Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income.
How did they do?
Well, just fine, with Total 2012 Annual Non-GAAP Adjusted After-tax Net Income of $88.0 bil, up a very solid 8.4% over 2011. This 8.4% Total Earnings Growth of these 136 second top tier Non-Technology Corps and Partnerships is consistent with the 8.8% Total Earnings Growth of the 237 top tier Corps and Partnerships with Earnings above $1 bil.
Below here are these annual earnings of these 136 Second Biggest Non-Technology Corps and Partnerships for both 2012 and 2011:
| Non-GAAP | Non-GAAP | ||||
| Annual | Annual | Adjusted | Adjusted | ||
| 2012 | 2011 | Net | Net | ||
| Non-GAAP | Non-GAAP | Income | Income | ||
| Adjusted | Adjusted | Increase | Increase | ||
| Net | Net | (Decrease) | (Decrease) | ||
| FYE | Income | Income | Amount | % | |
| mils $s | mils $s | mils $s | |||
| Non-Technology Corps | |||||
| Bed Bath & Beyond | Feb | 990 | 791 | 199 | 25.2% |
| Murphy Oil | Dec | 964 | 729 | 235 | 32.2% |
| Tesoro | Dec | 956 | 581 | 375 | 64.5% |
| CenturyLink | Dec | 947 | 867 | 80 | 9.2% |
| Staples | Jan | 936 | 967 | (31) | -3.2% |
| AES | Dec | 936 | 799 | 137 | 17.1% |
| Zimmer Holdings | Dec | 933 | 906 | 27 | 3.0% |
| Autozone | Aug | 930 | 849 | 81 | 9.5% |
| Principal Financial Group | Dec | 899 | 844 | 55 | 6.5% |
| Ecolab | Dec | 891 | 615 | 276 | 44.9% |
| Noble Energy | Dec | 889 | 904 | (15) | -1.7% |
| Unum Group | Dec | 888 | 905 | (17) | -1.9% |
| Charles Schwab | Dec | 883 | 864 | 19 | 2.2% |
| T Rowe Price | Dec | 878 | 770 | 108 | 14.0% |
| Limited Brands | Jan | 867 | 817 | 50 | 6.1% |
| Leucadia National | Dec | 866 | 13 | 853 | 6561.5% |
| Mattel | Dec | 864 | 769 | 95 | 12.4% |
| Estee Laluder | Jun | 857 | 701 | 156 | 22.3% |
| Key Corp | Dec | 827 | 857 | (30) | -3.5% |
| Dover | Dec | 817 | 732 | 85 | 11.6% |
| HCP | Dec | 813 | 547 | 266 | 48.6% |
| Eastman Chemical | Dec | 802 | 689 | 113 | 16.4% |
| TRW Automotive | Dec | 788 | 971 | (183) | -18.8% |
| Campbell Soup | Jul | 783 | 846 | (63) | -7.4% |
| L-3 Communications | Dec | 782 | 855 | (73) | -8.5% |
| Stanley Black & Decker | Dec | 779 | 784 | (5) | -0.6% |
| Invesco Ltd | Dec | 777 | 782 | (5) | -0.6% |
| Cameron Intl | Dec | 777 | 664 | 113 | 17.0% |
| ConAgra Foods | May | 770 | 764 | 6 | 0.8% |
| Rockwell Automation | Sep | 760 | 712 | 48 | 6.7% |
| WW Grainger | Dec | 755 | 657 | 98 | 14.9% |
| Fidelity National Information Services | Dec | 744 | 682 | 62 | 9.1% |
| Hershey | Dec | 740 | 651 | 89 | 13.7% |
| Joy Global | Oct | 739 | 627 | 112 | 17.9% |
| Nordstrom | Jan | 735 | 683 | 52 | 7.6% |
| Fluor | Dec | 721 | 594 | 127 | 21.4% |
| Diamond Offshore | Dec | 720 | 963 | (243) | -25.2% |
| Everest Re Group Ltd | Dec | 715 | -94 | 809 | 860.6% |
| Life Technologies | Dec | 714 | 689 | 25 | 3.6% |
| Molson Coors Brewing | Dec | 711 | 702 | 9 | 1.3% |
| AmeriSource Bergen | Sep | 708 | 696 | 12 | 1.7% |
| Tyson Foods | Sep | 707 | 718 | (11) | -1.5% |
| Fiserv | Dec | 706 | 661 | 45 | 6.8% |
| Quest Diagnostics | Dec | 701 | 704 | (3) | -0.4% |
| Williams Companies | Dec | 695 | 734 | (39) | -5.3% |
| Moodys | Dec | 690 | 571 | 119 | 20.8% |
| Northern Trust | Dec | 687 | 604 | 83 | 13.7% |
| Polo Ralph Lauren | Mar | 681 | 568 | 113 | 19.9% |
| Sherwin Williams | Dec | 680 | 517 | 163 | 31.5% |
| Coca Cola Enterprises | Dec | 679 | 715 | (36) | -5.0% |
| Bunge Ltd | Dec | 679 | 923 | (244) | -26.4% |
| Public Storage | Dec | 670 | 562 | 108 | 19.2% |
| Lab Corp of America | Dec | 664 | 648 | 16 | 2.5% |
| Republic Services | Dec | 663 | 738 | (75) | -10.2% |
| CVR Energy | Dec | 660 | 346 | 314 | 90.8% |
| Intuitive Surgical | Dec | 657 | 495 | 162 | 32.7% |
| Genuine Parts | Dec | 648 | 565 | 83 | 14.7% |
| American Tower | Dec | 637 | 396 | 241 | 60.9% |
| Mead Johnson Nutrition | Dec | 630 | 573 | 57 | 9.9% |
| Harley Davidson | Dec | 624 | 548 | 76 | 13.9% |
| Dollar Tree | Jan | 619 | 488 | 131 | 26.8% |
| Dr Pepper Snapple | Dec | 619 | 631 | (12) | -1.9% |
| XL Group PLC | Dec | 614 | 89 | 525 | 589.9% |
| DaVita | Dec | 612 | 492 | 120 | 24.4% |
| Continental Resources | Dec | 612 | 483 | 129 | 26.7% |
| Huntington Bancshares | Dec | 609 | 512 | 97 | 18.9% |
| Rockwell Collins | Sep | 609 | 615 | (6) | -1.0% |
| Avnet | Jun | 608 | 667 | (59) | -8.8% |
| Celanese | Dec | 607 | 711 | (104) | -14.6% |
| Fidelity National Financial | Dec | 607 | 290 | 317 | 109.3% |
| BorgWarner | Dec | 603 | 572 | 31 | 5.4% |
| Hertz | Dec | 595 | 430 | 165 | 38.4% |
| CNA Financial | Dec | 587 | 610 | (23) | -3.8% |
| TD Ameritrade | Sep | 586 | 638 | (52) | -8.2% |
| OReilly Automotive | Dec | 586 | 522 | 64 | 12.3% |
| Textron | Dec | 581 | 412 | 169 | 41.0% |
| Helmerich & Payne | Sep | 574 | 435 | 139 | 32.0% |
| Marriott | Dec | 571 | 475 | 96 | 20.2% |
| CR Bard | Dec | 565 | 569 | (4) | -0.7% |
| Denbury Resources | Dec | 563 | 574 | (11) | -1.9% |
| Terra Nitrogen LP | Dec | 561 | 508 | 53 | 10.4% |
| Alliance Data Systems | Dec | 559 | 441 | 118 | 26.8% |
| Whirlpool | Dec | 559 | 160 | 399 | 249.4% |
| Wynn Resorts | Dec | 558 | 701 | (143) | -20.4% |
| Amphenol | Dec | 555 | 524 | 31 | 5.9% |
| Intercontinental Exchange | Dec | 552 | 510 | 42 | 8.2% |
| Western Refining | Dec | 552 | 330 | 222 | 67.3% |
| Gannett | Dec | 551 | 518 | 33 | 6.4% |
| Lear | Dec | 548 | 568 | (20) | -3.5% |
| Clorox | Jun | 543 | 545 | (2) | -0.4% |
| Safeway | Dec | 538 | 617 | (79) | -12.8% |
| US Airways | Dec | 537 | 111 | 426 | 383.8% |
| JM Smucker | Apr | 536 | 555 | (19) | -3.4% |
| Assured Guaranty Ltd | Dec | 535 | 601 | (66) | -11.0% |
| AGCO | Dec | 518 | 439 | 79 | 18.0% |
| Reinsurance Group of America | Dec | 516 | 486 | 30 | 6.2% |
| Starwood Hotel | Dec | 513 | 378 | 135 | 35.7% |
| Brown-Forman | Apr | 513 | 492 | 21 | 4.3% |
| Torchmark | Dec | 507 | 494 | 13 | 2.6% |
| New York Community Bancorp | Dec | 501 | 480 | 21 | 4.4% |
| Hormel Foods | Oct | 500 | 474 | 26 | 5.5% |
| Arrow Electronics | Dec | 488 | 601 | (113) | -18.8% |
| Coventry Health Care | Dec | 487 | 543 | (56) | -10.3% |
| Southwestern Energy | Dec | 485 | 638 | (153) | -24.0% |
| Scripps Networks Interactive | Dec | 479 | 448 | 31 | 6.9% |
| NYSE Euronext | Dec | 462 | 653 | (191) | -29.2% |
| Pitney Bowes | Dec | 438 | 558 | (120) | -21.5% |
| Apollo Group | Aug | 436 | 697 | (261) | -37.4% |
| Interpublic Group | Dec | 435 | 521 | (86) | -16.5% |
| Royal Caribbean | Dec | 432 | 607 | (175) | -28.8% |
| Smithfield Foods | Apr | 423 | 507 | (84) | -16.6% |
| CONSOL Energy | Dec | 388 | 632 | (244) | -38.6% |
| Avon Products | Dec | 373 | 719 | (346) | -48.1% |
| Cimarex Energy | Dec | 354 | 530 | (176) | -33.2% |
| Newfield Exploration | Dec | 307 | 539 | (232) | -43.0% |
| Alcoa | Dec | 262 | 812 | (550) | -67.7% |
| Total all 116 | 76,037 | 70,482 | 5,555 | 7.9% |
| Late Additions | |||||
| Dollar General | Jan | 973 | 819 | 154 | 18.8% |
| Blackstone Group | Dec | 830 | (268) | 1,098 | 409.7% |
| Energy Transfer Partners | Dec | 815 | 719 | 96 | 13.4% |
| Ross Stores | Jan | 787 | 657 | 130 | 19.8% |
| Actavis | Dec | 770 | 604 | 166 | 27.5% |
| Tyco International | Sep | 635 | 562 | 73 | 13.0% |
| Liberty Media | Dec | 613 | 832 | (219) | -26.3% |
| Endo Health Solutions | Dec | 600 | 568 | 32 | 5.6% |
| El Paso Pipeline Partners | Dec | 579 | 512 | 67 | 13.1% |
| American Crystal Sugar | Aug | 548 | 805 | (257) | -31.9% |
| Huntsman | Dec | 542 | 408 | 134 | 32.8% |
| Liberty Interactive Group | Dec | 529 | 580 | (51) | -8.8% |
| Noble Corp | Dec | 522 | 371 | 151 | 40.7% |
| Sunoco Logistics Partners | Dec | 520 | 313 | 207 | 66.1% |
| Comerica | Dec | 515 | 389 | 126 | 32.4% |
| SAIC | Jan | 512 | 461 | 51 | 11.1% |
| Nucor | Dec | 505 | 778 | (273) | -35.1% |
| Energy Transfer Equity LP | Dec | 449 | 531 | (82) | -15.4% |
| Vornado Realty | Dec | 409 | 579 | (170) | -29.4% |
| Hospira | Dec | 333 | 510 | (177) | -34.7% |
| Total all 20 Late Additions | 11,986 | 10,730 | 1,256 | 11.7% | |
| Total all 136 | 88,023 | 81,212 | 6,811 | 8.4% |
It should be pointed out that Liberty Media's above 2012 adjusted earnings excludes its share of the release of Sirius XM Radio's deferred tax asset valuation allowance, net of 35% tax. Not included in these earnings are Liberty Media's hidden asset due to its Investment in Sirius XM Radio now accounted for under the equity method. On December 31, 2012, this Investment in Sirius XM Radio has a carrying value on Liberty Media's books of $2.8 bil as compared with a fair market value of $9.4 bil.
