 6,205.4 242.8 460.5 87 76 News Corp. 30,423.0 -3,378.0 458.0 88 185 Baxter International 12,562.0 2,205.0 458.0 89 30 Target 65,357.0 2,488.0 452.0 90 138 Computer Sciences 16,739.9 1,115.2 442.0 91 121 U.S. Bancorp 19,490.0 2,205.0 440.0 92 207 Danaher 11,184.9 1,151.7 439.3 93 326 Visa 6,911.0 2,353.0 439.0 94 160 Medtronic 14,599.0 2,169.0 431.0 95 61 Northrop Grumman 35,291.0 1,686.0 429.0 96 290 Icahn Enterprises 7,865.0 234.0 420.0 97 115 Northwestern Mutual 21,602.6 321.0 418.0 98 250 First Data 9,313.8 -1,086.4 415.0 99 300 PPL 7,585.0 407.0 410.0 100 460 Broadcom 4,490.3 65.3 400.8 101 210 Liberty Global 11,110.4 -412.1 400.6 102 45 Best Buy 45,015.0 1,003.0 393.0 103 262 Praxair 8,956.0 1,254.0 372.0 104 264 Harrah’s Entertainment 8,907.4 827.6 362.0 105 249 State Street Corp. 9,362.0 -1,881.0 359.0 106 144 Capital One Financial 15,980.1 883.8 358.9 107 197 Monsanto 11,740.0 2,109.0 358.0 108 72 Coca-Cola 30,990.0 6,824.0 354.0 109 243 Baker Hughes 9,664.0 421.0 339.0 110 256 Lincoln National 9,071.8 -484.7 336.0 111 274 Bank of New York Mellon Corp. 8,345.0 -1,084.0 335.0 112 113 Coca-Cola Enterprises 21,645.0 731.0 334.0 113 219 Entergy 10,745.7 1,231.1 327.9 114 423 CenturyTel 4,974.2 647.2 327.2 115 482 CA 4,271.0 694.0 326.0 116 421 Applied Materials 5,013.6 -305.3 325.3 117 149 Constellation Energy 15,598.8 4,443.4 312.5 118 48 Sears Holdings 44,043.0 235.0 310.0 119 104 International Paper 23,366.0 663.0 308.0 120 286 Discover Financial Services 7,985.7 1,276.2 305.7 121 216 Yum Brands 10,836.0 1,071.0 301.0 122 89 Rite Aid 26,289.5 -2,915.4 300.7 123 170 Viacom 13,619.0 1,611.0 300.0 124 357 MeadWestvaco 6,049.0 225.0 297.0 125 220 Textron 10,548.0 -31.0 294.0 126 333 Stryker 6,723.1 1,107.4 292.7 127 153 Dominion Resources 15,131.0 1,287.0 291.0 128 451 NCR 4,612.0 -33.0 288.0 129 257 Genworth Financial 9,069.0 -460.0 285.0 130 441 BlackRock 4,699.3 875.1 285.0 131 67 Sprint Nextel 32,260.0 -2,436.0 284.0 132 188 Qwest Communications 12,311.0 662.0 282.0 133 320 Ameren 7,090.0 612.0 281.0 134 494 Electronic Arts 4,212.0 -1,088.0 278.0 135 367 Dover 5,831.0 356.4 276.6 136 124 Nike 19,176.1 1,486.7 273.9 137 261 Devon Energy 8,960.0 -2,479.0 272.0 138 79 Hess 29,569.0 740.0 271.0 139 43 United Parcel Service 45,297.0 2,152.0 266.0 140 101 Staples 24,275.5 738.7 264.3 141 158 Halliburton 14,675.0 1,145.0 263.0 142 435 Black & Decker 4,775.1 132.5 260.3 143 107 Deere 23,112.4 873.5 260.0 144 447 El Paso 4,631.0 -539.0 260.0 145 308 Estee Lauder 7,323.8 218.4 259.1 146 297 Eastman Kodak 7,606.0 -210.0 256.0 147 154 Freeport-McMoRan Copper & Gold 15,040.0 2,749.0 253.0 148 213 Marriott International 10,908.0 -346.0 249.0 149 251 Pepco Holdings 9,259.0 235.0 246.0 150 385 Northeast Utilities 5,439.4 330.0 244.0 151 278 Republic Services 8,199.1 495.0 242.2 152 200 DISH Network 11,664.2 635.5 240.0 153 376 CC Media Holdings 5,551.9 -4,034.1 237.5 154 412 Mylan 5,092.8 232.6 237.5 155 172 American Electric Power 13,489.0 1,357.0 237.0 156 87 Tyson Foods 27,165.0 -537.0 233.0 157 296 Chesapeake Energy 7,701.9 -5,830.0 231.0 158 387 Mattel 5,430.8 528.7 230.0 159 177 CBS 13,014.6 226.5 229.7 160 123 PNC Financial Services Group 19,231.0 2,447.0 227.0 161 111 Fluor 21,990.3 684.9 226.8 162 383 Domtar 5,465.0 310.0 226.0 163 321 Reinsurance Group of America 7,066.8 407.1 221.0 164 71 Liberty Mutual Insurance Group 31,094.0 1,023.0 221.0 165 21 UnitedHealth Group 87,138.0 3,822.0 220.0 166 62 Intel 35,127.0 4,369.0 220.0 167 148 L-3 Communications 15,615.0 901.0 219.0 168 44 Lockheed Martin 45,189.0 3,024.0 217.0 169 129 Cigna 18,414.0 1,302.0 214.0 170 414 Celanese 5,082.0 488.0 208.0 171 103 Macy’s 23,489.0 350.0 207.0 172 221 Marsh & McLennan 10,493.0 227.0 206.0 173 472 AbitibiBowater 4,366.0 -1,553.0 206.0 174 227 Liberty Media 10,398.0 6,462.0 205.0 175 198 Omnicom Group 11,720.7 793.0 202.8 176 231 Mosaic 10,298.0 2,350.2 200.1 177 145 Southern 15,743.0 1,643.0 199.0 178 166 EMC 14,025.9 1,088.1 197.1 179 194 Eaton 11,873.0 383.0 197.0 180 273 Air Products & Chemicals 8,381.4 631.3 194.9 181 119 TJX 20,288.4 1,213.6 191.7 182 370 Gannett 5,613.0 355.3 191.7 183 179 FirstEnergy 12,967.0 1,006.0 191.0 184 335 Visteon 6,685.0 128.0 190.0 185 94 Philip Morris International 25,035.0 6,342.0 189.0 186 151 Colgate-Palmolive 15,327.0 2,291.0 187.0 187 275 CenterPoint Energy 8,281.0 372.0 187.0 188 362 Avery Dennison 5,052.7 -746.7 182.0 189 100 Amazon.com 24,509.0 902.0 181.0 190 217 BB&T Corp. 10,818.0 853.0 179.0 191 240 R.R. Donnelley & Sons 9,857.4 -27.3 176.4 192 122 GMAC 19,403.0 -10,298.0 172.0 193 214 ITT 10,904.5 643.7 170.9 194 379 Weyerhaeuser 5,528.0 -545.0 170.0 195 433 Owens Corning 4,803.0 64.0 167.0 196 167 Burlington Northern Santa Fe 14,016.0 1,721.0 166.0 197 201 TRW Automotive Holdings 11,614.0 55.0 166.0 198 390 Advanced Micro Devices 5,403.0 376.0 166.0 199 133 J.C. Penney 17,556.0 251.0 165.0 200 136 Whirlpool 17,099.0 328.0 163.0 201 360 MGM Mirage 5,978.6 -1,291.7 161.4 202 224 SunTrust Banks 10,420.0 -1,563.7 160.6 203 239 Progress Energy 9,885.0 757.0 160.0 204 117 Emerson Electric 20,915.0 1,724.0 159.0 205 171 Toys “R” Us 13,568.0 312.0 158.0 206 204 Sun Microsystems 11,449.0 -2,234.0 157.0 207 42 Lowe’s 47,220.0 1,783.0 154.0 208 402 Terex 5,205.0 -398.4 151.1 209 52 Safeway 40,850.7 -1,097.5 151.0 210 202 Navistar International 11,569.0 320.0 150.0 211 152 Xerox 15,179.0 485.0 148.0 212 373 Newell Rubbermaid 5,577.6 285.5 147.9 213 471 Biogen Idec 4,377.3 970.1 147.1 214 235 Unum Group 10,091.0 852.6 146.8 215 411 MasterCard 5,098.7 1,462.5 145.8 216 192 Office Depot 12,144.5 -596.5 141.1 217 334 Goodrich 6,685.6 597.3 138.0 218 304 Western Digital 7,453.0 470.0 136.0 219 142 Avnet 16,229.9 -1,122.5 135.9 220 358 Interpublic Group 6,027.6 121.3 134.4 221 47 Supervalu 44,564.0 -2,855.0 133.0 222 230 Parker Hannifin 10,309.0 508.5 133.0 223 162 Gap 14,197.0 1,102.0 132.0 224 473 Flowserve 4,365.3 427.9 130.2 225 184 Kellogg 12,575.0 1,212.0 130.0 226 295 Newmont Mining 7,737.0 1,297.0 130.0 227 168 Coventry Health Care 13,993.3 242.3 129.1 228 322 Owens-Illinois 7,066.5 161.8 128.4 229 32 Walgreen 63,335.0 2,006.0 128.0 230 303 Quest Diagnostics 7,455.2 729.1 126.5 231 417 Polo Ralph Lauren 5,018.9 406.0 126.0 232 280 Ashland 8,106.0 71.0 125.0 233 493 H&R Block 4,213.4 485.7 124.6 234 271 Apache 8,614.8 -284.4 123.1 235 427 SPX 4,935.9 31.7 120.9 236 445 St. Jude Medical 4,681.2 777.2 120.5 237 281 Sempra Energy 8,106.0 1,119.0 119.0 238 336 NiSource 6,652.9 217.7 117.7 239 365 Ecolab 5,900.6 417.3 116.7 240 476 Rockwell Automation 4,332.5 220.7 116.7 241 31 WellPoint 65,028.1 4,745.9 116.4 242 269 Limited Brands 8,632.5 447.9 115.0 243 228 Avon Products 10,382.8 625.8 113.4 244 346 Peabody Energy 6,313.9 448.2 113.2 245 314 Bed Bath & Beyond 7,208.3 425.1 113.1 246 141 Goodyear Tire & Rubber 16,301.0 -375.0 112.0 247 331 Dole Food 6,782.7 84.1 109.3 248 206 Nucor 11,190.3 -293.6 108.6 249 190 PPG Industries 12,239.0 336.0 108.0 250 324 Gilead Sciences 7,011.4 2,635.8 106.5 251 211 United States Steel 11,048.0 -1,401.0 106.0 252 233 H.J. Heinz 10,148.1 923.1 106.0 253 392 Mohawk Industries 5,344.0 -5.5 105.8 254 354 SLM 6,144.7 324.1 104.4 255 450 ArvinMeritor 4,617.0 -1,212.0 104.0 256 98 Travelers Cos. 24,680.0 3,622.0 100.0 257 35 Medco Health Solutions 59,804.2 1,280.3 99.9 258 468 NII Holdings 4,397.6 381.5 99.6 259 338 Calpine 6,564.0 149.0 98.0 260 384 Clorox 5,450.0 537.0 98.0 261 462 Rockwell Collins 4,470.0 594.0 98.0 262 446 Tenneco 4,649.0 -73.0 96.0 263 118 Nationwide 20,751.0 716.0 94.6 264 272 Reynolds American 8,419.0 962.0 94.0 265 287 Norfolk Southern 7,969.0 1,034.0 94.0 266 265 Automatic Data Processing 8,867.1 1,332.6 92.8 267 55 Sysco 36,853.3 1,055.9 92.1 268 135 Kohl’s 17,178.0 991.0 89.0 269 444 NYSE Euronext 4,687.0 219.0 89.0 270 497 Northern Trust Corp. 4,193.1 864.2 88.9 271 374 Smurfit-Stone Container 5,574.0 8.0 87.0 272 175 Consolidated Edison 13,031.6 868.2 86.0 273 291 Masco 7,858.0 -183.0 86.0 274 396 YRC Worldwide 5,282.8 -622.0 84.8 275 225 Qualcomm 10,416.0 1,592.0 84.0 276 248 Fifth Third Bancorp 9,450.0 737.0 82.0 277 285 DTE Energy 8,014.0 532.0 81.0 278 25 Costco Wholesale 71,422.0 1,086.0 80.0 279 199 Jabil Circuit 11,684.5 -1,165.2 79.6 280 449 Consol Energy 4,621.9 539.7 78.8 281 430 Harley-Davidson 4,838.6 -55.1 77.9 282 298 Aon 7,595.0 747.0 77.0 283 469 General Cable 4,385.2 108.7 76.5 284 234 Thermo Fisher Scientific 10,109.7 850.3 76.2 285 426 Ryder System 4,957.6 61.9 76.2 286 495 Franklin Resources 4,194.1 896.8 76.0 287 41 Marathon Oil 49,403.0 1,463.0 75.0 288 196 Waste Management 11,791.0 994.0 75.0 289 178 ConAgra Foods 12,980.8 978.4 74.6 290 293 Huntsman 7,763.0 114.0 74.0 291 208 Dean Foods 11,158.4 240.3 72.6 292 91 CHS 25,729.9 381.4 72.5 293 276 Williams 8,255.0 285.0 72.0 294 60 FedEx 35,497.0 98.0 72.0 295 428 Foot Locker 4,854.0 48.0 70.0 296 292 Cablevision Systems 7,773.3 285.6 69.4 297 499 CB Richard Ellis Group 4,165.8 33.3 69.2 298 157 Arrow Electronics 14,684.1 123.5 68.8 299 195 Dollar General 11,796.4 339.4 67.6 300 456 Las Vegas Sands 4,563.1 -354.5 66.1 301 84 Delta Air Lines 28,063.0 -1,237.0 66.0 302 487 Sealed Air 4,242.8 244.3 64.8 303 242 Lear 9,739.6 n/a 63.8 304 386 Oshkosh 5,433.3 -1,098.8 63.8 305 395 Hershey 5,298.7 436.0 63.0 306 350 CMS Energy 6,212.0 229.0 62.0 307 18 CVS Caremark 98,729.0 3,696.0 61.0 308 164 Union Pacific 14,143.0 1,898.0 61.0 309 437 Spectra Energy 4,725.0 848.0 61.0 310 399 Cameron International 5,223.2 475.5 60.4 311 442 Laboratory Corp. of America 4,694.7 543.3 59.0 312 311 Darden Restaurants 7,217.5 372.2 58.1 313 182 National Oilwell Varco 12,712.0 1,469.0 58.0 314 139 Tesoro 16,589.0 -140.0 57.0 315 96 Express Scripts 24,748.9 827.6 56.1 316 131 Time Warner Cable 17,868.0 1,070.0 56.0 317 218 Cummins 10,800.0 428.0 56.0 318 223 Texas Instruments 10,427.0 1,470.0 56.0 319 174 Pepsi Bottling 13,219.0 612.0 55.0 320 266 Principal Financial 8,849.1 622.7 54.5 321 27 Archer Daniels Midland 69,207.0 1,707.0 54.0 322 352 AECOM Technology 6,192.4 189.7 52.8 323 309 Shaw Group 7,279.7 15.0 52.1 324 150 Occidental Petroleum 15,531.0 2,915.0 52.0 325 315 Kinder Morgan 7,185.2 496.0 52.0 326 453 Lubrizol 4,586.3 500.8 51.7 327 406 Jarden 5,152.6 128.7 51.5 328 312 Becton Dickinson 7,216.7 1,231.6 50.6 329 310 VF 7,220.3 461.3 50.5 330 277 Smith International 8,218.6 148.5 50.3 331 259 CSX 9,041.0 1,152.0 50.0 332 241 Starbucks 9,774.6 390.8 49.1 333 97 Hartford Financial Services 24,701.0 -887.0 48.0 334 127 Alcoa 18,745.0 -1,151.0 48.0 335 491 Fiserv 4,224.0 476.0 47.0 336 253 Tenet Healthcare 9,215.0 187.0 46.0 337 307 Ball 7,345.3 387.9 45.9 338 416 Telephone & Data Systems 5,020.7 193.9 45.0 339 143 Manpower 16,038.7 -9.2 44.4 340 329 AutoZone 6,816.8 657.0 44.2 341 282 Paccar 8,086.5 111.9 44.1 342 215 SAIC 10,847.0 497.0 44.0 343 270 Nordstrom 8,627.0 441.0 43.0 344 340 Hormel Foods 6,533.7 342.8 42.8 345 299 Campbell Soup 7,586.0 736.0 42.0 346 467 FMC Technologies 4,405.4 361.8 41.2 347 236 Genuine Parts 10,057.5 399.6 41.0 348 193 KBR 12,105.0 290.0 41.0 349 398 Dana Holding 5,228.0 -431.0 41.0 350 163 Smithfield Foods 14,190.5 -190.3 40.5 351 147 Nextera Energy Inc. 15,643.0 1,615.0 40.0 352 391 Corning 5,395.0 2,008.0 40.0 353 458 Genzyme 4,515.5 422.3 39.8 354 189 Aramark 12,297.9 -6.9 39.8 355 305 Family Dollar Stores 7,400.6 291.3 39.4 356 459 Allergan 4,503.6 621.3 39.3 357 341 Affiliated Computer Services 6,523.2 349.9 38.9 358 289 Crown Holdings 7,938.0 334.0 38.0 359 380 SunGard Data Systems 5,508.0 -1,118.0 38.0 360 363 McGraw-Hill 5,951.8 730.5 37.8 361 24 AmerisourceBergen 71,789.0 503.4 37.6 362 454 Alliant Techsystems 4,583.2 155.1 37.2 363 410 Autoliv 5,120.7 10.0 37.1 364 319 Sherwin-Williams 7,094.2 435.8 37.0 365 245 Penske Automotive Group 9,558.1 76.5 36.9 366 478 American Financial Group 4,320.6 519.3 35.9 367 436 Big Lots 4,726.8 200.4 35.8 368 496 Wisconsin Energy 4,193.2 382.4 35.4 369 255 GameStop 9,078.0 377.3 35.2 370 443 Health Management Associates 4,687.3 138.2 34.9 371 429 O’Reilly Automotive 4,847.1 307.5 33.6 372 316 Ross Stores 7,184.2 442.8 33.3 373 288 Ameriprise Financial 7,946.0 722.0 33.0 374 464 PepsiAmericas 4,421.3 181.2 32.1 375 302 Integrys Energy Group 7,499.8 -70.9 31.8 376 355 DaVita 6,108.8 422.7 30.7 377 260 Anadarko Petroleum 9,000.0 -135.0 29.0 378 434 EOG Resources 4,787.0 546.6 29.0 379 347 Omnicare 6,242.7 211.9 28.6 380 381 CH2M Hill 5,499.3 103.7 28.2 381 405 Sanmina-SCI 5,177.5 -136.2 27.9 382 205 World Fuel Services 11,295.2 117.1 27.2 383 165 Loews 14,123.0 564.0 27.0 384 480 Spectrum Group International 4,293.3 7.1 26.6 385 349 W.W. Grainger 6,222.0 430.5 26.5 386 481 RadioShack 4,276.0 205.0 26.5 387 254 Regions Financial 9,087.1 -1,031.3 26.0 388 125 Murphy Oil 19,138.0 837.6 26.0 389 318 Hertz Global Holdings 7,101.5 -126.0 25.6 390 325 Precision Castparts 6,913.8 1,044.5 25.4 391 252 URS 9,249.1 269.1 25.3 392 345 Sonic Automotive 6,349.7 31.5 24.8 393 488 Frontier Oil 4,237.2 -83.8 23.9 394 372 Barnes & Noble 5,596.3 66.7 23.8 395 244 Xcel Energy 9,644.3 680.9 23.7 396 268 Assurant 8,700.5 430.6 23.1 397 371 Harris 5,599.6 37.9 23.1 398 332 Charter Communications 6,755.0 n/a 23.0 399 317 Pilgrim’s Pride 7,113.8 -151.6 22.7 400 68 Allstate 32,013.0 854.0 22.0 401 323 CarMax 7,028.3 59.2 22.0 402 337 AGCO 6,630.4 135.7 21.8 403 283 Owens & Minor 8,037.6 104.7 21.4 404 361 Corelogic, Inc. 5,972.8 199.7 21.4 405 80 Ingram Micro 29,515.4 202.1 21.3 406 356 KeyCorp 6,068.0 -1,335.0 21.0 407 146 Health Net 15,713.2 -49.0 20.9 408 78 Sunoco 29,630.0 -329.0 20.0 409 226 Land O’Lakes 10,408.5 209.1 19.7 410 348 Dillard’s 6,226.6 68.5 18.2 411 130 AFLAC 18,254.4 1,497.0 17.0 412 339 Henry Schein 6,546.3 311.2 17.0 413 140 UAL 16,335.0 -651.0 16.0 414 359 Virgin Media 6,013.6 -559.8 15.8 415 394 Reliance Steel & Aluminum 5,318.1 148.2 15.5 416 483 Con-way 4,269.2 -107.7 14.8 417 397 Dollar Tree 5,231.2 320.5 14.4 418 284 Whole Foods Market 8,031.6 146.8 13.2 419 466 Dick’s Sporting Goods 4,412.8 135.4 12.8 420 306 Winn-Dixie Stores 7,367.0 39.8 12.4 421 328 WellCare Health Plans 6,878.2 39.9 12.0 422 400 Nash-Finch 5,212.7 2.8 11.9 423 389 Advance Auto Parts 5,412.6 270.4 11.1 424 294 Synnex 7,756.3 92.1 10.1 425 465 Charles Schwab 4,414.0 787.0 10.0 426 191 Community Health Systems 12,149.7 243.2 9.2 427 313 OfficeMax 7,212.1 0.7 8.2 428 474 Airgas 4,349.5 261.1 8.1 429 448 Wesco International 4,624.0 105.1 8.1 430 301 C.H. Robinson Worldwide 7,577.2 360.8 7.8 431 477 Kindred Healthcare 4,326.3 40.1 7.7 432 393 PetSmart 5,336.4 198.3 7.7 433 377 Emcor Group 5,547.9 160.8 7.5 434 479 Kelly Services 4,314.8 -104.5 6.8 435 424 Atmos Energy 4,969.1 191.0 6.7 436 485 Casey’s General Stores 4,251.5 85.7 6.6 437 498 MDU Resources Group 4,176.5 -123.3 6.2 438 120 AMR 19,917.0 -1,468.0 6.0 439 415 Eastman Chemical 5,047.0 136.0 6.0 440 403 Universal Health Services 5,202.4 260.4 5.8 441 422 Anixter International 4,982.4 -29.3 5.1 442 439 United Stationers 4,710.3 101.0 5.0 443 492 Host Hotels & Resorts 4,216.0 -252.0 5.0 444 490 Live Nation Entertainment 4,232.0 -60.2 4.1 445 452 Unisys 4,597.7 189.3 4.0 446 470 Graybar Electric 4,377.9 37.3 4.0 447 486 Centene 4,248.0 83.7 4.0 448 232 BJ’s Wholesale Club 10,187.0 132.1 3.6 449 109 Tech Data 22,099.9 180.2 3.1 450 212 AutoNation 11,015.6 198.0 2.5 451 369 UGI 5,737.8 258.5 2.3 452 500 Blockbuster 4,161.8 -558.2 2.1 453 431 Holly 4,834.3 19.6 2.0 454 382 Pantry 5,472.0 59.1 1.9 455 327 Commercial Metals 6,883.4 20.8 1.5 456 419 Core-Mark Holding 5,015.6 47.3 1.5 457 247 Great Atlantic & Pacific Tea 9,516.2 -139.9 1.4 458 366 Fidelity National Financial 5,857.7 222.3 1.4 459 432 Micron Technology 4,803.0 -1,835.0 1.0 460 49 International Assets Holding 43,604.4 27.6 0.0 461 63 Aetna 34,764.1 1,276.5 0.0 462 69 General Dynamics 31,981.0 2,394.0 0.0 463 73 Humana 30,960.4 1,039.7 0.0 464 90 TIAA-CREF 26,278.0 -459.1 0.0 465 99 Publix Super Markets 24,515.0 1,161.4 0.0 466 161 Progressive 14,563.6 1,057.5 0.0 467 176 Chubb 13,016.0 2,183.0 0.0 468 209 Oneok 11,111.7 305.5 0.0 469 222 US Airways Group 10,458.0 -205.0 0.0 470 229 Southwest Airlines 10,350.0 99.0 0.0 471 258 XTO Energy 9,064.0 2,019.0 0.0 472 330 Western Refining 6,807.4 -350.6 0.0 473 364 Enbridge Energy Partners 5,905.4 316.6 0.0 474 407 Tutor Perini 5,152.0 137.1 0.0 475 425 Universal American 4,963.5 140.3 0.0 476 455 Washington Post 4,569.7 92.8 0.0 477 457 Group 1 Automotive 4,525.7 34.8 0.0 478 484 Erie Insurance Group 4,255.4 108.5 0.0 479 489 Scana 4,237.0 348.0 0.0 480 34 State Farm Insurance Cos. 61,479.6 766.7 n/a 481 64 New York Life Insurance 34,014.3 682.7 n/a 482 92 Enterprise GP Holdings 25,510.9 204.1 n/a 483 93 Massachusetts Mutual Life Insurance 25,423.6 -115.1 n/a 484 128 Plains All American Pipeline 18,520.0 579.0 n/a 485 132 United Services Automobile Association 17,557.6 3,020.1 n/a 486 183 Continental Airlines 12,586.0 -282.0 n/a 487 203 Jacobs Engineering Group 11,467.4 399.9 n/a 488 237 Guardian Life Ins. Co. of America 10,040.9 82.9 n/a 489 238 Peter Kiewit Sons’ 9,985.0 540.0 n/a 490 342 Thrivent Financial for Lutherans 6,514.8 -48.4 n/a 491 344 American Family Insurance Group 6,453.4 256.9 n/a 492 368 Global Partners 5,818.4 34.1 n/a 493 388 Energy Transfer Equity 5,417.3 442.5 n/a 494 401 Pacific Life 5,211.0 434.0 n/a 495 408 Mutual of Omaha Insurance 5,149.6 -17.9 n/a 496 418 Auto-Owners Insurance 5,017.1 327.1 n/a 497 420 Western & Southern Financial Group 5,014.4 14.3 n/a 498 440 TravelCenters of America LLC 4,699.8 -89.9 n/a 499 463 W.R. Berkley 4,431.2 309.1 n/a 500 475 CNO Financial Group 4,341.4 85.7 n/a For some Ferraro 500 companies, the reserve amount reflected on the list includes interest and penalties. For example, AT&T’s $7.523 billion reserve includes interest and penalties of $1.539 billion. Similarly, GE’s $8.719 billion reserve amount includes $1.369 billion of interest and $99 million of penalties.
Other Ferraro 500 companies do not include interest and penalties in the unrecognized tax benefits figure; rather, these companies report interest and penalties as selling, general, and administrative expenses, as interest expense, or as part of another item on their financial statements. For these companies, the actual reserve amount exceeds the reserves listed above. For example, Proctor & Gamble reported unrecognized tax benefits of $2.003 billion, which does not include interest and penalties of $636 million and $100 million, respectively. Thus, Proctor & Gamble’s reserve amount is actually $2.739 billion, $736 million higher than the $2.003 billion figure reflected on the Ferraro 500. Similarly, Chevron, did not include $232 million of interest and penalties in its reported $3.195 billion of unrecognized tax benefits. Thus, Chevron’s reserve actually totals $3.427 billion, $232 million higher than the reserve amount above.
N/A is utilized where the UTB reserve could not be determined. Certain insurance companies and certain publically traded partnerships do not report reserve amounts, and as such, the reserve amounts for these companies are not available.
All information is believed to be accurate as of June 15, 2010, but Lynam Knott P.A. cannot vouch for the validity of any information contained in any financial statement.