Ferraro 500 - 2011 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.

The 2011 Ferraro 500

Archives: 2010, 2011, 2012, 2013, 2014

2011 Ferraro 500 Rank

(+/- Change)

Company

2011 Fortune 500 Rank

2010 Revenues

($ millions)

2010 Profits

$ millions)

2010 Tax Reserves

($ millions)

2009 Tax Reserve

($ millions)

% Change

1 (+3) J.P. Morgan Chase & Co. 13 115,475.0 17,370.0 7,767.0 6,608.0 17.5%
2 (-1) General Electric 6 151,628.0 11,644.0 7,448.0 8,719.0 -14.6%
3 (-1) Pfizer 31 67,809.0 8,257.0 6,759.0 7,657.0 -11.7%
4 (+2) Microsoft 38 62,484.0 18,760.0 6,542.0 5,403.0 21.1%
5 (-2) AT&T 12 124,629.0 19,864.0 5,689.0 7,523.0 -24.4%
6 (+2) Wells Fargo 23 93,249.0 12,362.0 5,500.0 4,921.0 11.8%
7 (+2) American International Group 17 104,417.0 7,786.0 5,296.0 4,843.0 9.4%
8 (+2) International Business Machines 18 99,870.0 14,833.0 5,293.0 4,790.0 10.5%
9 (-2) Bank of America Corp. 9 134,194.0 -2,238.0 5,169.0 5,253.0 -1.6%
9 (-4) General Motors 8 135,592.0 6,172.0 5,169.0 5,410.0 -4.5%
11 (+1) Merck 53 45,987.0 861.0 4,919.0 4,341.1 13.3%
12 (-1) Exxon Mobil 2 354,674.0 30,460.0 4,148.0 4,725.0 -12.2%
13 (+3) Citigroup 14 111,055.0 10,602.0 4,035.0 3,079.0 31.0%
14 (-1) Morgan Stanley 63 39,320.0 4,703.0 3,711.0 4,052.0 -8.4%
15 (0) Chevron 3 196,337.0 19,024.0 3,507.0 3,195.0 9.8%
16 (-2) Verizon Communications 16 106,565.0 2,549.0 3,242.0 3,400.0 -4.6%
17 (+3) Abbott Laboratories 69 35,166.7 4,626.2 2,724.0 2,172.0 25.4%
18 (-1) Cisco Systems 62 40,040.0 7,767.0 2,677.0 2,816.0 -4.9%
19 (0) Oracle 96 26,820.0 6,135.0 2,527.0 2,262.0 11.7%
20 (-2) Johnson & Johnson 40 61,587.0 13,334.0 2,307.0 2,403.0 -4.0%
21 (+1) Time Warner 95 26,888.0 2,578.0 2,100.0 1,953.0 7.5%
22 (+2) Hewlett-Packard 11 126,033.0 8,761.0 2,085.0 1,888.0 10.4%
23 (0) Goldman Sachs Group 54 45,967.0 8,354.0 2,081.0 1,925.0 8.1%
24 (+3) PepsiCo 43 57,838.0 6,320.0 2,022.0 1,731.0 16.8%
25 (0) Dell 41 61,494.0 2,635.0 1,983.0 1,793.0 10.6%
26 (-5) Procter & Gamble 26 79,689.0 12,736.0 1,797.0 2,003.0 -10.3%
27 (+1) Energy Future Holdings 292 8,235.0 -2,812.0 1,642.0 1,638.0 0.2%
28 (+9) Eli Lilly 115 23,076.0 5,069.5 1,619.6 1,038.3 56.0%
29 (+6) American Express 91 30,242.0 4,057.0 1,377.0 1,081.0 27.4%
30 (+21) Kraft Foods 49 49,542.0 4,114.0 1,281.0 829.0 54.5%
31 (+5) Johnson Controls 76 34,305.0 1,491.0 1,262.0 1,049.0 20.3%
32 (0) Comcast 66 37,937.0 3,635.0 1,251.0 1,185.0 5.6%
33 (+19) Freddie Mac 20 98,368.0 -14,025.0 1,220.0 805.0 51.6%
34 (-8) Boeing 36 64,306.0 3,307.0 1,198.0 1,787.0 -33.0%
35 (-4) Google 92 29,321.0 8,505.0 1,140.0 1,187.7 -4.0%
36 (-6) ConocoPhillips 4 184,966.0 11,358.0 1,125.0 1,208.0 -6.9%
37 (-4) Ford Motor 10 128,954.0 6,561.0 1,063.0 1,173.0 -9.4%
38 (+6) Berkshire Hathaway 7 136,185.0 12,967.0 1,005.0 926.0 8.5%
39 (-1) Boston Scientific 305 7,806.0 -1,065.0 965.0 1,038.0 -7.0%
40 (NR) Chrysler Group 59 41,946.0 -652.0 949.0 NR N/A
41 (+1) Apple 35 65,225.0 14,013.0 943.0 971.0 -2.9%
42 (-8) Amgen 163 15,053.0 4,627.0 920.0 1,140.0 -19.3%
43 (-4) Bristol-Myers Squibb 131 19,484.0 3,102.0 919.0 1,026.0 -10.4%
44 (+9) United Technologies 44 54,326.0 4,373.0 891.0 793.0 12.4%
45 (0) Fannie Mae 5 153,825.0 -14,014.0 864.0 911.0 -5.2%
46 (+8) MetLife 46 52,717.0 2,790.0 810.0 773.0 4.8%
47 (+66) Entergy 213 11,487.6 1,250.2 805.5 327.9 145.7%
48 (-8) Wal-Mart Stores 1 421,849.0 16,389.0 795.0 1,019.0 -22.0%
49 (+6) Caterpillar 58 42,588.0 2,700.0 789.0 761.0 3.7%
50 (-21) Exelon 141 18,644.0 2,563.0 787.0 1,498.0 -47.5%
51 (-4) Amerigroup 396 5,806.3 273.4 757.0 882.0 -14.2%
51 (+7) Honeywell International 81 33,370.0 2,022.0 757.0 720.0 5.1%
53 (-3) Public Service Enterprise Group 201 12,195.0 1,564.0 756.0 836.0 -9.6%
54 (-6) Cardinal Health 19 98,601.9 642.2 730.6 848.8 -13.9%
55 (+5) PG&E Corp. 177 13,841.0 1,099.0 714.0 673.0 6.1%
56 (+1) Illinois Tool Works 156 15,870.4 1,527.2 704.0 725.0 -2.9%
57 (-1) DuPont 84 32,733.0 3,031.0 693.0 739.0 -6.2%
58 (+1) Walt Disney 65 38,063.0 3,963.0 680.0 686.0 -0.9%
59 (+6) NRG Energy 276 8,849.0 477.0 663.0 643.0 3.1%
60 (+3) Home Depot 30 67,997.0 3,338.0 662.0 659.0 0.5%
61 (-18) Agilent Technologies 419 5,444.0 684.0 656.0 930.0 -29.5%
62 (+5) McKesson 15 108,702.0 1,263.0 635.0 619.0 2.6%
63 (+5) 3M 97 26,662.0 4,085.0 622.0 618.0 0.6%
64 (+19) Western Union 431 5,192.7 909.9 618.7 477.2 29.7%
65 (-19) Yahoo 365 6,324.7 1,231.7 597.1 893.5 -33.2%
66 (+14) McDonald's 111 24,074.6 4,946.3 572.6 492.0 16.4%
67 (+6) Kimberly-Clark 130 19,746.0 1,843.0 568.0 570.0 -0.4%
68 (+36) Caesars Entertainment 277 8,818.6 -831.1 567.4 362.0 56.7%
69 (-7) Edison International 198 12,409.0 1,256.0 565.0 664.0 -14.9%
70 (+2) General Mills 166 14,796.5 1,530.5 552.9 570.1 -3.0%
71 (+8) Prudential Financial 64 38,414.0 3,195.0 552.0 510.0 8.2%
72 (+21) Visa 297 8,065.0 2,966.0 545.0 439.0 24.1%
73 (+21) Medtronic 158 15,817.0 3,099.0 538.0 431.0 24.8%
74 (+17) U.S. Bancorp 126 20,518.0 3,317.0 532.0 440.0 20.9%
75 (+2) Pitney Bowes 421 5,425.3 292.4 531.8 515.6 3.1%
76 (-1) Symantec 382 5,985.0 714.0 527.0 543.0 -2.9%
77 (+15) Danaher 187 13,202.6 1,793.0 517.5 439.3 17.8%
78 (+55) Ameren 313 7,638.0 139.0 517.0 281.0 84.0%
79 (-38) Starwood Hotels & Resorts 441 5,071.0 477.0 510.0 999.0 -48.9%
80 (+19) PPL 280 8,638.0 938.0 496.0 410.0 21.0%
81 (+1) Dr Pepper Snapple Group 404 5,636.0 528.0 490.0 483.0 1.4%
81 (+7) Baxter International 192 12,843.0 1,420.0 490.0 458.0 7.0%
83 (+18) Liberty Global 255 9,667.7 388.2 475.0 400.6 18.6%
84 (NR) CIT Group 364 6,362.5 516.8 451.6 NR N/A
85 (+24) Baker Hughes 170 14,414.0 812.0 438.0 339.0 29.2%
86 (-8) AES 150 17,138.0 9.0 437.0 511.0 -14.5%
87 (-38) eBay 269 9,156.3 1,801.0 428.3 838.6 -48.9%
88 (+2) Computer Sciences 155 16,128.0 817.0 426.0 442.0 -3.6%
89 (+16) State Street Corp. 253 9,716.0 1,556.0 419.0 359.0 16.7%
90 (-24) HCA Holdings 90 30,683.0 1,207.0 413.0 628.0 -34.2%
91 (+6) Northwestern Mutual 112 23,384.3 756.3 412.0 418.0 -1.4%
92 (+4) Icahn Enterprises 270 9,119.0 199.0 407.0 420.0 -3.1%
93 (+45) Hess 74 34,613.0 2,125.0 400.0 271.0 47.6%
94 (-24) Altria Group 154 16,892.0 3,905.0 399.0 601.0 -33.6%
95 (+54) Pepco Holdings 335 7,039.0 32.0 395.0 246.0 60.6%
96 (+12) Coca-Cola 70 35,119.0 11,809.0 387.0 354.0 9.3%
97 (+42) United Parcel Service 48 49,545.0 3,488.0 386.0 360.0 7.2%
98 (+22) Discover Financial Services 291 8,241.2 764.8 373.3 305.7 22.1%
99 (-1) First Data 236 10,380.4 -1,021.8 368.6 415.0 -11.2%
100 (-26) Sara Lee 191 12,919.0 506.0 367.0 547.0 -32.9%
101 (+25) Stryker 323 7,320.0 1,273.4 365.6 292.7 24.9%
102 (-26) DirecTV 110 24,102.0 2,198.0 362.0 527.0 -31.3%
103 (-1) Best Buy 47 49,694.0 1,317.0 359.0 393.0 -8.7%
104 (+171) Qualcomm 222 10,991.0 3,247.0 353.0 84.0 320.2%
105 (+1) Capital One Financial 134 19,067.0 2,743.0 350.0 358.9 -2.5%
106 (-45) Duke Energy 173 14,272.0 1,320.0 342.0 664.0 -48.5%
107 (0) Monsanto 234 10,502.0 1,109.0 341.0 358.0 -4.7%
108 (-37) Kroger 25 82,189.4 1,116.3 333.0 586.0 -43.2%
109 (-28) Valero Energy 24 86,034.0 324.0 330.0 484.0 -31.8%
110 (+6) Applied Materials 259 9,548.7 937.9 328.0 325.3 0.8%
111 (+53) Liberty Mutual Insurance Group 82 33,193.0 1,678.0 321.0 221.0 45.2%
112 (-48) Dow Chemical 45 53,674.0 2,310.0 319.0 650.0 -50.9%
113 (-3) Lincoln National 235 10,410.5 980.3 318.0 336.0 -5.4%
114 (0) CenturyLink 334 7,041.5 947.7 311.1 327.2 -4.9%
115 (+6) Yum Brands 214 11,343.0 1,158.0 308.0 301.0 2.3%
116 (+13) BlackRock 282 8,612.0 2,063.0 307.0 285.0 7.7%
116 (+11) Dominion Resources 162 15,264.0 2,808.0 307.0 291.0 5.5%
118 (+5) Viacom 180 13,497.0 1,548.0 304.0 300.0 1.3%
119 (-30) Target 33 67,390.0 2,920.0 302.0 452.0 -33.2%
120 (+4) MeadWestvaco 373 6,168.0 106.0 301.0 297.0 1.3%
121 (+56) Southern 147 17,456.0 1,975.0 296.0 199.0 48.7%
122 (+149) Smurfit-Stone Container 369 6,286.0 N.A. 295.0 87.0 239.1%
123 (+67) BB&T Corp. 220 11,072.0 816.0 292.0 179.0 63.1%
124 (-13) Bank of New York Mellon Corp. 165 14,929.0 2,518.0 289.0 335.0 -13.7%
125 (-3) Rite Aid 100 25,669.1 -506.7 287.0 300.7 -4.6%
126 (+2) NCR 469 4,819.0 134.0 285.0 288.0 -1.0%
126 (-1) Textron 233 10,525.0 86.0 285.0 294.0 -3.1%
128 (+8) Nike 135 19,014.0 1,906.7 282.1 273.9 3.0%
129 (+45) Liberty Media 224 10,982.0 1,892.0 280.0 205.0 36.6%
130 (+14) El Paso 481 4,616.0 758.0 276.0 260.0 6.2%
131 (NR) Stanley Black & Decker 288 8,409.6 198.2 273.6 NR N/A
132 (+219) NextEra Energy 161 15,317.0 1,957.0 264.0 40.0 560.0%
133 (NR) PulteGroup 486 4,569.3 -1,096.7 258.0 NR N/A
134 (+6) Staples 108 24,545.1 881.9 254.2 264.3 -3.8%
135 (+23) Mattel 392 5,856.2 684.9 252.6 230.0 9.8%
136 (+51) CenterPoint Energy 279 8,785.0 442.0 252.0 187.0 34.8%
137 (+9) Eastman Kodak 327 7,187.0 -687.0 245.0 256.0 -4.3%
138 (+32) Celanese 388 5,918.0 377.0 244.0 208.0 17.3%
139 (-52) News Corp. 83 32,778.0 2,539.0 243.0 458.0 -46.9%
140 (+22) Domtar 394 5,850.0 605.0 242.0 226.0 7.1%
141 (-24) Constellation Energy 172 14,340.0 -982.6 239.8 312.5 -23.3%
142 (+18) PNC Financial Services Group 151 17,096.0 3,412.0 238.0 227.0 4.8%
143 (+24) L-3 Communications 159 15,680.0 955.0 237.0 219.0 8.2%
144 (-9) Dover 331 7,142.0 700.1 234.2 276.6 -15.3%
145 (-60) Motorola Solutions 116 22,823.0 633.0 234.0 466.0 -49.8%
146 (+34) Air Products & Chemicals 271 9,026.0 1,029.1 233.7 194.9 19.9%
147 (0) Freeport-McMoRan Copper & Gold 136 18,982.0 4,336.0 233.0 287.0 -18.8%
148 (+30) EMC 152 17,015.1 1,900.0 230.3 197.1 16.8%
149 (+69) Western Digital 251 9,850.0 1,382.0 230.0 136.0 69.1%
150 (+26) Mosaic 346 6,759.1 827.1 228.8 200.1 14.3%
151 (-20) Sprint Nextel 85 32,563.0 -3,465.0 228.0 284.0 -19.7%
152 (+1) CC Media Holdings 391 5,865.7 -479.1 225.5 237.5 -5.1%
153 (+245) Charter Communications 333 7,059.0 -237.0 224.0 23.0 873.9%
153 (+26) Eaton 178 13,715.0 929.0 224.0 197.0 13.7%
155 (-4) Republic Services 296 8,106.6 506.5 222.8 242.2 -8.0%
156 (+9) UnitedHealth Group 22 94,155.0 4,634.0 220.0 220.0 0.0%
157 (-2) American Electric Power 169 14,427.0 1,211.0 219.0 237.0 -7.6%
157 (+4) Fluor 124 20,849.3 357.5 219.0 226.8 -3.5%
159 (-16) Deere 98 26,004.6 1,865.0 218.0 260.0 -16.2%
160 (+6) Intel 56 43,623.0 11,464.0 216.0 220.0 -1.8%
161 (+31) Ally Financial 149 17,373.0 1,075.0 214.0 172.0 24.4%
162 (-3) CBS 174 14,059.8 724.2 213.7 229.7 -7.0%
163 (+26) Amazon.com 78 34,204.0 1,152.0 213.0 181.0 17.7%
164 (+31) Owens Corning 448 4,997.0 933.0 210.0 167.0 25.7%
165 (-24) Halliburton 144 17,973.0 1,835.0 209.0 292.0 -28.4%
166 (+5) Macy's 107 25,003.0 847.0 205.0 207.0 -1.0%
167 (-13) Mylan 418 5,450.5 345.1 203.4 237.5 -14.4%
168 (-36) Qwest Communications 209 11,730.0 -55.0 203.0 282.0 -28.0%
169 (+3) Marsh & McLennan 225 10,931.0 855.0 199.0 206.0 -3.4%
169 (-50) International Paper 105 25,179.0 644.0 199.0 308.0 -35.4%
171 (-34) Devon Energy 231 10,633.0 4,550.0 194.0 272.0 -28.7%
172 (-20) DISH Network 193 12,640.7 984.7 193.3 240.0 -19.5%
173 (-44) Genworth Financial 243 10,089.0 142.0 193.0 285.0 -32.3%
174 (+19) ITT 217 11,155.0 798.0 192.0 170.9 12.3%
174 (-56) Sears Holdings 57 43,326.0 133.0 192.0 310.0 -38.1%
176 (-3) AbitibiBowater 474 4,746.0 -1,940.0 191.0 206.0 -7.3%
177 (+23) Whirlpool 143 18,366.0 619.0 190.0 163.0 16.6%
178 (-94) Raytheon 104 25,183.0 1,840.0 188.0 469.0 -59.9%
179 (-79) Broadcom 343 6,818.3 1,081.8 187.5 400.8 -53.2%
180 (+31) Xerox 121 21,633.0 606.0 186.0 148.0 25.7%
181 (NR) Avaya 445 5,060.0 -874.0 185.0 NR N/A
182 (-26) Tyson Foods 93 28,430.0 780.0 184.0 233.0 -21.0%
183 (-20) Reinsurance Group of America 290 8,261.7 574.4 182.4 221.0 -17.5%
184 (+37) Supervalu 61 40,597.0 393.0 182.0 133.0 36.8%
185 (+9) Weyerhaeuser 354 6,552.0 1,281.0 180.0 170.0 5.9%
186 (-17) Cigna 122 21,253.0 1,345.0 177.0 214.0 -17.3%
187 (+16) Progress Energy 240 10,190.0 856.0 176.0 160.0 10.0%
188 (NR) SanDisk 468 4,826.8 1,300.1 172.1 NR N/A
189 (+8) TRW Automotive Holdings 171 14,383.0 834.0 172.0 166.0 3.6%
190 (-4) Colgate-Palmolive 160 15,564.0 2,203.0 171.0 187.0 -8.6%
191 (+13) Emerson Electric 120 21,866.0 2,164.0 170.0 159.0 6.9%
192 (NR) Phillips-Van Heusen 479 4,636.8 53.8 169.6 NR N/A
193 (-43) Northeast Utilities 459 4,898.2 387.9 167.1 244.0 -31.5%
194 (NR) Apollo Group 452 4,958.1 553.0 166.0 NR N/A
195 (-20) Omnicom Group 195 12,542.5 827.7 165.1 202.8 -18.6%
196 (+19) MasterCard 410 5,539.0 1,846.0 165.0 145.8 13.2%
196 (+11) Lowe's 50 48,815.0 2,010.0 165.0 154.0 7.1%
198 (+38) St. Jude Medical 436 5,164.8 907.4 162.9 120.5 35.2%
199 (0) J.C. Penney 146 17,759.0 389.0 162.0 165.0 -1.8%
200 (-32) Lockheed Martin 52 46,890.0 2,926.0 160.0 217.0 -26.3%
201 (+8) Safeway 60 41,050.0 589.8 159.9 151.0 5.9%
202 (-57) Estée Lauder 307 7,795.8 478.3 157.3 259.1 -39.3%
203 (-12) R.R. Donnelley & Sons 247 10,018.9 221.7 157.1 176.4 -10.9%
204 (+27) Polo Ralph Lauren 451 4,978.9 479.5 156.4 126.0 24.1%
205 (-17) Avery Dennison 356 6,512.7 316.9 154.2 182.0 -15.3%
206 (-24) Gannett 415 5,471.4 588.2 153.5 191.7 -19.9%
207 (-104) Praxair 241 10,116.0 1,195.0 153.0 372.0 -58.9%
208 (+57) Norfolk Southern 261 9,516.0 1,496.0 152.0 94.0 61.7%
209 (+21) Quest Diagnostics 320 7,368.9 720.9 151.6 126.5 19.8%
210 (NR) Levi Strauss 496 4,410.6 156.5 150.7 NR N/A
211 (+6) Goodrich 337 6,966.9 578.7 147.1 138.0 6.6%
212 (+30) Limited Brands 258 9,613.3 804.8 147.0 115.0 27.8%
213 (+7) Interpublic Group 355 6,531.9 261.1 146.7 134.4 9.2%
214 (+14) Owens-Illinois 345 6,762.0 -47.0 143.0 128.4 11.4%
215 (+30) Bed Bath & Beyond 304 7,828.8 600.0 141.9 113.1 25.5%
216 (-8) Terex 485 4,575.9 358.5 141.7 151.1 -6.2%
217 (-3) Unum Group 239 10,193.2 886.1 138.9 146.8 -5.4%
218 (+9) Coventry Health Care 212 11,587.9 438.6 136.3 129.1 5.6%
219 (-133) Fortune Brands 352 6,570.5 487.6 134.5 460.5 -70.8%
220 (-19) MGM Resorts International 380 6,019.2 -1,437.4 134.4 161.4 -16.7%
221 (-2) Avnet 132 19,160.2 410.4 132.8 135.9 -2.3%
222 (-38) Visteon 319 7,466.0 N.A. 131.0 190.0 -31.1%
223 (+15) NiSource 362 6,422.7 292.0 129.2 117.7 9.8%
224 (+40) Reynolds American 284 8,551.0 1,113.0 127.0 94.0 35.1%
225 (+25) Gilead Sciences 299 7,949.4 2,901.3 126.5 106.5 18.8%
226 (-131) Northrop Grumman 72 34,757.0 2,053.0 126.0 429.0 -70.6%
227 (-42) Philip Morris International 94 27,208.0 7,259.0 125.0 189.0 -33.9%
228 (-47) TJX 119 21,942.2 1,343.1 123.1 191.7 -35.8%
229 (-16) Biogen Idec 476 4,716.4 1,005.3 121.5 147.1 -17.4%
230 (+27) Medco Health Solutions 34 65,968.3 1,427.3 118.8 99.9 18.9%
231 (+82) National Oilwell Varco 202 12,156.0 1,667.0 118.0 58.0 103.4%
232 (0) Ashland 272 9,012.0 332.0 116.0 125.0 -7.2%
232 (-6) Newmont Mining 260 9,540.0 2,277.0 116.0 130.0 -10.8%
234 (+17) United States Steel 148 17,374.0 -482.0 115.0 106.0 8.5%
235 (+20) Meritor 463 4,882.0 12.0 111.0 104.0 6.7%
235 (+27) Tenneco 386 5,937.0 39.0 111.0 96.0 15.6%
235 (+9) Peabody Energy 338 6,944.2 774.0 111.0 113.2 -1.9%
235 (+14) PPG Industries 181 13,423.0 769.0 111.0 108.0 2.8%
239 (-23) Office Depot 211 11,633.1 34.9 110.5 141.1 -21.7%
240 (-3) Sempra Energy 274 9,003.0 739.0 110.0 119.0 -7.6%
240 (-6) Apache 206 12,092.0 3,032.0 110.0 123.1 -10.6%
242 (+24) Automatic Data Processing 275 8,944.9 1,211.4 107.2 92.8 15.5%
243 (+4) Dole Food 341 6,894.0 -34.1 106.4 109.3 -2.7%
244 (-34) Navistar International 204 12,145.0 223.0 104.0 150.0 -30.7%
244 (-19) Kellogg 199 12,397.0 1,247.0 104.0 130.0 -20.0%
246 (+72) Texas Instruments 175 13,966.0 3,228.0 103.0 56.0 83.9%
246 (+10) Travelers Cos. 106 25,112.0 3,216.0 103.0 100.0 3.0%
246 (+41) Marathon Oil 29 68,413.0 2,568.0 103.0 75.0 37.3%
249 (+9) NII Holdings 406 5,601.3 341.1 102.9 99.6 3.3%
250 (-48) SunTrust Banks 244 10,071.7 189.0 102.0 160.6 -36.5%
251 (-10) WellPoint 42 58,801.8 2,887.1 100.4 116.4 -13.7%
252 (+30) Aon 286 8,512.0 706.0 100.0 77.0 29.9%
253 (-41) Newell Rubbermaid 397 5,759.2 292.8 96.8 147.9 -34.6%
254 (+14) Kohl's 142 18,391.0 1,114.0 96.0 89.0 7.9%
255 (-20) SPX 460 4,892.7 205.6 95.5 120.9 -21.0%
256 (+92) KBR 242 10,099.0 327.0 95.0 41.0 131.7%
257 (+16) Masco 314 7,592.0 -1,043.0 94.0 86.0 9.3%
258 (+28) Franklin Resources 393 5,853.0 1,445.7 93.3 76.0 22.8%
259 (+13) Consolidated Edison 184 13,325.0 992.0 93.0 86.0 8.1%
259 (-30) Walgreen 32 67,420.0 2,091.0 93.0 128.0 -27.3%
261 (-13) Nucor 157 15,844.6 134.1 92.8 108.6 -14.5%
262 (+18) Consol Energy 428 5,236.0 346.8 91.3 78.8 15.9%
263 (+30) Williams 257 9,616.0 -1,097.0 91.0 72.0 26.4%
264 (+64) Becton Dickinson 316 7,540.1 1,317.6 90.1 50.6 78.1%
265 (+2) Sysco 67 37,243.5 1,180.0 89.9 92.1 -2.4%
266 (+35) Delta Air Lines 88 31,755.0 593.0 89.0 66.0 34.8%
267 (-8) Calpine 349 6,637.0 31.0 88.0 98.0 -10.2%
267 (+192) Micron Technology 287 8,482.0 1,850.0 88.0 1.0 8700.0%
269 (-23) Goodyear Tire & Rubber 139 18,832.0 -216.0 87.0 112.0 -22.3%
270 (+38) Union Pacific 153 16,965.0 2,780.0 86.0 61.0 41.0%
271 (NR) Momentive Specialty Chemicals 433 5,174.0 214.0 85.0 NR N/A
271 (+46) Cummins 186 13,226.0 1,040.0 85.0 56.0 51.8%
273 (-30) Avon Products 226 10,862.8 606.3 84.3 113.4 -25.7%
274 (-14) Clorox 411 5,534.0 603.0 84.0 98.0 -14.3%
274 (+47) Archer Daniels Midland 39 61,682.0 1,930.0 84.0 54.0 55.6%
276 (+2) Costco Wholesale 28 77,946.0 1,303.0 83.0 80.0 3.8%
277 (NR) D.R. Horton 499 4,400.2 245.1 82.8 NR N/A
278 (-56) Parker Hannifin 248 9,993.2 554.1 82.1 133.0 -38.2%
279 (+30) Spectra Energy 441 5,071.0 1,049.0 82.0 61.0 34.4%
279 (+15) FedEx 73 34,734.0 1,184.0 82.0 72.0 13.9%
281 (NR) Cliffs Natural Resources 477 4,682.2 1,019.9 79.8 NR N/A
282 (-3) Jabil Circuit 182 13,409.4 168.8 78.1 79.6 -1.9%
283 (-22) Rockwell Collins 478 4,665.0 561.0 78.0 98.0 -20.4%
284 (NR) Booz Allen Hamilton Holding 438 5,122.6 25.4 77.3 NR N/A
285 (+12) CB Richard Ellis Group 440 5,119.2 200.3 77.2 69.2 11.6%
286 (-17) NYSE Euronext 495 4,425.0 577.0 75.0 89.0 -15.7%
286 (+87) Ameriprise Financial 246 10,046.0 1,097.0 75.0 33.0 127.3%
288 (+14) Sealed Air 490 4,490.1 255.9 72.5 64.8 11.9%
289 (-37) H.J. Heinz 232 10,558.0 864.9 70.7 57.1 23.8%
290 (+32) AECOM Technology 353 6,559.4 236.9 70.5 52.8 33.5%
291 (-10) Harley-Davidson 458 4,907.9 146.5 69.8 77.9 -10.4%
292 (0) CHS 103 25,267.9 502.2 69.4 72.5 -4.3%
293 (+3) Cablevision Systems 321 7,362.9 360.9 68.7 69.4 -0.9%
294 (+16) Cameron International 375 6,134.8 562.9 68.4 60.4 13.2%
294 (+38) Starbucks 229 10,707.4 945.6 68.4 49.1 39.3%
296 (+33) VF 310 7,702.6 571.4 67.4 50.5 33.5%
297 (-12) Ryder System 437 5,136.4 118.2 67.1 76.2 -11.9%
298 (-75) Gap 167 14,664.0 1,204.0 67.0 132.0 -49.2%
299 (-59) Rockwell Automation 466 4,857.0 464.3 66.3 116.7 -43.2%
300 (-61) Ecolab 378 6,089.7 530.3 66.2 116.7 -43.3%
301 (-3) Arrow Electronics 140 18,744.7 479.6 66.1 68.8 -4.0%
302 (-19) General Cable 465 4,864.9 69.5 63.1 76.5 -17.5%
303 (-19) Thermo Fisher Scientific 227 10,788.7 1,035.6 62.1 76.2 -18.5%
304 (-9) Foot Locker 446 5,049.0 169.0 62.0 70.0 -11.4%
305 (+32) Ball 300 7,948.5 468.0 60.1 45.9 30.9%
306 (-15) Dean Foods 203 12,149.2 91.5 58.2 72.6 -19.8%
307 (-2) Hershey 402 5,671.0 509.8 58.0 63.0 -7.9%
308 (-103) Toys "R" Us 176 13,864.0 168.0 57.0 158.0 -63.9%
309 (+6) Express Scripts 55 44,989.7 1,181.2 56.4 56.1 0.5%
310 (+17) Jarden 379 6,022.7 106.7 55.7 51.5 8.2%
311 (+9) Principal Financial 268 9,158.6 699.3 54.8 54.5 0.6%
312 (-1) Laboratory Corp. of America 447 5,003.9 558.2 53.6 59.0 -9.2%
313 (-24) ConAgra Foods 200 12,370.2 725.8 53.4 74.6 -28.4%
314 (+35) Dana Holding 376 6,109.0 10.0 53.0 41.0 29.3%
314 (-26) Waste Management 196 12,515.0 953.0 53.0 75.0 -29.3%
316 (+44) McGraw-Hill 372 6,168.3 828.1 52.9 37.8 39.9%
316 (+9) Kinder Morgan 294 8,190.6 -41.3 52.9 52.0 1.7%
318 (-14) Oshkosh 252 9,842.4 790.0 52.1 63.8 -18.3%
319 (+47) American Financial Group 489 4,497.0 479.0 52.0 35.9 44.8%
320 (-4) Time Warner Cable 137 18,868.0 1,308.0 51.0 56.0 -8.9%
321 (+26) Genuine Parts 215 11,207.6 475.5 50.2 41.0 22.4%
322 (-69) Mohawk Industries 427 5,319.1 185.5 49.9 105.8 -52.8%
323 (NR) Steel Dynamics 368 6,300.9 140.7 49.4 NR N/A
324 (+30) Aramark 194 12,571.7 30.7 49.3 39.8 23.9%
325 (+77) AGCO 340 6,896.6 220.5 48.2 21.8 121.1%
326 (+7) Hartford Financial Services 117 22,383.0 1,680.0 48.0 48.0 0.0%
327 (-4) Shaw Group 336 7,000.8 92.7 47.3 52.1 -9.3%
328 (+54) Loews 168 14,621.0 1,288.0 46.0 27.0 70.4%
328 (+6) Alcoa 123 21,013.0 254.0 46.0 48.0 -4.2%
330 (-57) YRC Worldwide 488 4,528.8 -322.2 45.1 84.8 -46.8%
330 (NR) AK Steel Holding 383 5,968.3 -128.9 45.1 NR N/A
332 (-149) FirstEnergy 183 13,339.0 784.0 45.0 191.0 -76.4%
333 (+39) Ross Stores 303 7,866.1 554.8 44.0 33.3 32.1%
334 (+16) Smithfield Foods 216 11,202.6 -101.4 43.2 40.5 6.7%
335 (+6) Paccar 238 10,292.9 457.6 43.1 44.1 -2.3%
336 (-46) Huntsman 264 9,302.0 27.0 43.0 74.0 -41.9%
336 (+7) Nordstrom 254 9,700.0 613.0 43.0 43.0 0.0%
338 (NR) Fidelity National Information Services 426 5,331.0 404.5 42.7 NR N/A
339 (-141) Advanced Micro Devices 357 6,494.0 471.0 42.0 166.0 -74.7%
340 (-86) SLM 344 6,776.3 530.4 41.7 104.4 -60.1%
341 (+54) Xcel Energy 237 10,310.9 755.8 40.5 23.7 70.9%
342 (-273) Avis Budget Group 432 5,185.0 54.0 40.0 603.0 -93.4%
343 (-195) Marriott International 210 11,691.0 458.0 39.0 249.0 -84.3%
344 (-4) AutoZone 322 7,362.6 738.3 38.6 44.2 -12.7%
345 (-19) Lubrizol 423 5,417.8 732.2 38.5 51.7 -25.5%
346 (+41) Regions Financial 293 8,220.0 -539.0 38.0 26.0 46.2%
346 (-22) Occidental Petroleum 129 19,857.0 4,530.0 38.0 52.0 -26.9%
348 (+11) SunGard Data Systems 434 5,172.0 -570.0 37.0 38.0 -2.6%
348 (+10) Crown Holdings 301 7,941.0 324.0 37.0 38.0 -2.6%
350 (+11) AmerisourceBergen 27 77,954.0 636.7 36.8 37.6 -2.3%
351 (+20) O'Reilly Automotive 424 5,397.5 419.4 36.7 33.6 9.3%
352 (-49) Lear 207 11,954.6 438.3 36.2 63.8 -43.3%
353 (+17) Health Management Associates 435 5,169.0 150.1 36.1 34.9 3.4%
353 (+12) Penske Automotive Group 228 10,734.4 108.3 36.1 36.9 -2.1%
355 (+124) Scana 483 4,601.0 376.0 36.0 0.0 N/A
355 (-10) Campbell Soup 312 7,676.0 844.0 36.0 42.0 -14.3%
357 (-57) Las Vegas Sands 342 6,853.2 599.4 35.8 66.1 -45.8%
358 (+23) Sanmina-SCI 366 6,318.7 122.4 35.0 27.9 25.6%
358 (-22) Tenet Healthcare 266 9,233.0 1,143.0 35.0 46.0 -23.9%
358 (-51) CVS Caremark 21 96,413.0 3,427.0 35.0 61.0 -42.6%
361 (+24) W.W. Grainger 328 7,182.2 510.9 34.1 26.5 28.7%
362 (-24) Telephone & Data Systems 450 4,986.8 143.8 34.0 45.0 -24.4%
362 (-205) Chesapeake Energy 263 9,366.0 1,774.0 34.0 231.0 -85.3%
362 (-48) Tesoro 128 20,253.0 -29.0 34.0 57.0 -40.4%
365 (+32) Harris 429 5,206.1 561.6 33.2 23.1 43.7%
365 (-2) Autoliv 329 7,170.6 590.6 33.2 37.1 -10.5%
367 (-11) Allergan 457 4,919.4 0.6 32.5 39.3 -17.3%
368 (+9) Anadarko Petroleum 223 10,984.0 761.0 32.0 29.0 10.3%
368 (+45) United Continental Holdings 114 23,229.0 253.0 32.0 16.0 100.0%
370 (-6) Sherwin-Williams 308 7,776.4 462.5 31.3 37.0 -15.4%
371 (-18) Genzyme 487 4,535.9 422.1 30.5 39.8 -23.4%
372 (+3) Integrys Energy Group 430 5,203.2 220.9 30.4 31.8 -4.4%
372 (-60) Darden Restaurants 332 7,113.1 404.5 30.4 58.1 -47.7%
374 (-12) Alliant Techsystems 472 4,807.7 278.7 29.5 37.2 -20.7%
375 (-98) DTE Energy 283 8,557.0 630.0 28.0 81.0 -65.4%
376 (NR) BorgWarner 403 5,652.8 377.4 27.6 NR N/A
377 (-10) Big Lots 453 4,952.2 222.5 27.3 35.8 -23.7%
378 (+11) Hertz Global Holdings 315 7,562.5 -48.0 27.2 25.6 6.2%
379 (+5) Spectrum Group International 381 6,012.4 -1.1 26.4 26.6 -0.8%
379 (-80) Dollar General 188 13,035.0 627.9 26.4 67.6 -61.0%
379 (-40) Manpower 138 18,866.5 -263.6 26.4 44.4 -40.5%
382 (0) World Fuel Services 133 19,131.1 146.9 26.3 27.2 -3.2%
383 (-39) Hormel Foods 325 7,220.7 395.6 26.1 42.8 -39.0%
384 (+2) RadioShack 492 4,472.7 206.1 25.9 26.5 -2.3%
385 (-7) EOG Resources 377 6,099.9 160.7 25.0 29.0 -13.8%
385 (+15) Allstate 89 31,400.0 928.0 25.0 22.0 13.6%
387 (-18) GameStop 262 9,473.7 408.0 24.9 35.2 -29.3%
388 (NR) Bemis 462 4,890.0 205.1 24.0 NR N/A
388 (+23) Aflac 125 20,732.0 2,344.0 24.0 17.0 41.2%
390 (+15) Ingram Micro 75 34,589.0 318.1 23.6 21.3 11.0%
391 (-36) Family Dollar Stores 302 7,867.0 358.1 23.4 39.4 -40.6%
392 (-4) Murphy Oil 113 23,345.1 798.1 23.2 26.0 -10.7%
393 (NR) Cognizant Technology Solutions 484 4,592.4 733.5 23.0 NR N/A
393 (+13) KeyCorp 417 5,458.0 554.0 23.0 21.0 9.5%
393 (-41) Corning 350 6,632.0 3,558.0 23.0 40.0 -42.5%
393 (-51) SAIC 219 11,117.0 618.0 23.0 44.0 -47.7%
397 (-4) Frontier Oil 389 5,884.9 37.8 22.6 23.9 -5.3%
398 (-6) Sonic Automotive 339 6,935.9 89.9 22.5 24.8 -9.3%
399 (+8) Health Net 179 13,619.9 204.2 21.9 20.9 4.8%
400 (+12) Henry Schein 317 7,526.8 325.8 21.8 17.0 28.2%
401 (-10) URS 267 9,177.1 287.9 21.5 25.3 -15.0%
402 (+25) OfficeMax 330 7,150.0 71.2 20.9 8.2 154.9%
403 (+52) Commercial Metals 361 6,429.1 -205.3 20.4 1.5 1260.0%
404 (-73) CSX 230 10,636.0 1,563.0 20.0 50.0 -60.0%
404 (+4) Sunoco 68 35,453.0 234.0 20.0 20.0 0.0%
406 (-27) Omnicare 371 6,199.5 -106.1 19.0 28.6 -33.6%
407 (-6) CarMax 311 7,690.3 281.7 18.7 22.0 -15.0%
408 (+1) Land O'Lakes 218 11,146.4 178.1 18.5 19.7 -5.9%
409 (-29) CH2M Hill 422 5,422.8 93.7 18.3 28.2 -35.1%
410 (+22) PetSmart 400 5,693.8 239.9 16.7 7.7 118.2%
411 (+3) Virgin Media 374 6,138.2 -218.3 16.0 15.8 1.3%
411 (-135) Fifth Third Bancorp 326 7,218.0 753.0 16.0 82.0 -80.5%
413 (+62) Universal American 401 5,687.2 187.7 15.4 0.0 N/A
413 (+2) Reliance Steel & Aluminum 367 6,312.8 194.4 15.4 15.5 -0.6%
415 (NR) J.M. Smucker 482 4,605.3 494.1 15.3 NR N/A
415 (-21) Barnes & Noble 395 5,810.6 36.7 15.3 23.8 -35.7%
417 (0) Dollar Tree 390 5,882.4 397.3 15.2 14.4 5.6%
418 (+62) Pacific Life 405 5,603.0 480.0 14.0 N/A N/A
419 (-23) Assurant 285 8,527.7 279.2 13.8 23.1 -40.4%
420 (-1) Dick's Sporting Goods 464 4,871.5 182.1 13.6 12.8 6.2%
421 (-18) Owens & Minor 295 8,123.6 110.6 13.4 21.4 -37.4%
422 (+1) Advance Auto Parts 387 5,925.2 346.1 13.0 11.1 17.1%
423 (-33) Precision Castparts 409 5,539.6 921.8 12.3 25.4 -51.6%
424 (+1) Charles Schwab 491 4,474.0 454.0 11.0 10.0 10.0%
425 (+19) Live Nation Entertainment 444 5,063.7 -228.4 10.9 4.1 163.3%
426 (-8) Whole Foods Market 273 9,005.8 245.8 10.7 13.2 -18.9%
427 (-3) Synnex 281 8,617.1 127.9 10.5 10.1 4.0%
428 (-12) Con-way 454 4,952.0 4.0 9.8 14.8 -33.8%
429 (-19) Dillard's 370 6,253.5 179.6 9.1 18.2 -50.0%
430 (+9) Eastman Chemical 348 6,691.0 438.0 9.0 6.0 50.0%
431 (-55) DaVita 359 6,447.4 405.7 8.1 30.7 -73.6%
432 (+8) Universal Health Services 408 5,572.3 230.2 7.9 5.8 37.3%
433 (-13) Winn-Dixie Stores 324 7,247.8 28.9 7.6 12.4 -38.7%
433 (-3) C.H. Robinson Worldwide 265 9,274.3 387.0 7.6 7.8 -2.6%
435 (-9) Community Health Systems 190 12,986.5 280.0 7.5 9.2 -18.8%
436 (+14) AutoNation 197 12,501.5 226.6 6.9 2.5 176.0%
437 (-2) Atmos Energy 473 4,789.7 205.8 6.7 6.7 0.0%
438 (-5) Emcor Group 439 5,121.3 -86.7 6.5 7.5 -13.3%
439 (-5) Kelly Services 455 4,950.3 26.1 6.4 6.8 -5.9%
440 (-2) AMR 118 22,170.0 -471.0 6.0 6.0 0.0%
441 (0) Anixter International 414 5,472.1 108.5 5.9 5.1 15.7%
442 (NR) Insight Enterprises 471 4,809.9 75.5 5.6 NR N/A
443 (+8) UGI 407 5,591.4 261.0 5.4 2.3 134.8%
444 (NR) Ruddick 498 4,400.5 112.0 5.2 NR N/A
445 (+4) Tech Data 109 24,376.0 214.2 5.1 3.1 64.5%
446 (-3) Host Hotels & Resorts 494 4,442.0 -130.0 5.0 5.0 0.0%
447 (-5) United Stationers 467 4,832.2 112.8 4.5 5.0 -10.0%
448 (-142) CMS Energy 360 6,442.0 340.0 4.0 62.0 -93.5%
448 (NR) KKR 256 9,667.6 333.2 4.0 NR N/A
448 (+22) Southwest Airlines 205 12,104.0 459.0 4.0 0.0 N/A
451 (-3) BJ's Wholesale Club 221 11,024.8 95.0 3.9 3.6 9.3%
452 (-6) Graybar Electric 480 4,616.4 42.0 3.8 4.0 -5.0%
453 (NR) Seaboard 500 4,385.7 283.6 3.5 NR N/A
454 (-25) Wesco International 443 5,063.9 115.5 3.4 8.1 -58.0%
454 (-33) WellCare Health Plans 420 5,440.2 -53.4 3.4 12.0 -71.7%
456 (-3) Holly 289 8,322.9 104.0 1.9 2.0 -3.3%
457 (-10) Centene 493 4,470.1 94.8 1.7 4.0 -57.4%
457 (-35) Nash-Finch 449 4,992.0 50.9 1.7 11.9 -85.7%
459 (-1) Fidelity National Financial 398 5,740.3 370.1 1.6 1.4 14.3%
460 (-4) Core-Mark Holding 412 5,510.3 17.7 1.2 1.5 -20.0%
461 (-7) Pantry 363 6,367.8 -165.6 0.6 1.9 -68.7%
461 (-4) Great Atlantic & Pacific Tea 278 8,813.6 -876.5 0.6 1.4 -57.4%
463 (NR) NuStar Energy 497 4,403.1 239.0 0.0 NR N/A
463 (-3) Washington Post 470 4,817.1 278.1 0.0 0.0 0.0%
463 (-3) Erie Insurance Group 461 4,890.0 162.2 0.0 0.0 0.0%
463 (NR) Targa Resources 416 5,469.2 -15.0 0.0 NR N/A
463 (-3) Group 1 Automotive 413 5,509.2 50.3 0.0 0.0 0.0%
463 (NR) TravelCenters of America 385 5,962.5 -65.6 0.0 N/A N/A
463 (NR) Expeditors International of Washington 384 5,967.6 344.2 0.0 NR N/A
463 (-3) Enbridge Energy Partners 309 7,736.1 -198.5 0.0 0.0 0.0%
463 (-3) Western Refining 298 7,965.1 -17.0 0.0 0.0 0.0%
463 (-3) US Airways Group 208 11,908.0 502.0 0.0 0.0 0.0%
463 (-3) Oneok 189 13,030.1 334.6 0.0 0.0 0.0%
463 (-3) Chubb 185 13,319.0 2,174.0 0.0 0.0 0.0%
463 (-3) Progressive 164 14,963.3 1,068.3 0.0 0.0 0.0%
463 (-3) Publix Super Markets 102 25,328.1 1,338.1 0.0 0.0 0.0%
463 (-3) General Dynamics 86 32,466.0 2,624.0 0.0 0.0 0.0%
463 (-3) Humana 79 33,868.2 1,099.4 0.0 0.0 0.0%
463 (-3) Aetna 77 34,246.0 1,766.8 0.0 0.0 0.0%
463 (-3) INTL FCStone 51 46,940.3 5.4 0.0 0.0 0.0%
481 (-1) W.R. Berkley 475 4,724.1 449.3 N/A N/A N/A
481 (-1) Western & Southern Financial Group 456 4,921.1 219.8 N/A N/A N/A
481 (-1) Auto-Owners Insurance 425 5,395.8 270.6 N/A N/A N/A
481 (-1) Mutual of Omaha Insurance 399 5,724.2 -45.2 N/A N/A N/A
481 (-1) American Family Insurance Group 358 6,491.8 487.1 N/A N/A N/A
481 (-1) Energy Transfer Equity 351 6,598.1 192.8 N/A N/A N/A
481 (-1) Coca-Cola Enterprises 347 6,714.0 624.0 N/A NR N/A
481 (-1) Thrivent Financial for Lutherans 318 7,470.5 247.2 N/A N/A N/A
481 (-1) Global Partners 306 7,801.6 27.0 N/A N/A N/A
481 (-1) Jacobs Engineering Group 250 9,915.5 246.0 N/A N/A N/A
481 (-1) Peter Kiewit Sons' 249 9,938.0 581.0 N/A N/A N/A
481 (-1) Guardian Life Ins. Co. of America 245 10,050.5 225.1 N/A N/A N/A
481 (-1) United Services Automobile Assn. 145 17,946.1 2,637.4 N/A N/A N/A
481 (-1) Nationwide 127 20,265.0 959.0 N/A 94.6 N/A
481 (-1) Massachusetts Mutual Life Insurance 101 25,647.1 258.2 N/A N/A N/A
481 (-1) Plains All American Pipeline 99 25,893.0 505.0 N/A N/A N/A
481 (-1) TIAA-CREF 87 32,224.9 1,405.9 N/A 0.0 N/A
481 (-1) Enterprise Products Partners 80 33,739.3 320.8 N/A NR N/A
481 (-1) New York Life Insurance 71 34,947.2 1,091.5 N/A N/A N/A
481 (-1) State Farm Insurance Cos. 37 63,176.7 1,762.8 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 $5.689 billion reserve includes interest and penalties of $1.329 billion. Similarly, GE’s $7.448 billion reserve amount includes $1.200 billion of interest and $109 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 $1.797 billion, which does not include interest and penalties of $622 million and $89 million, respectively. Thus, Procter & Gamble’s reserve amount is actually $2.508 billion, $711 million higher than the $1.797 billion figure reflected on the Ferraro 500. Similarly, Chevron did not include $225 million of interest and penalties in its reported $3.507 billion of unrecognized tax benefits. Thus, Chevron’s reserve actually totals $3.732 billion, $225 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, 2011, but The Ferraro Law Firm cannot vouch for the validity of any information contained in any financial statement.