For a Longer-Term Perspective, Tennessee Companies Had Their Total Pretax Earnings Increase By 499% During the Obama Administration, Going From a Total Pretax Income of $3.597 Bil in 2008, One Year Before Obama Took Office, to $21.531 Bil in 2016, Obama's Last Year in Office
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From a review of US SEC filings, there were 31
Companies headquartered in Tennessee with stock market caps of more than $1 Bil
several months ago.......................................................................
My focus is on Pretax Income rather than on After-Tax Net Income
because Income Taxes are simply a transfer of financial wealth between US
Corporations and the US Federal, US State and Foreign Governments. It has
nothing whatsoever to do with Company Operating Performance.
From a review of SEC filings, the chart below shows the Gold-Standard
US GAAP Pretax Income (Loss) From Continuing Operations for the Second Quarter of
2018 and 2017 for these 31 Tennessee Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| June Qtr | June Qtr | Better | |
| July Qtr | July Qtr | (Worse) | |
| Tennessee Companies | or Aug Qtr | or Aug Qtr | % |
| Market Caps Above $1 Bil | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| HCA Healthcare | 1,238 | 1,160 | 7% |
| FedEx | 1,101 | 982 | 12% |
| Autozone | 537 | 656 | -18% |
| International Paper | 560 | (3) | 14100% |
| Dollar General | 519 | 469 | 11% |
| Eastman Chemical | 430 | 359 | 20% |
| Unum Group | 355 | 362 | |
| Tractor Supply | 268 | 255 | |
| Louisiana-Pacific | 215 | 131 | |
| First Horizon National | 106 | 113 | |
| Pinnacle Financial Partners | 110 | 63 | |
| ServiceMaster Global | 130 | 137 | |
| Cracker Barrel | 78 | 80 | |
| Acadia Healthcare | 69 | 66 | |
| Mid America Apartment Comm | 63 | 51 | |
| Education Realty Trust | 62 | 6 | |
| Delek US Holdings | 120 | (59) | |
| Ryman Hospitality Properties | 61 | 48 | |
| CoreCivic | 42 | 49 | |
| Mueller Industries | 46 | 41 | |
| National Health Investors | 38 | 38 | |
| Life Point Health | 72 | 70 | |
| Tivity Health | 30 | 27 | |
| Forward Air Corp | 32 | 30 | |
| FB Financial | 30 | 18 | |
| Healthcare Realty Trust | 38 | 25 | |
| National Healthcare | 30 | 17 | |
| Astec Industries | (49) | 21 | |
| Wright Medical Group NV | (95) | (20) | |
| Brookdale Senior Living | (181) | (49) | |
| Envision Healthcare | (1,878) | 139 | -1451% |
| Total all 31 Tennessee Companies | 4,177 | 5,282 | -21% |
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited Pretax Income (Loss) From Continuing Operations for Annual 2016 and Annual 2008, spanning the entire Obama Administration, for the 32 Tennessee Companies which reported both their 2016 and 2008 Pretax Income (Loss) to the SEC.
| Year | |||||||
| Before | |||||||
| Obama | Obama | ||||||
| Last | First | ||||||
| Year | Year | ||||||
| in | in | ||||||
| Office | Office | ||||||
| 2016 | 2008 | ||||||
| Audited | Audited | Better | |||||
| Pretax | Pretax | (Worse) | |||||
| Tennessee Companies | City | State | 2016 | Income | Income | Better | % |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | (Loss) | (Loss) | (Worse) | Change |
| $ mils | $ mils | $ mils | |||||
| HCA Healthcare | Nashville | TN | Dec 16 | 4,810 | 1,170 | 3,640 | 311% |
| FedEx | Memphis | TN | May 17 | 4,579 | 677 | 3,902 | 576% |
| Dollar General | Goodlettsville | TN | Jan 17 | 1,966 | 194 | 1,772 | 913% |
| AutoZone | Memphis | TN | Aug 16 | 1,913 | 1,007 | 906 | 90% |
| Unum Group | Chattanooga | TN | Dec 16 | 1,348 | 824 | 524 | 64% |
| Scripps Networks | Knoxville | TN | Dec 16 | 1,278 | 310 | 968 | 312% |
| Eastman Chemical | Kingsport | TN | Dec 16 | 1,049 | 461 | 588 | 128% |
| International Paper | Memphis | TN | Dec 16 | 993 | (1,104) | 2,097 | 190% |
| Tractor Supply | Brentwood | TN | Dec 16 | 688 | 176 | 512 | 291% |
| First Horizon National | Memphis | TN | Dec 16 | 345 | (329) | 674 | 205% |
| Regal Entertainment Group | Knoxville | TN | Dec 16 | 282 | 186 | 96 | 52% |
| Cracker Barrel | Lebanon | TN | Jul 16 | 266 | 94 | 172 | 183% |
| ServiceMaster Global | Memphis | TN | Dec 16 | 240 | (160) | 400 | 250% |
| CoreCivic | Nashville | TN | Dec 16 | 228 | 234 | (6) | -3% |
| Mid America Apartment Comm | Germantown | TN | Dec 16 | 226 | 31 | 195 | 629% |
| Life Point Health | Brentwood | TN | Dec 16 | 205 | 209 | (4) | -2% |
| CLARCOR | Franklin | TN | Nov 16 | 202 | 145 | 57 | 39% |
| Envision Healthcare | Nashville | TN | Dec 16 | 198 | 198 | - | 0% |
| Pinnacle Financial Partners | Nashville | TN | Dec 16 | 191 | 43 | 148 | 344% |
| Louisiana-Pacific | Nashville | TN | Dec 16 | 170 | (765) | 935 | 122% |
| Ryman Hospitality Properties | Nashville | TN | Dec 16 | 163 | 5 | 158 | 3160% |
| National Health Investors | Murfreesboro | TN | Dec 16 | 153 | 51 | 102 | 200% |
| Mueller Industries | Memphis | TN | Dec 16 | 148 | 121 | 27 | 22% |
| Astec Industries | Chattanooga | TN | Dec 16 | 87 | 98 | (11) | -11% |
| Healthcare Realty Trust | Nashville | TN | Dec 16 | 86 | 15 | 71 | 473% |
| National Healthcare | Murfreesboro | TN | Dec 16 | 80 | 53 | 27 | 51% |
| Tivity Health | Franklin | TN | Dec 16 | 78 | 93 | (15) | -16% |
| Forward Air Corp | Greeneville | TN | Dec 16 | 58 | 69 | (11) | -16% |
| Education Realty Trust | Memphis | TN | Dec 16 | 45 | (8) | 53 | 663% |
| Acadia Healthcare | Franklin | TN | Dec 16 | 33 | (2) | 35 | 1750% |
| Wright Medical Group NV | Memphis | TN | Dec 16 | (178) | (39) | (139) | -356% |
| Brookdale Senior Living | Brentwood | TN | Dec 16 | (399) | (460) | 61 | 13% |
| Total all 32 Tennessee Companies | 21,531 | 3,597 | 17,934 | 499% |
