Sunday, March 4, 2018

The 106 Largest US Corporations With Stock Market Caps of More Than $50 Bil and Which Have Already Released Their Earnings For the Dec 2017 or Jan 2018 Quarter Generated Total US GAAP Net Income From Continuing Operations of $139.0 Bil, Down 17% From Their Previous Year Quarter's $167.8 Bil ....................................................................................... Excluding the Trump Tax Cuts Act's Impact on Earnings, These Same 106 Largest US Corps Generated On Their Own Dec 2017 or Jan 2018 Quarter Total Net Income From Continuing Operations of $161.4 Bil, Down 4% From Their Previous Year Quarter's $167.8 Bil ....................................................................................... The US GAAP Earnings Volatility By Sector Was Enormous ....................................................................................... Total 4Q 2017 US GAAP Earnings Were Up 649% in the US Oil & Gas Sector (Trump Tax Debt Forgiveness Was $11.947 Bil For the 6 Corps) ....................................................................................... But Total 4Q 2017 US GAAP Earnings Were Down By 90% in the US Financial Sector (Trump Tax Cuts Act's Decline in Value of Net Deferred Income Tax Assets Were $34.6 Bil, Foreign Earnings Repatriation Toll Tax Expense Was $10.5 Bil, Offset Partially By Trump Tax Debt Forgiveness of $16.5 Bil For the 18 Corps) ....................................................................................... And Total 4Q 2017 US GAAP Earnings Were Down By 92% in the US Technology Sector (Mandatory Trump Toll Tax Expense Was $80.8 Bil, Partially Offset By Trump Tax Debt Forgiveness of $21.4 Bil For the 20 Corps) ....................................................................................... Further, Total 4Q 2017 US GAAP Earnings Were Down By 138% in the US Health Care Sector (Mandatory Trump Toll Tax Expense Was $65.9 Bil, Offset Partially By Trump Tax Debt Forgiveness of $42.5 Bil For the 17 Corps) ....................................................................................... And On the Other Hand, Total 4Q 2017 US GAAP Earnings Were Up By 94% in All Other US Sectors Combined (Trump US Federal Income Tax Debt Forgiveness Was $158.7 Bil With $18.8 Bil of It Owed To Utility Customers, Offset Partially By the Trump Foreign Earnings Repatriation Toll Tax Expense of $31.9 Bil For the 46 Corps) ....................................................................................... In Total Just For the 107 US Corps With Market Caps Above $50 Bil, the Trump Tax Act Three Major Tax Components Were the Toll Tax Expense of $189.5 Bil and the Decline in Value of Deferred Income Tax Assets Income Tax Expense of $50.5 Bil, Offset By the Trump US Federal Income Tax Debt Forgiveness of $251.1 Bil


US GAAP
Net
Corp Income Income
Quarter US GAAP US GAAP Tax (Loss)
End Net Net (Expense) Without
When Income Income Benefit Trump
Trump (Loss) (Loss) Due To Tax Act
Tax Dec 17 Dec 16 Trump Initial
US Corporation Cuts or or Tax Tax Cuts
With Stock Market Caps Above $50 Bil State Act Jan 18 Jan 17 Better % Cuts Dec 17 %
4Q 17 Earnings Released By 3-2-18 City Hqs HQs Signed Quarter Quarter (Worse) Change Act Quarter Change
mils $ mils $ mils $ mils $ mils $
US Corps in Other Sectors
Berkshire Hathaway Omaha NE Dec 17     32,656       6,355     26,301     28,200       4,456
Walmart Bentonville AR Jan 18       2,363       3,986     (1,623)          207       2,156
AT&T Dallas TX Dec 17     19,136       2,515     16,621     20,271     (1,135)
Procter & Gamble Cincinnati OH Dec 17       2,561       2,561             -          (628)       3,189
Boeing Seattle WA Dec 17       3,132       1,631       1,501       1,051       2,081
Verizon New York NY Dec 17     18,783       4,600     14,183     16,761       2,022
Home Depot Atlanta GA Jan 18       1,779       1,744            35        (127)       1,906
Coca-Cola Atlanta GA Dec 17     (2,818)          547     (3,365)     (3,610)          792
Comcast Philadelphia PA Dec 17     15,035       2,417     12,618     12,679       2,356
DowDupont Midland MI Dec 17     (1,159)            84     (1,243)       1,086     (2,245)
Phillip Morris New York NY Dec 17          796       1,775        (979)     (1,600)       2,396
PepsiCo Purchase NY Dec 17        (695)       1,417     (2,112)     (2,500)       1,805
Walt Disney Burbank CA Dec 17       4,473       2,488       1,985       1,600       2,873
3M Co Saint Paul MN Dec 17          525       1,156        (631)        (762)       1,287
General Electric Boston MA Dec 17     (9,863)       3,659   (13,522)     (3,325)     (6,538)
McDonald's Oak Brook IL Dec 17          699       1,193        (494)        (700)       1,399
Altria Group Richmond VA Dec 17       4,968     10,278     (5,310)       3,367       1,601
Honeywell Morris Plains NJ Dec 17     (2,399)       1,045     (3,444)     (3,754)       1,355
Union Pacific Omaha NE Dec 17       7,278       1,144       6,134       6,074       1,204
United Technologies Farmington CT Dec 17          486       1,124        (638)        (690)       1,176
Lockheed Martin Bethesda MD Dec 17        (715)          959     (1,674)     (1,862)       1,147
Caterpillar Deerfield IL Dec 17     (1,299)     (1,167)        (132)     (2,371)       1,072
United Parcel Service Atlanta GA Dec 17       1,104        (239)       1,343          465          639
Kraft Heinz Pittsburgh PA Dec 17       7,996          944       7,052       7,000          996
Charter Communications Stamford CT Dec 17       9,617          569       9,048       9,293          324
Lowe's Mooresville NC Jan 18          554          663        (109)          (20)          574
Starbucks Seattle WA Dec 17       2,250          752       1,498        (135)       2,385
Time Warner New York NY Dec 17       1,388          317       1,071          843          545
NextEra Energy Juno Beach FL Dec 17       2,068       1,017       1,051       2,000            68
Twenty-First Century Fox New York NY Dec 17       1,921          937          984       1,300          621
Danaher Washington DC Dec 17          857          747          110             -            857
General Dynamics Falls Church VA Dec 17          636          580            56        (119)          755
Mondelez Intl Deerfield IL Dec 17          810            93          717            59          751
Raytheon Waltham MA Dec 17          387          553        (166)        (171)          558
Colgate-Palmolive New York NY Dec 17          353          628        (275)        (275)          628
Northrop Grumman Falls Church VA Dec 17          178          525        (347)        (300)          478
Las Vegas Sands Las Vegas NV Dec 17       1,360          607          753          526          834
General Motors Detroit MI Dec 17     (4,903)       1,895     (6,798)     (7,300)       2,397
Illinois Tool Works Glenview IL Dec 17          (76)          507        (583)        (658)          582
Tesla Palo Alto CA Dec 17        (771)        (219)        (552)             -          (771)
Duke Energy Charlotte NC Dec 17          705          376          329          112          593
Deere & Co Moline IL Jan 18        (535)          198        (733)        (965)          430
Estee Lauder New York NY Dec 17          125          430        (305)        (394)          519
T-Mobile US Bellevue WA Dec 17       2,702          390       2,312       2,180          522
Automatic Data Processing Roseland NJ Dec 17          467          510          (43)            46          421
Total all 45 US Corps in Other Sectors   124,915     64,291     60,624 94%     82,854     42,061 -35%
US Oil & Gas Corps    
Exxon Mobil Irving TX Dec 17       8,409       2,024       6,385       5,942       2,467
Chevron San Ramon CA Dec 17       3,118          438       2,680       2,020       1,098
Schlumberger Ltd Houston TX Dec 17     (2,272)        (194)     (2,078)          (76)     (2,196)
ConocoPhillips Houston TX Dec 17       1,598          (19)       1,617          852          746
EOG Resources' Houston TX Dec 17       2,430        (142)       2,572       2,169          261
Occidental Petroleum Houston TX Dec 17          497        (268)          765          474            23
Total all 6 US Oil & Gas Corps     13,780       1,839     11,941 649%     11,381       2,399 30%
US Financial Corps
JPMorgan Chase New York NY Dec 17       4,232       6,727     (2,495)     (2,446)       6,678
Bank of America Charlotte NC Dec 17       2,365       4,535     (2,170)     (2,900)       5,265
Wells Fargo San Francisco CA Dec 17       6,241       5,304          937       3,713       2,528
UnitedHealth Group Minneapolis MN Dec 17       3,721       1,708       2,013       1,200       2,521
Citigroup New York NY Dec 17   (18,171)       3,591   (21,762)   (22,600)       4,429
Goldman Sachs New York NY Dec 17     (1,928)       2,347     (4,275)     (4,400)       2,472
Morgan Stanley New York NY Dec 17          704       1,680        (976)     (1,200)       1,904
US Bancorp Minneapolis MN Dec 17       1,686       1,491          195          910          776
BlackRock New York NY Dec 17       2,310          851       1,459       1,175       1,135
American Express New York NY Dec 17     (1,197)          825     (2,022)     (2,600)       1,403
PNC Financial Services Pittsburgh PA Dec 17       2,091       1,047       1,044       1,200          891
Charles Schwab San Francisco CA Dec 17          597          522            75          (46)          643
Chubb Ltd Philadelphia PA Dec 17       1,533       1,610          (77)          450       1,083
Anthem Indianapolis IN Dec 17       1,231          368          863       1,108          123
Aetna Hartford CT Dec 17          254          128          126          (99)          353
Bank of New York Mellon New York NY Dec 17       1,181          872          309          710          471
CME Group Chicago IL Dec 17       2,939          373       2,566       2,600          339
American Intl Group New York NY Dec 17     (6,673)     (2,485)     (4,188)     (6,687)            14
Total all 18 US Financial Corps       3,116     31,494   (28,378) -90%   (29,912)     33,028 5%
US Technology Corps    
Apple Cupertino CA Dec 17     20,065     17,891       2,174     (2,600)     22,665
Alphabet Mountain View CA Dec 17     (3,020)       5,333     (8,353)     (9,857)       6,837
Microsoft Redmond CA Dec 17     (6,302)       6,267   (12,569)   (13,800)       7,498
Amazon Seattle WA Dec 17       1,856          749       1,107          789       1,067
Facebook Menlo Park CA Dec 17       4,268       3,568          700     (2,270)       6,538
Visa San Francisco CA Dec 17       2,522       2,070          452          (20)       2,542
Intel Santa Clara CA Dec 17        (687)       3,562     (4,249)     (5,444)       4,757
Cisco Systems San Jose CA Dec 17     (8,778)       2,348   (11,126)   (11,100)       2,322
Mastercard Purchase NY Dec 17          227          933        (706)        (873)       1,100
Intl Business Machines Armonk NY Dec 17     (1,053)       4,505     (5,558)     (5,475)       4,422
NVIDIA Santa Clara CA Jan 18       1,118          655          463          133          985
Netflix Los Gatos CA Dec 17          186            67          119          (79)          265
Texas Instruments Dallas TX Dec 17          344       1,047        (703)        (773)       1,117
Qualcomm San Diego CA Dec 17     (5,953)          681     (6,634)     (5,948)            (5)
PayPal Holdings San Jose CA Dec 17          620          390          230        (180)          800
Booking Holdings Norwalk CT Dec 17        (555)          674     (1,229)     (1,346)          791
Salesforce.com San Francisco CA Jan 18            68          (51)          119             -              68
Applied Materials Santa Clara CA Jan 18          135          703        (568)     (1,006)       1,141
Activision Blizzard Santa Monica CA Dec 17        (584)          254        (838)        (636)            52
VMware Palo Alto CA Dec 17        (440)          441        (881)        (970)          530
Total all 20 US Technology Corps       4,037     52,087   (48,050) -92%   (61,455)     65,492 26%
US Health Care Corps    
Johnson & Johnson New Brunswick NJ Dec 17   (10,713)       3,814   (14,527)   (13,000)       2,287
Pfizer New York NY Dec 17     12,289          763     11,526     10,700       1,589
AbbVie North Chicago IL Dec 17            52       1,391     (1,339)        (927)          979
Merck Kenilworth NJ Dec 17        (864)        (587)        (277)     (2,625)       1,761
Amgen Thousand Oaks CA Dec 17     (4,264)       1,935     (6,199)     (6,100)       1,836
Medtronic plc Minneapolis MN Jan 18     (1,392)          820     (2,212)     (2,252)          860
Bristol-Myers Squibb New York NY Dec 17     (2,329)          898     (3,227)     (2,896)          567
Gilead Sciences Foster City CA Dec 17     (3,836)       3,099     (6,935)     (5,490)       1,654
Abbott Labs Abbott Park IL Dec 17        (864)          765     (1,629)     (1,460)          596
Eli Lilly Indianapolis IN Dec 17     (1,657)          772     (2,429)     (1,914)          257
Thermo Fisher Scientific Waltham MA Dec 17          530          633        (103)        (204)          734
CVS Health Woonsocket RI Dec 17       3,287       1,707       1,580       1,500       1,787
Celgene Summit NJ Dec 17          (81)          429        (510)     (1,269)       1,188
Biogen Cambridge MA Dec 17        (166)          648        (814)     (1,174)       1,008
Becton Dickinson Franklin Lakes NJ Dec 17        (136)          562        (698)        (270)          134
Stryker Kalamazoo MI Dec 17        (249)          510        (759)        (831)          582
Allergan plc Parsippany NJ Dec 17       3,509          (40)       3,549       2,872          637
Total all 17 US Health Care Corps     (6,884)     18,119   (25,003) -138%   (25,340)     18,456 2%
Total all 106 US Corps With Market Caps Above $50 Bil   138,964   167,830   (28,866) -17%   (22,472)   161,436 -4%



The below chart shows the Components of the Income Tax Expense (Benefit) due to the Trump Tax Cuts Act for each of these largest US Corps:

Trump    
Trump TTCA Trump Tax    
Corp Tax US Tax Cuts Trump Total
Quarter Cuts Federal  Cuts Act Tax Trump
End Act Income Act Mandatory Cuts Tax
When US Tax Decrease Foreign Act Cuts
Trump Federal  Debt in Value Earnings Other Act
Tax Income Forgiveness of Deferred Repatriation Income Income
US Corporation Cuts Tax Owed To Income Toll Tax Tax
Stock Market Caps $50 Bil + State Act Debt Utility Tax Tax (Expenses) (Expenses)
4Q 17 Earnings Released By 3-2-18 City Hqs HQs Signed Forgiveness Customers Assets Expense Benefits Benefits
mils $ mils $ mils $ mils $ mils $ mils $
US Corps in Other Sectors                    
Berkshire Hathaway Omaha NE Dec 17          35,600          (6,000)        (1,400)       28,200
Walmart * Bentonville AR Jan 18                   207            207
AT&T Dallas TX Dec 17          20,271       20,271
Procter & Gamble Cincinnati OH Dec 17            3,200        (3,800)               (28)           (628)
Boeing Seattle WA Dec 17            1,210           (159)             1,051
Verizon New York NY Dec 17          16,761       16,761
Home Depot * Atlanta GA Jan 18             (127)           (127)
Coca-Cola Atlanta GA Dec 17            1,000        (4,600)               (10)        (3,610)
Comcast Philadelphia PA Dec 17          12,782           (101)                 (2)       12,679
DowDupont Midland MI Dec 17            2,666        (1,580)         1,086
Phillip Morris New York NY Dec 17        (200)        (1,400)        (1,600)
PepsiCo Purchase NY Dec 17            1,500        (4,000)        (2,500)
Walt Disney Burbank CA Dec 17            1,900           (300)         1,600
3M Co Saint Paul MN Dec 17          (17)           (745)           (762)
General Electric Boston MA Dec 17     (2,170)        (1,155)        (3,325)
McDonald's Oak Brook IL Dec 17               500        (1,200)           (700)
Altria Group Richmond VA Dec 17            3,017               350         3,367
Honeywell Morris Plains NJ Dec 17               235        (4,000)                 11        (3,754)
Union Pacific Omaha NE Dec 17            5,935               139         6,074
United Technologies * Farmington CT Dec 17             (690)           (690)
Lockheed Martin Bethesda MD Dec 17     (1,862)        (1,862)
Caterpillar Deerfield IL Dec 17        (596)        (1,775)        (2,371)
United Parcel Service Atlanta GA Dec 17               799           (334)            465
Kraft Heinz Pittsburgh PA Dec 17            7,500           (312)             (188)         7,000
Charter Communications Stamford CT Dec 17            9,293         9,293
Lowe's * Mooresville NC Jan 18               (20)             (20)
Starbucks Seattle WA Dec 17                 77           (212)           (135)
Time Warner New York NY Dec 17               885               (42)            843
NextEra Energy Juno Beach FL Dec 17            6,500          (4,500)         2,000
Twenty-First Century Fox New York NY Dec 17            1,300         1,300
Danaher Washington DC Dec 17            1,200        (1,200)               -  
General Dynamics Falls Church VA Dec 17        (119)           (119)
Mondelez Intl Deerfield IL Dec 17            1,311        (1,317)                 65              59
Altaba Inc *** New York NY          11,639           (651)       10,988
Raytheon Waltham MA Dec 17        (100)             (71)           (171)
Colgate-Palmolive New York NY Dec 17          (20)           (255)           (275)
Northrop Grumman Falls Church VA Dec 17        (280)             (13)                 (7)           (300)
Las Vegas Sands Las Vegas NV Dec 17               526            526
General Motors Detroit MI Dec 17     (7,300)        (7,300)
Illinois Tool Works Glenview IL Dec 17                 82           (676)               (64)           (658)
Tesla Palo Alto CA Dec 17               -  
Duke Energy Charlotte NC Dec 17            8,847          (8,313)             (10)             (412)            112
Deere & Co Moline IL Jan 18        (715)           (262)                 12           (965)
Estee Lauder New York NY Dec 17          (51)           (343)           (394)
T-Mobile US Bellevue WA Dec 17            2,180         2,180
Automatic Data Processing Roseland NJ Dec 17                 46              46
   
Total all 46 US Corps in Other Sectors        158,716        (18,813)   (13,430)      (31,871)             (760)       93,842
   
US Oil & Gas Corps    
Exxon Mobil Irving TX Dec 17            5,942         5,942
Chevron San Ramon CA Dec 17            2,020         2,020
Schlumberger Ltd Houston TX Dec 17               334           (410)             (76)
ConocoPhillips Houston TX Dec 17               908               (56)            852
EOG Resources' Houston TX Dec 17            2,167                   2         2,169
Occidental Petroleum Houston TX Dec 17               576           (102)            474
   
Total all 6 US Oil & Gas Corps          11,947                 -               -             (512)               (54)       11,381
   
US Financial Corps    
JPMorgan Chase New York NY Dec 17            2,090        (3,728)             (808)        (2,446)
Bank of America Charlotte NC Dec 17     (2,300)             (600)        (2,900)
Wells Fargo San Francisco CA Dec 17            3,900           (173)               (14)         3,713
UnitedHealth Group Minneapolis MN Dec 17            1,200         1,200
Citigroup New York NY Dec 17   (22,600)      (22,600)
Goldman Sachs New York NY Dec 17     (1,080)        (3,320)        (4,400)
Morgan Stanley New York NY Dec 17     (1,200)        (1,200)
US Bancorp Minneapolis MN Dec 17               910            910
BlackRock New York NY Dec 17            1,652           (477)         1,175
American Express New York NY Dec 17        (600)        (2,000)        (2,600)
PNC Financial Services Pittsburgh PA Dec 17            1,200         1,200
Charles Schwab San Francisco CA Dec 17          (46)             (46)
Chubb Ltd Philadelphia PA Dec 17               372                 78            450
Anthem Indianapolis IN Dec 17            1,108         1,108
Aetna Hartford CT Dec 17          (99)             (99)
Bank of New York Mellon New York NY Dec 17            1,472           (723)               (39)            710
CME Group Chicago IL Dec 17            2,600         2,600
American Intl Group New York NY Dec 17     (6,649)             (38)        (6,687)
   
Total all 18 US Financial Corps          16,504                 -     (34,574)      (10,459)          (1,383)      (29,912)
   
US Technology Corps    
Apple ** Cupertino CA Dec 17          12,700      (15,300)        (2,600)
Alphabet Mountain View CA Dec 17               376      (10,200)               (33)        (9,857)
Microsoft Redmond CA Dec 17            4,000      (17,800)      (13,800)
Amazon Seattle WA Dec 17               789            789
Facebook Menlo Park CA Dec 17               257        (2,530)                   3        (2,270)
Visa San Francisco CA Dec 17            1,100        (1,100)               (20)             (20)
Intel Santa Clara CA Dec 17               676        (6,100)               (20)        (5,444)
Cisco Systems San Jose CA Dec 17        (900)      (10,200)      (11,100)
Mastercard Purchase NY Dec 17        (157)           (716)           (873)
Intl Business Machines * Armonk NY Dec 17        (5,475)        (5,475)
NVIDIA Santa Clara CA Jan 18          (43)            176            133
Netflix Los Gatos CA Dec 17          (47)             (32)             (79)
Texas Instruments Dallas TX Dec 17          (59)           (714)           (773)
Qualcomm San Diego CA Dec 17        (562)        (5,386)        (5,948)
PayPal Holdings San Jose CA Dec 17            1,295        (1,468)                 (7)           (180)
Booking Holdings Norwalk CT Dec 17               217        (1,563)        (1,346)
Salesforce.com San Francisco CA Jan 18               -  
Applied Materials Santa Clara CA Jan 18        (1,006)        (1,006)
Activision Blizzard Santa Monica CA Dec 17          (81)           (555)           (636)
VMware Palo Alto CA Dec 17        (167)           (800)                 (3)           (970)
   
Total all 20 US Technology Corps          21,410                 -       (2,016)      (80,769)               (80)      (61,455)
              -  
US Health Care Corps               -  
Johnson & Johnson New Brunswick NJ Dec 17               600      (13,600)      (13,000)
Pfizer New York NY Dec 17          24,400      (12,900)             (800)       10,700
AbbVie North Chicago IL Dec 17            4,100        (4,500)             (527)           (927)
Merck Kenilworth NJ Dec 17            1,579        (4,100)             (104)        (2,625)
Amgen Thousand Oaks CA Dec 17            1,200        (7,300)        (6,100)
Medtronic plc Minneapolis MN Jan 18               155        (2,400)                 (7)        (2,252)
Bristol-Myers Squibb New York NY Dec 17        (285)        (2,611)        (2,896)
Gilead Sciences Foster City CA Dec 17               308        (5,800)                   2        (5,490)
Abbott Labs Abbott Park IL Dec 17            1,420        (2,890)                 10        (1,460)
Eli Lilly Indianapolis IN Dec 17            1,686        (3,600)        (1,914)
Thermo Fisher Scientific Waltham MA Dec 17            1,060        (1,250)               (14)           (204)
CVS Health Woonsocket RI Dec 17            1,500         1,500
Celgene Summit NJ Dec 17               621        (1,890)        (1,269)
Biogen Cambridge MA Dec 17        (184)           (990)        (1,174)
Becton Dickinson Franklin Lakes NJ Dec 17               290           (561)                   1           (270)
Stryker Kalamazoo MI Dec 17          (47)           (784)           (831)
Allergan plc Parsippany NJ Dec 17            3,600           (728)         2,872
   
Total all 17 US Health Care Corps          42,519                 -          (516)      (65,904)          (1,439)      (25,340)
   
Total all 107 US Corps With Market Caps Above $50 Bil        251,096        (18,813)   (50,536)    (189,515)          (3,716)      (11,484)



* Component Breakdown Was Not Disclosed
** Estimated the Reduction in the Deferred Income Tax Liability Related to Unremitted Foreign Earnings
*** Not Included in the first chart because its 4Q 2017 Earnings were not disclosed, but included in the second chart because the its TTCA income tax impact was disclosed





























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