S&P 500 vs. Fortune 500: What's the Difference? Three of the newly included service companies even made the top 10 listings in the Fortune 500. With . Accessed Nov. 2, 2020. "Fortune 500." The prime reason for lay offs is said to be the dearth of the availability of fresh capital. The companies have to show their total revenues which they obtained by the end of the fiscal year. Chart. 43: Procter & Gamble. This list includes both public and private companies using publicly available revenue data. These revenue figures also account for approximately 18% of the gross world product. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 2021 Today, he is restoring Fiat, acquiring Chrysler, and driving Italy's famous Agnelli dynasty in a new direction. The impact of a recession can also take out multiple companies from individual sectors. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. 3 at $233 billion), GM (No. The list includes both. Executives like Walmart CEO Doug McMillon, Berkshire Hathaway CEO Warren Buffett and McKesson CEO John. Because these are retirement accounts, no one is harmed by the government equivalent of an IOU. JPMorgan Chase finished 17th on Fortune's extended ranking, making the company the state's highest . Offers may be subject to change without notice. A default could cause millions of job losses, a deep recession that would reverberate globally and, ironically, higher interest rates that would make it harder to manage the federal debt. Since the very first edition of the Fortune 500 in 1955, over 2,200 companies have graced the list. Fortunate 500 companies with a public-facing Instagram account 2013-2018, Healthcare partnerships formed by Fortune 50 companies U.S. 2014, Percentage of U.S. Fortune 500 women board directors 2001-2013, African-Americans on Fortune 500 boards 2009-2021, Distribution of women newly appointed to Fortune 500 boards, by industry 2018, Hispanics on Fortune 500 boards 2009-2021, Percentage of female CEOs in Fortune 500 companies 1995-2014, Share of global companies with a carbon target by sector 2016, Fortune Global 500 companies based in Tokyo, Japan 2020, by revenue, Immigration/migration in the United States, Find your information in our database containing over 20,000 reports. In total, FORTUNE 500 companies represent two-thirds of the U.S. GDP with $16.1 trillion in revenues (up 17%), $1.84 trillion in profits (up 114%), $37 trillion in market value (up 13%), and. The US government's fiscal year is from October 1st to September 30th. Since then, a tool created to make it easier for the government to function has become a source of dysfunction, stoking partisan warfare and creating economic risk as the debt has increased in size over the past 20 years. Comparing the 1955 Fortune 500 companies to the 2016 Fortune 500, there are only 60 companies that appear in both lists (see companies in the graphic above). This years Fortune Global 500 was prepared under the direction of list editor Scott DeCarlo. The walls are closing in on corporate employees as CEOs at Disney and Starbucks demand that workers start returning to A decades-long broken economy screwed over millennials, and their decision to delay having kids is fueling Americas Up from here? Hi, Please what is the fiscal year for Target? All rights reserved. We have Despite the change in Fortunes methodology, the main points above hold: a) there is significant turnover in both the Fortune 500 and the S&P 500 companies, b) that turnover is accelerating over time for both groups, c) the composition of both the Fortune 500 and S&P 500 will be much different in 10 years and 20 years than today, and d) consumers will be the main beneficiaries of the Schumpeterian creative destruction that drives the significant and accelerating turnover in those two groups of 500 firms, as companies engage in intense, cut-throat competition unified by a single goal: deliver maximum value to the consumer to survive, thrive and prosper as a company. Together, the 500 corporations on this years list generated a record $16.1 trillion in revenue and $1.8 trillion in profits. Get full access to all features within our Corporate Solutions. All of the companies in Group A were in the Fortune 500 in 1955, but not in 2016. ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, announced today that it plans to release second quarter fiscal year 2023 results for the period ended December 31, 2022 on Tuesday, February 7, 2023 at approximately 8:30 a.m. June 3, 2022 The Fortune 100 is an annual list of the top 20% companies within the Fortune 500 List, which is the 500 largest U.S. companies published by Fortune magazine. Fortune 500; Global 500; 40 Under 40 . With $13.7 trillion in sales, $1.1 trillion in earnings, $22.6 trillion in market value, and 28.7 million employees globally, Fortune 500 firms account for two-thirds of the US GDP. The two benchmarks have a lot of overlap: In any given year, about 330. The Fortune Global 500 is a rating of the top 500 companies in the world by total revenue, whereas the Fortune 500 is a list of just U.S. companies. How Wells Fargo Became One of America's Biggest Banks, Fortune 100 Definition, Requirements, and Top Companies, Billionaire: Definition, Examples, vs. Millionaire. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Dont wait to fill up the signup form and get a free consultation today. In my report last year on the 2015 Fortune 500 companies, there were 61 companies in the group that existed in both 1955 and 2015, but Alleghany (No. With the fiscal year coming to an end, KPMG China is celebrating yet another rewarding year in the midst of a challenging business climate. . Treasury Secretaries in every Administration over recent decades have used these extraordinary measures when necessary, Yellen wrote in her letter. In 2019 United Health increased revenue by 9% with a totalling revenue in the amount of 244,153 billion at the end of that year (Fortune 500, 2019). Yes, accounting. Please be aware that many companies could have situations from the pandemic where the accounting carryovers could have them reporting losses currently and therefore would not be included in the 44%. Private companies that don't file financial statements with government agencies, foreign corporations are excluded, as are American companies consolidated by other companies and those that neglect to report full financial statements for at least three quarters of the current fiscal year. As of 2020, companies are ranked by total revenues for their respective fiscal years as reported on their 10-K filings or comparable financial statements. ScanSource management will host an earnings conference call to discuss these results later that day, February 7, 2023, at . For the fiscal year ended October 31, 2022, the fund returned -29.33% compared to a total return of -14.61% for the benchmark S&P 500 Index for the same period. Where the breakdown between full- and part-time employees is supplied, a part-time employee is counted as one half of a full-time employee. Figures in parentheses indicate a loss. Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2021. Thats an average annual turnover rate of 8.5 new firms in the Fortune 500. Use Ask Statista Research Service. The constant turnover in the Fortune 500 is a positive sign of the dynamism and innovation that characterizes a vibrant consumer-oriented market economy, and that dynamic turnover is speeding up in todays hyper-competitive global economy. Assets shown are those at the companys fiscal year-end. The term Fortune 500 refers to a list of 500 of the largest companies in the United States compiled by Fortune magazine every year. 2022 Fortune Media IP Limited. "About Us." Fortune magazine estimates the annual revenues earned by an American public/private sector. Profits for mutual insurance companies are based on statutory accounting. I do not provide the solutions, since some professors do use the blog posts as graded assignments and I have no way to control who obtains the solutions. The best way to find the fiscal year for any company is to find its Form 10-k. You will see the fiscal year at the top of its financial statements. 1 in 9 of the last 12 years), ExxonMobil (No. The required government contributions to the funds are large enough to rely on these extraordinary measures for roughly five months. Temporary Receipt Number: FNT C17 0051 MSF India is registered under Section 25 of the Companies Act, 1956 (CIN and Pan Number available). Alternatively, the PowerPoint file below contains a bullet point overview of the article and the discussion questions. The medians for profit changes from 2019 do not include companies that lost money in 2019 or lost money in both 2019 and 2020, because no meaningful percentage changes can be calculated in such cases. You can learn more about the standards we follow in producing accurate, unbiased content in our. Eqvista does not provide legal, financial or tax advice. I just replaced it with the correct file thanks for the heads up. Check your inbox or spam folder to confirm your subscription. Revenue. Photo by Miguel Gutierrez Jr., CalMatters. All companies on the list must publish financial data and report part or all of their figures to a government agency. On the brink ofhitting the nations legal borrowing limit on Thursday,the government is resorting to extraordinary measures to avoid a default. With $13.8 trillion in revenues (down 3%), $859 billion in profits (down 30%), $32.7 trillion in market value (up 60%), and 29.1 million employees worldwide, the FORTUNE 500 firms account for two-thirds of the US GDP. What could be worrisome is not the existence of extraordinary measures, but what happens if they are exhausted this summer without a deal in place. Staring in 1995, both manufacturing and service firms (including retailers like Walmart and financial services firms) were included in the Fortune 500. The figure shown is either a fiscal year-end or yearly average number, as published by the company. Because the debt cap limits the issuance of government bonds a way the U.S. borrows money these workarounds shift money among accounts and should keep the government open through at least June, according to a letter last week by Treasury Secretary Janet Yellen. . Powered and implemented by Interactive Data Managed Solutions. Before World War I, Congress needed to approve each bond issuance. The funds are made whole after a debt ceiling increase or suspension becomes law. Since 1955, the Fortune 500 has published a ranking of the most successful businesses. Landed a Fortune 500 company as a net new client within first 8 months at Asure . The 500 top winners of that competitive battle in any given year are the firms in the Fortune 500, ranked not by their profits, assets or number of employees, but by what is ultimately most important in a market economy: their dollar votes (sales revenues). Stride has delivered millions of courses over the past decade and serves learners in all 50 states and more than 100 countries. More than 1,800 American companies have been featured on the list over the course of its history. to incorporate the statistic into your presentation at any time. for their respective fiscal years ended on or before March 31, 2013. . FORTUNE may receive compensation for some links to products and services on this website. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. Successfully presented recommendations to the board of . Fortune. What do the companies in these three groups have in common? The measures were first deployed in 1985 and have been used at least 16 times since then, according to the Committee for a Responsible Federal Budget, a fiscal watchdog. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). A WarnerMedia Company. For each of the companies listed, give at least one reason it might have chosen the fiscal year end that it has. Here is a list of a variety of companies and their fiscal years: Amazon.com: Fiscal year end is December 31 (same as calendar year) Target: Fiscal year ends on the Saturday nearest January 31 Lowe's: Fiscal year ends on the Friday nearest the end of January Apple: Fiscal year is the 52 or 53-week period that ends on the last Saturday of September | The term Fortune 500 refers to a list of 500 of the largest companies in the United States compiled by Fortune magazine every year. ShareChat parent Mohalla Tech has fired around 500 employees or 20% of their staff, months after the homegrown startup raised around $255 million in funding from a clutch of investors. Figures for non-U.S. companies have been converted to U.S. dollars at the exchange rate at each companys fiscal year-end. But there have been roughly 80 deals to raise or suspend the borrowing cap since the 1960s. All rights reserved. Slectionnez Grer les paramtres pour grer vos prfrences. Have a nice day. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. if the earnings reports this week, next week, this month, next month or a specific range of dates. In, CQPress. All annual reports on Form 10-K filed by Fortune 500 companies received a preliminary review, which we have sometimes referred to as a screening. Group C: Amazon, Facebook, eBay, Home Depot, Microsoft, Google, Netflix, Office Depot, and Target. "Amazon." But take a breath the phrase technically refers to a bunch of accounting workarounds. Currently, you are using a shared account. A calendar year runs from January 1 to December 31 each year. under which this service is provided to you. Being included on the Fortune 500 is seen as respectable, as companies on the list are thought to be of high quality. With that out of the way, here's the full breakdown of companies that made the Fortune 500 list: No. The Top 10 1 Walmart 2 Amazon 3 Apple 4 CVS Health 5 UnitedHealth Group 6 Exxon Mobil 7 Berkshire Hathaway 8 Alphabet 9 McKesson 10 AmerisourceBergen Explore the 500 Map This Ever wonder how many. Insert your e-mail and we will send you news about business. The Biden administration wants the borrowing cap increased without any preconditions. From 2000 to 2019, the United States had more Fortune 500 companies than any other country. Morningstar: 2018 For example, service companies made up 291 of the 500 entries that year. To account for the change in methodology, an analysis of the change in Fortune 500 firms before and after the change is displayed above. Have a nice day! originally reported for that year. Register in seconds and access exclusive features. Factset: FactSet Research Systems Inc. 2018. At the current churn rate, about half of the S&P 500 firms will be replaced over the next 10 years as we enter a stretch of accelerating change in which lifespans of big companies are getting shorter than ever according to Innosight. Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2013. Since 1955, the Fortune 500 has published a ranking of the most successful businesses. Do Not Sell. Statista. The following are the top 100 Fortune 500 firms: Eqvista is the ideal program for you if youve been wondering how to deal with your companys shares and equity difficulties. Investopedia does not include all offers available in the marketplace. Ever wonder how many Fortune 500 companies are in your state? By suspending the payments, the government can reduce the amount of outstanding debt. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Accessed Nov. 2, 2020. Of these, a very small numberjust 49have been included every year. Between 1955 and 1994, only manufacturing and industrial companies were included. Companies are rated according to their yearly revenues during the fiscal years in question. 111 on the Fortune 500 and one of Fortune's "World's Most Admired Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. . This year marks the 67th edition of the Fortune 500, which ranks companies by total annual revenue. If we think of a companys annual sales revenues as the number of dollar votes it gets every year from providing goods and services to consumers, we can then appreciate the fact that the Fortune 500 companies represent the 500 companies that have generated the greatest dollar votes of confidence from us as consumers like Walmart (No. Values based on annual revenue for the fiscal year ended on or before Jan. 31, 2021. All Rights Reserved.Terms Explore the list to see which companies made the cut, which industries were most profitable, and more. You only have access to basic statistics. FORTUNE Magazine's annual ranking of the world's 500 largest companies. FORTUNE may receive compensation for some links to products and services on this website. First, the government will temporarily suspend payments to the retirement, disability and health benefit funds for federal employees. The Forbes 500 was an annual list of the top 500 U.S. companies published by Forbes magazine. If the turnover rate accelerated to 20 firms per year, half of todays firms would be replaced by 2028, and the entire Fortune 500 today would be replaced by all new firms in only 25 years, or by 2041. We also reference original research from other reputable publishers where appropriate. The new list continued to include companies from the original manufacturing, mining, and energy sectors, but it also included service companies for the first time. The change greatly impacted the future of the Fortune 500 list. For the list, Fortune sorted companies based on their sector. At the time of writing, our financial year started on 6th April 2021 and will finish on 5th April 2022. Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2021. Revenue for the calendar came in at roughly US$832mln, up 16% on the year before, with underlying profits . The list of Fortune 500 companies in 1955 is available here and the list for 2021 was just released yesterday and is available here (based on sales for the fiscal year ended on or before Jan. 31 . Forbes Call Number: HF5001 .F6 Published/Created: 1918- Fortune Call Number: HF5001.F7 Published/Created: 1930- "The Size Structure of the Largest Industrial Firms, 1909-1958" in American Economic Reviewby Norman R. Collins and Lee E. Preston Call Number: HB1 .E26 Combined, the corporations on this year's list generated $13.8 trillion in revenue last. ", CQPress, Number of U.S. companies listed in the Fortune 500 ranking in 2021, by state Statista, https://www.statista.com/statistics/303696/us-fortune-500-companies-by-state/ (last visited January 18, 2023), Number of U.S. companies listed in the Fortune 500 ranking in 2021, by state [Graph], CQPress, May 17, 2021. The three most profitable companies on the 2020 list were as follows: Notable newcomers to the list include Dow (DOW), Baker Hughes (BKR), and Uber (UBER). The debt limit was created as a workaround to finance the war effort without needing a constant series of votes. All Rights Reserved. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. Fortune Magazine annually compiles a list of the top 500 U.S. companies, based on various statistics, data and factors. Your email address will not be published. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. That suggests the government would need severe cuts to spending, major tax hikes or some combination of those options. The list has changed dramatically from the very first Fortune 500. Mergers and acquisitions (M&A), shifts in production output, and bankruptcies have taken companies off of the list. Well, all private or other commercial organizations in America do not follow the same fiscal year to calculate the annual revenues. But the debt reduction never fully materialized. McCarthy said Tuesday that talks should begin immediately on the potential spending cuts that Republicans are seeking in exchange for raising the debt limit, even though the Biden administration has equated that demand to holding the U.S. economy hostage. Financial statements and annual reports were reviewed by accounting specialist Rhona Altschuler and markets editor Kathleen Smyth. Revenue. (The Center Square) - Fifty-four companies with headquarters located in New York earned a place on Fortune magazine's 2020 list ranking enterprises with the 500 highest fiscal-year revenues in the nation. May 17, 2021. Walmart has been the top-ranking Fortune 500 business since 2013, with revenues of $514 billion in 2019. This one time fiscal contribution is with hope, for a better world with medical facilities, available to all. NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Today, FORTUNE announced the FORTUNE Global 500 for the 2020 fiscal year, ranking the world's largest corporations by revenue. Investopedia requires writers to use primary sources to support their work. Counting 1,800 consultants in 18 countries, we expect to achieve USD 300 million in turnover for the current fiscal year. This year's Fortune 500 companies generated a record $16.1 trillion in revenue and $1.8 trillion in profits despite challenges from rising inflation, supply chain issues, and the ongoing Covid-19 pandemic. Meijer operates over 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. It is ranked No. Required fields are marked *. Included in the survey are companies that. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 (Or how often those companies made the cut over the last 20 years?) For accounting adjustments, Fortune does not restate the previous years data. Instructor Resources. A Fortune 500 company, NRG creates value through best-in-class . Being on the Fortune 500 is considered to be prestigiousfirms on the list are considered to be of high quality. A billionaire is an individual who has assets or a net worth of at least one billion currency units such as dollars, euros, or pounds. Of the 4273 companies on Nasdaq and in the S&P 500, S&P Midcaps, and S&P smallcaps, 1914 are profitable. On Tue, Oct 25, 2016 at 10:23 AM, Accounting in the Headlines wrote: > Dr. Wendy Tietz, CPA, CMA, CGMA posted: A calendar year runs from January > 1 to December 31 each year. | Private firms that do not file financial statements with government agencies, overseas corporations, American companies that other companies consolidate, and companies that fail to report comprehensive financial statements for at least three quarters of the current fiscal year are all omitted. Accessed January 18, 2023. https://www.statista.com/statistics/303696/us-fortune-500-companies-by-state/, CQPress. Henry Robinson Luce created Fortune magazine in 1929.1 The inaugural edition was released the following year, and it has since grown to become one of the most influential business newspapers in the world. By 1990, average tenure in the S&P500 had narrowed to 20 years, fell to 18 years in 2012 and is forecast to shrink to 14 years by 2026. A paid subscription is required for full access. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Methodology for Fortune 500 Definitions and explanations Methodology Companies are ranked by total revenues for their respective fiscal years. The Congressional Budget Office estimates that annual budget deficits will grow from roughly $1 trillion to more than $2 trillion over the next 10 years. In addition, please check the [] This statistic is not included in your account. It focuses on revenue, expenses, gains, and losses. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Fortune does . Pour en savoir plus sur notre utilisation de vos informations, veuillez consulter notre Politique relative la vie prive et notre Politique en matire de cookies. Built In's Best Large Companies to Work For in Houston list algorithmically ranks large tech . For banks, revenue is the sum of gross interest income and gross noninterest income. Companies are ranked by their annual revenues for. What are the fiscal year ends of Amazon, Target, Apple, Walt Disney, and others? Total revenues for fiscal years ending on or before March 31 are used to rank companies. The Fortune 500 underwent its biggest change in 1995. Walmart claimed the. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Some companies find it easier when the fiscal year coincides with the tax year. These resources are provided to give the instructor flexibility for use of Accounting in the Headlines articles in the classroom. I am trying to check my work. The 500 largest corporations in the world. Fortune. The list covers both publicly traded firms and privately held enterprises with publicly disclosed revenue. "Walmart Company Profile." Fortune does not restate the prior years figures for changes in accounting. Fortune 500. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The Fortune 500 is an annual ranking of the 500 largest US corporations based on total sales for the previous fiscal year. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. ET. Fortune. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. Lets sit down.. The list is compiled and published by Fortune magazine. Companies will be rated in 2020 based on total sales disclosed in their 10-K filings or similar financial statements for their respective fiscal years. Morningstar, Inc. All Rights Reserved. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. Hello! S&P 500 (SPX) Earnings Calendar Earnings Calendar is a useful tool to track when companies from US Markets such as the DOW, S&P 500, NASDAQ and Russell 1000 will report quarterly and annual financial results. The blog posting itself can be assigned via a link to this site OR by distributing the student handout below. 8 at $152 billion) and Ford (No. All rights reserved. In 2020, the U.S. was surpassed by China, where 124 companies were reported, compared to 121 U.S.. View accountingintheheadliness profile on Facebook. Its not necessarily the measures that can harm the economy but rather the doubts among consumers and businesses about whether lawmakers will increase the borrowing cap. January 12, 2023 (Sacramento) - California will delay some spending commitments, reverse recent steps to shore up its fiscal health and shift funding . Please create an employee account to be able to mark statistics as favorites. Offers may be subject to change without notice. Figures are as reported, and comparisons are with the prior years figures as originally reported for that year. Accessed Nov. 2, 2020. The data verification process was aided substantially by S&P Global Market Intelligence and Refinitiv. But, despite the obstacles, the combined sales of the companies amounted to more than one-third of global GDP, continuing their remarkable streak of success. "Fortune 500: 1955 Full List." The Court has asked the Cen-tral government about the personal fortune March 25, 1971, from all ter-ritories of Bangladesh and Attorney-General repre- delay in distribution of SAN FRANCISCO are residents of Assam political parties. End of Day Stock Quote: Unsubscribe. All of the companies in Group C were in the Fortune 500 in 2016, but not 1956. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. The Fortune 500 is an annual list of 500 of the largest US companies ranked by total revenues for their respective fiscal years. In 2011 when Barack Obama was president and Biden was vice president, there was a bipartisan deal to raise the debt limit by $900 billion in return for $917 billion worth of automatic spending cuts over 10 years. The term Fortune 500 refers to a list of 500 of the largest companies in the United States compiled by Forbes magazine every year. Profit declines of more than 100% reflect swings from 2019profits to 2020 losses.