THE LISTS NOTES FORTUNE 500
DEFINITIONS
AND EXPLANATIONS
FOOTNOTES
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Methodology Companies are ranked by total revenues
for their respective fiscal years. Included in the sur vey
are companies that are incorporated in the U.S. and
operate in the U.S. and file financial statements with a
government agency. This includes private companies
and cooperatives that file a 10-K or a comparable
financial statement with a government agency, and
mutual insurance companies that file with state
regulators. It also includes companies that file with a
government agency but are owned by private compa-
nies, domestic or foreign, that do not file such financial
statements. Excluded are private companies not filing
with a government agency; companies incorporated
outside the U.S.; and U.S. companies consolidated by
other companies, domestic or foreign, that file with
a government agency. Also excluded are companies
that failed to repor t full financial statements for at
least three-quar ters of the current fiscal year. Percent
change calculations for revenue, net income, and
earnings per share are based on data as originally
repor ted. They are not restated for mergers, acquisi-
tions, or accounting changes. The only changes to the
prior years’ data are for significant restatement due
to repor ting errors that require a company to file an
amended 10-K.
Revenues Revenues are as repor ted, including rev-
enues from discontinued operations when published.
If a spinoff is on the list, it has not been included in
discontinued operations. Revenues for commercial
banks include interest and noninterest revenues.
Revenues for insurance companies include premium
and annuity income, investment income, and capital
gains or losses, but exclude deposits. Revenue figures
for all companies include consolidated subsidiaries and
exclude excise taxes. Data shown are for the fiscal year
ended on or before Jan. 31, 2019. Unless other wise
noted, all figures are for the year ended Dec. 31, 2018.
Profit s Profits are shown after taxes, extraordinar y
credits or charges, cumulative effects of account-
ing changes, and noncontrolling interests (including
subsidiar y preferred dividends) but before preferred
dividends of the company. Figures in parentheses
indicate a loss. Profit declines of more than 100%
reflect swings from 2017 profits to 2018 losses.
Profits for real estate investment trusts, partnerships,
and cooperatives are repor ted but are not comparable
with those of the other companies on the list because
they are not taxed on a comparable basis. Profits for
mutual insurance companies are based on statutor y
accounting.
Balance Sheet Assets are the company’s year-end
total. Total stockholders’ equity is the sum of all capital
stock , paid-in capital, and retained earnings at the
company’s year-end. Excluded is equity attributable to
noncontrolling interests. Also excluded is redeemable
preferred stock whose redemption is either manda-
tor y or outside the company’s control. Dividends paid
on such stock have been subtracted from the profit
figures used in calculating return on equity.
Employees The figure shown is a fiscal year-end
number as published by the company in its annual
repor t. Where the breakdown between full- and par t-
time employees is supplied, a part-time employee is
counted as one-half of a full-time employee.E arnings Per Share The figure shown for each
company is the diluted earnings-per-share figure that
appears on the income statement. Per-share earnings
are adjusted for stock splits and stock dividends.
Though earnings-per-share numbers are not marked
by footnotes, if a company’s profits are footnoted, it
can be assumed that earnings per share is affected as
well. The five-year and 10-year earnings-grow th rates
are the annual rates, compounded.
Total Return to Investors Total return to investors
includes both price appreciation and dividend yield to
an investor in the company’s stock. The figures shown
assume sales at the end of 2018 of stock owned at the
end of 2008, 2013, and 2017. It has been assumed that
any proceeds from cash dividends and stock received
in spinoffs were reinvested when they were paid.
Returns are adjusted for stock splits, stock dividends,
recapitalizations, and corporate reorganizations as
they occurred; however, no effor t has been made to
reflect the cost of brokerage commissions or of taxes.
Total-return percentages shown are the returns
received by the hypothetical investor described above.
The five-year and 10-year returns are the annual rates,
compounded.
Medians No attempt has been made to calculate
median figures in the tables for groups of fewer than
four companies. The medians for profit changes from
2017 to 2018 do not include companies that lost
money in 2017 or lost money in both 2017 and 2018
because no meaningful percentage changes can be
calculated in such cases.
Credits This Fortune 500 Director y was prepared
under the direction of list editor Scott DeCarlo.
Income statement and balance sheet data provided
by the companies were reviewed and verified against
published earnings releases, 10-K filings, and annual
repor ts by repor ter Douglas G. Elam and accounting
specialist Rhona Altschuler. Markets editor Kathleen
Smy th used those same sources to check the data
for earnings per share. In addition, we used data
provided by Refinitiv and S&P Global Market
Intelligence to calculate total return and market
capitalization. The data verification process was aided
substantially by information provided by S&P Global
Market Intelligence.¶ Includes revenues from discontinued operations.
C A cooperative.
E Excise taxes have been deducted.
L A limited liability company.
P A partnership.
R A real estate investment trust.(^1) Figures are for fiscal year ended Jan. 31, 2019.
(^2) Figures are for fiscal year ended Sept. 30, 2018.
(^3) Figures are for fiscal year ended March 31, 2018.
(^4) Acquired Aetna (2017 rank: 49), Nov. 28, 2018.
(^5) Acquired Time Warner (2017 rank: 98), June 14, 2018.
(^6) Figures are for fiscal year ended Aug. 31, 2018.
(^7) Figures are for fiscal year ended June 30, 2018.
(^8) Company’s senior preferred stock is owned by the U.S.
Treasur y, which also holds a warrant to purchase 79.9% of
the common stock.
(^9) Acquired Andeavor (2017 rank: 90), Oct. 1, 2018.
(^10) Acquired Rock well Collins (2018 rank: 350), Nov. 26, 2018.
(^11) Figures are for fiscal year ended May 31, 2018.
(^12) Figures are for fiscal year ended Feb. 28, 2018.
(^13) Acquired Twenty-First Centur y Fox (2018 rank: 104),
March 20, 2019.
(^14) Figures are for fiscal year ended Oct. 31, 2018.
(^15) Changed name from Energy Transfer Equity, Oct. 19,
2018.
(^16) Figures are for fiscal year ended July 31, 2018.
(^17) Acquired Express Scripts (2017 rank: 25), Dec. 20, 2018.
(^18) A mutual company, not a stock company. It is grouped
with stock companies because it repor ts according to
Generally Accepted Accounting Principles.
(^19) Not a mutual company, but repor ts financial data
according to statutory accounting.
(^20) Acquired by Disney (2018 rank: 53), March 20, 2019.
(^21) Acquired Orbital ATK (2017 rank: 541), June 6, 2018.
(^22) Company repor ts sale of physical commodities on a gross
basis.
(^23) Redomiciled from Singapore to the U.S., April 4, 2018.
Acquired CA (2018 rank: 602), Nov. 5, 2018.
(^24) Figures are for fiscal year ended Nov. 30, 2018.
(^25) Acquired Convergys (2017 rank: 772), Oct. 5, 2018.
(^26) Acquired KapStone Paper & Packaging (2017 rank: 696),
Nov. 2, 2018.
(^27) Acquired by United Natural Foods (2018 rank: 310),
Oct. 22, 2018.
(^28) Acquired SCANA (2018 rank: 620), Jan. 1, 2019.
(^29) Went public, June 28, 2018.
(^30) Changed fiscal year from Dec. to March. Figures are for
the latest 12 months ended March 31, 2018. Comparison
is with fiscal year ended Dec. 31, 2017.
(^31) Acquired Vectren (2017 rank: 799), Feb. 1, 2019.
(^32) Acquired Super valu (2018 rank: 201), Oct. 22, 2018.
(^33) Incorporated in the U.S. and headquar tered in Stockholm.
Its Nor th American headquar ters are in Auburn Hills, Mich.
(^34) Spun off from Altice Europe and deconsolidated, May 23,
2018.
(^35) Changed name from Adobe Systems, Oct. 8, 2018.
(^36) Spun off from MetLife (2018 rank: 44), Aug. 4, 2017.
(^37) Spun off Hilton Grand Vacations (2018 rank: 988), Jan. 3,
2 0 17.
(^38) Acquired by United Technologies (2018 rank: 46), Nov. 26,
- Rock well Collins and UTC Aerospace Systems
merged to create Collins Aerospace.
(^39) Acquired Nexeo Solutions (2018 rank: 625), March 1,
2019.
(^40) Net income before allocations to par tners. Total
par tnership capital subject to mandator y redemption.
(^41) Changed fiscal year from Dec. to Nov. Figures are for the
11 months ended Nov. 30; comparisons are with fiscal
year ended Dec. 31, 2017. Changed name from Leucadia
National, May 23, 2018.
(^42) Market value of Liber ty SiriusXM stock.
(^43) Consists of a nonpublic reciprocal insurer and a publicly
held management company.
(^44) Acquired Pinnacle Foods (2017 rank: 718), Oct. 26, 2018.
(^45) Figures are for fiscal year ended April 30, 2018.
(^46) Reverse merger of Dr Pepper Snapple Group and Maple
Parent Holdings Corp., July 9, 2018. Dr Pepper Snapple
was deemed the legal acquirer and Maple Parent the
accounting acquirer.
(^47) Changed name from Newmont Mining, April 18, 2019.
(^48) Went public, March 21, 2019.