HISTORICAL FINANCIAL STATEMENTS PROJECTED FINA
($ in millions) Fiscal Year E
2017A 2018A 2019A 2020P
Income Statement
Revenues $34,350 $36,397 $39,117
Cost of sales $19,038 $20,441 $21,643
Gross profit $15,312 $15,956 $17,474
Demand creation expense $3,341 $3,577 $3,753
Operating Overhead Expense $7,222 $7,934 $8,949
Total selling and administrative $10,563 $11,511 $12,702
Interest expense (income), net $59 $54 $49
Other (income) expense, net ($196) $66 ($78)
Income before income taxes $4,886 $4,325 $4,801
Income tax expense $646 $2,392 $772
Net income $4,240 $1,933 $4,029
Balance Sheet
Assets
Current Assets:
Cash and cash equivalents $4,249 $4,466
Short-term investments $996 $197
Accounts receivable, net $3,498 $4,272
Inventories $5,261 $5,622
Prepaid expenses and other current assets $1,130 $1,968
Total current assets $15,134 $16,525
Property plant and equipment, net $4,454 $4,744
Identifiable intangible assets, net $285 $283
Goodwill $154 $154
Deferred income taxes and other assets $2,509 $2,011
Total Assets $22,536 $23,717
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $6 $6
Notes payable $336 $9
Accounts payable $2,279 $2,612
Accrued liabilities $3,269 $5,010
Income taxes payable $150 $229
Total current liabilities $6,040 $7,866
Long-term debt $3,468 $3,464
Deferred income taxes and other liabilities $3,216 $3,347
Stockholders' equity:
Common stock at stated value:
Class A convertible
Class B $3 $3
($ in millions) Fiscal Year E
2017A 2018A 2019A 2020P
Income Statement
Revenues $34,350 $36,397 $39,117
Cost of sales $19,038 $20,441 $21,643
Gross profit $15,312 $15,956 $17,474
Demand creation expense $3,341 $3,577 $3,753
Operating Overhead Expense $7,222 $7,934 $8,949
Total selling and administrative $10,563 $11,511 $12,702
Interest expense (income), net $59 $54 $49
Other (income) expense, net ($196) $66 ($78)
Income before income taxes $4,886 $4,325 $4,801
Income tax expense $646 $2,392 $772
Net income $4,240 $1,933 $4,029
Balance Sheet
Assets
Current Assets:
Cash and cash equivalents $4,249 $4,466
Short-term investments $996 $197
Accounts receivable, net $3,498 $4,272
Inventories $5,261 $5,622
Prepaid expenses and other current assets $1,130 $1,968
Total current assets $15,134 $16,525
Property plant and equipment, net $4,454 $4,744
Identifiable intangible assets, net $285 $283
Goodwill $154 $154
Deferred income taxes and other assets $2,509 $2,011
Total Assets $22,536 $23,717
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $6 $6
Notes payable $336 $9
Accounts payable $2,279 $2,612
Accrued liabilities $3,269 $5,010
Income taxes payable $150 $229
Total current liabilities $6,040 $7,866
Long-term debt $3,468 $3,464
Deferred income taxes and other liabilities $3,216 $3,347
Stockholders' equity:
Common stock at stated value:
Class A convertible
Class B $3 $3
