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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.

The 2014 Ferraro 500

Archives: 2010, 2011, 2012, 2013

2014 Ferraro 500 Rank Company 2014 Fortune 500 Rank 2013 Revenues
($ billions)
2013   Profits   
($ millions)
2013 Tax Reserves
($ millions)
2012 Tax Reserves
($ millions)
% Change
1 (+1) Microsoft 34 77.8 21,863.0 8,648.0 7,202.0 20%
2 (-1) Exxon Mobil 2 407.7 32,580.0 7,838.0 7,663.0 2%
3 (+1) General Electric 9 146.2 13,057.0 6,955.0 6,579.0 6%
4 (+1) Pfizer 51 53.8 22,003.0 6,087.0 6,315.0 -4%
5 (-2) J.P. Morgan Chase & Co. 18 106.3 17,923.0 5,535.0 7,158.0 -23%
6 (0) Wells Fargo 29 88.1 21,878.0 5,528.0 6,069.0 -9%
7 (0) AT&T 11 128.8 18,249.0 5,261.0 5,770.0 -9%
8 (+3) Entergy Corporation 242 11.4 712.0 4,593.2 4,170.4 10%
9 (-1) International Business Machines 23 99.8 16,483.0 4,458.0 5,672.0 -21%
10 (0) American International Group 40 68.7 9,085.0 4,340.0 4,385.0 -1%
11 (+1) Morgan Stanley 83 36.8 2,932.0 4,096.0 4,065.0 1%
12 (+4) Chevron 3 220.4 21,423.0 3,848.0 3,071.0 25%
13 (+1) Oracle Corporation 82 37.2 10,925.0 3,601.0 3,276.0 10%
14 (-5) Merck & Co., Inc. 65 44 4,404.0 3,503.0 4,425.0 -21%
15 (+6) Hewlett-Packard 17 112.3 5,113.0 3,484.0 2,573.0 35%
16 (-3) Bank of America 21 101.7 11,431.0 3,068.0 3,677.0 -17%
17 (0) Johnson & Johnson 39 71.3 13,831.0 2,729.0 3,054.0 -11%
18 (+9) Apple 5 170.9 37,037.0 2,714.0 2,062.0 32%
19 (+9) Google 46 60.6 12,920.0 2,571.0 1,933.0 33%
20 (0) General Motors 7 155.4 5,346.0 2,530.0 2,745.0 -8%
21 (+5) Time Warner Inc. 102 29.8 3,691.0 2,186.0 2,222.0 -2%
22 (+19) Exelon Corporation 119 24.9 1,719.0 2,175.0 1,024.0 112%
23 (-5) Verizon Communications 16 120.6 11,497.0 2,130.0 2,943.0 -28%
24 (0) Abbott Laboratories 136 21.8 2,576.0 1,965.0 2,257.0 -13%
25 (-6) Cisco Systems, Inc. 55 48.6 9,983.0 1,775.0 2,819.0 -37%
26 (-1) Goldman Sachs Group, Inc. 74 40.9 8,040.0 1,765.0 2,237.0 -21%
27 (+4) Comcast 44 64.7 6,816.0 1,701.0 1,573.0 8%
28 (+2) Procter & Gamble 31 84.2 11,312.0 1,600.0 1,773.0 -10%
29 (-14) Citigroup 26 93.6 13,673.0 1,574.0 3,109.0 -49%
30 (+2) Ford Motor 8 146.9 7,155.0 1,564.0 1,547.0 1%
31 (+5) Amgen Inc. 154 18.7 5,081.0 1,415.0 1,200.0 18%
32 (+1) Johnson Controls, Inc. 68 42.7 1,178.0 1,345.0 1,465.0 -8%
33 (+134) Facebook, Inc. 341 7.9 1,500.0 1,316.0 164.0 702%
34 (-11) PepsiCo 43 66.4 6,740.0 1,268.0 2,425.0 -48%
35 (+3) United Technologies 45 62.9 5,721.0 1,223.0 1,073.0 14%
36 (+1) Mondelez International, Inc. 89 35.3 3,915.0 1,189.0 1,183.0 1%
37 (+2) Boeing 30 86.6 4,585.0 1,141.0 1,055.0 8%
38 (-4) Eli Lilly and Company 129 23.1 4,685.0 1,136.4 1,433.8 -21%
39 (+16) Walt Disney Company 61 45 6,136.0 1,120.0 668.0 68%
40 (0) Boston Scientific Corporation 367 7.1 -121.0 1,069.0 1,052.0 2%
41 (+2) Medtronic, Inc. 173 16.6 3,467.0 1,068.0 917.0 16%
42 (+25) Express Scripts Holding 20 104.6 1,845.0 1,061.5 500.8 112%
43 (-8) American Express Company 90 34.9 5,359.0 1,044.0 1,230.0 -15%
44 (+10) Visa Inc. 238 11.8 4,980.0 1,023.0 679.0 51%
45 (+42) Valero Energy 10 137.8 2,720.0 950.0 341.0 179%
46 (+2) Du Pont de Nemours and Company 86 36.5 4,848.0 901.0 805.0 12%
47 (+2) Bristol-Myers Squibb Company 176 16.4 2,563.0 873.0 733.0 19%
48 (+40) Bank of New York Mellon Corporation 181 15.7 2,111.0 866.0 340.0 155%
49 (-2) Edison International 222 12.6 915.0 815.0 812.0 0%
50 (-8) Home Depot 33 78.8 5,385.0 790.0 638.0 24%
51 (+2) MetLife 42 68.2 3,368.0 774.0 708.0 9%
52 (-6) Wal-Mart Stores 1 476.3 16,022.0 763.0 818.0 -7%
53 (-1) Caterpillar 49 55.7 3,789.0 759.0 715.0 6%
54 (-3) Honeywell International Inc. 77 39.1 3,924.0 729.0 722.0 1%
55 (-10) Berkshire Hathaway 4 182.2 19,476.0 692.0 866.0 -20%
56 (+3) Danaher Corporation 149 19.1 2,695.0 689.0 613.2 12%
57 (+4) PG&E Corporation 183 15.6 814.0 666.0 581.0 15%
58 (+7) 3M Company 101 30.9 4,659.0 659.0 528.0 25%
59 (-15) ConocoPhillips 47 59.4 9,156.0 655.0 872.0 -25%
60 (-4) Cardinal Health 22 101.1 334.0 650.0 654.0 -1%
61 (+2) McKesson 15 122.5 1,338.0 647.0 560.0 16%
62 (+36) BB&T Corporation 269 10.4 1,679.0 644.0 297.0 117%
62 (-2) Chesapeake Energy Corporation 163 17.5 724.0 644.0 599.0 8%
64 (-2) Discover Financial Services 296 9.4 2,470.0 629.0 573.0 10%
65 (+46) DIRECTV 98 31.8 2,859.0 589.0 278.0 112%
66 (0) Hess Corporation 84 36.7 5,052.0 570.0 523.0 9%
67 (+6) Agilent Technologies, Inc. 384 6.8 724.0 516.0 464.0 11%
68 (-11) Fannie Mae 13 125.7 83,963.0 514.0 648.0 -21%
69 (-1) McDonald's Corporation 106 28.1 5,586.0 512.7 482.4 6%
70 (+73) PVH Corp. 330 8.2 144.0 485.7 198.0 145%
71 (+9) Public Service Enterprise Group Incorporated 284 10 1,243.0 478.0 402.0 19%
72 (+2) Kimberly-Clark Corporation 139 21.2 2,142.0 473.0 435.0 9%
73 (+6) BlackRock, Inc. 280 10.2 2,932.0 467.0 404.0 16%
73 (+2) Northwestern Mutual Life Insurance Company,Inc. 110 27 802.0 467.0 434.0 8%
75 (+1) HCA Holdings, Inc. 79 38 1,556.0 462.0 426.0 8%
76 (+33) Nike, Inc. 115 25.8 2,485.0 447.0 285.0 57%
77 (N/A) Hilton Worldwide Holdings Inc. 289 9.7 415.0 435.0 NR N/A
78 (+280) Energy Transfer Equity, L.P. 54 48.8 196.0 429.0 27.0 1489%
79 (+21) Amazon.com 35 74.5 274.0 407.0 294.0 38%
80 (+11) Broadcom Corporation 328 8.3 424.0 403.0 331.0 22%
81 (-12) AES Corporation 174 16.6 114.0 392.0 481.0 -19%
82 (0) Best Buy Co., Inc. 60 45.2 532.0 370.0 383.0 -3%
83 (+5) eBay Inc. 180 16 2,856.0 334.0 340.0 -2%
84 (+13) Kroger 24 98.4 1,519.0 325.0 299.0 9%
85 (+36) MasterCard Incorporated 326 8.3 3,116.0 320.0 257.0 25%
85 (-4) Newmont Mining Corporation 327 8.3 -2,462.0 320.0 399.0 -20%
87 (+6) St. Jude Medical, Inc. 462 5.5 723.0 315.0 314.0 0%
88 (-3) Liberty Mutual Holding Company Inc. 76 39.1 1,743.0 298.0 356.0 -16%
89 (+104) SunTrust Banks, Inc. 314 8.6 1,344.0 291.0 137.0 112%
90 (-20) Baxter International Inc. 189 15.3 2,012.0 287.0 477.0 -40%
91 (+11) Textron Inc. 228 12.1 498.0 284.0 290.0 -2%
92 (+22) Baker Hughes Incorporated 132 22.4 1,096.0 282.0 267.0 6%
92 (-15) Symantec Corporation 378 6.9 765.0 282.0 412.0 -32%
94 (+28) Staples, Inc. 127 23.3 620.0 281.0 254.7 10%
95 (+32) Reinsurance Group of America, Incorporated 274 10.3 419.0 279.8 245.6 14%
96 (+11) First Data Corporation 261 10.8 -869.0 279.5 286.2 -2%
97 (+27) NCR Corporation 423 6.1 443.0 277.0 250.0 11%
98 (+18) Deere & Company 80 37.8 3,537.0 272.0 265.0 3%
99 (+37) Stanley Black & Decker, Inc. 255 11 490.0 269.5 207.2 30%
100 (+25) Illinois Tool Works Inc. 171 16.9 1,679.0 268.0 249.0 8%
101 (+39) Xerox Corporation 137 21.8 1,159.0 267.0 201.0 33%
102 (-24) Dow Chemical 48 57.1 4,787.0 266.0 409.0 -35%
102 (+10) EMC Corporation 128 23.2 2,889.0 266.0 269.9 -1%
104 (-9) U.S. Bancorp 140 21.1 5,836.0 264.0 302.0 -13%
105 (+116) Ally Financial Inc. 273 10.3 361.0 262.0 102.0 157%
106 (+42) Starwood Hotels & Resorts Worldwide, Inc. 424 6.1 635.0 261.0 191.0 37%
107 (+16) Domtar Corporation 469 5.4 91.0 259.0 254.0 2%
107 (+13) Kraft Foods Group, Inc. 156 18.2 2,715.0 259.0 258.0 0%
109 (+20) Massachusetts Mutual Life Insurance Company 96 33.4 193.0 256.0 235.0 9%
110 (+18) Computer Sciences Corporation 185 15.4 961.0 253.0 241.0 5%
111 (N/A) AbbVie Inc. 152 18.8 4,128.0 247.0 NR N/A
111 (+26) Celanese Corporation 399 6.5 1,101.0 247.0 207.0 19%
113(+20) Devon Energy Corporation 270 10.4 -20.0 243.0 216.0 13%
113 (-19) Yum! Brands, Inc. 216 13.1 1,091.0 243.0 309.0 -21%
115 (+62) Northrop Grumman Corporation 122 24.7 1,952.0 241.0 156.0 54%
116 (-6) Western Digital Corporation 187 15.4 980.0 240.0 280.0 -14%
117 (+58) Gilead Sciences, Inc. 250 11.2 3,075.0 236.5 157.0 51%
118 (-14) United Parcel Service 50 55.4 4,372.0 235.0 289.0 -19%
119 (-90) Energy Future Holdings Corp. 438 5.9 -2,587.0 231.0 1,788.0 -87%
120 (-25) Coca-Cola Company 58 46.9 8,584.0 230.0 302.0 -24%
120 (-56) Duke Energy Corporation 123 24.6 2,665.0 230.0 540.0 -57%
122 (-5) Altria Group, Inc. 161 17.6 4,535.0 227.0 262.0 -13%
123 (+84) Jabil Circuit, Inc. 155 18.3 372.0 222.2 116.7 90%
124 (-23) Dominion Resources, Inc. 212 13.4 1,698.0 222.0 293.0 -24%
125 (+5) Sealed Air Corporation 345 7.7 124.0 221.9 233.2 -5%
126 (+112) Qualcomm Incorporated 120 24.9 6,853.0 221.0 86.0 157%
127 (+33) Celgene Corporation 401 6.5 1,450.0 219.2 174.7 25%
127 (+18) Interpublic Group of Companies, Inc. 369 7.1 268.0 219.2 194.6 13%
129 (+2) General Mills, Inc. 159 17.8 1,855.0 216.2 231.3 -7%
130 (+78) Ameriprise Financial, Inc. 249 11.2 1,334.0 209.0 116.0 80%
130 (-31) Halliburton Company 103 29.4 2,125.0 209.0 296.0 -29%
130 (-17) Kinder Morgan, Inc. 206 14.1 1,193.0 209.0 269.0 -22%
133 (+11) Walgreen Co. 37 72.2 2,450.0 208.0 197.0 6%
134 (+15) Intel Corporation 53 52.7 9,620.0 207.0 189.0 10%
135 (-3) Stryker Corporation 306 9 1,006.0 204.0 227.0 -10%
136 (+38) Phillips 66 6 161.2 3,726.0 202.0 158.0 28%
137 (-33) Twenty-First Century Fox, Inc. (formerly known as News Corp.) 85 36.6 7,097.0 200.0 289.0 -31%
138 (-3) Colgate-Palmolive Company 167 17.4 2,241.0 199.0 212.0 -6%
139 (+15) Applied Materials, Inc. 350 7.5 256.0 194.0 181.0 7%
140 (+6) HD Supply Holdings, Inc. 317 8.6 -218.0 192.0 193.0 -1%
141 (+27) NetApp, Inc. 411 6.3 505.0 189.6 161.0 18%
142 (+21) Macy's, Inc. 107 27.9 1,486.0 189.0 170.0 11%
143 (+13) SanDisk Corporation 422 6.2 1,043.0 185.3 179.5 3%
144 (N/A) Discovery Communications, Inc. 460 5.5 1,075.0 185.0 NR N/A
145 (-12) Target 36 72.6 1,971.0 183.0 216.0 -15%
146 (+27) TRW Automotive Holdings Corp. 165 17.4 970.0 176.0 160.0 10%
147 (-33) American Electric Power Company, Inc. 186 15.4 1,480.0 175.0 267.0 -34%
147 (+18) Tyson Foods, Inc. 93 34.5 778.0 175.0 168.0 4%
149 (+249) Leucadia National Corporation 252 11.1 369.0 173.7 15.8 999%
150 (N/A) PulteGroup, Inc. 446 5.7 2,620.0 173.3 NR N/A
151 (+43) Mylan Inc. 377 6.9 624.0 172.7 132.3 31%
152 (+37) Cummins Inc. 168 17.3 1,483.0 169.0 145.0 17%
153 (-11) Quest Diagnostics Incorporated 364 7.2 849.0 168.0 199.4 -16%
154 (-2) L Brands, Inc. 263 10.7 903.0 167.0 185.0 -10%
154 (-48) Monsanto Company 197 14.9 2,482.0 167.0 288.0 -42%
156 (-114) International Paper Company 105 29.1 1,395.0 161.0 972.0 -83%
157 (+31) Liberty Interactive Corporation 246 11.3 501.0 160.0 146.0 10%
158 (+37) L-3 Communications Holdings, Inc. 221 12.6 778.0 159.0 130.0 22%
158 (-21) Viacom Inc. 210 13.8 2,395.0 159.0 207.0 -23%
160 (+69) State Street Corporation 275 10.3 2,136.0 158.0 95.0 66%
161 (+7) Motorola Solutions, Inc. 312 8.7 1,099.0 156.0 161.0 -3%
162 (+6) Owens Corning 475 5.3 204.0 155.0 161.0 -4%
163 (-46) Capital One Financial Corporation 124 24.2 4,159.0 153.0 262.0 -42%
164 (-78) DISH Network Corporation 204 14.4 808.0 151.4 346.7 -56%
165 (+3) Sears Holdings Corporation 87 36.2 -1,365.0 150.0 161.0 -7%
166 (N/A) Coach, Inc. 489 5.1 1,034.0 148.8 NR N/A
167 (+151) Anadarko Petroleum Corporation 202 14.6 801.0 147.0 46.0 220%
168 (+57) Marathon Oil Corporation 188 15.3 1,753.0 146.0 98.0 49%
169 (+31) Peabody Energy Corporation 365 7.2 -525.0 143.9 122.8 17%
170 (-80) Caesars Entertainment Corporation 318 8.6 -2,948.0 142.3 333.4 -57%
171 (-10) CBS Corporation 182 15.7 1,879.0 140.0 173.0 -19%
172 (-4) Philip Morris International Inc. 100 31.2 8,576.0 138.0 161.0 -14%
173 (-23) Omnicom Group Inc. 201 14.6 991.0 137.8 188.6 -27%
174 (+30) Safeway Inc. 67 43 3,508.0 137.5 119.4 15%
175 (+26) Avery Dennison Corporation 398 6.5 216.0 137.2 121.6 13%
176 (+5) V.F. Corporation 241 11.4 1,210.0 136.0 152.1 -11%
177 (-11) Thermo Fisher Scientific Inc. 215 13.1 1,273.0 134.2 164.8 -19%
178 (0) Becton, Dickinson and Company 336 8.1 1,293.0 134.0 155.4 -14%
179 (+20) Ashland Inc. 344 7.8 683.0 133.0 124.0 7%
180 (+31) Icahn Enterprises L.P. 143 21 1,025.0 132.0 113.0 17%
180 (+2) Ralph Lauren Corporation 374 6.9 750.0 132.0 150.2 -12%
182 (-18) Freeport-McMoRan Copper & Gold Inc. 142 21 2,658.0 131.0 169.0 -22%
183 (+9) CC Media Holdings, Inc. 419 6.2 -607.0 129.4 138.4 -7%
184 (+21) Marsh & McLennan Companies, Inc. 226 12.3 1,357.0 128.0 117.0 9%
185 (-10) Emerson Electric Co. 121 24.7 2,004.0 127.0 157.0 -19%
185 (+12) National Oilwell Varco, Inc. 131 22.9 2,327.0 127.0 128.0 -1%
185 (+55) United States Steel Corporation 166 17.4 -1,672.0 127.0 85.0 49%
188 (+28) Kohl's Corporation 151 19 889.0 125.0 108.0 16%
189 (+24) Air Products & Chemicals, Inc. 276 10.2 994.0 124.3 110.8 12%
190 (-3) Avnet, Inc. 117 25.4 450.0 123.9 146.6 -15%
191 (+40) AGCO Corporation 262 10.8 597.0 122.2 94.5 29%
192 (-1) Praxair, Inc. 233 11.9 1,755.0 121.0 142.0 -15%
193 (+31) Sempra Energy 267 10.6 1,001.0 120.0 99.0 21%
194 (+2) Raytheon Company 126 23.7 1,996.0 118.0 129.0 -9%
195 (+25) Western Union Company 458 5.5 798.0 117.5 103.2 14%
196 (+54) CVS Caremark 12 126.8 4,592.0 117.0 80.0 46%
197 (-51) NRG Energy, Inc. 244 11.3 -386.0 115.0 193.0 -40%
197 (+21) Tenneco Inc. 338 8 183.0 115.0 107.0 7%
199 (N/A) Realogy Holdings Corp. 476 5.3 438.0 113.0 NR N/A
199 (-42) Whirlpool Corporation 153 18.8 827.0 113.0 178.0 -37%
201 (-93) Mattel, Inc. 403 6.5 904.0 111.4 285.6 -61%
202 (-4) Biogen Idec Inc. 375 6.9 1,862.0 110.1 125.9 -13%
203 (-44) PNC Financial Services Group, Inc. 172 16.9 4,220.0 110.0 176.0 -38%
204 (+19) Franklin Resources, Inc. 337 8 2,150.0 109.5 101.3 8%
205 (-2) Principal Financial Group, Inc. 298 9.3 913.0 108.9 119.5 -9%
206 (+63) Sysco Corporation 63 44.4 992.0 108.3 68.2 59%
207 (+59) Time Warner Cable Inc. 134 22.1 1,954.0 108.0 73.0 48%
208 (+6) Parker-Hannifin Corporation 217 13 948.0 107.4 109.7 -2%
209 (-29) MGM Resorts International 287 9.8 -157.0 106.2 153.2 -31%
210 (+94) Hershey Company 366 7.1 821.0 104.0 51.5 102%
211 (-32) CF Industries Holdings, Inc. 463 5.5 1,465.0 103.7 154.4 -33%
212 (+10) Newell Rubbermaid Inc. 436 5.9 475.0 103.3 101.5 2%
213 (-23) WellPoint 38 71.5 2,490.0 103.2 143.5 -28%
214 (-12) Cameron International Corporation 286 9.8 699.0 102.6 121.0 -15%
215 (+1) Dana Holding Corporation 385 6.8 244.0 101.0 108.0 -6%
216 (+94) ConAgra Foods, Inc. 184 15.5 774.0 100.0 48.7 105%
216 (+11) Owens-Illinois, Inc. 372 7 184.0 100.0 97.0 3%
218 (-147) Mosaic Company 283 10 1,889.0 99.2 476.9 -79%
219 (+13) Ecolab Inc. 213 13.3 968.0 98.7 93.1 6%
220 (+13) Cognizant Technology Solutions Corporation 308 8.8 1,229.0 96.6 92.7 4%
221 (+67) Huntsman Corporation 253 11.1 128.0 96.0 57.0 68%
222 (+6) CBRE Group, Inc. 363 7.2 317.0 95.7 95.6 0%
223 (-104) MeadWestvaco Corporation 457 5.5 839.0 95.0 259.0 -63%
224 (-2) Bed Bath & Beyond Inc. 258 10.9 1,038.0 92.6 97.9 -5%
225 (+87) Loews Corporation 193 15.1 595.0 91.0 48.0 90%
225 (-72) Texas Instruments Incorporated 227 12.2 2,162.0 91.0 184.0 -51%
227 (-135) Ameren Corporation 379 6.9 289.0 90* 320.0 -72%
228 (+16) Wynn Resorts, Limited 452 5.6 729.0 89.5 84.3 6%
229 (+19) UnitedHealth Group 14 122.5 5,625.0 89.0 81.0 10%
230 (+32) Jarden Corporation 356 7.4 204.0 88.9 75.1 18%
231 (+30) Starbucks Corporation 196 14.9 8.0 88.8 75.3 18%
232 (+14) Goodyear Tire & Rubber Company 147 19.5 629.0 88.0 82.0 7%
232 (+76) Navistar International Corporation 259 10.8 -898.0 88.0 49.0 80%
234 (+12) PPG Industries, Inc. 190 15.2 3,231.0 85.0 82.0 4%
235 (-51) Terex Corporation 358 7.3 226.0 83.7 148.6 -44%
236 (-81) Dover Corporation 301 9.1 1,003.0 82.6 180.2 -54%
237 (+19) Lincoln National Corporation 232 11.9 1,244.0 82.0 77.0 6%
237 (+26) McGraw Hill Financial, Inc. 484 5.1 1,376.0 82.0 74.0 11%
239 (+36) Ross Stores, Inc. 277 10.2 837.0 80.3 65.7 22%
240 (-32) Costco Wholesale 19 105.2 2,039.0 80.0 116.0 -31%
241 (+9) Kellogg Company 198 14.8 1,807.0 79.0 80.0 -1%
242 (-6) Ball Corporation 321 8.5 407.0 78.3 87.0 -10%
243 (+13) Micron Technology, Inc. 302 9.1 1,190.0 78.0 77.0 1%
244 (+94) Joy Global Inc. 493 5 534.0 77.4 33.5 131%
245 (+35) Allergan, Inc. 408 6.4 985.0 77.3 61.9 25%
246 (+4) Spectra Energy Corp 461 5.5 1,038.0 76.0 80.0 -5%
246 (-95) Supervalu Inc. 94 34.3 -1,466.0 76.0 187.0 -59%
248 (+45) Cliffs Natural Resources Inc. 445 5.7 414.0 74.4 55.5 34%
249 (+62) Harris Corporation 471 5.4 113.0 73.5 48.3 52%
250 (-45) Visteon Corporation 351 7.4 690.0 73.0 117.0 -38%
251 (-36) Gap, Inc. 178 16.1 1,280.0 72.0 109.0 -34%
251 (-9) Republic Services, Inc. 325 8.4 589.0 72.0 84.7 -15%
253 (-11) Automatic Data Processing, Inc. 243 11.3 1,406.0 70.7 84.7 -17%
254 (+5) J.C. Penney Company, Inc. 235 11.9 -1,388.0 70.0 76.0 -8%
255 (-5) Clorox Company 451 5.6 572.0 69.0 80.0 -14%
256 (-22) Calpine Corporation 414 6.3 14.0 68.0 92.0 -26%
256 (-27) KBR, Inc. 360 7.3 229.0 68.0 95.0 -28%
258 (+15) CHS Inc. 62 44.5 992.0 67.3 67.3 0%
259 (-3) Archer Daniels Midland 27 89.8 1,342.0 66.0 77.0 -14%
259 (-10) Nucor Corporation 150 19.1 488.0 66.0 80.9 -18%
259 (+23) Williams Companies, Inc. 380 6.8 430.0 66.0 58.0 14%
262 (+34) Sanmina 432 5.9 79.0 65.2 54.2 20%
263 (+15) Norfolk Southern Corporation 247 11.2 1,910.0 65.0 63.0 3%
264 (-10) Estée Lauder Companies Inc. 279 10.2 1,020.0 64.0 78.5 -18%
265 (+44) Harley-Davidson, Inc. 433 5.9 734.0 63.1 48.8 29%
266 (+8) Alcoa Inc. 130 23 -2,285.0 63.0 66.0 -5%
266 (+31) Avis Budget Group, Inc. 340 7.9 16.0 63.0 54.0 17%
268 (+17) Ryder System, Inc. 406 6.4 238.0 62.6 57.6 9%
269 (+9) Lowe's Companies 52 53.4 2,286.0 62.0 63.0 -2%
269 (+1) Reynolds American Inc. 329 8.2 1,718.0 62.0 68.0 -9%
271 (+41) Campbell Soup Company 315 8.6 458.0 61.0 48.0 27%
271 (-12) Occidental Petroleum Corporation 116 25.7 5,903.0 61.0 76.0 -20%
273 (-1) DaVita HealthCare Partners Inc. 230 12.1 633.0 60.5 67.5 -10%
274 (+181) TravelCenters of America LLC 339 8 17.0 60.0 0.0 N/A
275 (+7) Genuine Parts Company 205 14.1 685.0 59.5 58.0 3%
276 (N/A) US Foods, Inc. 133 22.3 -57.0 59.3 NR N/A
277 (-7) Masco Corporation 323 8.4 272.0 59.0 68.0 -13%
277 (-67) Union Pacific Corporation 135 22 4,388.0 59.0 115.0 -49%
279 (-2) General Cable Corporation 405 6.4 -18.0 57.7 64.0 -10%
280 (+4) Cablevision Systems Corporation 397 6.5 466.0 57.4 57.8 -1%
281 (-44) Gannett Co., Inc. 481 5.2 389.0 57.3 86.2 -34%
282 (-1) Las Vegas Sands Corp. 211 13.7 2,306.0 56.7 59.3 -4%
283 (+18) Mohawk Industries, Inc. 357 7.3 349.0 56.5 53.8 5%
284 (+37) SLM Corporation 417 6.3 1,418.0 56.0 41.2 36%
285 (+2) Health Net, Inc. 254 11.1 170.0 55.6 57.3 -3%
286 (+6) Booz Allen Hamilton Holding Corp. 443 5.8 219.0 55.0 55.6 -1%
286 (N/A) Quintiles Transnational Holdings Inc. 486 5.1 227.0 55.0 NR N/A
288 (-2) Quanta Services, Inc. 396 6.5 402.0 54.8 57.5 -5%
289 (+27) Fluor Corporation 109 27.4 668.0 54.1 47.0 15%
290 (+7) AK Steel Holding Corporation 455 5.6 -47.0 53.8 54.0 0%
291 (0) AECOM Technology Corporation 332 8.2 239.0 53.7 55.8 -4%
292 (+11) H.J. Heinz Company 239 11.6 1,013.0 53.1 52.7 1%
293 (-4) Advanced Micro Devices, Inc. 474 5.3 -83.0 52.0 56.0 -7%
293 (N/A) Lorillard, Inc. 496 5 1,180.0 52.0 NR N/A
295 (+7) Jacobs Engineering Group Inc. 237 11.8 423.0 51.8 53.6 -3%
296 (-20) Eastman Chemical Company 297 9.4 1,165.0 51.0 65.0 -22%
296 (-2) Regions Financial Corporation 447 5.7 1,122.0 51.0 55.0 -7%
298 (+7) O'Reilly Automotive, Inc. 390 6.6 670.0 50.5 51.0 -1%
299 (-2) Waste Management, Inc. 207 14 98.0 49.0 54.0 -9%
300 (-117) TJX Companies, Inc. 108 27.4 2,137.0 48.7 148.8 -67%
301 (+19) FirstEnergy Corp. 195 15 392.0 48.0 43.0 12%
301 (-4) Foot Locker, Inc. 400 6.5 429.0 48.0 54.0 -11%
301 (+11) Hartford Financial Services Group, Inc. 113 26.3 176.0 48.0 48.0 0%
304 (N/A) First American Financial Corporation 499 5 186.0 47.8 NR N/A
305 (0) FedEx Corporation 64 44.3 1,561.0 47.0 51.0 -8%
306 (+22) AmerisourceBergen 28 89.1 434.0 46.3 36.9 25%
307 (+9) Arrow Electronics, Inc 138 21.4 399.0 46.0 47.0 -2%
308 (+29) Lear Corporation 177 16.2 431.0 45.2 34.4 31%
309 (+19) FMC Technologies, Inc. 368 7.1 501.0 44.2 36.9 20%
310 (+31) Henry Schein, Inc. 292 9.6 432.0 43.2 32.7 32%
311 (+31) Tenet Healthcare Corporation 229 12.1 -134.0 43.0 32.0 34%
312 (+24) Xcel Energy Inc. 257 11 948.0 41.2 34.5 19%
313 (-19) Genworth Financial, Inc. 291 9.6 560.0 41.0 55.0 -25%
314 (-47) Rockwell Automation, Inc. 410 6.4 756.0 40.8 70.3 -42%
315 (+11) Dean Foods Company 285 10 813.0 40.5 38.2 6%
316 (+6) W.W. Grainger, Inc. 295 9.4 797.0 40.3 40.9 -1%
317 (-72) Northeast Utilities 359 7.3 786.0 38.2 83.1 -54%
318 (+1) Delta Air Lines, Inc. 81 37.8 10,540.0 37.0 44.0 -16%
318 (+22) Oshkosh Corporation 347 7.7 318.0 37.0 32.9 12%
318 (-133) PPL Corporation 234 11.8 1,130.0 37.0 148.0 -75%
318 (+24) Toys "R" Us, Inc. 223 12.5 -1,039.0 37.0 32.0 16%
322 (N/A) Wyndham Worldwide Corporation 494 5 432.0 36.0 NR N/A
323 (+2) Ingram Micro Inc. 69 42.6 311.0 35.4 38.8 -9%
324 (11) CONSOL Energy Inc. 434 5.9 660.0 34.8 34.8 0%
325 (2) Ingredion Incorporated 412 6.3 396.0 34.0 37.0 -8%
325 (24) Marriott International, Inc. 219 12.8 626.0 34.0 29.0 17%
327 (-12) R.R. Donnelley & Sons Company 268 10.5 211.0 33.8 47.9 -29%
328 (+37) CH2M HILL Companies, Ltd. 437 5.9 118.0 32.8 24.8 32%
329 (+23) ManpowerGroup Inc. 144 20.3 288.0 32.3 28.5 13%
330 (+12) Aramark Holdings Corporation 209 13.9 69.0 32** 32.0 0%
331 (+59) Barnes & Noble, Inc. 381 6.8 -158.0 31.5 17.0 85%
332 (+2) Crown Holdings, Inc. 313 8.7 324.0 31.0 35.0 -11%
332 (+23) Sherwin-Williams Company 278 10.2 753.0 31.0 28.1 10%
334 (+22) AutoZone, Inc. 300 9.1 1,017.0 30.6 27.7 10%
335 (+36) Family Dollar Stores, Inc. 271 10.4 444.0 30.2 22.4 35%
336 (+63) Darden Restaurants, Inc. 319 8.6 412.0 29.9 15.7 90%
337 (+23) J.B. Hunt Transport Services, Inc. 454 5.6 342.0 29.7 25.8 15%
337 (+29) J.M. Smucker Company 435 5.9 544.0 29.7 24.0 24%
339 (-16) Fidelity National Information Services, Inc. 426 6.1 493.0 29.2 40.4 -28%
340 (+17) Commercial Metals Company 370 7 77.0 28.6 27.4 4%
341 (+37) Aflac Incorporated 125 24 3,158.0 28.0 21.0 33%
341 (-10) Avon Products, Inc. 282 10 -56.0 28.0 36.0 -22%
341 (N/A) Noble Energy, Inc. 491 5.1 978.0 28.0 NR N/A
341 (+4) Tesoro Corporation 75 39.2 412.0 28.0 30.0 -7%
345 (+13) Spectrum Group International, Inc. 353 7.4 3.0 27.7 27.0 3%
346 (+28) Steel Dynamics, Inc. 355 7.4 189.0 26.6 22.2 20%
347 (+24) World Fuel Services Corporation 71 41.6 203.0 26.5 22.4 18%
348 (+15) CarMax, Inc. 240 11.5 434.0 26.3 25.1 5%
349 (-191) Weyerhaeuser Company 320 8.5 563.0 26.0 177.0 -85%
350 (-20) Laboratory Corporation of America Holdings 440 5.8 574.0 25.6 36.4 -30%
351 (+26) WESCO International, Inc. 349 7.5 276.0 25.5 21.1 21%
352 (0) NiSource Inc. 448 5.7 532.0 23.8 28.5 -16%
353 (+13) CSX Corporation 231 12 1,864.0 23.0 24.0 -4%
353 (N/A) United Rentals, Inc. 500 5 387.0 23.0 NR N/A
355 (+5) BorgWarner Inc. 352 7.4 624.0 22.9 25.8 -11%
356 (+48) Autoliv, Inc. 310 8.8 486.0 22.7 14.7 54%
357 (+67) Priceline Group Inc. 383 6.8 1,893.0 22.1 7.3 203%
358 (+22) Synnex Corporation 260 10.8 152.0 21.9 20.0 9%
359 (+3) Bemis Company, Inc. 492 5 213.0 21.4 25.6 -16%
360 (-257) Rock-Tenn Company 293 9.5 727.0 21.3 289.7 -93%
361 (+5) Travelers Companies, Inc. 114 26.2 3,673.0 21.0 24.0 -13%
362 (-12) GameStop Corp. 305 9 354.0 20.6 28.7 -28%
363 (+12) Hormel Foods Corporation 311 8.7 526.0 20.1 22.1 -9%
364 (+9) Dollar General Corporation 164 17.5 1,025.0 19.6 22.2 -12%
365 (+32) Reliance Steel & Aluminum Co. 299 9.2 322.0 19.4 15.9 22%
366 (+19) American Financial Group, Inc. 487 5.1 471.0 19.0 18.0 6%
367 (N/A) The Blackstone Group L.P. 391 6.6 1,171.0 18.9 NR N/A
368 (+24) Advance Auto Parts, Inc. 402 6.5 392.0 18.5 16.7 11%
369 (+19) Unum Group 272 10.4 858.0 18.4 17.5 5%
370 (N/A) Airgas, Inc. 498 5 341.0 18.2 NR N/A
371 (+28) PetSmart, Inc. 376 6.9 420.0 17.8 15.7 13%
372 (+67) CIGNA Corporation 97 32.4 1,476.0 17.0 51.0 -67%
373 (+18) C. H. Robinson Worldwide, Inc. 220 12.8 416.0 16.9 16.8 1%
374 (+20) Big Lots, Inc. 473 5.3 125.0 16.7 16.0 4%
375 (+19) Corning Incorporated 343 7.8 1,961.0 15.0 16.0 -6%
375 (+42) Fidelity National Financial, Inc. 316 8.6 402.0 15.0 10.0 50%
375 (+60) Office Depot, Inc. 248 11.2 -20.0 15.0 4.6 226%
378 (+28) Omnicare, Inc. 415 6.3 -43.0 14.8 14.2 4%
379 (-124) CenturyLink, Inc. 158 18.1 -239.0 14.0 78.0 -82%
379 (-307) Dr Pepper Snapple Group, Inc. 430 6 624.0 14.0 469.0 -97%
379 (-1) Leidos Holdings Inc. (formerly known as SAIC) 442 5.8 164.0 14.0 21.0 -33%
379 (+24) Nordstrom, Inc. 224 12.5 734.0 14.0 15.0 -7%
379 (+25) Penske Automotive Group, Inc. 194 15 244.0 14.0 14.7 -5%
379 (-10) Precision Castparts Corp. 322 8.5 1,427.0 14.0 23.6 -41%
379 (+2) United Continental Holdings, Inc. 78 38.3 571.0 14.0 19.0 -26%
379 (+22) URS Corporation 256 11 247.0 14.0 15.4 -9%
387 (+15) Smithfield Foods, Inc. 214 13.2 184.0 13.9 15.3 -9%
388 (N/A) Harbinger Group Inc. 456 5.5 -46.0 13.8 NR N/A
389 (-19) PACCAR Inc 169 17.1 1,171.0 13.1 23.4 -44%
389 (-4) Level 3 Communications, Inc. 413 6.3 -109.0 13.0 18.0 -28%
391 (-67) Marathon Petroleum 25 94 2,112.0 13.0 40.0 -68%
392 (+2) Live Nation Entertainment, Inc. 404 6.5 -43.0 12.9 16.0 -19%
393 (-4) Hertz Global Holdings, Inc. 264 10.7 346.0 11.0 17.2 -36%
393 (-12) Huntington Ingalls Industries, Inc. 382 6.8 261.0 11.0 19.0 -42%
393 (+15) JetBlue Airways Corporation 466 5.4 168.0 11.0 13.0 -15%
393 (-12) Prudential Financial, Inc. 72 41.5 -667.0 11.0 19.0 -42%
397 (+23) Western Refining, Inc. 281 10.1 276.0 10.6 9.6 10%
398 (N/A) Lennar Corporation 431 5.9 480.0 10.5 NR N/A
399 (N/A) Oaktree Capital Group, LLC 354 7.4 222.0 10.4 NR N/A
400 (+12) Assurant, Inc. 304 9.1 489.0 10.3 11.5 -10%
401 (-56) Rite Aid Corporation 118 25.4 118.0 10.1 30.0 -66%
402 (+9) Charles Schwab Corporation 459 5.5 1,071.0 10.0 12.0 -17%
402 (+12) DTE Energy Company 290 9.6 661.0 10.0 11.0 -9%
404 (-166) Consolidated Edison, Inc. 225 12.4 1,062.0 9.0 86.0 -90%
404 (+5) HollyFrontier Corporation 145 20.2 736.0 9.0 12.6 -29%
406 (+17) Casey's General Stores, Inc. 389 6.7 111.0 8.9 7.5 19%
407 (-75) NII Holdings, Inc. 495 5 -1,650.0 8.7 35.6 -76%
408 (+10) Con-way Inc. 464 5.5 99.0 8.4 9.7 -13%
409 (+7) Molina Healthcare, Inc. 393 6.6 53.0 8.0 10.6 -25%
410 (+5) Dick's Sporting Goods, Inc. 421 6.2 338.0 7.5 10.7 -30%
411 (+22) Seaboard Corporation 387 6.7 205.0 7.3 5.1 43%
412 (-27) Fifth Third Bancorp 361 7.2 1,836.0 7.0 18.0 -61%
412 (-144) Southern Company 170 17.1 1,644.0 7.0 70.0 -90%
414 (+7) Sonic Automotive, Inc. 309 8.8 82.0 6.7 9.1 -26%
415 (+17) Dillard's, Inc. 386 6.7 324.0 6.5 5.4 20%
416 (-23) Murphy Oil Corporation 470 5.4 1,124.0 6.4 16.6 -61%
417 (+13) American Airlines Group Inc. (formerly known as AMR) 112 26.7 -1,834.0 6.0 6.0 0%
417 (+18) KKR & Co. L.P. 288 9.7 691.0 6.0 4.6 30%
419 (+19) Tech Data Corporation 111 26.8 180.0 5.9 3.7*** 59%
420 (+11) Dollar Tree, Inc. 342 7.8 597.0 5.5 5.6 -2%
421 (+22) Host Hotels & Resorts, Inc. 477 5.3 317.0 5.0 3.0 67%
421 (+13) Southwest Airlines Co. 160 17.7 754.0 5.0 5.0 0%
423 (+2) AutoNation, Inc. 162 17.5 375.0 4.8 6.8 -29%
424 (-14) Owens & Minor, Inc. 303 9.1 111.0 4.6 12.3 -63%
424 (-40) Windstream Holdings, Inc. 429 6 241.0 4.6 18.3 -75%
426 (N/A) D.R. Horton, Inc. 418 6.3 463.0 4.2 NR N/A
426 (+1) Insight Enterprises, Inc. 483 5.1 71.0 4.2 6.7 -37%
428 (+22) CMS Energy Corporation 394 6.6 452.0 4.0 1.0 300%
429 (N/A) Integrys Energy Group, Inc. 450 5.6 352.0 3.6 NR N/A
430 (+10) Anixter International Inc. 420 6.2 201.0 3.4 3.4 0%
430 (+9) Graybar Electric Company, Inc. 449 5.7 81.0 3.4 3.5 -3%
430 (+15) UGI Corporation 362 7.2 278.0 3.4 2.9 17%
430 (-5) Universal Health Services, Inc. 324 8.4 511.0 3.4 6.8 -50%
434 (-12) Centene Corporation 251 11.1 165.0 3.3 7.9 -58%
435 (-22) EMCOR Group, Inc. 407 6.4 124.0 3.1 11.3 -73%
435 (+7) United Stationers Inc. 488 5.1 123.0 3.1 3.1 0%
437 (+6) Apache Corporation 179 16.1 2,232.0 3.0 3.0 0%
437 (0) Whole Foods Market, Inc. 218 12.9 551.0 3.0 4.0 -25%
439 (+6) Kelly Services, Inc. 468 5.4 59.0 2.8 2.9 -3%
440 (N/A) Tractor Supply Company 480 5.2 328.0 2.5 NR N/A
441 (N/A) LKQ Corporation 490 5.1 312.0 1.8 NR N/A
442 (+5) Land O'Lakes, Inc. 199 14.7 306.0 1.5 2.7 -44%
443 (+12) Andersons, Inc. 453 5.6 90.0 1.1 0.0 N/A
444 (+5) Core-Mark Holding Company, Inc. 346 7.7 42.0 0.6 1.6 -63%
445 (+8) Community Health Systems, Inc. 192 15.1 141.0 0.5 0.7 -29%
446 (N/A) Asbury Automotive Group, Inc. 472 5.3 109.0 0.3 NR N/A
446 (+5) Kindred Healthcare, Inc. 441 5.8 -169.0 0.3 0.9 -67%
446 (-28) Vanguard Health Systems, Inc. 388 6.7 62.0 0.3 9.7 -97%
449 (+5) INTL FCStone Inc. 66 43.8 19.0 0.1 0.5 -80%
450 (+5) Aetna Inc. 57 47.3 1,914.0 0.0 0.0 0%
450 (N/A) Alaska Air Group, Inc. 482 5.2 508.0 0.0 NR N/A
450 (-102) Alleghany Corporation 497 5 628.0 0.0 NR N/A
450 (-86) Allstate Corporation 92 34.5 2,280.0 0.0 25.0 -100%
450 (N/A) Buckeye Partners, L.P. 485 5.1 160.0 0.0 NR N/A
450 (N/A) Calumet Specialty Products Partners, L.P. 467 5.4 4.0 0.0 NR N/A
450 (+5) CDW Corporation 265 10.7 133.0 0.0 0.0 0%
450 (+50) CenterPoint Energy, Inc. 333 8.1 311.0 0.0 -23.0 -100%
450 (-311) Charter Communications, Inc. 331 8.2 -169.0 0.0 202.0 -100%
450 (+5) Chubb Corporation 208 13.9 2,345.0 0.0 0.0 0%
450 (+5) Coca-Cola Enterprises, Inc. 348 7.7 667.0 0.0 0.0 0%
450 (N/A) CST Brands, Inc. 266 10.7 139.0 0.0 NR N/A
450 (+5) Enterprise Products Partners L.P. 56 47.7 2,597.0 0.0 0.0 0%
450 (-111) EOG Resources, Inc. 203 14.5 2,197.0 0.0 33.0 -100%
450 (+1) Erie Insurance Group 416 6.3 163.0 0.0 0.9 -100%
450 (+5) Expeditors International of Washington, Inc. 425 6.1 349.0 0.0 0.0 0%
450 (+5) Freddie Mac 32 81.2 48,668.0 0.0 0.0 0%
450 (+5) General Dynamics Corporation 99 31.2 2,357.0 0.0 0.0 0%
450 (+5) Global Partners LP 146 19.6 43.0 0.0 0.0 0%
450 (+5) Group 1 Automotive, Inc. 307 8.9 114.0 0.0 0.0 0%
450 (+5) Humana Inc. 73 41.3 1,231.0 0.0 0.0 0%
450 (+5) Jones Financial Companies,L.L.L.P. 444 5.7 674.0 0.0 0.0 0%
450 (+5) Lockheed Martin Corporation 59 45.4 2,981.0 0.0 0.0 0%
450 (+5) MRC Global Inc. 478 5.2 152.0 0.0 0.0 0%
450 (N/A) Murphy USA Inc. 175 16.6 235.0 0.0 NR N/A
450 (+5) Mutual of Omaha Insurance Company 392 6.6 359.0 0.0 0.0 0%
450 (+5) NextEra Energy, Inc. 191 15.1 1,908.0 0.0 0.0 0%
450 (+5) Old Republic International Corporation 465 5.4 448.0 0.0 0.0 0%
450 (+5) ONEOK, Inc. 200 14.6 267.0 0.0 0.0 0%
450 (+5) Pacific Life 333 8.1 720.0 0.0 0.0 0%
450 (+5) Pantry, Inc. 371 7 -3.0 0.0 0.0 0%
450 (+5) PBF Energy Inc. 148 19.2 40.0 0.0 0.0 0%
450 (N/A) Plains GP Holdings, L.P. 70 42.2 15.0 0.0 NR N/A
450 (+5) Progressive Corporation 157 18.2 1,165.0 0.0 0.0 0%
450 (+5) Publix Super Markets, Inc. 104 29.2 1,654.0 0.0 0.0 0%
450 (+5) Susser Holdings Corporation 439 5.8 14.0 0.0 0.0 0%
450 (+5) Targa Resources Corp. 395 6.6 65.0 0.0 0.0 0%
450 (+5) United Natural Foods, Inc. 427 6.1 108.0 0.0 0.0 0%
450 (+5) W.R. Berkley Corporation 409 6.4 500.0 0.0 0.0 0%
450 (+5) WellCare Health Plans, Inc. 294 9.5 175.0 0.0 0.0 0%
490 (-2) American Family Ins. Group 373 7 379.0 N/A N/A N/A
490 (-2) Auto-Owners Insurance Group 428 6.1 579.0 N/A N/A N/A
490 (-2) Guardian Life Ins. Co. of America 245 11.3 271.0 N/A N/A N/A
490 (-2) Nationwide Mutual Insurance Co. 91 34.5 797.0 N/A N/A N/A
490 (-2) New York Life Insurance Company 88 36 1,326.0 N/A N/A N/A
490 (-2) Peter Kiewit Sons', Inc. 236 11.8 500.0 N/A N/A N/A
490 (-2) Simon Property Group, Inc. 479 5.2 1,320.0 N/A N/A N/A
490 (-2) State Farm Insurance Cos. 41 68.3 5,189.0 N/A N/A N/A
490 (-2) Thrivent Financial for Lutherans 335 8.1 414.0 N/A N/A N/A
490 (-2) TIAA-CREF 95 33.8 1,722.0 N/A N/A N/A
490 (-2) United Services Automobile Association 141 21 2,726.0 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 $5.261 billion reserve includes interest and penalties of $1.034 billion. Similarly, GE’s $6.955 billion reserve amount includes $975 million of interest and $164 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 $1.6 billion, which does not include interest and penalties of $413 million and $34 million, respectively. Thus, Procter & Gamble’s reserve amount is actually $2.353 billion, $447 million higher than the $1.6 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 $4.063 billion, $215 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 2013.

*In past years we have inappropriately calculated the tax reserve due to confusion over whether the subsidiaries' tax reserves were included in the tax reserve reported for Ameren Corporation. Last year the Ferraro 500 listed Ameren Corporation's tax reserve as $320 million; however, this double counted Ameren Corporation's subsidiaries' tax reserves. This number should have been 156.

**Aramark Corp.'s most recent 10-K was filed on December 20, 2012. Aramark Holding Corporation has yet to file a 10-K for 2013.

***Tech Data Corp filed the 10-K for 2012 in 2014. Reserve number in prior year column is from 2011.

All information is believed to be accurate as of June 15, 2014, but The Ferraro Law Firm cannot vouch for the validity of any information contained in any financial statement.

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