The Ferraro Law Firm - Tax Attorneys

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 2013 Ferraro 500

Archives: 2010, 2011, 2012

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 The Ferraro Law Firm cannot vouch for the validity of any information contained in any financial statement.