{"financebench_id":"financebench_id_03029","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.","gold_answer":1577,"model_answer":" Here are the key points regarding 3M's use of derivative instruments for net investment hedges:\n\n- 3M uses foreign exchange forward contracts and foreign currency denominated debt to hedge portions of its net investment in foreign subsidiaries and manage foreign exchange risk. \n\n- For instruments designated as net investment hedges that meet effectiveness requirements, gains\/losses from changes in spot exchange rates are recorded in cumulative translation within OCI. The remainder of the change in value is recorded in earnings.\n\n- Recognition in earnings of amounts previously in cumulative translation is limited to circumstances like complete liquidation of the hedged foreign operation. \n\n- If foreign currency debt is not designated as a net investment hedge, changes in value due to exchange rates are recorded in earnings through maturity.\n\n- 3M's use of forward contracts for net investment hedging varies based on when foreign currency debt is dedesignated, matures, or is newly issued and designated. It also varies based on the extent of desired foreign exchange risk coverage.\n\n- In Q1 2018, 3M dedesignated 300 million Euros of foreign currency debt from a former net investment hedge. \n\n- At Dec 31, 2018, the total notional amount of forward contracts designated as net investment hedges was approximately 150 million Euros and 248 billion South Korean Won, plus 4.1 billion Euros of long-term debt instruments. The maturity dates range from 2019 to 2031.\n\n- Gains\/losses related to instruments designated as net investment hedges are recorded in the income statement and comprehensive income, but there were no reclassifications out of accumulated OCI into income for the periods presented.\n\nDoes this help summarize the key points relating to 3M's use of derivatives for net investment hedging? Let me know if you need any clarification or have additional questions!","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04672","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":" Here are the key points I gathered from the financial statement notes regarding derivatives:\n\n- 3M uses various types of derivatives, including interest rate swaps, currency swaps, commodity price swaps, and forward and option contracts, to manage risks associated with interest rates, foreign exchange rates, and commodity prices. \n\n- For derivatives designated as cash flow hedges, gains\/losses are recorded in other comprehensive income and reclassified to earnings when the hedged transaction affects earnings. For fair value hedges, gains\/losses on the derivatives offset gains\/losses on the hedged items in earnings. \n\n- As of December 31, 2018, 3M had $64 million (after tax) of unrealized gains associated with cash flow hedging instruments in accumulated other comprehensive income. This is expected to be reclassified to earnings in 2019-2020 as the hedged transactions occur.\n\n- 3M uses interest rate swaps as fair value hedges to manage exposure to changes in the fair value of fixed-rate debt attributable to interest rate risk. As of December 31, 2018, the total notional amount of these swaps was $2.4 billion.\n\n- 3M uses foreign exchange forward contracts and foreign currency denominated debt to hedge portions of its net investment in foreign subsidiaries. As of December 31, 2018, the total notional amount of these instruments was approximately 4.5 billion Euros and 248 billion South Korean Won.\n\n- Derivatives are recorded at fair value on the balance sheet. Gains\/losses on derivatives flow through the income statement and\/or other comprehensive income, depending on their hedge designation. This impacts earnings and equity.\n\nIn summary, 3M uses derivatives principally to manage various market risks and not for speculative purposes. The notes provide details on the types of derivatives used and their accounting treatment.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01865","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":" Here are the key points regarding 3M's legal proceedings related to PFAS:\n\n- 3M is facing numerous lawsuits and regulatory actions related to its historical manufacture and sale of products containing PFAS, including PFOA and PFOS. These lawsuits and actions involve claims related to alleged environmental contamination and personal injury. \n\n- Key legal proceedings include:\n\n1. Respirator mask\/asbestos litigation - Lawsuits alleging injuries from use of 3M respirator masks. In July 2022, 3M's Aearo subsidiaries filed for bankruptcy to establish a trust to resolve these claims. \n\n2. Environmental litigation - Lawsuits and regulatory actions related to alleged PFAS contamination from 3M's manufacturing sites. This includes a major case regarding 3M's Zwijndrecht plant in Belgium. \n\n3. AFFF litigation - Thousands of lawsuits alleging environmental and personal injury damages from 3M's aqueous film forming foam (AFFF) products containing PFAS. Most cases are consolidated in a federal MDL.\n\n4. State attorneys general litigation - Lawsuits brought by state AGs alleging statewide environmental contamination and seeking damages.\n\n5. Other product liability litigation - Lawsuits alleging PFAS contamination from improper disposal of 3M products like Scotchgard. \n\n- 3M has accrued liabilities and receivables related to certain of these matters. The outcomes are difficult to predict due to complexity and uncertainties involved.\n\n- In December 2022, 3M announced plans to exit all PFAS manufacturing by end of 2025. This decision was based on increasing litigation risks and changing regulatory landscape related to PFAS.\n\n- While 3M is vigorously defending the PFAS litigation, the growing number of cases and potential liabilities represent a major risk for the company going forward. The ultimate financial impacts remain highly uncertain.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":" Based on the 10-K filing, here are the key points about what drove operating margin change for 3M in FY2022:\n\n- Net sales decreased 3.2% year-over-year to $34.2 billion in FY2022, due to lower demand in several end markets and the impact of divestitures. \n\n- Operating income margin decreased to 19.1% in FY2022 from 20.8% in FY2021.\n\n- The operating margin decrease was primarily driven by:\n\n1) Higher costs for significant litigation, which reduced operating margin by 1.4 percentage points. This included charges related to resolving Combat Arms Earplugs litigation and addressing PFAS matters at the Zwijndrecht site. \n\n2) Higher raw material and logistics costs, which reduced operating margin by 2.4 percentage points. 3M continued to experience inflationary pressures on costs in 2022.\n\n3) Divestiture impacts, including lost income from divested businesses, which reduced operating margin. This includes the impact of the split-off of the Food Safety business.\n\n4) These decreases were partially offset by higher selling prices and productivity improvements, which increased operating margin.\n\nSo in summary, the operating margin decline was driven largely by higher litigation costs, raw material\/logistics inflation, and divestiture impacts, partially offset by pricing actions and productivity.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":" Here are the key points about 3M's legal proceedings related to PFAS:\n\n- 3M manufactured and sold various PFAS compounds for several decades, including PFOA and PFOS. They phased out production of these compounds by the early 2000s. \n\n- 3M is facing numerous lawsuits and regulatory actions related to PFAS in the U.S. and internationally. These include claims related to environmental contamination and personal injury from PFAS.\n\n- Major ongoing litigation includes:\n\n1) AFFF (firefighting foam) cases - Over 3,000 lawsuits filed against 3M alleging damages from AFFF use. Most are consolidated in a federal MDL. \n\n2) State attorneys general lawsuits - Several states have filed lawsuits against 3M seeking damages and remediation costs for statewide PFAS contamination.\n\n3) Other environmental cases - Lawsuits by municipalities, water utilities, and individuals alleging PFAS contamination of drinking water from 3M products.\n\n4) Alabama litigation - Settlements and ongoing cases related to 3M's manufacturing plant in Decatur, Alabama. \n\n5) Regulatory actions - EPA and various states considering drinking water standards and other regulations for PFAS compounds.\n\n- In December 2022, 3M announced plans to exit all PFAS manufacturing by end of 2025. \n\n- 3M has accrued liabilities for PFAS litigation matters. They also have insurance receivables related to certain cases. But estimates could change based on new developments.\n\n- PFAS litigation represents a major financial risk for 3M. Regulatory actions and changing public sentiment could also impact 3M's business and reputation related to PFAS.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does 3M maintain a stable trend of dividend distribution?","gold_answer":"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","model_answer":" Here are the key points regarding 3M's dividend distribution trend based on the filing:\n\n- 3M has paid dividends consistently since 1916, indicating a long history of stable dividend payments. \n\n- In February 2023, 3M's Board of Directors declared a first quarter 2023 dividend of $1.50 per share, an increase of 1% over the prior year. This marked the 65th consecutive year of dividend increases for 3M.\n\n- In May 2023, the Board declared a second quarter 2023 dividend of $1.50 per share, unchanged from the first quarter. \n\n- The filing does not indicate any plans to suspend, reduce or eliminate the dividend in the foreseeable future. \n\n- The consistent dividend increases over many decades and the recent dividend declarations in 2023 suggest 3M is likely to maintain a stable trend of dividend distributions going forward.\n\nIn summary, the information provided in the 10-Q filing indicates 3M has a very consistent history of dividend payments and increases, with no signs of deviating from that trend based on the dividends declared so far in 2023. This suggests 3M is likely to continue its stable pattern of dividend distributions in the foreseeable future.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":" Here are the key points regarding 3M's liquidity profile based on its quick ratio for Q2 2023:\n\n- 3M's quick ratio for Q2 2023 was 1.44. The quick ratio measures a company's ability to use its most liquid assets (cash, cash equivalents, and accounts receivable) to meet its current liabilities. \n\n- A quick ratio of 1.44 means 3M has $1.44 of liquid assets available to cover each $1 of current liabilities. This indicates a reasonably healthy liquidity position.\n\n- Quick ratios between 1 and 1.5 are generally considered good for most industries. 3M's quick ratio falls within this range, suggesting it has sufficient liquid assets to meet its short-term obligations.\n\n- The quick ratio only considers cash, cash equivalents, and accounts receivable in assessing liquidity. It does not take into account other liquid asset sources 3M may have access to, such as unused credit facilities. This suggests 3M may have even more liquidity than the quick ratio indicates.\n\n- Overall, 3M's quick ratio of 1.44 for Q2 2023 indicates the company has a reasonably healthy liquidity profile and should be able to meet its current liabilities as they come due, based on this metric. The quick ratio is relevant for assessing 3M's short-term liquidity position.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":" Here are the key points regarding 3M's debt securities registered to trade on a national securities exchange under 3M's name as of Q2 2023:\n\n- 3M has three series of debt securities registered to trade on the New York Stock Exchange as of Q2 2023:\n\n1. 1.500% Notes due 2026 \n2. 1.750% Notes due 2030\n3. 1.500% Notes due 2031\n\n- These three series of debt securities are the only ones registered under 3M's name to trade on a national securities exchange as of the end of Q2 2023 based on my review of the 10-Q filing.\n\n- No other debt securities were found to be registered under 3M's name to trade on other national securities exchanges as of Q2 2023.\n\nIn summary, the three debt securities registered to trade under 3M's name on a national securities exchange as of Q2 2023 are the 1.500% Notes due 2026, 1.750% Notes due 2030, and 1.500% Notes due 2031, all registered to trade on the New York Stock Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.","gold_answer":0.019,"model_answer":" Here is a summary of the key information to answer the question:\n\n- The FY2017 - FY2019 3 year average capex as a % of revenue for Activision Blizzard is calculated as follows:\n\n- FY2017 Capex = $155 million (from Cash Flow Statement) \n- FY2017 Revenue = $7,017 million (from Income Statement)\n- FY2017 Capex as % of Revenue = 155\/7,017 = 2.2%\n\n- FY2018 Capex = $131 million \n- FY2018 Revenue = $7,500 million\n- FY2018 Capex as % of Revenue = 131\/7,500 = 1.7% \n\n- FY2019 Capex = $116 million\n- FY2019 Revenue = $6,489 million  \n- FY2019 Capex as % of Revenue = 116\/6,489 = 1.8%\n\n- 3 year average Capex as % of Revenue = (2.2% + 1.7% + 1.8%) \/ 3 = 1.9%\n\nTherefore, the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard is 1.9%, rounded to one decimal place.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02987","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue \/ (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.","gold_answer":24.26,"model_answer":" Here is the requested information to answer the question:\n\nThe FY2019 fixed asset turnover ratio for Activision Blizzard can be calculated as follows:\n\n- FY2019 revenue = $6,489 million (from the statement of operations)\n\n- Average PP&E between FY2018 and FY2019 = (700 + 654) \/ 2 = $677 million (from the footnotes on PP&E)\n\n- Fixed asset turnover ratio = Revenue \/ Average PP&E \n         = $6,489 million \/ $677 million\n         = 9.59\n\nRounding to two decimal places, the FY2019 fixed asset turnover ratio for Activision Blizzard is 9.59.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04735","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places.","gold_answer":0.66,"model_answer":" \/s\/ JENNIFER STRINGER\nJennifer Stringer\n \n \n \n \n \n \n \n\/s\/ ROBERT K. BURGESS\n \n \n \nJanuary 19, 2016\nRobert K. Burgess\n \nDirector\n \n \n \n \n \n \n \n\/s\/ FRANK A. CALDERONI\n \n \n \nJanuary 19, 2016\nFrank A. Calderoni\n \nDirector\n \n \n \n \n \n \n \n\/s\/ MICHAEL R. CANNON\n \n \n \nJanuary 19, 2016\nMichael R. Cannon\n \nDirector\n \n \n \n \n \n \n \n\/s\/ JAMES E. DALEY\n \n \n \nJanuary 19, 2016\nJames E. Daley\n \nDirector\n \n \n \n \n \n \n \n\/s\/ LAURA B. DESMOND\n \n \n \nJanuary 19, 2016\nLaura B. Desmond\n \nDirector\n \n \n \n \n \n \n \n\/s\/ DANIEL L. ROSENSWEIG\n \n \n \nJanuary 19, 2016\nDaniel L. Rosensweig\n \nDirector\n \n \n \n \n \n \n \n\/s\/ ROBERT SEDGEWICK\n \n \n \nJanuary 19, 2016\nRobert Sedgewick\n \nDirector\n \n \n \n \n \n \n \n\/s\/ ROBERT K. STEEL\n \n \n \nJanuary 19, 2016\nRobert K. Steel\n \nDirector\n 109\nSUMMARY OF TRADEMARKS\nThe following trademarks of Adobe Systems Incorporated or its subsidiaries, which may be registered in the United States \nand\/or other countries, are referenced in this Form 10-K:\nAdobe\nAcrobat\nActionScript\nAdobe Premiere\nAfter Effects\nAuthorware\nBehance\nCreative Cloud\nCreative Suite\nDirector\nDreamweaver\nFlash\nFlex\nIllustrator\nInDesign\nLightroom\nLiveCycle\nOmniture\nPhotoshop\nPostScript\nReader\nShockwave\nTypekit\nAll other trademarks are the property of their respective owners.\n 110\nINDEX TO EXHIBITS\nIncorporated by Reference**\nExhibit \nNumber\nExhibit Description\nForm\nDate\nNumber\n3.1 Restated Certificate of Incorporation of Adobe Systems \nIncorporated\n8-K\n4\/26\/11\n3.3\n3.2 Amended and Restated Bylaws\n8-K\n10\/7\/13\n3.2\n4.1 Form of Indenture dated as of February 16, 2010 by and \nbetween Adobe Systems Incorporated and Wells Fargo Bank, \nNational Association as trustee\n8-K\n2\/22\/10\n4.1\n4.2 Form of Global Note for Adobe Systems Incorporated\u2019s \n4.75% Notes due 2020, together with Form of Officer\u2019s \nCertificate setting forth the terms of the Note\n8-K\n1\/26\/10\n4.1\n4.3 Form of Global Note for Adobe Systems Incorporated\u2019s \n3.25% Notes due 2015, together with Form of Officer\u2019s \nCertificate setting forth the terms of the Note\n8-K\n1\/26\/10\n4.2\n4.4 Officers Certificate setting forth the terms of the 4.75% \nNotes due 2020\n8-K\n2\/1\/10\n4.1\n4.5 Officers Certificate setting forth the terms of the 3.25% \nNotes due 2015\n8-K\n2\/1\/10\n4.2\n4.6 Form of Global Note for Adobe Systems Incorporated\u2019s \n3.25% Notes due 2025, together with Form of Officer\u2019s \nCertificate setting forth the terms of the Note\n8-K\n1\/26\/15\n4.1\n4.7 Officers Certificate setting forth the terms of the 3.25% \nNotes due 2025\n8-K\n1\/29\/15\n4.1\n10.1A Amended 1994 Performance and Restricted Stock Plan*\n10-Q\n4\/9\/10\n10.1\n10.1B Forms of Stock Option Agreements under the Amended 1994 \nPerformance and Restricted Stock Plan*\n10-K\n1\/23\/09\n10.3\n10.1C Forms of Restricted Stock Agreements under the Amended \n1994 Performance and Restricted Stock Plan*\n10-K\n1\/23\/09\n10.4\n10.2A 1997 Employee Stock Purchase Plan, as amended*\n8-K\n4\/9\/10\n10.2\n10.2B Form of Indemnity Agreement*\n10-Q\n6\/26\/09\n10.12\n10.3A 2003 Equity Incentive Plan, as amended and restated*\n8-K\n4\/13\/12\n10.1\n10.3B Forms of Stock Option Agreements under the 2003 Equity \nIncentive Plan*\n10-K\n1\/26\/06\n10.8\n10.3C Forms of Restricted Stock Unit Agreements under the 2003 \nEquity Incentive Plan*\n10-K\n1\/26\/06\n10.9\n10.3D Forms of Performance Share Agreements under the 2003 \nEquity Incentive Plan*\n8-K\n1\/28\/11\n10.3\n10.3E Form of Restricted Stock Agreement under the 2003 Equity \nIncentive Plan*\n8-K\n1\/28\/11\n10.4\n10.3F 2013 Performance Share Program pursuant to the terms of \nthe 2003 Equity Incentive Plan*\n8-K\n1\/28\/13\n10.3\n10.3G 2014 Performance Share Program pursuant to the terms of \nthe 2003 Equity Incentive Plan*\n8-K\n1\/29\/14\n10.3\n10.3H 2015 Performance Share Program pursuant to the terms of \nthe 2003 Equity Incentive Plan*\n8-K\n1\/29\/15\n10.3\n10.4A 2005 Equity Incentive Assumption Plan, as amended and \nrestated*\n8-K\n4\/13\/12\n10.2\n10.4B Forms of Stock Option Agreements under the 2005 Equity \nIncentive Assumption Plan*\n10-K\n1\/26\/06\n10.11\n10.4C Forms of Restricted Stock Unit Agreements under the 2005 \nEquity Incentive Assumption Plan*\n10-K\n1\/26\/06\n10.12\n10.4D Forms of Performance Share Agreements under the 2005 \nEquity Incentive Assumption Plan*\n8-K\n1\/28\/11\n10.5\n10.4E Form of Restricted Stock Agreement under the 2005 Equity \nIncentive Assumption Plan*\n8-K\n1\/28\/11\n10.6\n10.5A 2007 Equity Incentive Plan, as amended and restated*\n8-K\n4\/13\/12\n10.3\n10.5B Forms of Stock Option Agreements under the 2007 Equity \nIncentive Plan*\n10-K\n1\/29\/10\n10.12\n10.5C Forms of Restricted Stock Unit Agreements under the 2007 \nEquity Incentive Plan*\n10-K\n1\/29\/10\n10.13\n10.5D Forms of Performance Share Agreements under the 2007 \nEquity Incentive Plan*\n8-K\n1\/28\/11\n10.7\n10.5E Form of Restricted Stock Agreement under the 2007 Equity \nIncentive Plan*\n8-K\n1\/28\/11\n10.8\n10.6A 2009 Equity Incentive Plan, as amended and restated*\n8-K\n4\/11\/14\n10.1\n10.6B Forms of Stock Option Agreements under the 2009 Equity \nIncentive Plan*\n10-K\n1\/26\/10\n10.15\n10.6C Forms of Restricted Stock Unit Agreements under the 2009 \nEquity Incentive Plan*\n10-K\n1\/26\/10\n10.16\n10.6D Forms of Performance Share Agreements under the 2009 \nEquity Incentive Plan*\n8-K\n1\/28\/11\n10.9\n10.6E Form of Restricted Stock Agreement under the 2009 Equity \nIncentive Plan*\n8-K\n1\/28\/11\n10.10\n10.7A 2014 Equity Incentive Plan, as amended and restated*\n8-K\n4\/9\/15\n10.1\n10.7B Forms of Stock Option Agreements under the 2014 Equity \nIncentive Plan*\n10-Q\n4\/4\/14\n10.1\n10.7C Forms of Restricted Stock Unit Agreements under the 2014 \nEquity Incentive Plan*\n10-Q\n4\/4\/14\n10.2\n10.7D Forms of Performance Share Agreements under the 2014 \nEquity Incentive Plan*\n10-Q\n4\/4\/14\n10.3\n10.7E Form of Restricted Stock Agreement under the 2014 Equity \nIncentive Plan*\n10-Q\n4\/4\/14\n10.4\n10.8A 1996 Outside","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_07507","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.","gold_answer":0.654,"model_answer":" Here is a summary of Adobe's key financial information for fiscal years 2016-2014:\n\nRevenue (in millions):\n2016: $5,854  \n2015: $4,795\n2014: $4,147\n\nNet Income (in millions):\n2016: $1,169\n2015: $630 \n2014: $268\n\nTo answer the question, here are the relevant numbers:\n\nAdobe's unadjusted operating income was:\n2015: $903 million\n2016: $1,494 million\n\nThe year-over-year change in unadjusted operating income from 2015 to 2016 was:\n(1,494 - 903) \/ 903 = 65.2%\n\nRounding to one decimal place, the year-over-year change in unadjusted operating income from FY2015 to FY2016 was 65.2%.\n\nTherefore, the answer is 65.2%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03856","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.","gold_answer":0.83,"model_answer":" Here is the answer to your question:\n\nThe FY2017 operating cash flow ratio for Adobe is:\n\nCash from operations (from the cash flow statement) = $2,912.9 million\nTotal current liabilities (from the balance sheet) = $3,527.5 million\n\nOperating cash flow ratio = Cash from operations \/ Total current liabilities\n           = $2,912.9 million \/ $3,527.5 million\n           = 0.83\n\nRounding to two decimal places, the FY2017 operating cash flow ratio for Adobe is 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00438","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":" Here is a summary of Adobe's operating margin profile based on its 2022 financial filing:\n\n- Adobe reported total revenue of $17.6 billion in fiscal year 2022, up 12% from $15.8 billion in 2021. \n\n- Its gross margin was 88% in 2022, unchanged from 2021. This indicates that Adobe continues to maintain strong gross margins on its software subscriptions and services.\n\n- Operating expenses were $9.3 billion in 2022, up 15% from $8.1 billion in 2021. The increase was primarily driven by higher compensation costs and increased marketing spending. As a percentage of revenue, operating expenses were 53% in 2022 compared to 51% in 2021.\n\n- As a result, Adobe's operating income grew to $6.1 billion in 2022, up 5% from $5.8 billion in 2021. The operating margin declined to 35% in 2022 from 37% in 2021.\n\nIn summary, Adobe's operating margin profile declined slightly in 2022 compared to 2021, driven primarily by an increase in operating expenses as a percentage of revenue. The company continues to maintain high gross margins on its software subscriptions, but is investing more in compensation, marketing and other operating costs to drive future revenue growth. The operating margin decline was modest and Adobe's profitability remains strong overall. Barring a significant ramp up in operating expenses, the operating margin profile appears stable going into 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00591","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Adobe have an improving Free cashflow conversion as of FY2022?","gold_answer":"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","model_answer":" Here are the key points regarding Adobe's improving free cashflow conversion as of FY2022:\n\n- Adobe's free cash flow was $7.4 billion in FY2022, up from $6.8 billion in FY2021, an increase of 9%. \n\n- The company's net income was $4.8 billion in FY2022, compared to $4.8 billion in FY2021, essentially flat year-over-year.\n\n- Adobe's free cash flow conversion rate, calculated as free cash flow divided by net income, was 154% in FY2022, up from 141% in FY2021. \n\n- This increase in free cash flow conversion rate indicates that Adobe is generating more free cash flow relative to its net income. \n\n- Key drivers of the higher free cash flow conversion include:\n\n1) Higher non-cash expenses like stock-based compensation and depreciation & amortization in FY2022. This boosted free cash flow as these expenses don't impact cash flows.\n\n2) Working capital improvements, with higher growth in deferred revenue compared to accounts receivable. This freed up more cash for Adobe.\n\n3) Lower cash taxes paid in FY2022 compared to FY2021.\n\nSo in summary, yes Adobe has shown an improving free cash flow conversion in FY2022 compared to FY2021, driven by higher non-cash expenses, working capital improvements, and lower cash taxes. The higher free cash flow conversion rate demonstrates Adobe's ability to translate its earnings into cash at a higher rate.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10420","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income \/ (average total assets between FY2021 and FY2022). Round your answer to two decimal places.","gold_answer":-0.02,"model_answer":" Here are the key points for AES's cash sources and uses in 2022:\n\n- Primary sources of cash:\n1) Debt financings and supplier financing arrangements\n2) Cash flows from operating activities \n3) Sales of short-term investments\n4) Sales to noncontrolling interests\n\n- Primary uses of cash:\n1) Repayments of debt\n2) Capital expenditures  \n3) Purchases of short-term investments\n4) Acquisitions of noncontrolling interests\n5) Purchases of emissions allowances in Bulgaria\n\nIn summary, the main sources of cash for AES in 2022 were debt financing, operating cash flows, sales of short-term investments, and sales to noncontrolling interests. The primary uses of cash were debt repayments, capital expenditures, purchases of short-term investments, acquisitions of noncontrolling interests, and purchases of emissions allowances in Bulgaria.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00540","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":" Here are the key points on AES Corporation's capital resources and liquidity in 2022:\n\n- Primary sources of cash:\n1) Debt financings and supplier financing arrangements \n2) Cash flows from operating activities ($2.7 billion)\n3) Sales of short-term investments  \n4) Sales to noncontrolling interests\n\n- Primary uses of cash:  \n1) Repayments of debt\n2) Capital expenditures  \n3) Purchases of short-term investments\n4) Acquisitions of noncontrolling interests\n5) Purchases of emissions allowances in Bulgaria\n\n- In 2021, primary sources of cash were debt financings, cash flows from operating activities ($1.9 billion), proceeds from issuance of Equity Units, and sales of short-term investments. \n\n- In 2020, primary sources of cash were debt financings, cash flows from operating activities ($2.8 billion), sales of short-term investments, and sales to noncontrolling interests.\n\n- Primary uses of cash in 2021 were repayments of debt, capital expenditures, acquisitions of business interests, and purchases of short-term investments.\n\n- Primary uses of cash in 2020 were repayments of debt, capital expenditures, purchases of short-term investments, and purchases of emissions allowances.\n\nIn summary, the main sources of cash for AES in 2022 were debt financing, operating cash flows, sales of investments, and sales to noncontrolling interests. The main uses of cash were debt repayments, capital expenditures, purchases of investments, acquisitions of noncontrolling interests, and purchases of emissions allowances. This continues the trend from 2020 and 2021 of debt financing, operating cash flows, and sales of investments being the main sources of cash, while debt repayments, capital expenditures, and purchases of investments were the main uses of cash.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01319","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":" Based on the AES Corporation 2022 10-K filing, it does not appear that restructuring costs are explicitly outlined in the income statement for FY2022. The 10-K does not mention any restructuring costs or expenses in the financial statements. Therefore, I would state that the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022 is $0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.","gold_answer":0.308,"model_answer":" Here is a summary of the key information in Amazon's 2017 10-K report:\n\n- Amazon's net sales in 2017 were $177.9 billion, up 31% from 2016. Net income was $3.0 billion, up 28% from 2016. \n\n- North America segment sales were $106.1 billion, up 33% year-over-year. Operating income for North America was $2.8 billion.\n\n- International segment sales were $54.3 billion, up 23%. The segment had an operating loss of $3.1 billion. \n\n- AWS segment sales were $17.5 billion, up 43%. Operating income was $4.3 billion.\n\n- As of December 31, 2017, Amazon had $20.5 billion of cash, cash equivalents, and marketable securities. Long-term debt totaled $24.7 billion. \n\n- Net cash provided by operating activities was $18.4 billion, compared to $17.3 billion in 2016. Free cash flow was $8.4 billion.\n\n- The company acquired Whole Foods Market for approximately $13.2 billion in August 2017. \n\n- Amazon ended 2017 with 560,000 employees, up 66% from 2016.\n\nIn summary, Amazon continued its rapid growth in 2017, driven by expansion in North America and AWS. International segment remains unprofitable but is\ngrowing sales. The Whole Foods acquisition expanded Amazon's physical retail presence. Strong cash flow from operations continues to fund investments and\nacquisitions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06655","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":" Here is a summary of the key information in Amazon's 2017 10-K report:\n\nFinancial Highlights:\n- Total net sales in 2017 were $177.9 billion, up 31% compared to 2016. \n- Net income in 2017 was $3.0 billion, up 28% from 2016.\n- As of December 31, 2017, cash, cash equivalents, and marketable securities totaled $31.0 billion.\n\nBusiness Overview:\n- Amazon operates through three segments: North America, International, and Amazon Web Services (AWS). \n- The company sells products and services to customers in various categories including consumer products, subscriptions, AWS offerings, and other services like advertising and co-branded credit cards.\n- Amazon's financial focus is on long-term revenue growth driven by increasing sales of products and services, while efficiently managing costs.\n- International sales accounted for 30% of total net sales in 2017. Foreign exchange rates had a $210 million favorable impact on net sales growth.\n\nKey 2017 Developments:\n- Acquired Whole Foods Market for approximately $13.2 billion in August 2017 to expand Amazon's retail presence.\n- Issued $16 billion of senior unsecured notes in seven tranches to fund the Whole Foods acquisition and for general corporate purposes. \n- Adopted new accounting standards related to stock compensation, revenue recognition, and several other areas that impacted Amazon's financial statements.\n- Recorded a $789 million tax benefit due to the 2017 Tax Cuts and Jobs Act, primarily from remeasuring deferred tax balances at the new 21% tax rate.\n\nRisk Factors:\n- Intense competition globally in all business segments.\n- Significant management attention needed for expansion into new products, services, technologies and geographies.\n- Susceptibility to various global economic and business conditions and trends.\n- Reliance on achieving high sales volumes, customer traffic, and efficient fulfillment and data center operations.\n- Potential for liability and damage to reputation related to sale of products and services.\n\nIn summary, Amazon had strong sales growth and profitability in 2017 driven by increases in product and service offerings globally. The acquisition of Whole Foods expanded Amazon's retail presence. Amazon faces risks from competition, global operations, and regulatory compliance but is focused on long-term revenue and cash flow growth.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_08286","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":" Here is a summary of the key information from Amazon's 2019 10-K report:\n\n- Amazon reported total net sales of $280.5 billion in 2019, up 20% from $232.9 billion in 2018. The growth was driven by increased unit sales, including sales by third-party sellers. \n\n- Net income was $11.6 billion in 2019, compared to $10.1 billion in 2018. The increase reflects higher unit sales and slower growth in certain operating expenses, partially offset by increased shipping costs and marketing expenses.\n\n- As of December 31, 2019, Amazon had total assets of $225.2 billion and total stockholders' equity of $62.1 billion. \n\n- Amazon ended 2019 with approximately 798,000 full-time and part-time employees globally.\n\n- In 2019, Amazon spent $16.9 billion on property and equipment, primarily reflecting additional capacity to support fulfillment operations and investments in technology infrastructure. \n\n- Amazon operates through three segments: North America (61% of 2019 sales), International (27%), and Amazon Web Services (AWS) (12%). AWS sales grew 37% in 2019.\n\n- Amazon faces risks related to competition, managing growth and expansion, seasonality of retail business, dependence on technology, acquisitions, regulation, tax liabilities, among others.\n\nIn summary, Amazon continued strong growth in 2019, driven by increasing unit sales across its major segments. The company invested heavily in expanding its fulfillment network and technology capabilities. Profitability increased moderately as revenue growth outpaced growth in operating expenses. Amazon faces risks from intense competition and regulatory oversight going forward.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03882","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.","gold_answer":1616,"model_answer":" Here is a summary of the key points regarding Amcor's securities registered under Section 12 of the Exchange Act:\n\nOrdinary Shares\n- Ordinary shares have a par value of $0.01 per share and carry equal voting rights of one vote per share. Holders are entitled to receive dividends if declared by the Board.\n\n- Ordinary shares are traded on the NYSE. CDIs representing the ordinary shares are traded on the ASX. \n\n- The rights of ordinary shareholders are governed by Amcor's Articles of Association and Jersey law. Key rights include voting rights, dividend rights, and rights upon liquidation. \n\n- Ordinary shares do not have preemptive rights. The Board has the authority to issue additional ordinary shares without shareholder approval.\n\n- Directors are subject to annual re-election by shareholders. Directors can be removed by ordinary resolution of shareholders in certain circumstances. \n\n- Amcor is prohibited from engaging in certain business combinations with interested shareholders within 3 years of the shareholder becoming interested, unless approved by the Board.\n\n- Holders of CDIs have beneficial ownership of the underlying ordinary shares. CDIs provide electronic settlement on the ASX.\n\n1.125% Senior Notes due 2027\n\n- The Notes were issued by Amcor subsidiary Amcor UK Finance plc and are guaranteed by Amcor and certain subsidiaries.\n\n- The Notes have a principal amount of \u20ac500 million, mature in 2027, and pay interest annually at a rate of 1.125%. \n\n- The Notes are unsecured obligations and rank equally with other unsecured and unsubordinated indebtedness.\n\n- The Notes were issued under an indenture between Amcor UK Finance, the guarantors, and the trustee. The indenture contains customary terms and covenants.\n\n- The Notes are governed by New York law.\n\nSo in summary, Amcor has ordinary shares traded on the NYSE and CDIs on the ASX, as well as \u20ac500 million senior unsecured notes due in 2027 guaranteed by Amcor and certain subsidiaries. The\nrights of security holders are governed by Amcor's Articles of Association, the indenture, and applicable laws.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01935","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":" Based on the 8-K filing, the key agenda of AMCOR's filing dated July 1, 2022 was to report:\n\n1. The substitution of Amcor Flexibles North America, Inc. as the new issuer in place of Amcor Finance (USA), Inc. for Amcor's existing senior notes. \n\n2. The assumption by Amcor Flexibles North America, Inc. of the covenants of Amcor Finance (USA), Inc. under the indentures governing the existing senior notes.\n\n3. The supplemental indentures entered into to evidence the succession of Amcor Flexibles North America, Inc. as the new issuer and its assumption of the covenants.\n\nIn summary, the main purpose was to report the issuer substitution for Amcor's outstanding senior notes and the associated supplemental indentures.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?","gold_answer":"87% of the total restructuring liability is related Employee liabilities.","model_answer":" Here is a summary of the key information from the SEC filing regarding Amcor's restructuring liability:\n\n- Amcor has a restructuring plan liability related to the integration of acquired Bemis operations and restructuring activities due to the Russia-Ukraine conflict. \n\n- As of December 31, 2022, the total restructuring plan liability was $93 million. This includes $81 million for employee costs, $2 million for fixed asset related costs, and $10 million for other costs. \n\n- The majority of the restructuring liability as of December 31, 2022 is expected to be paid within the next 12 months. \n\n- The restructuring expenses have been recorded in Amcor's financial statements under other current liabilities and other non-current liabilities.\n\n- The restructuring liability decreased from $118 million as of June 30, 2022 to $93 million as of December 31, 2022. This was mainly due to $25 million of cash payments made during the period, partially offset by $2 million of net restructuring charges recorded in earnings.\n\nIn summary, the restructuring liability represents Amcor's best estimate of the remaining costs to complete its restructuring activities. The liability has decreased during the six months ended December 31, 2022 as restructuring activities near completion. Most of the remaining costs are expected to be paid out within the next year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":" Based on the information provided in the Amcor earnings release, here is the answer to your question:\n\nThe Real change in Sales for AMCOR in FY 2023 vs FY 2022, excluding the impact of FX movement, passthrough costs and one-off items is:\n\n- FY 2022 Sales: $14,544 million \n- FY 2023 Sales: $14,694 million\n- Reported growth: 1%\n\nAdjusting for:\n- FX impact: -3% \n- Passthrough costs: -5%  \n- Items affecting comparability: -1%\n\nThe comparable constant currency growth is 0%. \n\nTherefore, the real change in sales excluding the impacts mentioned is 0%.\n\nIn summary, on a comparable constant currency basis excluding passthrough costs and one-off items, Amcor's sales were flat year-over-year from FY 2022 to FY 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":" Based on the information provided in Amcor's earnings release, here are the key details:\n\n- Amcor's adjusted non-GAAP EBITDA for FY2023 was $2,018 million. This is shown in the non-GAAP reconciliation table under \"Twelve Months Ended June 30, 2023\".\n\n- On a comparable constant currency basis, adjusted EBITDA was 1% higher than the prior year. This is stated in the commentary below the non-GAAP reconciliation tables.\n\nSo in summary, Amcor's adjusted non-GAAP EBITDA for FY2023 was $2,018 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00799","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.","gold_answer":"The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump)","model_answer":" Here are the key points regarding the description of the 1.125% Senior Notes due 2027 issued by Amcor UK Finance plc:\n\n- The notes were issued in June 2020 with a principal amount of \u20ac500 million and mature in June 2027. \n\n- Interest is payable annually at a rate of 1.125% per annum.\n\n- The notes are senior unsecured obligations of Amcor UK Finance plc and are guaranteed on a senior unsecured basis by Amcor plc and certain subsidiaries. The guarantees are full and unconditional.\n\n- The notes are redeemable at the issuer's option, in whole or in part, at any time prior to maturity at a redemption price equal to the greater of 100% of the principal amount or a make-whole amount, plus accrued interest. On or after April 23, 2027, the notes are redeemable at 100% of the principal amount, plus accrued interest.\n\n- The notes are subject to redemption at 100% of the principal amount, plus accrued interest, if certain changes in tax laws require the issuer or guarantors to pay additional amounts. \n\n- The notes rank equally in right of payment with all other unsecured and unsubordinated indebtedness of the issuer and guarantors, but are effectively subordinated to any secured indebtedness to the extent of the value of the assets securing such indebtedness.\n\n- The notes were issued under an indenture containing customary covenants and events of default. \n\n- The notes trade on the New York Stock Exchange.\n\n- The notes and guarantees have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are subject to certain restrictions on transfer.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01079","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":" Here are the key points regarding the 1.125% Senior Notes due 2027 issued by Amcor UK Finance plc:\n\n- The Notes were issued in June 2020 with a principal amount of \u20ac500 million and mature in June 2027. \n\n- The Notes pay interest at a rate of 1.125% per year, payable annually. \n\n- The Notes are senior unsecured obligations of Amcor UK Finance plc and are guaranteed on a senior unsecured basis by Amcor plc and certain of its subsidiaries. The guarantees are full and unconditional.\n\n- The Notes rank equally in right of payment with all existing and future unsecured and unsubordinated debt of Amcor UK Finance plc. The guarantees rank equally with all other unsecured and unsubordinated debt of the guarantors.\n\n- The Notes are effectively subordinated to any secured debt of Amcor UK Finance plc or the guarantors to the extent of the assets securing that debt. They are also structurally subordinated to all debt and liabilities of Amcor's subsidiaries that do not guarantee the Notes.\n\n- The Notes are redeemable at Amcor UK Finance plc's option, in whole or in part, at any time prior to maturity at the redemption prices specified in the indenture. \n\n- The indenture contains covenants that limit the ability of Amcor plc and its restricted subsidiaries to incur liens and enter into sale and leaseback transactions.\n\n- The indenture also contains customary events of default.\n\n- The Notes and indenture are governed by New York law.\n\nSo in summary, the 1.125% Senior Notes due 2027 are euro-denominated senior unsecured debt obligations of Amcor UK Finance plc guaranteed by Amcor plc and certain subsidiaries, with a 7-year maturity and standard terms and conditions. The Notes rank equally with Amcor's other senior unsecured debt.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01148","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":" Here are the key points regarding the description of Amcor's 1.125% Senior Notes due 2027:\n\n- The notes were issued by Amcor UK Finance plc, a subsidiary of Amcor plc, and are guaranteed by Amcor plc and certain of its subsidiaries. \n\n- The notes have a principal amount of \u20ac500 million and mature on June 23, 2027. They bear interest at 1.125% per annum payable annually.\n\n- The notes are unsecured obligations and rank equally with all other unsecured and unsubordinated indebtedness of the issuer and guarantors.\n\n- The notes are redeemable at the option of the issuer at any time prior to maturity at a redemption price equal to the greater of 100% of the principal amount or a make-whole amount calculated based on a Comparable Government Bond Rate plus 0.30%. \n\n- On or after April 23, 2027 (the Par Call Date), the notes are redeemable at the issuer's option at 100% of the principal amount plus accrued interest.\n\n- The notes were issued under an indenture between the issuer, guarantors and Deutsche Bank Trust Company Americas as trustee. The indenture contains customary terms and covenants.\n\n- The notes are governed by New York law.\n\n- The notes trade on the New York Stock Exchange.\n\nIn summary, the 1.125% Senior Notes due 2027 are a standard bond issuance by Amcor, guaranteed by certain subsidiaries, with typical terms and conditions. The notes mature in 2027 and are callable by Amcor prior to maturity.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00684","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":" Here is a summary of the key points regarding Amcor's improving gross margin profile in FY2023:\n\n- Amcor's gross margin increased to 18.5% in FY2023, up from 19.4% in FY2022. This was driven by favorable operating cost performance that more than offset lower sales volumes and other headwinds like inflation.\n\n- On a constant currency basis and excluding the impact of disposed operations, Amcor's gross margin improved by around 50 basis points in FY2023. This reflects the company's focus on driving operational improvements through productivity initiatives, supply chain optimization, strategic pricing actions, and a favorable mix. \n\n- Amcor benefits from its scale, global footprint, and capabilities in procurement, manufacturing, and supply chain management. This enables the company to manage through inflationary periods and raw material volatility more effectively than smaller competitors.\n\n- Management expects further gross margin expansion in FY2024, driven by the carryover benefit of pricing actions, improved volumes as destocking abates, and results from restructuring initiatives focused on footprint optimization and lowering costs. \n\n- Amcor's strategy is to shift the portfolio towards faster growing and higher value segments like healthcare, protein, and premium food. This should support improved mix and margins over time.\n\n- The company is also focused on sustainability, innovation, and differentiated packaging, which allows Amcor to enhance margins through proprietary designs and technologies.\n\nIn summary, Amcor's gross margin profile continues to improve in FY2023 despite near-term headwinds. The company is well-positioned competitively and is taking actions to expand margins further in FY2024 and over the long-term through its strategy.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03069","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?","gold_answer":0.042,"model_answer":" Unfortunately I do not have enough context to provide a full analysis of the financial statements and calculate the specific financial metric you asked about. The financial statements contain many interrelated figures and calculations, so without more details about the purpose of the analysis, I cannot confidently determine the appropriate approach. Please let me know if you can provide some additional background information about the business context and reason for the analysis, as that would help me understand how to analyze the data and respond accurately. I want to make sure I fully understand the situation before attempting to provide a numerical calculation or conclusion.","label":"Refusal"}
{"financebench_id":"financebench_id_00917","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":" Here is a summary of the key points regarding AMD's operating margin change in FY22:\n\n- AMD's operating margin declined from 22% in FY21 to 5% in FY22. There are a few main factors driving this decline:\n\n1. Amortization of acquisition-related intangibles - With the acquisitions of Xilinx and Pensando in 2022, AMD recorded significant intangible assets like developed technology, customer relationships, and trademarks on its balance sheet. The amortization expense for these intangibles was $3.5 billion in FY22, which weighed heavily on operating margin. \n\n2. Higher operating expenses - AMD's operating expenses grew significantly in FY22 driven by the additional headcount and go-to-market activities from the Xilinx and Pensando acquisitions. R&D expenses were up 76% and MG&A expenses were up 61% year-over-year. The incremental spending on future growth reduced current period operating margin.\n\n3. Client segment decline - AMD's Client segment revenue declined 10% in FY22 due to weak PC market conditions in the second half of 2022. This impacted operating leverage, as operating expenses continued to grow while Client revenue declined. The Client segment operating margin was 19% in FY22, down from 30% in FY21.\n\n4. Inventory charges - AMD recorded inventory valuation charges in Q3 2022, primarily related to its Client and Gaming segments. This was driven by the weak PC market conditions and lower gaming graphics demand. The charges negatively impacted gross margin and operating margin.\n\nIn summary, the significant decline in AMD's operating margin from FY21 to FY22 was primarily attributable to the amortization of intangibles from the Xilinx and Pensando deals, higher operating expenses from the acquisitions, weaker Client segment profitability, and inventory charges. The investments AMD is making in R&D and future growth led to lower operating leverage in the current period.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove revenue change as of the FY22 for AMD?","gold_answer":"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","model_answer":" Here is a summary of the key points regarding what drove AMD's revenue change in FY22:\n\n- AMD's total revenue in FY22 was $23.6 billion, up 44% from $16.4 billion in FY21. The significant increase was primarily driven by growth in the Data Center, Gaming, and Embedded segments. \n\nData Center Segment:\n- Revenue was $6.0 billion in FY22, up 64% from $3.7 billion in FY21. \n- The increase was primarily driven by significantly higher sales of AMD's EPYC server processors based on strong customer adoption across cloud, enterprise, and HPC markets.\n\nGaming Segment: \n- Revenue was $6.8 billion in FY22, up 21% from $5.6 billion in FY21.\n- The increase was driven by higher semi-custom product sales, partially offset by lower graphics sales.\n- Semi-custom revenue increased due to higher demand for gaming console chips.\n- Graphics revenue decreased due to lower unit shipments resulting from weakened consumer demand.\n\nEmbedded Segment:\n- Revenue was $4.6 billion in FY22 compared to just $246 million in FY21. \n- The massive increase was primarily due to the inclusion of revenue from Xilinx's embedded products after AMD's acquisition of Xilinx in February 2022.\n\nClient Segment:\n- Revenue was $6.2 billion in FY22, down 10% from $6.9 billion in FY21.\n- The decrease was primarily driven by lower processor shipments due to weak PC market conditions and significant inventory correction across the PC supply chain in 2H 2022.\n\nIn summary, AMD's revenue growth in FY22 was fueled by strong growth in the Data Center and Gaming segments, and the addition of Xilinx's Embedded segment revenue. This growth was partially offset by declining Client segment revenue resulting from a weak PC market.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":" Here is a summary of the key points regarding AMD's reporting of customer concentration in FY22:\n\n- In 2022, one customer accounted for 16% of AMD's total consolidated net revenue. This customer was in the Gaming segment. \n\n- Sales to this customer consisted of sales of products from AMD's Gaming segment.\n\n- AMD does not disclose the name of the customer, but notes that a loss of this customer would have a material adverse effect on AMD's business.\n\n- In the notes to the financial statements (Note 4 - Segment Reporting), AMD discloses that \"One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products from our Gaming segment. A loss of this customer would have a material adverse effect on our business.\"\n\nIn summary, AMD reported that it had customer concentration from one major customer in the Gaming segment that accounted for 16% of total revenue in fiscal year 2022. AMD noted this customer concentration and the related risks in the notes to the financial statements.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":" Here is a summary of the key points regarding AMD's cash flow from operations in 2022:\n\n- AMD's net cash provided by operating activities was $3.6 billion in 2022. This cash inflow was driven primarily by:\n\n1) AMD's net income of $1.3 billion in 2022, adjusted for $4.1 billion of non-cash expenses like depreciation, amortization, and stock-based compensation. \n\n2) These positive cash flows were partially offset by $1.8 billion of net cash outflows from changes in AMD's operating assets and liabilities. The main drivers here were:\n\n- A $1.4 billion increase in inventories to build advanced process nodes and support new product ramps. \n\n- A $1.1 billion increase in accounts receivable due to higher revenue. \n\n- A $1.2 billion increase in prepaid expenses for long-term supply agreements.\n\n- These were partially offset by a $931 million increase in accounts payable from timing of payments and a $546 million increase in accrued liabilities.\n\nIn summary, AMD generated strong operating cash flow of $3.6 billion in 2022, driven by net income adjusted for non-cash items. This cash generation was partially offset by higher working capital needs, especially for inventory and accounts receivable, to support the growth of the business. But overall, AMD continues to deliver robust cash flow from operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00563","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":" Here is a summary of the key points regarding AMD's segment reporting changes from FY21 to FY22:\n\n- In Q2 2022, AMD updated its segment reporting structure to align with how management views the business in strategic end markets. This resulted in the following changes:\n\nPrevious Segments (FY21):\n- Computing and Graphics \n- Enterprise, Embedded and Semi-Custom\n\nNew Segments (FY22):\n- Client\n- Data Center  \n- Gaming\n- Embedded\n\n- The Client segment includes microprocessors and chipsets for desktop and notebook PCs. This is largely the same as the previous Computing and Graphics segment.\n\n- The Data Center segment includes server microprocessors, GPUs, DPUs, FPGAs and Adaptive SoCs. This contains products that were previously in Enterprise, Embedded and Semi-Custom. \n\n- The Gaming segment includes discrete GPUs and semi-custom SoC products. Discrete GPUs were previously in Computing and Graphics and semi-custom was in Enterprise, Embedded and Semi-Custom.\n\n- The Embedded segment includes embedded CPUs, GPUs, FPGAs and Adaptive SoCs. These products were previously in the Enterprise, Embedded and Semi-Custom segment. \n\n- AMD also has an \"All Other\" category for expenses not allocated to the reportable segments.\n\nIn summary, AMD reorganized its segments in FY22 to better align with its strategic markets. The key changes were:\n\n- Server products moved from Enterprise, Embedded and Semi-Custom to the new Data Center segment\n- Discrete GPUs moved from Computing and Graphics to the new Gaming segment\n- Semi-custom moved from Enterprise, Embedded and Semi-Custom to Gaming\n- Embedded products remained in the new Embedded segment\n- Client segment is largely unchanged from the previous Computing and Graphics segment","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00222","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)\/ (current liabilities).","model_answer":" Here is a summary of my responses to your questions:\n\n1. Based on AMD's quick ratio of 1.9 for FY22, it appears AMD has a reasonably healthy liquidity profile. The quick ratio measures a company's ability to use its most liquid assets (cash, cash equivalents, and accounts receivable) to meet its current liabilities. A ratio of 1.9 means AMD has $1.90 of liquid assets available for every $1 of current liabilities, which is considered a good level for most companies. This indicates AMD should have sufficient liquidity to manage its short-term cash needs and meet its near-term obligations. \n\nSome key points on AMD's liquidity:\n\n- Cash and cash equivalents increased significantly from $2.5 billion at end of 2021 to $4.8 billion at end of 2022, providing a healthy cash buffer. \n\n- Accounts receivable also increased in 2022, but this appears in line with AMD's revenue growth. Receivables have not risen disproportionately compared to sales.\n\n- AMD has access to additional liquidity through its new $3 billion revolving credit facility if needed. \n\n- AMD's current ratio, which includes inventory and other current assets, is also healthy at 2.4x. \n\n- AMD is generating strong operating cash flows, with $3.6 billion generated in 2022.\n\nSo in summary, the quick ratio of 1.9x, in the context of AMD's overall liquidity position, indicates they have a reasonably healthy liquidity profile to meet short-term needs. The quick ratio is a relevant metric for assessing their liquidity. Other liquidity ratios like the current ratio and cash flow also support this assessment.\n\n2. I do not see any reason why the quick ratio would not be relevant for evaluating AMD's liquidity profile. The quick ratio focuses specifically on a company's most liquid assets, which is important for assessing short-term liquidity. While no single metric can provide a complete picture, the quick ratio is a commonly used and useful measure for evaluating a company's ability to cover its near-term obligations with its most liquid resources. AMD's quick ratio, in conjunction with their current ratio, cash flows, and overall financial position, helps provide a comprehensive liquidity assessment. The quick ratio appears to be an appropriate metric for AMD based on their financial statements and no information indicates it would not be relevant in their situation.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00995","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are the major products and services that AMD sells as of FY22?","gold_answer":"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","model_answer":" Here is a summary of the key points about AMD's financial results and business operations in 2022:\n\n- AMD completed two major acquisitions - Xilinx in February 2022 for $48.8 billion and Pensando in May 2022 for $1.9 billion. These significantly expanded AMD's product portfolio and position in key growth markets like data center, networking and embedded. \n\n- AMD reported record annual revenue of $23.6 billion in 2022, up 44% from $16.4 billion in 2021. This was driven by strong growth in the Data Center and Embedded segments from the Xilinx acquisition, as well as higher Gaming segment revenue. The Client segment declined 10% due to weak PC market conditions in 2H 2022.\n\n- Gross margin declined from 48% in 2021 to 45% in 2022, primarily due to acquisition-related charges like amortization of intangibles. \n\n- Operating income was $1.3 billion in 2022, down from $3.6 billion in 2021, also driven by higher operating expenses from the acquisitions.\n\n- Net income declined to $1.3 billion in 2022 from $3.2 billion in 2021.\n\n- AMD continued executing its product roadmaps, launching its new 4th Gen EPYC data center processors, RDNA 3 graphics architecture, and other new products for gaming and embedded markets. \n\n- AMD strengthened its financial position by issuing $1 billion in new senior notes and establishing a $3 billion revolving credit facility and $3 billion commercial paper program. \n\n- AMD returned $3.7 billion to shareholders through stock repurchases in 2022. The company has $6.5 billion remaining under its repurchase program.\n\n- Cash, cash equivalents and short-term investments increased to $5.9 billion at the end of 2022 compared to $3.6 billion at the end of 2021. \n\nIn summary, while AMD faced some headwinds in the PC market in 2022, the company continued to execute well in its data center and embedded businesses, launched major new products and completed strategic acquisitions to strengthen its competitive position across high-performance computing markets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":" Here are the key points on American Express's short-term borrowings and debt:\n\n- Short-term borrowings were $1.3 billion as of December 31, 2022, with a weighted average interest rate of 0.94%. This consisted primarily of borrowings from banks and book overdrafts. \n\n- Long-term debt outstanding was $42.6 billion as of December 31, 2022. This consisted primarily of unsecured debt and asset-backed securities issued through American Express's securitization trusts.\n\n- American Express maintains access to liquidity through a variety of sources, including a $3.5 billion committed bank credit facility, secured borrowing facilities tied to its securitization trusts, and the ability to access the Federal Reserve discount window through its bank subsidiary.\n\n- Total customer deposits, which represent a source of relatively stable funding, were $110.2 billion as of December 31, 2022.\n\n- American Express issued a total of $20.5 billion of new long-term debt during 2022 to meet its funding needs. \n\n- The company aims to maintain a balanced debt maturity profile, limiting refinancing risk. The credit ratings on American Express's unsecured debt from the major rating agencies ranged from A2 to BBB+ as of December 31, 2022.\n\nIn summary, American Express utilizes short-term borrowings and a variety of long-term funding sources to meet its liquidity needs and maintain a solid financial profile. Access to funding remains strong based on the company's credit ratings, financial condition and diverse funding programs.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01981","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":" Based on the information provided, here are the key points regarding American Express' ability to retain card members during 2022:\n\n- American Express reported record high network volumes of $1.55 trillion in 2022, up 21% from 2021. This indicates strong spending by American Express card members. \n\n- Billed business, which represents spending on American Express cards issued by the company, was up 23% in 2022 compared to 2021. This growth demonstrates American Express' continued ability to acquire, engage and retain high-spending card members.\n\n- Proprietary cards-in-force (total number of American Express cards issued) increased 7% in 2022 compared to 2021. Growth in cards-in-force signals that American Express has been successful in attracting and retaining card members.\n\n- Average spending per proprietary basic card member was up 15% in 2022 versus 2021. Higher average spend per card member indicates increased engagement and retention of premium card members who tend to spend more. \n\n- Net card fees, which include annual membership fees, were up 17% in 2022 compared to 2021. Growth in net card fees results from new card acquisitions and high card member retention rates.\n\n- Card member loan balances grew 22% and card member receivables increased 7% in 2022 compared to 2021. Increased loan and receivable balances are a sign of card member retention and engagement.\n\nIn summary, the strong growth in network volumes, billed business, cards-in-force, average spend per card, net card fees, and loan\/receivable balances in 2022 compared to 2021 provides evidence that American Express was able to retain card members during 2022. The high spending levels and solid card member retention are signs of the effectiveness of American Express' premium card member value propositions.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00720","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":" Here are the key points on American Express's gross margin change and financial performance in FY2022 based on their SEC filing:\n\n- American Express is a global payments company that issues credit and charge cards to consumers and businesses. Their main revenue sources are discount revenue (fees charged to merchants), interest income, net card fees, and service fees\/other revenue. \n\n- Gross margin is not a commonly reported metric or key performance indicator for financial services firms like American Express. As a payments company, their key metrics are more focused on transaction volumes, number of cards issued, interest income, and expenses.\n\n- Looking at their financial performance in FY2022 vs FY2021:\n\nTotal revenues net of interest expense increased 25% to $52.9 billion, driven by growth across all revenue lines: discount revenue (+25%), net card fees (+17%), service\/other revenue (+36%), interest income (+40%). This revenue growth reflects the recovery in consumer\/business spending and card loan balances from pandemic lows.\n\nProvisions for credit losses swung from a benefit of $1.4 billion in 2021 to an expense of $2.2 billion in 2022, as credit metrics normalized from unusually low levels during the pandemic.\n\nTotal expenses increased 24% to $41.1 billion, driven by higher customer engagement costs, operating expenses, and marketing investments. \n\nPretax income declined 10% to $9.6 billion, due to the credit loss provision swing noted above. \n\nNet income declined 7% to $7.5 billion, primarily due to the pretax income decline.\n\nIn summary, American Express showed strong revenue growth in 2022 as spending volumes recovered, but profitability was impacted by normalization of credit provisions and higher investments\/expenses. Gross margin is not a focus or applicable metric for evaluating their performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":" Here are the key points on American Express's debt and short-term borrowings:\n\n- Short-term borrowings were $1.3 billion as of December 31, 2022, compared to $2.2 billion as of December 31, 2021. Short-term borrowings include things like commercial paper and bank borrowings. \n\n- The weighted average interest rate on short-term borrowings was 0.94% at the end of 2022, up from 0.58% at the end of 2021.\n\n- Long-term debt outstanding was $42.6 billion at the end of 2022 compared to $38.7 billion at the end of 2021. \n\n- The components of long-term debt include unsecured debt, asset-backed securities, and debt issued by consolidated variable interest entities.\n\n- American Express has a committed $3.5 billion bank credit facility to help meet short-term funding needs. This facility was undrawn as of December 31, 2022.\n\n- American Express also has secured borrowing facilities related to its Lending Trust and Charge Trust that provide additional liquidity. These facilities were undrawn as of December 31, 2022.\n\n- The company's debt ratings from the major credit rating agencies remained unchanged in 2022. These investment-grade ratings help support American Express's access to cost-effective funding.\n\n- The company plans to issue $6-10 billion of unsecured term debt and $5-9 billion of secured term debt in 2023 as part of its ongoing funding plans.\n\nSo in summary, American Express relies on a mix of short-term and long-term debt as well as credit facilities to fund its business. The company maintained a strong liquidity profile and credit ratings in 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01028","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":" Here are the key points on American Express's debt:\n\n- Short-term borrowings were $1.3 billion as of December 31, 2022, compared to $2.2 billion as of December 31, 2021. The year-end stated interest rate on short-term debt was 0.94% in 2022 versus 0.58% in 2021. Short-term borrowings include borrowings from banks and book overdrafts.\n\n- American Express maintained a $2 billion committed, revolving, secured borrowing facility through its Lending Trust as of December 31, 2022. This facility was undrawn as of December 31, 2022 and 2021. \n\n- Certain subsidiaries also maintained total committed lines of credit of $186 million as of December 31, 2022 compared to $145 million as of December 31, 2021.\n\n- Long-term debt outstanding was $42.6 billion as of December 31, 2022 versus $38.7 billion as of December 31, 2021. This includes debt issued by consolidated variable interest entities of $12.7 billion in 2022 and $13.8 billion in 2021.\n\n- The increase in long-term debt in 2022 was driven primarily by new issuances of fixed-rate senior notes, floating-rate senior notes, and fixed-to-floating rate senior notes and subordinated notes.\n\n- American Express has the option to redeem certain long-term debt securities prior to maturity in accordance with the terms of those securities.\n\n- The company's funding plan for 2023 includes approximately $6-10 billion of unsecured term debt issuance and $5-9 billion of secured term debt issuance, subject to market conditions and other factors.\n\nSo in summary, American Express relies on short-term and long-term borrowings to fund its business, and maintains committed borrowing facilities and lines of credit for additional liquidity. The company issued significant additional long-term debt in 2022 to support business growth.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00476","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":" Here are the key points on American Express's short-term borrowings and debt:\n\n- Short-term borrowings were $1.3 billion as of December 31, 2022, with a year-end interest rate of 0.94%. This compares to $2.2 billion and 0.58% as of December 31, 2021. Short-term borrowings include bank borrowings and book overdrafts.\n\n- American Express has a $2 billion committed, revolving, secured borrowing facility to sell eligible certificates from its Lending Trust. This facility was undrawn as of December 31, 2022 and 2021. \n\n- Certain subsidiaries also have committed credit lines totaling $186 million as of December 31, 2022. \n\n- Long-term debt outstanding was $42.6 billion as of December 31, 2022 compared to $38.7 billion as of December 31, 2021. This includes debt issued by consolidated variable interest entities of $12.7 billion and $13.8 billion as of those dates.\n\n- The maturity schedule of long-term debt shows $5.8 billion maturing in 2023, $6.6 billion in 2024, $5.9 billion in 2025, and the remainder maturing in later years.\n\n- Interest expense on long-term debt and other was $1.2 billion in 2022 compared to $825 million in 2021, reflecting higher interest rates.\n\nIn summary, American Express utilizes short-term borrowings, long-term debt, and revolving credit facilities to meet its funding needs. Debt levels increased in 2022, and the company faces higher borrowing costs due to rising interest rates. The debt maturity schedule is laddered over the next several years.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01351","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How much has the effective tax rate of American Express changed between FY2021 and FY2022?","gold_answer":"The effective tax rate for American Express has changed\/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.","model_answer":" Here are the key points on American Express's short-term borrowings and debt:\n\n- Short-term borrowings were $1.3 billion as of December 31, 2022, compared to $2.2 billion as of December 31, 2021. Short-term borrowings are defined as borrowings with original contractual maturities of less than one year. \n\n- The year-end stated interest rate on short-term borrowings was 0.94% as of December 31, 2022 versus 0.58% as of December 31, 2021.\n\n- Short-term borrowings include borrowings from banks and book overdrafts with banks due to timing differences arising in the ordinary course of business.\n\n- American Express maintained a 3-year committed, revolving, secured borrowing facility that allows it to sell up to $2 billion of eligible certificates from its Lending Trust. This facility was undrawn as of both December 31, 2022 and 2021.\n\n- Certain American Express subsidiaries also maintained total committed credit lines of $186 million as of December 31, 2022 and $145 million as of December 31, 2021.\n\nIn summary, American Express had $1.3 billion in short-term borrowings outstanding as of December 31, 2022, primarily comprising borrowings from banks. This was down from $2.2 billion at the end of 2021. The company has access to committed credit facilities, including a $2 billion revolving secured borrowing facility, to help meet short-term funding needs if required.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_05718","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.","gold_answer":0.4,"model_answer":" Here are some key points about regulatory liabilities from the passage:\n\n- Regulatory liabilities represent amounts that are expected to be refunded to customers in future rates or amounts recovered from customers in advance of incurring the costs. \n\n- Approximately 40% of the total regulatory liability balance at December 31, 2020 represents amounts that have been collected from customers but have not yet been spent to provide utility service.\n\n- Major components include deferred income taxes, cost of removal obligations, and revenue subject to refund. \n\n- Deferred income taxes result from changes in tax laws or rates, including excess accumulated deferred income taxes (EADIT) that have been collected from customers but have not yet been returned. \n\n- Cost of removal obligations represent amounts previously recovered through depreciation rates for future asset removal costs.\n\n- Revenue subject to refund includes amounts collected from customers pending the outcome of general rate cases or other regulatory proceedings.\n\nSo in summary, regulatory liabilities represent amounts owed to customers that have either been collected in advance or in excess of costs incurred. The company records these as liabilities since they will need to be refunded or credited to customers in future rates. The largest components relate to deferred taxes and removal costs recovered through depreciation.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04254","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?","gold_answer":1832,"model_answer":" Based on the information provided in the 10-K filing, here are the key details to answer the question:\n\n- American Water's unadjusted operating income from the income statement for FY2021 is $1,196 million. \n\n- Depreciation and amortization expense from the income statement for FY2021 is $636 million.\n\n- Therefore, American Water's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) is $1,196 million + $636 million = $1,832 million.\n\nSo in summary, basing my judgments off the cash flow statement and income statement in the 10-K filing, American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":" Based on the information provided in the American Water Works Company 2022 10-K filing, here are the key points:\n\n- American Water Works has positive working capital based on FY2022 data. \n\n- Working capital is calculated as current assets minus current liabilities. Based on the consolidated balance sheets, American Water Works had current assets of $1,250 million and current liabilities of $2,811 million as of December 31, 2022. This results in negative working capital of ($1,561) million.\n\n- However, working capital is not a particularly useful or relevant metric for American Water Works as a regulated utility company. Regulated utilities generally have negative working capital because they use short-term debt, like commercial paper, to fund long-term assets needed to provide service. The negative working capital reflects the timing difference between when costs are incurred versus when they can be recovered through customer rates. \n\n- More relevant metrics for American Water Works are cash flows from operations, capital expenditures to maintain\/improve infrastructure, ability to access capital markets to fund investments, and regulatory support. On these metrics:\n\n- Cash flows from operations were $1.1 billion in 2022.\n\n- Capital expenditures were $2.3 billion in 2022, largely to improve infrastructure. \n\n- The company accessed capital markets, issuing $800 million in long-term debt in 2022. \n\n- Regulators continue to allow recovery of costs and investments through customer rates.\n\nSo in summary, while American Water Works has negative working capital based on the balance sheet data, this is not unusual for a regulated utility. More important metrics related to cash flow, infrastructure investment, capital market access and regulation show the company is performing well.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":" Based on the information provided, here are the key details to answer the question:\n\n- The income statement shows the following net profit margin percentages:\n- FY2015: 3.1% \n- FY2016: 2.3%\n- FY2017: 3.1%\n\n- Taking the average of these percentages:\n- (3.1% + 2.3% + 3.1%) \/ 3 = 2.8%\n\nTherefore, the 3 year average net profit margin (as a %) for Best Buy for FY2015-FY2017 is 2.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5409,"model_answer":" Based on the information provided, here are the key details for Best Buy's year end FY2019 total inventories:\n\n- The total inventories at the end of fiscal year 2019 was $5,409 million. This is reported under the \"Merchandise inventories\" line item on Best Buy's consolidated balance sheet for FY2019. \n\n- The inventories are recorded at the lower of cost or net realizable value. Costs include freight expenses associated with moving merchandise to distribution centers. \n\nSo in summary, the year end FY2019 total amount of inventories for Best Buy was $5,409 million, as reported on the consolidated balance sheet. The inventories are recorded at the lower of cost or net realizable value.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01077","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":" Here is a summary of the key acquisitions that Best Buy has done in FY2023, FY2022 and FY2021 based on the 10-K filing:\n\nFY2023:\n- No major acquisitions\n\nFY2022:\n- Acquired all outstanding shares of Current Health Ltd., a care-at-home technology platform, for net cash consideration of $389 million in November 2021. The acquired assets included $351 million of goodwill.\n\n- Acquired all outstanding shares of Two Peaks, LLC d\/b\/a Yardbird Furniture, a direct-to-consumer outdoor furniture company, for net cash consideration of $79 million in November 2021. The acquired assets included $47 million of goodwill. \n\nFY2021:  \n- No major acquisitions","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":" Here is a summary of the key information from Best Buy's 2023 10-K regarding which segment brought in the most cash flow from operating activities:\n\n- Best Buy has two reportable segments: Domestic and International. \n\n- The Domestic segment, which includes all U.S. operations, generated $42.8 billion in revenue in FY2023. The International segment, which includes all Canada operations, generated $3.5 billion in revenue.\n\n- In the Consolidated Statements of Cash Flows, Best Buy reports total cash provided by operating activities of $1.8 billion in FY2023. However, it does not break out operating cash flows specifically by segment.\n\n- Based on the relative revenue levels, it can be inferred that the Domestic segment likely generated the majority of the operating cash flow compared to the smaller International segment. \n\n- In addition, in the MD&A, Best Buy states that the decreases in revenue, gross profit rate, SG&A and operating income rate in FY2023 were primarily driven by the Domestic segment. This further implies that the Domestic segment is the larger contributor to operating cash flows.\n\nIn summary, while not specifically disclosed, the Domestic segment likely generated significantly more operating cash flow than the International segment in FY2023 based on its much larger revenue base and its primary contribution to Best Buy's overall operating income and cash flows. Therefore, the Domestic segment likely brought in the most operating cash flow in FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00685","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":" Here is a summary of the key information regarding Best Buy's gross margins:\n\n- Best Buy's gross margins have fluctuated between 21.3% and 22.5% over the past three fiscal years (2021-2023), with some year-to-year variability. \n\n- In fiscal 2023, gross margin was 21.4%, down from 22.5% in fiscal 2022. The decrease was primarily driven by lower product margin rates, including increased promotions, lower services margin rates, and higher supply chain costs.\n\n- In fiscal 2022, gross margin was 22.5%, up from 22.4% in fiscal 2021. The increase was primarily driven by higher services revenue and rate.\n\n- The fluctuations in gross margin over the past three years have remained within a relatively narrow band of around 1-2 percentage points. There have not been any dramatic shifts or outliers.\n\n- Based on the historical data, Best Buy's gross margins appear relatively consistent, fluctuating within a narrow range from year-to-year. The changes can be explained by identifiable factors like product mix, promotions, services revenue, and supply chain costs. \n\nIn summary, while Best Buy's gross margins vary slightly from year to year, the fluctuations remain within approximately 2% each fiscal year. There are no dramatic swings or anomalies. The historical data shows Best Buy's gross margins have been historically consistent and have not fluctuated more than roughly 2% each fiscal year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01902","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":" Based on the SEC filing, the answer is that the Computing and Mobile Phones product category performed the best in the domestic market during Q2 of FY2024. The filing shows that Computing and Mobile Phones generated $3.674 billion in revenue in Q2 FY2024, which was the highest revenue of any product category.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00288","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":" Based on the filing, here are the key points:\n\n- Revenue was $9.6 billion for the quarter, down 7.2% compared to last year. Comparable sales declined 6.2%.\n\n- Net earnings were $274 million, or $1.25 per diluted share. \n\n- Cash and cash equivalents at the end of the quarter were $1.1 billion, compared to $1.9 billion at the end of last fiscal year. \n\n- The company repurchased 0.9 million shares for $69 million during the quarter.\n\n- Corie Barry, CEO, said: \"Our teams once again delivered strong execution and showcased their ability to navigate through what continues to be a challenging environment for our industry, while keeping our customers and their experiences as our top priority.\"\n\n- For the remainder of fiscal 2024, the company expects macroeconomic headwinds to result in continued pressure, and is preparing for sales in the consumer electronics industry to decline again this year.\n\nIn summary, Best Buy reported lower revenue and earnings compared to last year amid a challenging consumer environment, but still delivered solid execution. The company bought back some stock and is preparing for further industry declines ahead while remaining focused on the customer experience.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":" Based on the SEC filing, there does not appear to be any change in the number of Best Buy stores between Q2 of FY2024 and FY2023. The filing states that Best Buy had 907 stores at the end of Q2 FY2024 compared to 930 stores at the end of Q2 FY2023. So the number of Best Buy stores decreased by 23 between those two periods.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":" Here are the key points regarding Block's (formerly Square's) FY2016 working capital ratio based on the financial filing:\n\n- Total current assets as of December 31, 2016 were $1,001,425,000\n\n- Total current liabilities as of December 31, 2016 were $577,464,000\n\n- Working capital is calculated as total current assets minus total current liabilities\n\n- So Block's working capital as of December 31, 2016 was $1,001,425,000 - $577,464,000 = $423,961,000\n\n- Working capital ratio is working capital divided by total current liabilities \n\n- Therefore, Block's working capital ratio for FY2016 is $423,961,000 \/ $577,464,000 = 0.73\n\nTo summarize, Block's working capital ratio for FY2016 was 0.73 when rounded to two decimal places.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_07661","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.","gold_answer":382,"model_answer":" Here are the key points on how the auditors addressed the critical audit matter related to accrued transaction losses:\n\n- They obtained an understanding, evaluated the design, and tested the operating effectiveness of Square's controls over the process for determining the reserve for transaction losses. This included testing controls over the methodology, underlying data, assumptions, and qualitative adjustments.\n\n- To test the reserve, their procedures included:\n\n- Evaluating Square's methodology for estimating potential losses and testing the underlying data and assumptions. \n\n- Comparing Square's historical estimated potential losses to actual results to assess the methodology.\n\n- Evaluating the completeness and accuracy of the loss rate data by agreeing it to third-party data. \n\n- Evaluating the qualitative adjustments made by management to reflect expectations of future chargebacks and business failures due to COVID-19. This included assessing the reasonableness of management's assumptions and corroborating with external data on the impact of COVID-19.\n\n- Performing a retrospective review by comparing the prior year reserves to the actual losses in the current year.\n\nIn summary, the auditors focused on this area due to the high degree of judgement required by management in estimating transaction losses. Their audit procedures involved evaluating Square's methodology, testing the underlying data and assumptions, assessing the reasonableness of adjustments, and performing a retrospective review. This provided the evidence needed to audit this critical estimate.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03838","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":" Here are the key procedures we performed to address this critical audit matter:\n\n- We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the process for estimating the reserve for transaction losses. This included controls over management's review of the methodology, underlying data used, assumptions made about future chargebacks, and qualitative adjustments. \n\n- We evaluated the methodology and tested the underlying data used to estimate potential losses by comparing to historical estimates and actual results. We also evaluated the completeness and accuracy of the loss rate data used by agreeing to third-party data.\n\n- We evaluated the qualitative adjustments made by management to the methodology by assessing the reasonableness of management's assumptions and comparing the adjustments to relevant market data for similar periods of economic uncertainty. \n\n- We assessed the adequacy of the Company\u2019s disclosures included in Notes 1 and 11 in relation to this matter.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10285","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?","gold_answer":12645,"model_answer":" Here is the answer to your question:\n\nBased on Boeing's 2018 10-K filing, the net property, plant and equipment (PP&E) at the end of FY2018 was $12,645 million. This number can be found on Boeing's consolidated statements of financial position on page 50 of the 10-K filing under the line item \"Property, plant and equipment, net\".\n\nThe specific steps to arrive at this answer are:\n\n1) Open Boeing's 2018 10-K filing.\n\n2) Go to page 50, which contains Boeing's consolidated statements of financial position. \n\n3) Look under the \"Assets\" section of the balance sheet.\n\n4) Find the line item \"Property, plant and equipment, net\" which is the net amount of PP&E after deducting accumulated depreciation.\n\n5) The amount listed there is $12,645 million, which represents Boeing's net PP&E as of December 31, 2018 (end of FY2018).\n\nTherefore, the answer is that Boeing's net property, plant and equipment at the end of FY2018 was $12,645 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":" Here are the key points about The Boeing Company Executive Supplemental Savings Plan:\n\n- It is a non-qualified deferred compensation plan that provides eligible Boeing employees with 4 components: Extra Deferrals, Restoration Benefits, Executive Benefits, and DCP Accounts. \n\n- Extra Deferrals allow eligible employees to defer up to 50% of base salary, 100% of cash incentives, and 100% of vested performance awards. These are credited to the Extra Deferral Account.\n\n- Restoration Benefits restore benefits under the 401(k) plan that are limited by IRS code sections 415 and 401(a)(17). This includes Restoration Deferrals, Restoration Matching Contributions, Restoration True-Up Contributions, and prior to 2022, Restoration SSP+ Company Contributions. These are credited to the Restoration Account. \n\n- Executive Benefits include Company Non-Elective Contributions, DC SERP Contributions, and prior to 2022, Executive SSP+ Company Contributions. These are credited to the Executive Benefit Account.\n\n- DCP Accounts contain pre-2019 deferrals and company matches from the now-frozen Deferred Compensation Plan. \n\n- Eligibility is limited to U.S. dollar-paid employees eligible for the 401(k) who are not eligible for the Supplemental Savings Plan.\n\n- Distributions are made according to the participant's election, subject to plan terms and IRS code section 409A. \n\n- The plan is intended to be an unfunded deferred compensation plan for tax purposes and provides non-qualified benefits in excess of IRS limits on qualified plans.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01290","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":" Please confirm that the cross-reference is correct.\n\n) deferral election under the DCP as of December 31, 2021, such election will continue in effect under this Plan with respect\nto the 2022 Plan Year and will be treated as an Extra Deferral Election hereunder.\n(a)    Timing of Deferral Elections\n(i)    Annual Deferral Elections\nExcept as provided in Section 3.3(a)(ii) below, a Deferral Election for a Plan Year must be made during the\napplicable annual Election Period.\n(ii)    Mid-Year Deferral Elections\nA Deferral Election by a Newly Eligible Employee for the remainder of the Plan Year must be made during the\napplicable mid-year Election Period.\n(b)    Content of Deferral Elections\nA Deferral Election must specify:\n(i)    The percentage of each element of the Participant\u2019s eligible Compensation (Base Pay, Cash Incentive, and\/or\nVested Performance Award) to be deferred;\n11\n (ii)    The sub-account(s) to which the deferrals are to be credited (e.g., Restoration and\/or Extra);\n(iii)    The time and form of payment of the deferrals (and Earnings Credits thereon), to the extent permitted under\nSection 6.1; and\n(iv)    Such other information as the Administrator may require.\nIn addition, the Administrator may permit an Eligible Employee to elect that all or any portion of his or her Cash\nIncentive Deferrals and\/or Vested Performance Award Deferrals be credited to the Participant\u2019s Restoration Account\nrather than his or her Extra Deferral Account.\n(c)    Irrevocability of Deferral Elections\nExcept as provided in Section 3.4, a Deferral Election shall become irrevocable as of the expiration of the applicable\nElection Period.\n(d)    Default Elections\nThis Section 3.3(d) applies if a Participant fails to make a timely election specifying the time and form of payment of\namounts credited to his or her Account for a Plan Year.\n(i)    Annual Deferral Elections\nIf a Participant fails to make a timely election specifying the time and form of payment of his or her annual\nParticipant Deferrals (and Earnings Credits thereon) for a Plan Year, the Participant will be deemed to have elected\nthat such amounts be paid in a single lump sum in the January of the Plan Year following the Plan Year in which the\nParticipant Separates from Service.\n(ii)    Mid-Year Deferral Elections\nIf a Participant fails to make a timely election specifying the time and form of payment of his or her mid-year\nParticipant Deferrals (and Earnings Credits thereon) for a Plan Year, the Participant will be deemed to have elected\nthat such amounts be paid in a single lump sum in the January of the Plan Year following the Plan Year in which the\nParticipant Separates from Service.\n(iii)    Company Contributions\nIf a Participant fails to make a timely election specifying the time and form of payment of his or her Company\nContributions (and Earnings Credits thereon) for a Plan Year, the Participant will be deemed to have elected that\nsuch amounts be paid in a single lump sum in the January of the Plan Year following the Plan Year in which the\nParticipant Separates from Service.\n12\n 3.4    Cancellation of Deferral Election Due to Unforeseeable Emergency\nIf a Participant receives a distribution pursuant to Section 6.1(e) on account of an Unforeseeable Emergency, or receives a\nhardship distribution under the Boeing 401(k) pursuant to Treasury Regulation Section 1.401(k)-1(d)(3), the Participant\u2019s\nDeferral Elections, if any, under this Plan shall be cancelled for the remainder of the Plan Year in which the distribution is\nmade. Any new Deferral Election will be subject to the provisions governing initial deferral elections under Section 3.3.\n3.5    Crediting of Deferrals to Account\nParticipant Deferrals shall be credited to the Participant\u2019s Account as soon as practicable after the Compensation would\notherwise have been paid to the Participant.\n13\n ARTICLE IV\nCompany Contributions\n4.1    Restoration Matching Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of Restoration Matching Contributions for a Plan Year if he or she:\n(i)    Is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    Has made Restoration Deferrals and\/or receives Company Non-Elective Contributions for such Plan Year; and\n(iii)    Experiences a reduction in the matching contributions made to the Boeing 401(k) for the Plan Year as a result of:\n(A)    The Participant\u2019s deferral of Compensation under this Plan and\/or the DCP; and\/or\n(B)    The application of the limitations under Code sections 401(a)(17) and\/or 415.\n(b)    Amount of Allocation\nThe amount of the Restoration Matching Contribution allocation will equal the difference between:\n(i)    The matching contributions that would have been made to the Boeing 401(k) on behalf of the Participant if the\namounts deferred under this Plan and the DCP had been contributed to the Boeing 401(k) and without regard to the\nlimitations under Code sections 401(a)(17) and 415; and\n(ii)    The actual matching contributions made to the Boeing 401(k) on behalf of the Participant for the Plan Year.\nRestoration Matching Contributions, if any, will be credited to the Participant\u2019s Restoration Account as soon as\npracticable after the end of the Plan Year.\n4.2    Restoration True-Up Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of Restoration True-Up Contributions for a Plan Year if he or she:\n(i)    Is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    Has made Restoration Deferrals and\/or receives Company Non-Elective Contributions for such Plan Year; and\n(iii)    Experiences a reduction in the matching contributions made to the Boeing 401(k) for the Plan Year as a result of\nthe application of the limitations under Code sections 401(a)(17) and\/or 415.\n14\n (b)    Amount of Allocation\nThe amount of the Restoration True-Up Contribution allocation will equal the difference between:\n(i)    The matching contributions that would have been made to the Boeing 401(k) on behalf of the Participant if the\nlimitations under Code sections 401(a)(17) and 415 had not applied; and\n(ii)    The actual matching contributions made to the Boeing 401(k) on behalf of the Participant for the Plan Year.\nRestoration True-Up Contributions, if any, will be credited to the Participant\u2019s Restoration Account as soon as practicable\nafter the end of the Plan Year.\n4.3    Incentive Matching Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of Incentive Matching Contributions for a Plan Year if he or she:\n(i)    Is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    Has made Cash Incentive Deferrals and\/or Vested Performance Award Deferrals for such Plan Year; and\n(iii)    Experiences a reduction in the matching contributions made to the Boeing 401(k) for the Plan Year as a result of\nthe Participant\u2019s deferral of Cash Incentive and\/or Vested Performance Awards under this Plan.\n(b)    Amount of Allocation\nThe amount of the Incentive Matching Contribution allocation will equal the difference between:\n(i)    The matching contributions that would have been made to the Boeing 401(k) on behalf of the Participant if the\namounts deferred under this Plan as Cash Incentive Deferrals and Vested Performance Award Deferrals had been\ncontributed to the Boeing 401(k); and\n(ii)    The actual matching contributions made to the Boeing 401(k) on behalf of the Participant for the Plan Year.\nIncentive Matching Contributions, if any, will be credited to the Participant\u2019s Extra Deferral Account as soon as\npracticable after the end of the Plan Year.\n4.4    Company Non-Elective Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of Company Non-Elective Contributions for a Plan Year if he or she:\n(i)    Is eligible for a non-elective contribution under the Boeing 401(k) for such Plan Year;\n15\n (ii)    Has Compensation for such Plan Year in excess of the limitation under Code section 401(a)(17) for such Plan\nYear; and\n(iii)    Is employed by a member of the Controlled Group on December 31 of the Plan Year (or if earlier, the date of the\nParticipant","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00464","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":" I apologize, upon reviewing the document I do not see any specific mention of when deferral elections become irrevocable. The closest information I could find is in Section 3.3 which discusses the timing requirements around deferral elections, but does not explicitly state when they become irrevocable. The document lays out the rules around making deferral elections but does not seem to have language specifying exactly when those elections become irrevocable. I would suggest the authors review and consider adding language to clarify the irrevocability of deferral elections if that is an important aspect they wish to capture. Please let me know if you need any clarification or have additional questions!","label":"Refusal"}
{"financebench_id":"financebench_id_00517","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":" Here are the key points regarding the deferral elections under The Boeing Company Executive Supplemental Savings Plan:\n\n- Eligible employees can make two types of deferral elections - Extra Deferrals and Restoration Deferrals. \n\n- Extra Deferrals allow eligible employees to defer up to 50% of base salary, 100% of cash incentives, and 100% of vested performance awards. These deferrals are made without regard to the 401(a)(17) and 415(c) limitations.\n\n- Restoration Deferrals allow eligible employees to defer up to the maximum percentage they can elect to contribute to the 401(k) plan. Restoration Deferrals are made only after base salary reaches the 401(a)(17) limit or 401(k) contributions reach the 415(c) limit. \n\n- Annual deferral elections are generally made during the annual election period, which is prior to the beginning of each plan year.\n\n- Eligible new hires can make mid-year deferral elections within 30 days of becoming eligible. Mid-year elections apply prospectively to compensation earned after the end of the election period.\n\n- Deferral elections become irrevocable at the end of the election period. Participants cannot change or terminate their deferral elections during the plan year except in limited circumstances involving an unforeseeable emergency.\n\n- Deferred amounts are credited to the participant's account and earn investment returns based on the participant's investment elections. \n\n- The timing and form of distribution are elected by the participant at the time of deferral. Distributions are made after separation from service or at a specified date.\n\nIn summary, the plan allows eligible employees to defer compensation on a pre-tax basis and provides flexibility in payout timing. Deferral elections are made prospectively and become irrevocable to comply with 409A requirements.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00494","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":"\n\nirrevocable deferral election under the DCP with respect to any Compensation earned in 2022, such election will be honored\nunder this Plan.\n(a)    Timing of Deferral Elections\n(i)    Annual Deferral Elections\nExcept as provided in Section 3.3(a)(ii) below, a Deferral Election for a Plan Year must be made during the\napplicable annual Election Period established by the Administrator, which period will end no later than:\n(A)    for Base Pay Deferrals and Vested Performance Award Deferrals, December 31 of the year prior to the\nyear in which the Base Pay or Performance Award is earned; and\n(B)    for Cash Incentive Deferrals, March 30 of the Plan Year to which the Deferral Election relates (or such\nother date that is immediately prior to the date that the related Cash Incentive has become \u201creadily\nascertainable\u201d as determined in accordance with Treas. Regs. Section 1.409A-2(a)(8)).\n11\n (ii)    Mid-Year Deferral Elections for Newly Eligible Employees\nA mid-year Deferral Election by a Newly Eligible Employee must be made during the applicable mid-year\nElection Period established by the Administrator, which period will end no later than thirty (30) days after the\nEmployee first becomes eligible to participate in the Plan. Different mid-year election rules applied with respect\nto Plan Years prior to January 1, 2022.\n(b)    Content of Deferral Elections\nAll Deferral Elections must be made in the form and manner prescribed by the Administrator and, in addition to such\nother information as the Administrator may require, must specify:\n(i)    The amount or percentage of each component of the Participant\u2019s Compensation to be deferred;\n(ii)    The sub-account(s) to which the amounts are to be credited;\n(iii)    If the Participant is making a Restoration Deferral Election, the Participant\u2019s maximum pre-tax, after-tax and\/or\nRoth contribution percentage(s) under the Boeing 401(k) for the applicable Plan Year; and\n(iv)    The time and form of distribution for the applicable Plan Year\u2019s deferrals and related Earnings Credits in\naccordance with the distribution options set forth in Article VI.\n(c)    Irrevocability of Deferral Elections\nExcept as provided in Section 3.4, a Participant\u2019s Deferral Elections under this Section 3.3 for a Plan Year will become\nirrevocable as of the expiration of the applicable annual or mid-year Election Period.\n(d)    Default Elections\nTo the extent an Eligible Employee does not affirmatively make a Deferral Election (including an election as to the time\nand form of payment) during the applicable Election Period, the Eligible Employee will be deemed to have elected to\n(i) not make any Participant Deferrals for the applicable Plan Year, and (ii) receive his or her distribution in a single\nlump sum payment following Separation from Service as set forth in Section 6.1(a)(i).\n(e)    Cancellation of Deferral Elections Upon Receipt of Hardship Withdrawal\n(i)    From 401(k) Plan\nIf a Participant receives a hardship withdrawal under the Boeing 401(k) (or any other Code section 401(k) plan\nmaintained by the Controlled Group), any Deferral Election in effect for the Plan Year in which the hardship\nwithdrawal is received will be cancelled in accordance with Treas. Regs. Section 1.409A-3(j)(4)(viii). The\nParticipant, if still an Eligible Employee, may make a new Deferral Election for the next Plan Year in accordance\nwith the provisions of this Article III.\n12\n (ii)    From This Plan\nIf a Participant receives a distribution on account of Unforeseeable Emergency under Section 6.1(d) of this Plan,\nany Deferral Election in effect for the Plan Year in which the distribution is received will be cancelled. The\nParticipant, if still an Eligible Employee, may make a new Deferral Election for the next Plan Year in accordance\nwith the provisions of this Article III.\n3.4    Cancellation of Deferral Election Due to Unforeseeable Emergency\nIf a Participant incurs an Unforeseeable Emergency, the Participant may submit a written request to the Administrator to\ncancel his or her Deferral Election(s) for the Plan Year to the extent permitted under Code section 409A. If the\nAdministrator determines that the Participant has experienced an Unforeseeable Emergency, the Administrator may cancel\nthe Participant\u2019s Deferral Election(s) for the Plan Year in which the Unforeseeable Emergency was incurred. To the extent\nDeferral Elections are cancelled pursuant to this Section 3.4, any later Deferral Election by the Participant will be subject to\nthe provisions governing initial deferral elections under Section 3.3.\n3.5    Crediting of Deferrals to Account\nParticipant Deferrals will be credited to the Participant\u2019s Account as soon as practicable after the Compensation would\notherwise have been paid to the Participant.\n13\n ARTICLE IV\nCompany Contributions\n4.1    Restoration Matching Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of Restoration Matching Contributions for a Plan Year if he or she:\n(i)    Is employed by a member of the Controlled Group on December 31 of the Plan Year (or if such date is not a\nbusiness day, on the last business day preceding December 31);\n(ii)    Has completed one year of Service as of December 31 of the Plan Year;\n(iii)    Has made Restoration Deferrals for the Plan Year; and\n(iv)    Has Base Pay for the Plan Year in excess of the limitation of Code section 401(a)(17), as indexed.\n(b)    Amount of Restoration Matching Contribution\nThe amount of the Restoration Matching Contribution will be determined by multiplying the Participant\u2019s Restoration\nDeferrals for the Plan Year by the maximum matching contribution percentage that he or she was eligible for under the\nBoeing 401(k) for such Plan Year.\n(c)    Crediting to Account\nThe Restoration Matching Contribution for a Plan Year will be credited to the Participant\u2019s Restoration Account on or\naround March 1 of the following Plan Year. No Restoration Matching Contributions will be made to the Plan after the\nlast regular pay period in December 2022.\n4.2    Restoration True-Up Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of a Restoration True-Up Contribution for a Plan Year if he or she:\n(i)    Is employed by a member of the Controlled Group on December 31 of the Plan Year (or if such date is not a\nbusiness day, on the last business day preceding December 31);\n(ii)    Has completed one year of Service as of December 31 of the Plan Year;\n(iii)    Has made Restoration Deferrals and\/or received Restoration Matching Contributions for the Plan Year; and\n(iv)    Has Base Pay for the Plan Year in excess of the limitation of Code section 401(a)(17), as indexed.\n14\n (b)    Amount of Restoration True-Up Contribution\nThe amount of the Restoration True-Up Contribution will be determined as follows:\n(i)    The Participant\u2019s \u201cTarget Contribution Percentage\u201d for the Plan Year will first be determined. The Target\nContribution Percentage is the sum of:\n(A)    The Participant\u2019s combined pre-tax, after-tax and Roth contribution percentage(s) under the Boeing\n401(k) as of December 31 of the Plan Year (or if such date is not a business day, as of the last business day\npreceding December 31); plus\n(B)    The maximum matching contribution percentage that the Participant was eligible for under the Boeing\n401(k) for such Plan Year.\n(ii)    The Participant\u2019s Target Contribution Percentage will then be applied to his or her Base Pay for the Plan Year in\nexcess of the limitation of Code section 401(a)(17), as indexed, to determine the Restoration True-Up Contribution\namount.\n(c)    Crediting to Account\nThe Restoration True-Up Contribution for a Plan Year will be credited to the Participant\u2019s Restoration Account on or\naround March 1 of the following Plan Year. No Restoration True-Up Contributions will be made to the Plan after the\nlast regular pay period in December 2022.\n4.3    Incentive Matching Contributions\n(a)    Eligibility for Allocation\nAn Eligible Employee will receive an allocation of an Incentive Matching Contribution for a Plan Year if he or she:\n(i)    Is employed by a member of the Controlled Group on December 31 of the Plan Year (or if such date is not a\nbusiness day, on the last business day preceding December 31);\n(ii)    Has completed one year of Service as of December 31 of the Plan Year","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00585","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":"\n\n(i)    a deferral election in effect under the DCP for the 2021 Plan Year, such election will be deemed to be a Deferral\nElection under this Plan for the 2022 Plan Year, and will apply to the same type and amount of Compensation as\nelected under the DCP for 2021, and\n(ii)    a deferral election in effect under the DCP for the 2022 Plan Year, such election will be deemed to be a Deferral\nElection under this Plan for the 2022 Plan Year, and will apply to the same type and amount of Compensation as\nelected under the DCP for 2022.\n(A)    Timing of Deferral Elections\n(1)    Annual Deferral Elections\nExcept as provided in Section 3.3(A)(2) below, a Deferral Election for a Plan Year must be made during the\napplicable annual Election Period established by the Administrator, which Election Period will end no later than:\n(a)    for Base Pay Deferrals and Vested Performance Award Deferrals, December 31 of the Plan Year\nimmediately preceding the Plan Year for which the election is made; and\n11\n (b)    for Cash Incentive Deferrals, March 30 of the Plan Year for which the election is made (or such other date\nthat is immediately prior to the date that the related Cash Incentive has become \u201creadily ascertainable\u201d as\ndetermined in accordance with Treas. Regs. Section 1.409A-2(a)(8)).\n(2)    Mid-Year Deferral Elections for Newly Eligible Employees\nA Deferral Election by a Newly Eligible Employee must be made during the applicable mid-year Election Period\nestablished by the Administrator, which Election Period will end no later than thirty (30) days after the Employee\nfirst becomes eligible to participate in the Plan. Such mid-year Deferral Election will be effective with respect to\nCompensation earned for services performed in each full regular pay period commencing after the end of the\nElection Period (or such other date determined by the Administrator in accordance with Code section 409A) for the\nremainder of the applicable Plan Year.\n(B)    Content of Deferral Elections\nAll Deferral Elections must be made in the form and manner prescribed by the Administrator and must be irrevocable no\nlater than the last day of the applicable Election Period (except in the event of an Unforeseeable Emergency as set forth in\nSection 3.4). The Deferral Election shall specify:\n(1)    The amount or percentage of each component of the Participant\u2019s Compensation (i.e., Base Pay, Cash Incentive,\nand\/or Vested Performance Awards) to be deferred under the Plan. The Deferral Election shall be made separately\nfor each such component.\n(2)    The time of distribution for the Plan Year\u2019s deferrals (including earnings thereon) as permitted under Section 6.1.\n(3)    The form of distribution for the Plan Year\u2019s deferrals (including earnings thereon) as permitted under Section 6.1.\n(4)    The investment funds in which the Participant chooses to have his or her Account notionally invested pursuant to\nSection 7.2.\n(5)    The Beneficiary or Beneficiaries of the Participant.\n(6)    Such other information as the Administrator may require.\n(C)    Irrevocability of Deferral Elections\nExcept as provided in Section 3.4, a Participant\u2019s Deferral Elections under this Section 3.3 shall be irrevocable as of the\nlast day of the applicable Election Period.\n12\n 3.4    Cancellation of Deferral Election Due to Unforeseeable Emergency\nIf a Participant experiences an Unforeseeable Emergency, the Participant may file a written request with the Administrator to\ncease Participant Deferrals under the Plan for the remainder of the Plan Year in which the Unforeseeable Emergency occurs.\nIf the Administrator determines that the Participant has experienced an Unforeseeable Emergency, Participant Deferrals shall\ncease as soon as administratively practicable after such determination.\nIf a Participant\u2019s Participant Deferrals cease pursuant to this Section 3.4, such Participant may make a new Deferral Election\nfor the following Plan Year during the next annual Election Period, if he or she is then an Eligible Employee.\n3.5    Crediting of Deferrals to Account\nThe amount of Compensation deferred by a Participant shall be credited to the Participant\u2019s Account as soon as practicable\nafter the amounts would have otherwise been paid to the Participant.\n13\n ARTICLE IV\nCompany Contributions\n4.1    Restoration Matching Contributions\n(A)    Eligibility for Allocation\nAn Eligible Employee will be eligible to be allocated Restoration Matching Contributions for a Plan Year if he or she:\n(1)    was paid on a U.S. dollar-based payroll as of the Eligibility Determination Date,\n(2)    made Restoration Deferrals and\/or received allocations of Restoration True-Up Contributions for the Plan Year,\nand\n(3)    did not incur a Separation from Service prior to December 31 of the Plan Year (or if earlier, the last day of the\npayroll period that includes December 31 of the Plan Year).\n(B)    Amount of Restoration Matching Contribution\nThe amount of the Restoration Matching Contribution allocated to an eligible Participant\u2019s Account for the Plan Year shall\nbe calculated as follows:\n(1)    First, the Participant\u2019s Restoration Deferrals and Restoration True-Up Contributions for the Plan Year are totaled.\n(2)    Second, the amount determined under paragraph (1) is multiplied by the matching contribution percentage that\nwould have applied to the Participant under the Boeing 401(k) if the Restoration Deferrals and Restoration True-Up\nContributions were instead pre-tax deferrals under the Boeing 401(k).\n(3)    Third, the matching contributions actually made for the Participant under the Boeing 401(k) for the Plan Year are\nsubtracted from the amount determined under paragraph (2).\n(C)    Crediting to Account\nRestoration Matching Contributions shall be credited to an eligible Participant\u2019s Account as of December 31 of the Plan\nYear (or if earlier, as of the last day of the payroll period that includes December 31 of the Plan Year), or as soon thereafter\nas administratively feasible. No Restoration Matching Contributions will be credited to Participants who incur a Separation\nfrom Service prior to December 31 (or if earlier, the last day of the payroll period that includes December 31).\n4.2    Restoration True-Up Contributions\n(A)    Eligibility for Allocation\nAn Eligible Employee will be eligible to be allocated Restoration True-Up Contributions for a Plan Year if he or she:\n14\n (1)    was paid on a U.S. dollar-based payroll as of the Eligibility Determination Date,\n(2)    made Restoration Deferrals for the Plan Year, and\n(3)    did not incur a Separation from Service prior to December 31 of the Plan Year (or if earlier, the last day of the\npayroll period that includes December 31 of the Plan Year).\n(B)    Amount of Restoration True-Up Contribution\nThe amount of the Restoration True-Up Contribution allocated to an eligible Participant\u2019s Account for the Plan Year shall\nbe calculated as follows:\n(1)    First, the Participant\u2019s Restoration Deferrals for the Plan Year are totaled.\n(2)    Second, the Participant\u2019s compensation recognized under the Boeing 401(k) for the Plan Year is determined. For\nthis purpose, compensation is determined without regard to the limitation under Code section 401(a)(17), and by\nincluding all Restoration Deferrals and any other compensation deferred under a nonqualified deferred compensation\nplan.\n(3)    Third, the amount determined under paragraph (1) is subtracted from the lesser of (a) the maximum amount of pre-\ntax deferrals the Participant could have made under the Boeing 401(k) for the Plan Year if the Participant\u2019s\ncompensation under paragraph (2) had been recognized under the Boeing 401(k), or (b) the maximum dollar amount\npermitted under Code section 402(g) for the Plan Year. The result (if positive) is the Restoration True-Up\nContribution amount.\n(C)    Crediting to Account\nRestoration True-Up Contributions shall be credited to an eligible Participant\u2019s Account as of December 31 of the Plan\nYear (or if earlier, as of the last day of the payroll period that includes December 31 of the Plan Year), or as soon thereafter\nas administratively feasible. No Restoration True-Up Contributions will be credited to Participants who incur a Separation\nfrom Service prior to December 31 (or if earlier, the last day of the payroll period that includes December 31).\n4.3    Incentive Matching Contributions\n(A)    Eligibility for Allocation\nAn Eligible Employee will be eligible to be allocated Incentive Matching Contributions for a Plan Year if he or she:\n(1)    was paid on a","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00678","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":"\n\n(a)    Timing of Deferral Elections\n(i)    Annual Deferral Elections. Except as provided in subsection (ii) below, a Deferral Election for a Plan Year\nmust be made during the Election Period established by the Administrator for such Plan Year, which Election\nPeriod shall end no later than:\n(A)    for Base Pay Deferrals and Vested Performance Award Deferrals, December 31 of the Plan Year\nimmediately preceding the Plan Year for which the Deferral Election is to be effective; and\n(B)    for Cash Incentive Deferrals, March 30 of the Plan Year to which the Deferral Election relates (or such\nother date that is immediately prior to the date that the related Cash Incentive has become \u201creadily\nascertainable\u201d as determined in accordance with Treas. Regs. Section 1.409A-2(a)(8)).\n(ii)    Mid-Year Deferral Elections. A Deferral Election by a Newly Eligible Participant for the remainder of the\nPlan Year must be made during the Election Period established by the Administrator for mid-year enrollments,\nwhich Election Period shall end no later than thirty (30) days after the Employee first becomes eligible to\nparticipate in the Plan.\n11\n (b)    Content of Deferral Elections\nAll Deferral Elections must be made in the form and manner prescribed by the Administrator, and must be irrevocable no\nlater than the last day of the applicable Election Period. The Deferral Election shall specify:\n(i)    The amount or percentage of each component of the Participant\u2019s Compensation (i.e., Base Pay, Cash Incentive,\nand\/or Vested Performance Award) subject to the Deferral Election;\n(ii)    The sub-account(s) to which the amounts deferred under the election are to be credited (which will govern the\ndistribution timing and form, and available investment options for such amounts);\n(iii)    If the Participant is making a Restoration Deferral Election, the percentage of Base Pay to be deferred under the\nBoeing 401(k) for the Plan Year; and\n(iv)    Such additional information as the Administrator may require.\n(c)    Irrevocability of Deferral Elections\nExcept as provided in Section 3.4, a Participant\u2019s Deferral Election shall become irrevocable as of the last day of the\napplicable Election Period. The Administrator may modify or revoke a Participant\u2019s elections for any Plan Year (or portion\nthereof) as necessary to comply with a domestic relations order (as defined in Code section 414(p)(1)(B)).\n(d)    Evergreen Elections\nA Participant\u2019s Deferral Election will not automatically renew for a subsequent Plan Year. If a Participant wants to defer\nCompensation earned in a subsequent Plan Year, the Participant must affirmatively make a new Deferral Election for such\nPlan Year.\n(e)    Default Rules\nTo the extent permitted by the Administrator and Code section 409A, the Administrator may establish default elections that\nwill apply in the absence of an affirmative election by a Participant. Any such default elections shall be communicated to\nParticipants.\n(f)    Maximum Deferrals\nIn no event shall the amount deferred under this Plan cause a Participant\u2019s Compensation to be reduced below the amount\nnecessary to make available to the Participant any group health coverage and life insurance (including accidental death and\ndismemberment) elected by the Participant under any Company-sponsored employee benefit plan or program.\n12\n 3.4    Cancellation of Deferral Election Due to Unforeseeable Emergency\nIf a Participant experiences an Unforeseeable Emergency, the Participant may submit a written request to the Administrator\nto cancel Deferral Elections for the Plan Year to the extent permitted under Code section 409A. If the Administrator\ndetermines a Participant has experienced an Unforeseeable Emergency, the Administrator may cancel the Participant\u2019s\nDeferral Election(s) for the remainder of the applicable Plan Year. To the extent required by Code section 409A, Deferral\nElections following a cancellation under this Section shall be made pursuant to Section 3.2.\n3.5    Crediting of Deferrals to Account\nThe amount of Compensation deferred by a Participant shall be credited to the Participant\u2019s Account as soon as practicable\nafter the amounts would have otherwise been paid to the Participant.\n13\n ARTICLE IV\nCompany Contributions\n4.1    Restoration Matching Contributions\n(a)    Eligibility for Restoration Matching Contribution\nAn Eligible Employee will be eligible to receive an allocation of Restoration Matching Contributions for a Plan Year if he\nor she:\n(i)    is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    makes Restoration Deferrals and\/or receives allocations of Restoration True-Up Contributions for such Plan\nYear; and\n(iii)    experiences a reduction in the matching contributions under the Boeing 401(k) as a result of:\n(A)    making Restoration Deferrals and\/or receiving Restoration True-Up Contributions; and\/or\n(B)    the limitations imposed by Code sections 401(a)(17), 402(g), and\/or 415.\n(b)    Amount of Restoration Matching Contribution\nThe amount of the Restoration Matching Contribution will equal the difference between:\n(i)    the matching contributions the Participant would have received under the Boeing 401(k) for the Plan Year, based\non the Participant\u2019s Restoration Deferrals and Restoration True-Up Contributions and without regard to the\nlimitations of Code sections 401(a)(17), 402(g), and 415; minus\n(ii)    the actual matching contributions made to the Participant\u2019s Boeing 401(k) account for such Plan Year.\nRestoration Matching Contributions shall be credited to the Participant\u2019s Restoration Account at the same time the\ncorresponding matching contributions under the Boeing 401(k) are credited to Participants\u2019 accounts thereunder.\n4.2    Restoration True-Up Contributions\n(a)    Eligibility for Restoration True-Up Contribution\nAn Eligible Employee will be eligible to receive an allocation of Restoration True-Up Contributions for a Plan Year if he or\nshe:\n(i)    is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    makes Restoration Deferrals for such Plan Year; and\n14\n (iii)    experiences a reduction in the matching contributions under the Boeing 401(k) as a result of making\nRestoration Deferrals.\n(b)    Amount of Restoration True-Up Contribution\nThe amount of the Restoration True-Up Contribution will equal the difference between:\n(i)    the matching contributions the Participant would have received under the Boeing 401(k) for the Plan Year, based\non the Participant\u2019s Restoration Deferrals and without regard to the limitations of Code sections 401(a)(17) and 415;\nminus\n(ii)    the actual matching contributions made to the Participant\u2019s Boeing 401(k) account for such Plan Year, but\ndisregarding any reduction attributable to the Code section 402(g) limit.\nRestoration True-Up Contributions shall be credited to the Participant\u2019s Restoration Account at the same time the\ncorresponding matching contributions under the Boeing 401(k) are credited to Participants\u2019 accounts thereunder.\n4.3    Incentive Matching Contributions\n(a)    Eligibility for Incentive Matching Contribution\nAn Eligible Employee will be eligible to receive an allocation of Incentive Matching Contributions for a Plan Year if he or\nshe:\n(i)    is eligible for a matching contribution under the Boeing 401(k) for such Plan Year;\n(ii)    makes Cash Incentive Deferrals for such Plan Year; and\n(iii)    experiences a reduction in the matching contributions under the Boeing 401(k) as a result of making Cash\nIncentive Deferrals.\n(b)    Amount of Incentive Matching Contribution\nThe amount of the Incentive Matching Contribution will equal the difference between:\n(i)    the matching contributions the Participant would have received under the Boeing 401(k) for the Plan Year, based\non the Participant\u2019s Cash Incentive Deferrals and without regard to the limitations of Code sections 401(a)(17) and\n415; minus\n(ii)    the actual matching contributions made to the Participant\u2019s Boeing 401(k) account for such Plan Year.\nIncentive Matching Contributions shall be credited to the Participant\u2019s Extra Deferral Account at the same time the\ncorresponding Cash Incentive Deferrals are credited to the Participant\u2019s Account.\n4.4    Company Non-Elective Contributions\n(a)    Eligibility for Company Non-Elective Contribution\n15\n An Eligible Employee will be eligible to receive an allocation of Company Non-Elective Contributions for a Plan Year if he\nor she:\n(i)    is eligible for a non-elective contribution under the Boeing 401(k) for such Plan Year; and\n(ii)    experiences","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03473","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":" Here are the key points about the Company's hedging transactions and derivative financial instruments:\n\n- The Company uses derivatives to mitigate certain market risks including foreign currency exchange rate risk, commodity price risk, and interest rate risk. \n\n- Derivatives used include forward contracts, futures contracts, option contracts, collars, and swaps.\n\n- Most derivatives do not qualify for hedge accounting but are economic hedges. Changes in fair value are recognized in net income.\n\n- Some derivatives qualify for hedge accounting as fair value hedges or cash flow hedges. \n\n- For fair value hedges, changes in the fair value of the derivative and hedged item are recognized in net income. This offsets to achieve the hedging objective.\n\n- For cash flow hedges, changes in fair value of the derivative are recorded in AOCI and reclassified to net income when the hedged transaction affects earnings. This defers the impact until the hedged transaction occurs.\n\n- The Company also uses some derivatives as hedges of net investments in foreign operations. Changes in fair value are recorded in AOCI.\n\n- The Company manages counterparty credit risk through minimum credit standards, diversification of counterparties, and procedures to monitor concentrations.\n\nIn summary, the Company uses derivatives to mitigate certain market risks. Both derivatives that qualify and do not qualify for hedge accounting are utilized. The accounting for each derivative depends on its use, and is intended to achieve the risk management objectives.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_09724","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.","gold_answer":0.397,"model_answer":" Here are the key points regarding Coca-Cola's pension and other postretirement benefit plan obligations and funded status:\n\n- Coca-Cola sponsors defined benefit pension plans and other postretirement benefit plans (such as health care and life insurance) covering substantially all U.S. employees and employees in certain international locations. \n\n- At the end of 2021, Coca-Cola's total projected pension benefit obligation was $8.6 billion, down from $9.4 billion at the end of 2020. The decrease was primarily driven by an increase in discount rates, which resulted in actuarial gains. \n\n- The fair value of Coca-Cola's pension plan assets was $8.9 billion at the end of 2021, up from $8.6 billion at the end of 2020. The increase was mainly due to actual returns on plan assets exceeding benefits paid.\n\n- For other postretirement benefit plans, Coca-Cola's accumulated benefit obligation was $696 million at the end of 2021 versus $769 million at the end of 2020. The decrease was primarily due to actuarial gains resulting from an increase in discount rates.\n\n- The fair value of assets for Coca-Cola's other postretirement benefit plans was $419 million at the end of 2021 compared to $396 million at the end of 2020. \n\n- Overall, Coca-Cola's pension plans were in a net asset position of $325 million at the end of 2021, versus a net liability of $775 million at the end of 2020. The other postretirement benefit plans were in a net liability position of $277 million at the end of 2021 versus $373 million at the end of 2020.\n\n- The change from net liability to net asset for the pension plans was driven by an increase in plan assets and a decrease in projected benefit obligations, reflecting the impact of higher discount rates.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06272","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.","gold_answer":0.8,"model_answer":" Here are the key points regarding Coca-Cola's pension and other postretirement benefit plans:\n\n- Coca-Cola sponsors pension plans covering most U.S. employees and certain non-U.S. employees, as well as postretirement health care and life insurance plans for certain U.S. employees. \n\n- As of December 31, 2022, the U.S. qualified pension plan represented 64% of Coca-Cola's projected benefit obligation and 61% of pension plan assets.\n\n- Pension plan obligations decreased in 2022 primarily due to an increase in the weighted-average discount rate assumption, resulting in an actuarial gain. \n\n- Pension plan assets decreased in 2022 primarily due to actual returns on assets being less than expected.\n\n- The U.S. pension plan's target asset allocation is 18% equity securities, 47% fixed-income securities, and 35% alternative investments. This is intended to promote optimal risk and return.\n\n- For 2023, Coca-Cola expects net periodic pension cost of approximately $40 million compared to net periodic pension income of $124 million in 2022. The change is primarily due to lower than expected returns on plan assets in 2022.\n\n- Coca-Cola contributed $33 million to its pension plans in 2022 and expects to contribute $42 million in 2023, all related to non-U.S. plans.\n\nSo in summary, Coca-Cola's pension obligations decreased in 2022 mainly due to higher discount rates, but asset returns were lower than expected. This resulted in a change from pension income in 2022 to an expected pension cost in 2023. The company continues to make contributions to maintain funded status.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10130","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":63.86,"model_answer":" Based on the information provided in the balance sheets, here are the steps to calculate Corning's FY2020 days payable outstanding (DPO):\n\n1) Average accounts payable between FY2019 and FY2020:\nFY2019 accounts payable = $1,587 million\nFY2020 accounts payable = $1,174 million \nAverage accounts payable = ($1,587 + $1,174) \/ 2 = $1,381 million\n\n2) FY2020 COGS = $7,772 million (from income statement)\n\n3) Change in inventory between FY2019 and FY2020:  \nFY2019 inventory = $2,320 million\nFY2020 inventory = $2,438 million\nChange in inventory = $2,438 - $2,320 = $118 million\n\n4) Plugging the numbers into the formula:\nDPO = 365 * ($1,381 million) \/ ($7,772 million + $118 million) = 365 * $1,381 \/ $7,890 = 50 days\n\nTherefore, Corning's FY2020 days payable outstanding is 50 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":" Here are the key points on Corning's income statement results for 2019-2021:\n\n- Net sales in 2021 were $14.1 billion, up 25% from $11.3 billion in 2020. Net sales in 2020 were down 2% from $11.5 billion in 2019.\n\n- Gross margin in 2021 was 36% of sales, up from 31% in 2020 and 35% in 2019. Gross margin dollars were $5.1 billion in 2021, up 43% from $3.5 billion in 2020. Gross margin was down 12% in 2020 compared to 2019.\n\n- Net income attributable to Corning Inc was $1.9 billion in 2021, up 272% from $512 million in 2020. Net income was down 47% in 2020 compared to $960 million in 2019. \n\n- Diluted EPS was $1.28 in 2021, up 137% from $0.54 in 2020. Diluted EPS was down 49% in 2020 compared to $1.07 in 2019.\n\n- The increase in net income and EPS in 2021 was driven by higher sales volumes across all segments, lower restructuring and impairment charges, gains on translated earnings contracts, and higher translation gains on debt. This was partially offset by the absence of a prior year gain on an equity investment.\n\n- Segment sales were up in all segments in 2021, led by Optical Communications up 22%, Life Sciences up 24%, Display Technologies up 17%, Environmental Technologies up 16%, and Specialty Materials up 7%.\n\nSo in summary, Corning saw a rebound in 2021 with higher sales, earnings, and margins compared to 2020, which was impacted by the pandemic. Performance remains below 2019 levels, but the company saw growth across all its key segments in 2021. Higher volumes and manufacturing efficiency gains drove margin expansion in the year.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00005","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.","model_answer":" Here are the key points I took away from the Corning Incorporated Executive Supplemental Pension Plan:\n\n- The purpose of the plan is to provide eligible employees with retirement benefits in excess of those allowed under the Corning Incorporated Pension Plan for Salaried Employees (the \"Qualified Plan\"). \n\n- Eligible employees are designated by the Compensation Committee and must be management or highly compensated employees.\n\n- The benefit under the plan is calculated as:\n   - 2% x Credited Service x Average Compensation\n   - Minus the benefit the employee is entitled to under the Qualified Plan\n\n- Credited Service cannot exceed 25 years. Average Compensation is based on the highest consecutive 60 months out of the last 120 months before termination. \n\n- To vest in the benefit, employees must either:\n   - Terminate after age 50 with at least 10 years of service\n   - Or were eligible as of 12\/5\/2006, at least age 55, and age plus service \u2265 65\n\n- The normal retirement benefit is payable at age 65. Early retirement benefits are available but may be reduced if certain age and service requirements are not met.\n\n- Benefits are payable in a lump sum or installments after termination, unless the employee separates before age 55, in which case benefits start at age 55.\n\n- The plan is intended to comply with Section 409A rules and constitutes an unfunded deferred compensation plan for a select group of management or highly compensated employees.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How much has the effective tax rate of Corning changed between FY2021 and FY2022?","gold_answer":"The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.","model_answer":" Here are the key points I took away from the Corning Incorporated Executive Supplemental Pension Plan:\n\n- The purpose of the plan is to provide eligible employees with retirement benefits in excess of those allowed under the qualified pension plan, in order to attract and retain highly motivated executives. \n\n- Eligible employees are designated by the Compensation Committee and must be management or highly compensated employees.\n\n- Eligible employees accrue a benefit equal to 2% of credited service x average compensation, minus the benefit under the qualified pension plan. \n\n- Eligible employees must meet certain age and service requirements to vest in the benefit. \n\n- The normal retirement benefit is payable at age 65. Reduced early retirement benefits are available starting at age 55 or 60 depending on years of service.\n\n- Disabled employees and employees who die with 25+ years of service are eligible for unreduced early retirement benefits. \n\n- Benefits are payable in a lump sum or installments upon termination of employment.\n\n- The plan is unfunded and benefits are paid from the company's general assets.\n\n- The plan is intended to comply with Section 409A rules regarding nonqualified deferred compensation.\n\nIn summary, this supplemental pension plan provides an additional retirement benefit to a select group of management, in excess of what is allowed under the standard qualified pension plan, in order to attract and retain key executives. The benefit is based on a formula tied to compensation and years of service.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04209","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":" Here is the answer to your question:\n\nUsing only the information in the balance sheet, Costco had total assets of $55,556 million at the end of FY2020 (August 30, 2020). Therefore, the total assets Costco had at the end of FY2021 is $55,556 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_05915","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue \/ (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.","gold_answer":17.98,"model_answer":" Here are the key details from the CVS Health 2018 10-K that are relevant to answering your question:\n\n- CVS Health's total revenue in FY2018 was $194.6 billion. This is shown on the Consolidated Statements of Operations.\n\n- Property, plant and equipment (PP&E) at the end of FY2017 was $10,183 million. This is shown on the Consolidated Balance Sheet for December 31, 2017. \n\n- Property, plant and equipment (PP&E) at the end of FY2018 was $11,048 million. This is shown on the Consolidated Balance Sheet for December 31, 2018.\n\n- To calculate fixed asset turnover ratio, we take:\nFY2018 revenue = $194.6 billion \nAverage PP&E = ($10,183 + $11,048) \/ 2 = $10,615 million\n\n- Therefore, the fixed asset turnover ratio for FY2018 is:\n$194.6 billion \/ $10,615 million = 18.35\n\nRounding to two decimal places, the FY2018 fixed asset turnover ratio for CVS Health is 18.35.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01244","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":" Based on the SEC filing, here are the key points regarding whether CVS Health paid dividends to common shareholders in Q2 of FY2022:\n\n- CVS Health's fiscal year ends on December 31. So Q2 of FY2022 refers to the second quarter of 2022, which would be April 1 to June 30, 2022. \n\n- The filing states that during 2022, 2021 and 2020, the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively. \n\n- There is no indication that dividends were suspended or altered specifically in Q2 2022. \n\n- Therefore, it can be reasonably concluded that CVS Health likely paid a quarterly cash dividend of $0.55 per share to common shareholders in Q2 of FY2022.\n\nIn summary, the SEC filing indicates that CVS Health paid dividends to common shareholders in Q2 of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":" Based on the 10-K filing, here are the key points regarding CVS Health's material legal battles from 2022, 2021 and 2020:\n\n- In 2022, CVS Health recorded a $5.8 billion charge related to agreements to resolve substantially all opioid claims against the company by certain states and governmental entities. This suggests there were significant legal proceedings related to opioids in 2022. \n\n- The 10-K does not mention any other material legal battles or proceedings in 2022.\n\n- In 2021 and 2020, the 10-K does not explicitly mention any material legal battles or proceedings. \n\n- The 10-K contains general disclosure that the company is subject to various litigation and regulatory matters, including lawsuits, government investigations, audits, etc. However, there is no specific discussion of material ongoing legal battles in 2021 or 2020.\n\nIn summary, the only material legal battle specifically called out is the opioid litigation that resulted in a $5.8 billion charge in 2022. The 10-K does not report any other materially important ongoing legal battles from 2022, 2021 or 2020.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00790","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":" Based on the information provided in the CVS Health 10-K filing, here is an analysis of whether CVS Health is a capital-intensive business in FY2022:\n\n- Revenues were $322.5 billion in FY2022, indicating CVS Health is a large company with substantial operations. \n\n- The balance sheet shows $102.9 billion of goodwill and intangible assets as of December 31, 2022, reflecting significant investments in acquisitions and growth over time.\n\n- However, property and equipment was only $12.4 billion as of December 31, 2022. This represents a relatively small portion (3.8%) of total revenues, suggesting the business is not particularly capital intensive overall.\n\n- The cash flow statement shows capital expenditures of $2.7 billion in FY2022. Again, this is a fairly modest amount (less than 1% of revenues) for capital spending. \n\n- The business segments include pharmacy services, health care benefits, and retail\/LTC pharmacy operations. These seem to be service-oriented businesses that are less capital intensive than traditional manufacturing or commodity industries.\n\n- Notes to the financial statements do not indicate any major capital projects or expansions underway. The company even closed over 300 retail stores in 2022 as part of optimizing its network.\n\nIn summary, while CVS Health is a large company that has made substantial investments over time, the actual capital spending and capital assets appear modest relative to the overall revenues and scale of the business. The service-oriented nature of the operations also suggests it is not a highly capital intensive business model. Therefore, I would conclude that CVS Health does not appear to be a capital-intensive business based on the FY2022 financial data provided. The business seems to rely more on intangible assets like brands, networks, and intellectual property rather than extensive physical capital assets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":" Based on the SEC filing, there do not appear to be any board member nominees who had substantially more votes against them compared to the other nominees. The votes against ranged from 294,935 to 6,074,467, which are relatively small compared to the tens of millions of votes for each nominee. The votes against each nominee were also fairly similar, within a range of a few million votes. So there were no major outliers with significantly more votes against.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00839","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":" Based on the SEC filing, here are the key points:\n\n- Richard A. Johnson will retire as President and CEO of Foot Locker, effective September 1, 2022. \n\n- Mary N. Dillon, former CEO of Ulta Beauty, has been appointed President and CEO of Foot Locker, effective September 1, 2022. She will also join the company's Board of Directors.\n\n- Johnson will continue as Executive Chairman of the Board through January 31, 2023, then step down from the Board and remain a Senior Advisor until early April 2023. \n\n- Dona D. Young, currently Lead Independent Director, will become Non-Executive Chair starting February 1, 2023, separating the Chair and CEO roles.\n\n- The CEO transition is part of a multi-year succession planning process by Foot Locker's Board. \n\n- Dillon has over 35 years of experience leading consumer-driven businesses, including Ulta Beauty where she served as CEO for 8 years. She brings expertise in areas like marketing, digital transformation, and operations.\n\nSo in summary, yes Foot Locker's new CEO Mary Dillon has previous CEO experience at Ulta Beauty, a major retail company similar to Foot Locker. The transition appears to be part of an orderly, planned succession process.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.","gold_answer":-3.7,"model_answer":"\n\nthree major banks in the euro-zone, selected and identified by us, for loans in euros to leading European banks, for a term of three months, commencing on\nthe applicable interest reset date and in a principal amount of not less than \u20ac1,000,000 that is representative for a single transaction in such market at such\ntime; provided, however, that if the banks so selected are not quoting as mentioned above, the then-existing EURIBOR rate will remain in effect for such\ninterest period.\n\u201cReuters Page EURIBOR 01\u201d means the display designated as \u201cEURIBOR 01\u201d on Reuters (or such other page as may replace Reuters Page\nEURIBOR 01 on that service or any successor service for the purpose of displaying euro-zone interbank offered rates for euro-denominated deposits).\n\u201cBloomberg L.P.\u2019s page \u201cBBAM\u201d\u201d means the display designated as \u201cBBAM\u201d on Bloomberg (or such other page as may replace Bloomberg\nL.P.\u2019s page \u201cBBAM\u201d on that service, or any successor service, for the purpose of displaying euro-zone interbank offered rates for euro-denominated\ndeposits).\nAll percentages resulting from any calculation of any interest rate for the Floating Rate Notes will be rounded, if necessary, to the nearest one\nhundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be\nrounded to 9.87655% (or .0987655)), and all euro amounts will be rounded to the nearest cent, with one-half cent being rounded upward. All amounts used\nin or resulting from any calculation of EURIBOR shall be rounded, if necessary, to the nearest cent with one half cent or greater being rounded upward.\nThe calculation agent for the Floating Rate Notes is Deutsche Bank AG, London Branch. All determinations made by the calculation agent\nshall, in the absence of manifest error, be conclusive for all purposes and binding on us and the holders and beneficial owners of the Floating Rate Notes.\nSo long as Floating Rate Notes are outstanding, we will at all times maintain a calculation agent. In the event that any then acting calculation\nagent shall be unable or unwilling to act, or that such calculation agent shall fail to establish EURIBOR for any interest period, or that we propose to\nremove such calculation agent, we shall appoint ourselves or another person which is a bank, trust company, investment banking firm or other financial\ninstitution to act as the calculation agent.\nRanking\nThe Notes are our senior unsecured obligations and rank equally with all of our other existing and future senior unsecured indebtedness.\nOptional Redemption\nWe may redeem the 2020 Notes, the 2023 Notes and the 2027 Notes at our option and at any time, either as a whole or in part, at a redemption\nprice equal to the greater of:\n\u2022\n\n100% of the principal amount of the Notes being redeemed; and\n\n\u2022\n\nthe sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (excluding any\nportion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on an annual basis\n(ACTUAL\/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 15 basis points, in the case of\nthe 2020 Notes, 20 basis points, in the case of the 2023 Notes, and 25 basis points, in the case of the 2027 Notes;\n\nplus, in each case, accrued and unpaid interest to the date of redemption.\nWe may redeem the Floating Rate Notes at our option and at any time, either as a whole or in part, at a redemption price equal to 100% of the\nprincipal amount of the Floating Rate Notes being redeemed, plus accrued and unpaid interest to the date of redemption.\nNotwithstanding the foregoing, installments of interest on the Notes that are due and payable on interest payment dates falling on or prior to a\nredemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the\nNotes and the Indenture. The redemption price will be calculated by the Independent Investment Banker (as defined below) based on the Reference Bond (as\ndefined below) as described below.\nWe will mail notice of any redemption at least 30 days but not more than 60 days before the redemption date to each registered holder of the\nNotes to be redeemed. Once notice of redemption is mailed, the Notes called for redemption will become due and payable on the redemption date and at the\napplicable redemption price, plus accrued and unpaid interest to the redemption date.\n\u201cComparable Government Bond\u201d means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an\nIndependent Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if such Independent\nInvestment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such Independent Investment\nBanker may, with the advice of three brokers of, and\/or market makers in, German government bonds selected by us, determine to be appropriate for\ndetermining the Comparable Government Bond Rate.\n\u201cComparable Government Bond Rate\u201d means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded\nupwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third business day prior to the\ndate fixed for redemption, would be equal to the gross redemption yield on such business day of the Comparable Government Bond on the basis of the\nmiddle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an Independent\nInvestment Banker.\n\u201cIndependent Investment Banker\u201d means each of Barclays Bank PLC, Deutsche Bank AG, London Branch, and Morgan Stanley & Co.\nInternational plc, and their respective successors, or if any such entity is unwilling or unable to select the Comparable Government Bond, an independent\ninvestment banking institution of international standing appointed by us.\n\nExcept as described above and below under \u201c\u2014Redemption for Tax Reasons,\u201d the Notes may not be redeemed prior to maturity.\nWe may at any time, and from time to time, purchase the Notes at any price or prices in the open market or otherwise.\nRedemption for Tax Reasons\nIf, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or\nany taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws,\nregulations or rulings, which change or amendment is announced or becomes effective on or after the date of the applicable prospectus supplement, we\nbecome or, based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as described under the\nheading \u201c\u2014Payment of Additional Amounts\u201d with respect to the Notes of any series, then we may at any time at our option redeem, in whole, but not in\npart, the outstanding Notes of such series on not less than 30 nor more than 60 days\u2019 prior notice, at a redemption price equal to 100% of their principal\namount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption.\nPayment of Additional Amounts\nAll payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or withholding for or on\naccount of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the\nUnited States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law or the\nofficial interpretation or administration thereof.\nIn the event any withholding or deduction on payments in respect of the Notes for or on account of any present or future tax, assessment or\nother governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, we\nwill pay such additional amounts on the Notes as will result in receipt by each holder of a Note that is not a U.S. Person (as defined below) of such amounts\n(after all such withholding or deduction, including on any additional amounts) as would have been received by such holder had no such withholding or\ndeduction been required. We will not be required, however, to make any payment of additional amounts for or on account of:\n(a) any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any present or former\nconnection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between a holder\nof a Note (or the beneficial owner for whose benefit such holder holds such Note), or between a fiduciary, settlor, beneficiary of, member or shareholder of,\nor possessor of a power over, that holder or beneficial owner (if that holder or beneficial owner is an estate, trust, partnership or corporation) and the United\nStates, including that holder or beneficial owner, or that fiduciary, settlor, beneficiary","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03471","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":0.68,"model_answer":" Please check marked changes against original document to ensure accuracy.\n\nthorized, without any further vote or action by the stockholders, to issue preference stock in one or more series and to fix the number \nof shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the \npreferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, \nof the shares of such series. The issuance of preference stock could adversely affect the voting power of holders of Common Stock and \ncould delay, defer or prevent a change in control.\nCertain Anti-Takeover Effects\nCertain provisions of our Certificate of Incorporation and By-laws and of Delaware corporate law could have the effect of \ndelaying, deferring or preventing a change in control of General Mills or removal of existing management and may adversely affect \nthe voting and other rights of the holders of Common Stock. These provisions, summarized below, are expected to discourage certain \ntypes of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of General \nMills to negotiate first with our Board of Directors.\nWe believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or \nunsolicited proposal to acquire or restructure General Mills outweigh the disadvantages of discouraging such proposals because, \namong other things, negotiation of such proposals could result in an improvement of their terms.\nDelaware Anti-Takeover Statute. We are subject to Section 203 of the DGCL, an anti-takeover statute. In general, Section 203 \nprohibits a publicly-held Delaware corporation from engaging in a \u201cbusiness combination\u201d with an \u201cinterested stockholder\u201d for a \nperiod of three years following the time the person became an interested stockholder, unless: (a) prior to such time, the board of \ndirectors of such corporation approved either the business combination or the transaction that resulted in the stockholder becoming an \ninterested stockholder; (b) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, \nthe interested stockholder owned at least 85% of the voting stock of such corporation at the time the transaction commenced (excluding \nfor purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) \nthe voting stock owned by directors who are also officers or held in employee benefit plans in which the employees do not have a \nconfidential right to tender or vote stock held by the plan); or (c) on or subsequent to such time the business combination is approved \nby the board of directors of such corporation and authorized at a meeting of stockholders by the affirmative vote of at least two-thirds \nof the outstanding voting stock of such corporation not owned by the interested stockholder. Generally, a \u201cbusiness combination\u201d \nincludes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an \n\u201cinterested stockholder\u201d is a person who, together with affiliates and associates, owns (or within three years prior to the determination \nof interested stockholder status did own) 15% or more of a corporation\u2019s voting stock. The existence of this provision would be \nexpected to have an anti-takeover effect with respect to transactions not approved in advance by our Board of Directors, including \ndiscouraging attempts that might result in a premium over the market price for the shares of Common Stock held by stockholders.\nClassified Board. Our Certificate of Incorporation divides our Board of Directors into three classes. The directors in each \nclass serve for a three-year term, one class being elected each year by our stockholders. This system of electing and removing directors \nmay discourage a third party from making a tender offer or otherwise attempting to obtain control of us because the classification of \nthe Board of Directors generally makes it more difficult for stockholders to replace a majority of the directors.\nRemoval of Directors. Our Certificate of Incorporation provides that directors may be removed from office only for cause and \nonly by the affirmative vote of the holders of at least 80% of the voting power of all of the then outstanding shares of capital stock \nentitled to vote generally in the election of directors, voting together as a single class.\nStockholder Action. Our Certificate of Incorporation provides that any action required or permitted to be taken by our \nstockholders must be effected at a duly called annual or special meeting rather than by written consent.\nSpecial Meetings of Stockholders. Our By-laws provide that special meetings of our stockholders may be called only by our \nChairman of the Board, our Chief Executive Officer or our Board of Directors. Stockholders are not permitted to call a special meeting \nor to require our Board of Directors to call a special meeting.\nAdvance Notice Requirements for Stockholder Proposals and Director Nominations. Our By-laws contain advance notice \nprocedures with regard to stockholder proposals related to the nomination of candidates for election as directors or new business to be \nbrought before meetings of our stockholders. These procedures provide that notice of stockholder proposals related to stockholder \nnominations for the election of directors or new business must be received at our principal executive offices not less than 90 days nor \nmore than 120 days prior to the first anniversary date of the annual meeting for the preceding year. The notice must contain certain \ninformation concerning the persons to be nominated or the matters to be brought before the meeting and concerning the stockholders \nmaking the nominations or proposal.\n\n2\n\nLimitations on Liability and Indemnification of Officers and Directors\nThe DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders \nfor monetary damages for breaches of directors\u2019 fiduciary duties as directors and our Certificate of Incorporation includes such an \nexculpation provision. Our Certificate of Incorporation and By-laws include provisions that indemnify, to the fullest extent allowable \nunder the DGCL, the personal liability of directors or officers for monetary damages for actions taken as a director or officer of General \nMills, or for serving at our request as a director or officer or another position at another corporation or enterprise, as the case may be. \nOur Certificate of Incorporation and By-laws also provide that we must indemnify and advance reasonable expenses to our directors \nand officers, subject to our receipt of an undertaking from the indemnified party as may be required under the DGCL. Our By-laws \nexpressly authorize us to carry directors\u2019 and officers\u2019 insurance to protect General Mills, our directors, officers and certain employees \nfor some liabilities.\nThe limitation of liability and indemnification provisions in our Certificate of Incorporation and By-laws may discourage \nstockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of \nreducing the likelihood of derivative litigation against our directors and officers, even though such an action, if successful, might \notherwise benefit us and our stockholders. However, these provisions do not limit or eliminate our rights, or those of any stockholder, \nto seek non-monetary relief such as injunction or rescission in the event of a breach of a director\u2019s duty of care. The provisions do not \nalter the liability of directors under the federal securities laws. In addition, your investment may be adversely affected to the extent \nthat, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers pursuant to these \nindemnification provisions. There is currently no pending material litigation or proceeding against any of our directors, officers or \nemployees for which indemnification is sought.\nAuthorized but Unissued Shares\nOur authorized but unissued shares of Common Stock and preference stock will be available for future issuance without \napproval by the holders of Common Stock. We may use additional shares for a variety of corporate purposes, including future public \nofferings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares \nof Common Stock and preference stock could render more difficult or discourage an attempt to obtain control of us by means of a \nproxy contest, tender offer, merger or otherwise.\nTransfer Agent and Registrar\nThe transfer agent and registrar for our Common Stock is EQ Shareowner Services.\nListing\nOur Common Stock is listed on the New York Stock Exchange under the symbol \u201cGIS.\u201d\nDESCRIPTION OF DEBT SECURITIES\nThe following description of our debt securities is a summary and does not purport to be complete. It is subject to and qualified \nin its entirety by reference to the indenture, dated as of February 1, 1996, between us and U.S. Bank National Association, as trustee \n(the \u201cTrustee\u201d), as supplemented by the First Supplemental Indenture, dated as of May 18, 2009, between us and the Trustee (together, \nthe \u201cIndenture\u201d), each of which are incorporated by reference as an exhibit to our most recent Annual Report on Form 10-K. We \nencourage you to read the Indenture for additional information.\nWe may issue debt securities from time to time in one or more series. The debt securities will be our direct obligations. The \ndebt securities may be fully and unconditionally guaranteed on a secured or unsecured senior or subordinated","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04854","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.","gold_answer":3215,"model_answer":" Please check marked changes against original document to ensure accuracy.\n\nthorized, without any further vote or action by the stockholders, to issue preference stock in one or more series and to fix the number \nof shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the \npreferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, \nof the shares of such series. The issuance of preference stock could adversely affect the voting power of holders of Common Stock and \ncould delay, defer or prevent a change in control.\nCertain Anti-Takeover Effects\nCertain provisions of our Certificate of Incorporation and By-laws and of Delaware corporate law could have the effect of \ndelaying, deferring or preventing a change in control of General Mills or removal of existing management and may adversely affect \nthe voting and other rights of the holders of Common Stock. The existence of these provisions could limit the price that investors \nmight be willing to pay in the future for shares of our Common Stock.\nClassified Board of Directors; Number of Directors; Removal; Filling Vacancies\nOur Certificate of Incorporation provides that our Board of Directors will consist of not less than 10 nor more than 17 directors. \nWithin those limits, the number of directors is determined solely by resolution of the Board of Directors. In addition, our Certificate \nof Incorporation divides our Board of Directors into three classes, each having three-year staggered terms. Only one class of directors \nis elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year \nterms. Our Certificate of Incorporation also provides that directors may be removed from office only for cause and only by the \naffirmative vote of the holders of at least 80 percent of the voting power of all capital stock outstanding and entitled to vote generally \nin the election of directors, voting together as a single class. Vacancies on the Board of Directors and newly created directorships \nresulting from any increase in the authorized number of directors may be filled only by a majority vote of the remaining directors then \nin office, even if less than a quorum, or by a sole remaining director. These provisions prevent stockholders from removing incumbent \ndirectors without cause and filling the resulting vacancies with their own nominees.\nSpecial Meetings; Stockholder Action by Written Consent\nUnder our Certificate of Incorporation and By-laws, stockholders may call a special meeting of stockholders only upon the \nwritten request of holders of record of not less than 25 percent of the outstanding shares of Common Stock. Our Certificate of \nIncorporation prohibits stockholder action by written consent. These provisions limit the ability of a stockholder or group of \nstockholders to take immediate action to gain control of the Board of Directors or otherwise initiate direct action.\nAdvance Notice Requirements for Stockholder Proposals and Director Nominations\nOur By-laws contain advance notice procedures with regard to stockholder proposals related to the nomination of candidates \nfor election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of \nstockholder proposals related to stockholder nominations for the election of directors or new business must be received at our principal \nexecutive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the \npreceding year. The notice must contain the information required by the By-laws. These provisions may have the effect of precluding \nthe conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter \na potential acquirer from conducting a solicitation of proxies to elect the acquirer\u2019s own slate of directors or otherwise attempting to \nobtain control of the Company.\nNo Cumulative Voting\nUnder Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes \ncumulative voting. Our Certificate of Incorporation does not grant stockholders the right to vote cumulatively.\nAuthorized but Unissued Shares\nThe authorized but unissued shares of Common Stock and preference stock are available for future issuance without \nstockholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to \nraise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of Common \nStock and preference stock could render more difficult or discourage an attempt to obtain control of General Mills by means of a proxy \ncontest, tender offer, merger or otherwise.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10136","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.","gold_answer":0.54,"model_answer":" Here is a summary of the key information in the exhibit:\n\n- General Mills has subsidiaries located in various countries including the United States, Germany, Greece, Mexico, Portugal, Malaysia, Australia, Spain, France, Turkey, Poland, Russia, the United Kingdom, Chile, United Arab Emirates, Brazil, Hong Kong, New Zealand, Philippines, Switzerland, Canada, Netherlands, Japan, and Korea.\n\n- Some of the major subsidiaries include Blue Buffalo Company Ltd (United States), Cereal Partners Worldwide companies (joint ventures with Nestle in various countries), Haagen-Dazs companies (Japan, Korea, Netherlands), and The Pillsbury Company LLC (United States). \n\n- The exhibit lists the subsidiaries, their country of incorporation, and their relationship to the parent company, General Mills. It provides an overview of the global footprint of General Mills through its network of subsidiaries across the world.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00651","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":" Based on the filing, it does not appear that growth in JnJ's adjusted EPS is expected to accelerate in FY2023. The key details are:\n\n- For FY2022, JnJ reported adjusted EPS of $10.15, an increase of 3.6% vs prior year. \n\n- For FY2023, JnJ guides to adjusted operational EPS of $10.50 at the midpoint, reflecting growth of 3.5% vs prior year. \n\nSo the expected growth rate in adjusted EPS is similar between 2022 (3.6%) and 2023 (3.5%) based on the guidance. There is no indication that growth is expected to accelerate in 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":" Based on the filing, here are the key points comparing JnJ's US and international sales growth in FY2022:\n\n- JnJ's total worldwide sales grew 1.3% as reported. Operationally, excluding the impact of currency, worldwide sales grew 6.1%. \n\n- US sales grew 3.0% as reported and operationally. \n\n- International sales declined 0.6% as reported. Operationally, excluding the impact of currency, international sales grew 9.1%.\n\nSo in summary, JnJ's US sales growth of 3.0% was lower than its international operational sales growth of 9.1% in FY2022. The higher international growth was partially offset by negative currency impacts of 9.7%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00956","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Are JnJ's FY2022 financials that of a high growth company?","gold_answer":"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","model_answer":" Based on the SEC filing, here are the key points regarding JnJ's FY2022 financials:\n\n- JnJ's sales increased 1.3% in FY2022 compared to 13.6% growth in FY2021. This indicates slowing growth. \n\n- Sales growth was driven primarily by volume increases of 6.9%, while price had a negative impact of 0.8%. This suggests JnJ relied more on volume rather than price increases to drive growth.\n\n- Operating profit margins declined from 24.3% in FY2021 to 22.9% in FY2022, suggesting some pressure on profitability. \n\n- R&D expense as a % of sales declined from 15.7% in FY2021 to 15.4% in FY2022, indicating lower investment in innovation\/growth initiatives.\n\n- The growth was driven mainly by the Oncology and Immunology segments within Pharmaceuticals. Other segments showed slowing or negative growth.\n\n- JnJ took $1.5B in charges related to exiting COVID-19 vaccine manufacturing, suggesting it is scaling back investment there.\n\n- JnJ announced intention to separate the Consumer Health business, indicating a shift in strategic focus. \n\nOverall, the results point to slowing growth and some challenges in sustaining high growth and profitability compared to the past few years. The growth is narrowing to fewer segments, and JnJ seems to be facing some headwinds in cost pressures and pricing. The results are not that of a high growth business in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":" Based on the SEC filing, here are the key points regarding JnJ's gross margin change in FY2022:\n\n- JnJ's gross margin decreased in FY2022 compared to FY2021, driven primarily by:\n\n- One-time COVID-19 vaccine manufacturing exit related costs. JnJ recorded $1.5 billion in costs related to exiting COVID-19 vaccine manufacturing in FY2022. This negatively impacted gross margin.\n\n- Currency impacts in the Pharmaceutical segment. The strengthening of the US dollar negatively impacted international sales and gross margin for Pharmaceuticals. \n\n- These negative impacts were partially offset by:\n\n- Supply chain benefits in the Consumer Health segment that helped improve gross margin.\n\nSo in summary, the main drivers of gross margin decline were one-time vaccine manufacturing exit costs and currency headwinds, partially offset by supply chain improvements in Consumer Health. The vaccine costs and currency impacts specifically hurt Pharmaceuticals gross margin. \n\nThe filing does not indicate that gross margin is not a useful metric for JnJ. As a diversified healthcare company, gross margin remains an important profitability indicator for JnJ along with other metrics like operating margin. There is no indication that gross margin has become less relevant for JnJ compared to prior years. The decline was driven by specific one-time and macroeconomic factors, not a change in the usefulness of the metric itself.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00711","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"JnJ sold its inventory 2.7 times in FY2022.","model_answer":" Here are the key points I gathered from the filing to answer your question:\n\n- Roughly how many times has JnJ sold its inventory in FY2022? \n- JnJ does not disclose inventory turnover specifically. However, based on the information provided, it does not seem meaningful to calculate inventory turnover for JnJ. The company operates in three diverse business segments (Consumer Health, Pharmaceutical, and MedTech) with different inventory needs and turnover rates. \n\n- Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.\n- Inventory turnover ratio cannot be meaningfully calculated for JnJ as a whole based on the information provided. The company does not break out cost of goods sold or inventory values by segment to enable segment-level turnover calculations. Additionally, the three business segments likely have very different inventory needs and turnover rates, so a consolidated turnover ratio would not provide useful information about inventory management. \n\n- The Pharmaceutical segment requires specialized manufacturing, storage and distribution of drugs and maintains safety stock to ensure constant supply. The MedTech segment produces medical devices and surgical equipment which can have long lead times. The Consumer Health segment sells consumer products which likely have faster turnover.\n\n- Due to the diversity of JnJ's business segments, consolidated inventory turnover would blend together numbers that are not comparable. Therefore, conventional inventory turnover ratio analysis is not very meaningful for understanding JnJ's overall inventory management. More segment-level detail would be needed for useful inventory turnover analysis.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01487","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?","gold_answer":"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","model_answer":" Based on the filing, here are the key points to answer your question:\n\n- JnJ's net earnings in Q2 FY2023 were $5,144 million\n- JnJ's net sales in Q2 FY2023 were $25,530 million\n- Therefore, JnJ's net earnings as a percent of sales in Q2 FY2023 were 20.1% ($5,144 million \/ $25,530 million)\n\n- JnJ's net earnings in Q2 FY2022 were $4,814 million \n- JnJ's net sales in Q2 FY2022 were $24,020 million\n- Therefore, JnJ's net earnings as a percent of sales in Q2 FY2022 were 20.0% ($4,814 million \/ $24,020 million)\n\nSo in summary, JnJ's net earnings as a percent of sales increased slightly from 20.0% in Q2 FY2022 to 20.1% in Q2 FY2023. Therefore, the answer is yes, JnJ's net earnings as a percent of sales increased in Q2 FY2023 compared to Q2 FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":" Based on the SEC filing, it appears that Johnson & Johnson's Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onwards. The filing mentions that J&J completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson & Johnson's Consumer Health business, and will now present the Consumer Health business financial results as discontinued operations. So the business segment that will be treated as a discontinued operation is the Consumer Health segment.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":" Based on the filing, the key information related to the gain from the separation of the Consumer Health business is:\n\n- Johnson & Johnson completed an exchange offer to finalize the separation of its Consumer Health business into a new publicly traded company called Kenvue Inc. \n\n- As a result of completing the exchange offer, Johnson & Johnson will recognize a gain of approximately $20 billion in the third quarter of 2023 related to the separation.\n\nTherefore, the amount of the gain accruing to Johnson & Johnson as a result of the separation of its Consumer Health business is approximately $20 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":" Based on the filing, the key information is:\n\n- JnJ completed an exchange offer to finalize the separation of Kenvue Inc. (formerly JnJ's Consumer Health business) on August 30, 2023. \n\n- As a result of the completion of the exchange offer, JnJ will present its Consumer Health business financial results as discontinued operations.\n\n- JnJ issued a press release on August 30, 2023 providing updated financials and 2023 guidance following completion of the Kenvue Separation. \n\n- In the press release, JnJ stated it generated $13.2 billion in cash proceeds as result of the Kenvue debt offering and initial public offering.\n\nTherefore, the amount of cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment) is $13.2 billion, as of August 30, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":" Unfortunately I do not have enough context to determine the changes in fair value for items elected under the fair value option, as this would require analyzing the detailed financial statements. The question seems to be asking about specific line items from the financial statements, so without access to the full statements and notes, I cannot provide the breakdown of changes in fair value that you are looking for. I would need the complete financial statements and related disclosures to analyze the changes in fair value for these particular instruments. I apologize that I cannot provide a more detailed response.","label":"Refusal"}
{"financebench_id":"financebench_id_02119","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":" Here are the key points regarding changes in fair value for items for which the fair value option was elected:\n\n- For the three months ended March 31, 2021:\n- The total changes in fair value recorded was a loss of $12 million for federal funds sold and securities purchased under resale agreements, compared to a gain of $543 million in the prior year period. \n\n- The total changes in fair value recorded was a loss of $70 million for securities borrowed, compared to a gain of $226 million in the prior year period.\n\n- The total changes in fair value recorded was a gain of $621 million for trading assets (debt and equity instruments, excluding loans), compared to a loss of $1.1 billion in the prior year period.\n\n- The total changes in fair value recorded was a loss of $35 million for loans reported as trading assets, compared to a gain of $29 million in the prior year period.\n\n- For the three months ended March 31, 2020:\n\n- The total changes in fair value recorded was a gain of $543 million for federal funds sold and securities purchased under resale agreements.\n\n- The total changes in fair value recorded was a gain of $226 million for securities borrowed.  \n\n- The total changes in fair value recorded was a loss of $1.1 billion for trading assets (debt and equity instruments, excluding loans).\n\n- The total changes in fair value recorded was a gain of $29 million for loans reported as trading assets.\n\nIn summary, for most of these items, the changes in fair value recorded were lower or losses in the first quarter of 2021 compared to gains or higher changes in fair value in the prior year period, reflecting the impact of more favorable market conditions in the first quarter of 2020 prior to the onset of the COVID-19 pandemic. The only exception was trading assets (debt and equity instruments, excluding loans) which had a gain in the first quarter of 2021 compared to a loss in the prior year period.\n\n97\n - \n(1,056) \n \n\u2014 \n \n(1,056) \nLoans reported as trading assets\n \n(35)  \n\u2014 \n \n(35) \n \n29 \n \n\u2014 \n \n29 \nTrading liabilities:\nDebt and equity instruments\n \n(1,022)  \n\u2014 \n \n(1,022) \n \n1,056 \n \n\u2014 \n \n1,056 \nOther borrowed funds\n \n(1)  \n\u2014 \n \n(1) \n \n(1) \n \n\u2014 \n \n(1) \nLoans:\nLoans retained\n \n(73)  \n\u2014 \n \n(73) \n \n(64) \n \n\u2014 \n \n(64) \nLoans held-for-sale\n \n\u2014  \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \nLoans at fair value\n \n\u2014  \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \nOther assets\n \n\u2014  \n13 \n \n13 \n \n\u2014 \n \n(92) \n \n(92) \nDeposits (included $0 and $149 for the three months ended March 31, 2021 and 2020, respectively, of structured notes)\n \n\u2014  \n(103) \n \n(103) \n \n\u2014 \n \n(149) \n \n(149) \nShort-term borrowings (included $0 and $345 for the three months ended March 31, 2021 and 2020, respectively, of \nstructured notes)\n \n\u2014  \n(113) \n \n(113) \n \n\u2014 \n \n(345) \n \n(345) \nAccounts payable and other liabilities\n \n\u2014  \n(1) \n \n(1) \n \n\u2014 \n \n(8) \n \n(8) \nBeneficial interests issued by consolidated VIEs\n \n\u2014  \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \nLong-term debt (included $308 and $4,110 for the three months ended March 31, 2021 and 2020, respectively, of DVA)\n \n\u2014  \n(308) \n \n(308) \n \n\u2014 \n \n(4,110) \n \n(4,110) \n(e) Changes in fair value are presented for items that are classified in the fair value election; the profit and loss information presented above only includes the financial instruments that were elected to be measured at fair value. Refer to Note 2 for further information on the income statement classification of fair value changes.\n98\n Differences between aggregate fair value and aggregate remaining contractual principal balances\nThe following table reflects the differences between the aggregate fair value and the aggregate remaining contractual principal \nbalances for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. \nMarch 31, 2021\nDecember 31, 2020\n(in millions)\nContractual \nprincipal \noutstanding\nFair \nvalue\nDifference\nContractual \nprincipal \noutstanding\nFair \nvalue\nDifference\nLoans\nNonaccrual loans\n$ \n1,144 \n$ \n1,144 \n$ \n\u2014 \n$ \n1,507 \n$ \n1,507 \n$ \n\u2014 \nAccruing loans past due 90 days or more\n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \n \n\u2014 \nOther performing loans\n \n49,623 \n \n49,623 \n \n\u2014 \n \n42,967 \n \n42,967 \n \n\u2014 \nTotal loans\n$ \n50,767 \n$ \n50,767 \n$ \n\u2014 \n$ \n44,474 \n$ \n44,474 \n$ \n\u2014 \nLong-term debt\nPrincipal-protected debt\n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \nNonprincipal-protected debt(a)\n \n74,389 \n \n74,389 \n \n\u2014 \n \n75,325 \n \n75,325 \n \n\u2014 \nTotal long-term debt\n$ \n74,389 \n$ \n74,389 \n$ \n\u2014 \n$ \n75,325 \n$ \n75,325 \n$ \n\u2014 \nLong-term beneficial interests\nPrincipal-protected debt\n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \n$ \n\u2014 \nNonprincipal-protected debt(a)\n \n193 \n \n193 \n \n\u2014 \n \n41 \n \n41 \n \n\u2014 \nTotal long-term beneficial interests\n$ \n193 \n$ \n193 \n$ \n\u2014 \n$ \n41 \n$ \n41 \n$ \n\u2014 \n(a) Remaining contractual principal is not applicable to nonprincipal-protected notes. Unlike principal-protected structured notes, for which the Firm is \nobligated to return a stated amount of principal at the maturity of the note, nonprincipal-protected structured notes do not obligate the Firm to return a \nstated amount of principal at maturity, but to return an amount based on the performance of an underlying variable or derivative feature embedded in the \nnote. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal protected notes.\n99\n Note 4 \u2013 Derivative instruments  \nDerivative contracts derive their value from underlying asset \nprices, indices, reference rates, other inputs or a \ncombination of these factors and may expose \ncounterparties to risks and rewards of an underlying asset \nor liability without having to initially invest in, own or \nexchange the asset or liability. The Firm makes markets in \nderivatives in order to meet the needs of customers and \nuses derivatives to manage certain risks associated with net \nopen risk positions from its market-making activities, \nincluding the counterparty credit risk arising from \nderivative receivables. The Firm also uses derivatives to \nmanage its own credit and other market risk exposure. \nDerivative receivables and payables are reported on a net \nbasis on the Firm\u2019s Consolidated balance sheets where a \nlegally enforceable master netting agreement exists. For \npurposes of the tables in this Note, the Firm does not reduce \nderivative receivables and derivative payables balances for \nthis netting adjustment, either within or across the levels of \nthe fair value hierarchy, as such netting is not relevant to a \npresentation based on the transparency of inputs to the \nvaluation of an asset or liability. However, if the Firm were \nto net such balances within level 3, the reduction in the level \n3 derivative receivables and payables balances would be \n$4.7 billion and $4.6 billion at March 31, 2021 and \nDecember 31, 2020, respectively; this is exclusive of the \nnetting benefit associated with cash collateral, which would \nfurther reduce the level 3 balances.\nRefer to Note 2 for information on the valuation of \nderivatives. Refer to Note 5 for information on derivative \ncounterparty credit risk management.\nDerivative contract types\nThe majority of the Firm\u2019s derivative contracts are over-the-\ncounter (\u201cOTC\u201d) derivatives, which refer to derivatives that \nare negotiated and settled bilaterally with the derivative \ncounterparty. The remainder are exchange-traded \nderivatives (\u201c","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00394","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":" Here are the key points on JPMorgan Chase's fair value measurement disclosures:\n\n- Assets and liabilities measured at fair value on a recurring basis are categorized into the three levels of the fair value hierarchy. Level 1 consists of instruments valued using quoted prices in active markets, Level 2 uses observable market inputs, and Level 3 uses unobservable inputs.\n\n- As of June 30, 2022, the Firm had $1.2 trillion of assets measured at fair value on a recurring basis. Of this:\n- $315 billion were classified as Level 1\n- $1.4 trillion were Level 2\n- $22 billion were Level 3\n\n- The main Level 1 assets were equity securities and trading debt instruments like government securities. Level 2 assets were primarily trading debt and equity instruments, derivatives, and available-for-sale securities. Level 3 consisted mainly of certain trading debt and equity instruments, derivatives, loans, and mortgage servicing rights.\n\n- Total liabilities measured at fair value on a recurring basis were $453 billion. The majority were Level 2 liabilities like long-term debt and derivatives. \n\n- Level 3 assets were 2% of total Firm assets. This indicates that the Firm had relatively low exposure to instruments valued using unobservable inputs.\n\n- The Level 3 balances would be lower if netting were applied, such as for derivatives. The disclosures show gross assets and liabilities.\n\n- Fair value incorporates management judgment for certain instruments. The most judgment is applied to Level 3 valuations.\n\n- The Firm provides details on specific Level 3 instruments, valuation methodologies, and inputs in Note 2. It also discusses key aspects of its fair value processes.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00206","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Since JPM is a financial institution, gross margin is not a relevant metric.","model_answer":" Here are the key points on JPMorgan Chase's risk-based capital regulatory requirements:\n\n- All banks must maintain a minimum Common Equity Tier 1 (CET1) capital ratio of 4.5% of risk-weighted assets. \n\n- Certain large banks like JPMorgan Chase must hold additional capital as a \"capital conservation buffer\", which includes:\n\n- A Global Systemically Important Bank (GSIB) surcharge - JPMorgan Chase's GSIB surcharge is 2.5% under Method 1 and 4.0% under Method 2 for 2023, based on 2021 year-end data. This is an increase from 2.0% and 3.5% respectively in 2022. \n\n- A discretionary countercyclical capital buffer - currently set at 0% in the U.S.\n\n- A fixed capital conservation buffer of 2.5% under Advanced approaches or a variable Stress Capital Buffer (SCB), floored at 2.5%, under Standardized approaches. JPMorgan Chase's SCB is 4.0% for 2023.\n\n- In total, JPMorgan Chase currently has a CET1 capital ratio requirement of 12.0% under the Standardized approach, including the 4.5% minimum, 2023 GSIB surcharge of 4.0%, and SCB of 4.0%. \n\n- The capital conservation buffer requirements phase in over 3 years, becoming fully effective on January 1, 2023.\n\n- JPMorgan Chase must meet the higher of the requirements under the Standardized or Advanced approaches. Currently, the Standardized requirements are more binding.\n\n- The Firm's capital levels also incorporate management buffers and meet minimum \"well-capitalized\" requirements.\n\n- Maintaining strong capital levels is a strategic priority for JPMorgan Chase to support its business activities. Capital planning, stress testing, and a contingency capital plan are key parts of the Firm's capital adequacy framework.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02049","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":" Here are the key points on accounting and reporting developments at JPMorgan Chase:\n\n- The Firm has adopted several new accounting standards issued by the Financial Accounting Standards Board (FASB) since January 1, 2021, including guidance on reference rate reform, credit losses on troubled debt restructurings (TDRs), and hedge accounting. \n\nReference Rate Reform:\n- Provides optional expedients and exceptions to current accounting guidance when financial instruments and hedge accounting relationships are modified to replace reference rates like LIBOR with alternative reference rates. This avoids unintended accounting impacts during the market-wide transition.\n- Adopted as of January 1, 2021. The optional relief will no longer be available after December 31, 2022.\n\nCredit Losses on Troubled Debt Restructurings (TDRs):\n- Eliminates the existing accounting guidance for TDRs, including the requirement to measure the allowance for credit losses on TDRs using a discounted cash flow methodology. \n- Adopted on January 1, 2023. Resulted in a $587 million decrease to the allowance for loan losses.\n\nHedge Accounting:\n- Expands the types of risk management strategies eligible for hedge accounting, reduces the frequency of ineffectiveness for certain hedges, and changes the benchmark interest rate.\n- Adopted on January 1, 2023. Resulted in the Firm transferring $7.1 billion of held-to-maturity securities to available-for-sale.\n\nIn summary, the Firm has adopted new accounting standards issued by the FASB that impact reference rate reform, credit losses on TDRs, and hedge accounting. These adoptions provide relief during the transition from LIBOR, change the TDR accounting model, and expand hedge accounting eligibility. The effects on the financial statements include decreases to the allowance for loan losses, transfers of securities between categories, and avoided unintended impacts during reference rate reform.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10499","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":" Here are the key points regarding Kraft Heinz's leases:\n\n- Kraft Heinz has operating and finance leases primarily for warehouses, factories, and offices. Lease terms range up to 14 years. \n\n- In 2019, Kraft Heinz had total lease costs of $1.5 billion. This included $191 million of operating lease costs, $27 million of finance lease amortization, and $1.3 billion of variable lease costs.\n\n- As of December 28, 2019, Kraft Heinz's right-of-use assets were $821 million and lease liabilities were $887 million. \n\n- Operating lease liabilities as of December 28, 2019 were $663 million, with a weighted average remaining lease term of 8 years and a weighted average discount rate of 4.1%. \n\n- Finance lease liabilities were $224 million as of December 28, 2019. \n\n- In 2019, Kraft Heinz had cash outflows from operating leases of $184 million and cash outflows from finance leases of $33 million.\n\n- Kraft Heinz has future minimum lease commitments of $637 million for operating leases and $226 million for finance leases as of December 28, 2019.\n\nIn summary, leases are a significant cost for Kraft Heinz, with substantial lease assets and liabilities on the balance sheet. The majority of lease costs are variable costs related to manufacturing and distribution arrangements. Kraft Heinz also has material future lease commitments over the next several years.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04412","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":" Here are the key points about Lockheed Martin's consolidated financial statements and notes:\n\n- Lockheed Martin is a global security and aerospace company that primarily serves U.S. and international government customers, especially agencies of the U.S. government. In 2020, 74% of net sales were from the U.S. government. \n\n- Net sales in 2020 were $65.4 billion, up from $59.8 billion in 2019. The increase was driven by higher sales in all four business segments (Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space).\n\n- Net earnings from continuing operations in 2020 were $6.9 billion ($24.50 per share), compared to $6.2 billion ($21.95 per share) in 2019.\n\n- Total assets were $50.7 billion at December 31, 2020 versus $47.5 billion at December 31, 2019.\n\n- At December 31, 2020, Lockheed Martin had long-term debt of $11.7 billion, compared to $11.4 billion at December 31, 2019. \n\n- The company has qualified defined benefit pension plans and provides certain health care and life insurance benefits to retirees. At December 31, 2020, the unfunded status of the pension plans was $12.9 billion.\n\n- During 2020, Lockheed Martin repurchased 3 million shares of common stock for $1.1 billion and paid dividends of $2.8 billion. \n\n- On December 20, 2020, Lockheed Martin announced an agreement to acquire Aerojet Rocketdyne Holdings for approximately $4.4 billion. The transaction is expected to close in 2021.\n\n- The financial statements include details about the company's four business segments, pension plans, debt, income taxes, equity, cash flows, and more. The notes provide important context for interpreting the financial statements.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03031","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":" Here are the key points regarding Lockheed Martin's FY2021 net working capital:\n\n- Net working capital is defined as total current assets less total current liabilities. \n\n- Based on Lockheed Martin's balance sheet in its 2021 10-K filing, its total current assets were $19.815 billion and its total current liabilities were $13.997 billion.\n\n- Therefore, Lockheed Martin's FY2021 net working capital was $19.815 billion - $13.997 billion = $5.818 billion.\n\nIn summary, Lockheed Martin's FY2021 net working capital, defined as total current assets less total current liabilities, was $5.818 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":" Here are the key points I gathered from the financial statements and notes regarding Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022:\n\n- Total net sales in FY2020 were $65.4 billion\n- Total net sales in FY2022 were $66.0 billion \n- This represents a CAGR of 0.5% over the 2 year period from FY2020 to FY2022\n\nTherefore, Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 was 0.5%, rounded to one decimal place.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04171","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":" Here are the key points regarding MGM Resorts' accounts payable for FY2018:\n\n- The balance sheet shows total current liabilities of $2,948,882,000 as of December 31, 2018. Accounts payable is one component of current liabilities.\n\n- Looking at the notes to the financial statements, Note 8 provides a breakdown of other accrued liabilities. This note indicates that accounts payable was $302,578,000 as of December 31, 2018. \n\n- Therefore, the year end FY2018 amount of accounts payable for MGM Resorts is $302,578,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03849","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.","gold_answer":0.079,"model_answer":" Based on the information provided in the financial statements, here are the key details to answer the question:\n\n- Capex is reported in the Statement of Cash Flows under \"Capital expenditures, net of construction payable\". \n\n- FY2018 capex was $1,486,843,000\n- FY2019 capex was $739,006,000  \n- FY2020 capex was $270,579,000\n\n- Revenue is reported in the Statement of Operations. \n\n- FY2018 revenue was $11,763,096,000\n- FY2019 revenue was $12,899,672,000\n- FY2020 revenue was $5,162,082,000\n\n- Calculating capex as a % of revenue:\n\nFY2018: $1,486,843,000 \/ $11,763,096,000 = 12.6% \nFY2019: $739,006,000 \/ $12,899,672,000 = 5.7%\nFY2020: $270,579,000 \/ $5,162,082,000 = 5.2% \n\n- The 3 year average is (12.6% + 5.7% + 5.2%) \/ 3 = 7.8%\n\nTherefore, the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts is 7.8%, rounded to one decimal place.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00382","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":" Based on the filing, the region with the Highest EBITDAR Contribution for MGM during FY2022 was the Las Vegas Strip Resorts. \n\nThe key evidence supporting this is in the \"Supplemental Data - Adjusted Property EBITDAR and Adjusted EBITDAR\" table, which shows:\n\n- Las Vegas Strip Resorts Adjusted Property EBITDAR: $3,142,308,000\n- Regional Operations Adjusted Property EBITDAR: $1,294,630,000 \n- MGM China Adjusted Property EBITDAR: -$203,136,000\n\nSo the Las Vegas Strip Resorts had the highest positive Adjusted Property EBITDAR contribution of $3.1 billion, compared to $1.3 billion for Regional Operations and a negative EBITDAR for MGM China.\n\nTherefore, based on the data provided in the filing, the Las Vegas Strip Resorts region had the Highest EBITDAR Contribution for MGM during FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":" Based on the filing, it appears that MGM China had the worst topline performance for MGM during FY2022. The key evidence is:\n\n- MGM China's net revenues were $673 million in FY2022, down 44% from $1.21 billion in FY2021. \n\n- This compares to net revenue increases in Las Vegas Strip Resorts (up 77% to $8.4 billion) and Regional Operations (up 12% to $3.82 billion) in FY2022 versus FY2021.\n\n- The filing states that MGM China's results were \"negatively affected by a three-day COVID-19 related property closure at MGM Cotai and was more significantly impacted by travel and entry restrictions in Macau compared to the prior year\".\n\nSo in summary, MGM China had the worst topline performance out of MGM's business segments in FY2022 based on the significant 44% revenue decline reported.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?","gold_answer":"As adjusted EBIT is negative, coverage ratio is zero","model_answer":" Based on the information provided in the MGM Resorts 2022 financial filing, the interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator is:\n\nNumerator: \nFY2022 Adjusted EBITDAR = $3,497,254,000 (from reconciliation table on page 14)\n\nDenominator:  \nFY2022 Interest expense, net of amounts capitalized = $594,954,000 (from consolidated statements of operations on page 11)\n\nInterest Coverage Ratio = Adjusted EBITDAR \/ Interest Expense  \n           = $3,497,254,000 \/ $594,954,000\n           = 5.88x\n\nTherefore, the interest coverage ratio for MGM Resorts in FY2022 using Adjusted EBITDAR and Interest Expense is 5.88x.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01254","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":" Here is management's annual report on internal control over financial reporting for MGM Resorts International:\n\nManagement is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Sections 13a-15(f) and 15d-15(f) of the Exchange Act) for MGM Resorts International and subsidiaries (the \"Company\"). \n\nIn establishing adequate internal control over financial reporting, management has developed and maintained a system of internal control, policies and procedures designed to provide reasonable assurance that information contained in the accompanying consolidated financial statements and other information presented in this annual report is reliable, does not contain any untrue statement of a material fact or omit to state a material fact, and fairly presents in all material respects the financial condition, results of operations and cash flows of the Company as of and for the periods presented in this annual report. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.\n\nManagement conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control \u2013 Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2022.\n\nThe Company acquired The Cosmopolitan of Las Vegas (\u201cThe Cosmopolitan\u201d) on May 17, 2022, and management excluded from its assessment the internal control over financial reporting at The Cosmopolitan, whose financial statements constitute approximately 11% of total assets and approximately 6% of total revenues of the consolidated financial statement amounts as of and for the year ended December 31, 2022.\n\nDeloitte & Touche LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this Annual Report on Form 10-K and, as part of their audit, has issued their report, included herein, on the effectiveness of the Company\u2019s internal control over financial reporting.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00407","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":" Here is a summary of the key information from the MGM Resorts International 10-Q filing relevant to your question:\n\n- The 10-Q filing does not specifically break out investment in short-term debt by type. However, it does provide some relevant information. \n\n- Under the \"Market Risk\" section, it states that as of June 30, 2023, the company had $57.7 million invested in U.S. government securities, $29.0 million in U.S. agency securities, $4.6 million in commercial paper and certificates of deposit, and $416.4 million in corporate bonds. \n\n- In total, the company had $509.9 million in debt investments as of June 30, 2023. This was comprised of $2.2 million in money market funds, $507.7 million in short-term investments, and no commercial paper or certificates of deposit.\n\n- As of December 31, 2022, the company had $18.0 million in cash and cash equivalents related to debt investments, made up of money market funds and commercial paper\/certificates of deposit. It also had $284.7 million in short-term investments.\n\nSo in summary, it appears that the largest investment in short-term debt for MGM Resorts in H1 2023 was in corporate bonds, followed by U.S. government securities. The filing does not provide an exact breakdown of the short-term debt investments by type for H1 2023 specifically. But the June 30, 2023 and December 31, 2022 figures provide a reasonable proxy.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04700","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":" Here is an answer to your question:\n\nMicrosoft's cost of revenue (COGS) for fiscal year 2016 was $32.78 billion. This can be found on the income statement in Microsoft's 2016 10-K filing:\n\nRevenue: $85.32 billion \nCost of revenue: $32.78 billion\n\nSo Microsoft's COGS for FY2016 was $32.78 billion. The cost of revenue includes expenses related to manufacturing, distribution, product support, and other costs directly associated with generating revenue. This information comes directly from Microsoft's audited financial statements in their annual 10-K report, so it represents the official COGS figure for FY2016.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?","gold_answer":"No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.","model_answer":" Here is a summary of the key information from Microsoft's 2023 10-K report:\n\n- Revenue was $211.9 billion, up 7% from the prior year. Product revenue was $64.7 billion and service\/other revenue was $147.2 billion.\n\n- Net income was $72.4 billion, down slightly from $72.7 billion. Diluted EPS was $9.68, up slightly from $9.65. \n\n- Cash, cash equivalents, and short-term investments totaled $111.3 billion, up from $104.8 billion. \n\n- Microsoft Cloud revenue was $111.6 billion, up 22% and now accounts for 53% of total revenue. This includes revenue from Azure, Office 365 commercial, LinkedIn, Dynamics 365, and other cloud properties.\n\n- Revenue from Productivity and Business Processes segment was $69.3 billion, up 9%. Office commercial revenue grew 10% driven by Office 365. \n\n- Revenue from Intelligent Cloud segment was $87.9 billion, up 17%. Server products\/cloud services revenue grew 19% driven by Azure.\n\n- Revenue from More Personal Computing segment was $54.7 billion, down 9%. Windows OEM revenue declined 25% on lower PC demand. Search\/news advertising grew 11%.\n\n- Operating income was $88.5 billion, up 6%. Tax rate was 19%. \n\n- During FY23 Microsoft returned $43.2 billion to shareholders through dividends and share repurchases. The company has $22.3 billion remaining on its current $60 billion share repurchase program.\n\nIn summary, Microsoft continued to show strong growth in its cloud and commercial businesses, offset by weakness in the PC market affecting Windows and devices revenue. The company maintains a very strong balance sheet and continues generating significant cash flows.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04458","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).","gold_answer":0.054,"model_answer":" Here are the key details to answer the question:\n\n- The statement of income shows:\n- Revenues: $4,374,562,000 \n- Operating income: $228,347,000\n\n- The statement of cash flows shows:\n- Net cash provided by operating activities: $97,831,000\n- Depreciation and amortization: $48,374,000\n\nSo to calculate unadjusted EBITDA:\n- Take operating income of $228,347,000\n- Add back depreciation and amortization of $48,374,000\n- Unadjusted EBITDA = $228,347,000 + $48,374,000 = $276,721,000\n\nThen to calculate the EBITDA margin:\n- Unadjusted EBITDA = $276,721,000\n- Revenues = $4,374,562,000\n- EBITDA margin = Unadjusted EBITDA \/ Revenues \n- EBITDA margin = $276,721,000 \/ $4,374,562,000 = 6.3%\n\nTherefore, the FY2015 unadjusted EBITDA % margin for Netflix is 6.3%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03282","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":" Here is the summary of the key information from Netflix's 2017 10-K report:\n\n- Netflix's revenues for 2017 were $11.7 billion, up 32% from 2016. This was driven primarily by growth in paid streaming memberships globally. \n\n- Net income was $559 million in 2017, up 199% from 2016. The increase was due to higher revenues and a tax benefit from the new tax law, partially offset by higher interest expense and foreign exchange losses.\n\n- As of December 31, 2017, Netflix had 117.6 million global streaming memberships, up 25% year-over-year. 49% of total streaming memberships were international.\n\n- Content assets (licensed and produced content) totaled $14.7 billion at year-end, up 33% from 2016. Over 30% of the unamortized cost is expected to be amortized within one year.\n\n- Long-term debt increased to $6.5 billion in 2017 from $3.4 billion in 2016, due to issuing new notes. Netflix has not borrowed anything under its $500 million revolving credit facility. \n\n- Cash used in operating activities was $1.8 billion in 2017 compared to $1.5 billion in 2016, primarily due to increased investments in content. Free cash flow was -$2 billion.\n\n- Technology and development expenses were $1.1 billion (9% of revenue), up 24% year-over-year due to more spending on personnel, cloud computing and facilities.\n\n- The company expects marketing spending growth to outpace revenue growth in 2018.\n\nIn summary, Netflix continued its rapid growth in 2017, with increasing global streaming memberships and revenues. It is investing heavily in content, funded by debt issuances, resulting in negative free cash flows.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04302","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.","gold_answer":0.551,"model_answer":" Here is a summary of the key information in Nike's income statement for the years 2016-2018 that is relevant for calculating cost of goods sold as a percentage of revenue:\n\n- Revenue: \n2016: $32.4 billion\n2017: $34.4 billion  \n2018: $36.4 billion\n\n- Cost of sales:\n2016: $17.4 billion\n2017: $19.0 billion\n2018: $20.4 billion\n\nBased on this information, Nike's three year average cost of goods sold as a percentage of revenue from FY2016 to FY2018 is:\n\n- Cost of goods sold as a % of revenue: \n2016: 53.8% \n2017: 55.4%\n2018: 56.2%\n\n- Three year average: 55.1%\n\nSo the three year average cost of goods sold as a percentage of revenue rounded to one decimal place is 55.1%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":" Here is a summary of the key details from Nike's balance sheet for FY2019 that are relevant to answering your question:\n\n- Total current assets: $16,525 million\n- Cash and equivalents: $4,466 million \n- Short-term investments: $197 million\n- Accounts receivable, net: $4,272 million\n- Inventories: $5,622 million\n- Prepaid expenses and other current assets: $1,968 million\n\nSo based on these details from Nike's balance sheet, the total current assets Nike had at the end of FY2019 was $16,525 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04080","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021). Round your answer to two decimal places.","gold_answer":3.46,"model_answer":" Here is a summary of the key information in Nike's 2021 10-K report relevant to answering your question about Nike's inventory turnover ratio:\n\n- Nike's cost of sales for FY2021 was $24,576 million (p. 57)\n- Nike's inventory balances were $6,854 million and $7,367 million as of May 31, 2021 and May 31, 2020, respectively (p. 59)\n\n- Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021)\n\n- Using the numbers above:\n(FY2021 COGS) = $24,576 million \n(Average inventory between FY2020 and FY2021) = ($6,854 million + $7,367 million) \/ 2 = $7,110 million\n\n- Plugging this into the formula:\n($24,576 million) \/ ($7,110 million) = 3.46\n\nSo based on the information in Nike's 10-K, the inventory turnover ratio for FY2021 is 3.46, rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":"\n\nHello! How may I help you today?","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00080","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":" Here are the key points on RSU, PBRSU, and restricted stock activity under the equity incentive plans:\n\n- 17.2 million RSUs, PBRSUs, and restricted stock were awarded and assumed in 2022. This includes about 0.5 million additional PBRSUs issued due to achievement of performance metrics. \n\n- 9.9 million RSUs, PBRSUs, and restricted stock vested in 2022. \n\n- 5.3 million RSUs, PBRSUs, and restricted stock were forfeited\/cancelled in 2022. This includes about 1 million PBRSUs cancelled due to a change in payout method.\n\n- As of December 31, 2022, there were 19.6 million RSUs, PBRSUs, and restricted stock outstanding with a weighted average grant date fair value of $133.27 per share. \n\n- 17.5 million RSUs, PBRSUs, and restricted stock outstanding at December 31, 2022 are expected to vest.\n\n- The aggregate intrinsic value of RSUs and PBRSUs vested was $935 million in 2022 compared to $3.4 billion in 2021 and $1.7 billion in 2020.\n\n- 1.5 million PBRSUs were granted in 2022 with a one-year performance period, of which 1 million were cancelled and 0.5 million will vest in early 2023.\n\nIn summary, RSU, PBRSU and restricted stock activity reflects new grants and vesting of prior awards, as well as cancellations. The total outstanding decreased from 2021 due to higher vesting activity, partially offset by new grants. The weighted average grant date fair value decreased reflecting lower stock prices.\n\n(1)\n(2)\n(1) \n(2)\n115\n Table of Contents\nPayPal Holdings, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)\nthe Compensation Committee\u2019s approval of the level of achievement against the pre-established performance targets in early 2023.\nSTOCK OPTION ACTIVITY\nThe following table summarizes stock option activity under the Plan as of December 31, 2022 and changes during the year ended December 31, 2022:\nOptions\nWeighted Average\nExercise Price\nWeighted Average\nRemaining\nContractual Term\n(Years)\nAggregate\nIntrinsic Value\n(In thousands)\n(per share)\n(in millions)\nOutstanding at January 1, 2022\n1,819 \n$\n39.06 \n1.7 $\n226\nExercised\n(1,819)\n$\n39.06 \n\u2014 $\n\u2014\nForfeited\/cancelled\n\u2014 \n$\n\u2014 \n\u2014 $\n\u2014\nOutstanding at December 31, 2022\n\u2014 \n$\n\u2014 \n\u2014 $\n\u2014\nVested and expected to vest at December 31, 2022\n\u2014 \n$\n\u2014 \n\u2014 $\n\u2014\nExercisable at December 31, 2022\n\u2014 \n$\n\u2014 \n\u2014 $\n\u2014\nThe aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2021, and 2020 was $176 million, $1.1 billion, and $1.0\nbillion, respectively. All outstanding stock options were fully vested and exercised during the year ended December 31, 2022. No stock options were granted in\n2022, 2021, or 2020.\nSTOCK-BASED COMPENSATION EXPENSE\nThe impact on our results of operations of recording stock-based compensation expense under the Plan and the Inducement Plan for the years ended\nDecember 31, 2022, 2021, and 2020 was as follows:\nYear Ended December 31,\n2022\n2021\n2020\n(In millions)\nCustomer support and operations\n$\n133 \n$\n133 \n$\n128 \nSales and marketing\n180 \n194 \n176 \nTechnology and development\n573 \n579 \n573 \nGeneral and administrative\n375 \n470 \n499 \nTotal stock-based compensation expense\n$\n1,261 \n$\n1,376 \n$\n1,376 \nCapitalized as part of internal use software and website development costs\n$\n52 \n$\n69 \n$\n69 \nWe capitalize stock-based compensation costs related to employees directly associated with the development of internal use software and platform development\nas part of internal use software and website development costs.\n116\n Table of Contents\nPayPal Holdings, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)\nAs of December 31, 2022, there was approximately $2.1 billion of unrecognized compensation cost related to RSUs and PBRSUs expected to vest. The\nunrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.1 years.\nDuring the years ended December 31, 2022, 2021, and 2020, the tax benefits realized from stock options exercised and the vesting of RSUs and PBRSUs were\n$336 million, $1.0 billion, and $521 million, respectively.\nDETERMINATION OF FAIR VALUE\nThe fair value of RSUs and PBRSUs is based on the closing price of our common stock on the date of grant. Our stock options and ESPP shares were valued\nusing the Black-Scholes option pricing model.\nThe following table summarizes the weighted average assumptions used in valuing stock options granted:\nYear Ended December 31,\n2022\n2021\n2020\nRisk-free interest rate\nN\/A\nN\/A\nN\/A\nExpected life (in years)\nN\/A\nN\/A\nN\/A\nDividend yield\nN\/A\nN\/A\nN\/A\nVolatility\nN\/A\nN\/A\nN\/A\nWeighted-average fair value of options granted\nN\/A\nN\/A\nN\/A\nNo stock options were granted in 2022, 2021, or 2020.\nThe following table summarizes the weighted average assumptions used in valuing ESPP shares:\nYear Ended December 31,\n2022\n2021\n2020\nRisk-free interest rate\n0.8%\n0.1%\n1.6%\nExpected life (in years)\n0.5\n0.5\n0.5\nDividend yield\n\u2014%\n\u2014%\n\u2014%\nVolatility\n38%\n36%\n30%\nWeighted-average fair value of each purchase right under the ESPP\n$\n18.42\n$\n32.07\n$\n21.01\nThe expected volatility assumptions used were based on the historical volatility of our common stock using daily price observations over periods, prior to the\ngrant date, which were commensurate with the expected life assumptions. The risk-free interest rate assumptions were based on the implied yield available on\nU.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of the equity award. The expected life assumptions were based on the\nsimplified method prescribed by accounting guidance for stock-based compensation due to limited historical exercise data. The dividend yield assumed was\nzero as we have never paid dividends and do not expect to pay dividends in the foreseeable future.\n117\n Table of Contents\nPayPal Holdings, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\u2014(Continued)\nEMPLOYEE SAVINGS PLAN\nWe have a defined contribution savings plan in the U.S. that qualifies under Section 401(k) of the Internal Revenue Code (the \u201cCode\u201d). Our non-U.S.\nemployees are covered by other savings plans. Participating employees may contribute up to 50% of their eligible compensation, but not more than statutory\nlimits. We contribute one dollar for each dollar a participant contributes, with a maximum contribution of 4% of each employee\u2019s eligible compensation,\nsubject to a maximum employer contribution mandated by the Code. Our non-elective and discretionary contributions vest over two years. Our matching\ncontributions under the plans were $88 million, $84 million, and $79 million for the years ended December 31, 2022, 2021, and 2020, respectively.\nNOTE 16\u2014INCOME TAXES\nThe components of income before income taxes are as follows:\nYear Ended December 31,\n2022\n2021\n2020\n(In millions)\nU.S.\n$\n2,819 \n$\n3,819 \n$\n4,819 \nInternational\n547 \n280 \n246 \nIncome before income taxes\n$\n3,366 \n$\n4,099 \n$\n5,065 \nThe provision for income taxes is composed of the following:\nYear Ended December 31,\n2022\n2021\n2020\n(In millions)\nCurrent:\nFederal\n$\n(1)\n$\n(1)\n$\n(1)\nState\n(1)\n(1)\n(1)\nForeign\n(1)\n(1)\n(1)\nCurrent income tax expense\n(3)\n(3)\n(3)\nDeferred:\nFederal\n(1)\n(1)\n(1)\nState\n(1)\n(1)\n(1)\nForeign\n(1)\n(1)\n(1)\nDeferred income tax expense\n(3)\n(3)\n(3)\nIncome tax expense (benefit)\n$\n(6)","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04980","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.","gold_answer":4.6,"model_answer":"\n\nApril 15, 2020 (\u201cBy-Laws\u201d), applicable provisions of law, including the North Carolina Business Corporation Act (the\n\u201cNCBCA\u201d), and other matters. The following description is a summary and does not purport to be complete. We encourage you\nto read our Articles of Incorporation and our By-Laws, which we have filed with the Securities and Exchange Commission, as\nwell as the applicable provisions of the NCBCA.\nGeneral\nOur Articles of Incorporation authorize us to issue 3,600,000,000 shares of common stock, par value one and two-thirds\ncents (1-2\/3 cents) per share. As of February 3, 2022 there were 1,383,451,400 shares of common stock outstanding which were\nheld of record by approximately 101,778 shareholders.\nVoting Rights. Each holder of a share of our common stock is entitled to one vote per share on all matters submitted to a\nvote of shareholders. Except as otherwise required by law, holders of common stock vote together as a single class on all matters\nsubmitted to a vote of shareholders. Directors are elected by a majority vote in an uncontested election and by a plurality vote in\na contested election. A majority of the votes cast means the number of shares voted \u201cfor\u201d a director exceeds the number of votes\ncast \u201cagainst\u201d that director.\nDividend Rights. Holders of our common stock are entitled to receive dividends as may be declared from time to time by\nour Board of Directors out of funds legally available for the payment of dividends, subject to any preferential dividend rights\ngranted to the holders of any outstanding shares of preferred stock.\nLiquidation Rights. Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of\nour common stock are entitled to share ratably in all assets remaining after payment of creditors and subject to prior distribution\nrights of preferred stock then outstanding.\nPreemptive and Other Rights. Holders of our common stock have no preemptive, conversion or redemption rights. Shares\nof our common stock are not subject to further calls or assessments by us. The rights of holders of our common stock are subject\nto the powers of our Board of Directors to declare and pay dividends as described above. Except as described under \u201cAntiTakeover Provisions\u201d below, there are no restrictions on the repurchase or redemption of shares by us while there is any arrearage\nin the payment of dividends or sinking fund installments. All shares of our common stock presently outstanding are fully paid\nand non-assessable.\nListing. Our common stock is listed and traded on The Nasdaq Global Select Market under the symbol \u201cPEP.\u201d Our\ncommon stock is also listed on the SIX Swiss Exchange.\nTransfer Agent and Registrar\nThe transfer agent and registrar for our common stock is Computershare Trust Company, N.A.\nAnti-Takeover Provisions\nOur Articles of Incorporation and By-Laws, as well as the NCBCA, contain certain provisions that could have an antitakeover effect. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our\nBoard of Directors and in the policies formulated by our Board of Directors and to discourage certain types of transactions which\nmay involve an actual or threatened change of control of us. The provisions are designed to reduce our vulnerability to an\nunsolicited proposal for a takeover of us that does not contemplate the acquisition of all of our outstanding shares or an\nunsolicited proposal for the restructuring or sale of all or part of us.\n2\n\nSet forth below is a description of the relevant provisions of our Articles of Incorporation and By-Laws and the NCBCA.\nThe description is intended as a summary only and is qualified in its entirety by reference to our Articles of Incorporation and By-\nLaws, copies of which are filed or incorporated by reference as exhibits to the Annual Report on Form 10-K of which this\nExhibit 4.72 is a part, and to the provisions of the NCBCA.\nNumber of Directors; Removal; Filling Vacancies. The NCBCA provides that the number of directors may be\nestablished by the by-laws, but the number may not be less than three. Our Articles of Incorporation provide that the number of\ndirectors shall not be less than three nor more than 20 directors, with the exact number to be fixed from time to time by a\nresolution adopted by a majority of the entire Board of Directors. Our Articles of Incorporation previously provided for three\nclasses of directors, but this provision was eliminated by an amendment to our Articles of Incorporation that became effective on\nMay 1, 2019.\nUnder the NCBCA, unless otherwise provided in the articles of incorporation, directors may be removed with or without\ncause, by a vote of the holders of a majority of the shares entitled to vote at an election of directors. Our Articles of Incorporation\ndo not change the provisions of the NCBCA.\nOur Articles of Incorporation provide that any vacancy occurring on the Board of Directors, including a vacancy resulting\nfrom the removal of a director or an increase in the number of directors, may be filled by the affirmative vote of the majority of\nthe remaining directors even if less than a quorum of the Board of Directors. The By-Laws permit a vacancy to be filled by the\nshareholders, if the directors remaining in office constitute fewer than a quorum of the Board of Directors.\nThese provisions could have the effect of discouraging a third party from making a tender offer or otherwise attempting to\nobtain control of us, because the incumbency of directors could not be changed at a single annual meeting.\nNo Shareholder Action by Written Consent; Special Meetings. The NCBCA provides that, unless provided otherwise in\nthe articles of incorporation, action required or permitted to be taken at a shareholders\u2019 meeting may be taken without a meeting\nonly by unanimous written consent signed by all shareholders entitled to vote on the action. Our Articles of Incorporation\nexpressly deny this right of action by written consent. The NCBCA also provides that special meetings of the shareholders shall\nbe held when directed by the board of directors, the chairman of the board, the chief executive officer or the president, or when\nrequested in writing by the holders of not less than 10% of all the shares entitled to vote on any issue proposed to be considered at\nthe meeting. A special meeting may not be called by any other person. Our Articles of Incorporation expressly deny the ability of\nshareholders to call a special meeting.\nThese provisions could have the effect of delaying until the next annual shareholders\u2019 meeting shareholder actions which\nare favored by the holders of less than a majority of our outstanding shares, because a shareholder could not force shareholder\nconsideration of such acts between annual meetings.\nAdvance Notice Requirements for Shareholder Proposals and Director Nominations. Our By-Laws establish an advance\nnotice procedure for shareholders to make nominations of candidates for election as directors or to bring other business before an\nannual meeting of our shareholders.\nThe By-Laws provide that any shareholder wishing to nominate persons for election as directors at, or bring other business\nbefore, an annual meeting must deliver to our secretary a written notice of the shareholder\u2019s intention to do so. To be timely, the\nshareholder\u2019s notice must be delivered to us not later than the 90th day nor earlier than the 120th day prior to the first anniversary\nof the preceding year\u2019s annual meeting. If the date of the annual meeting is more than 30 days before or more than 60 days after\nsuch anniversary date, notice by the shareholder must be delivered not earlier than the 120th day prior to such annual meeting and\nnot later than the later of the 90th day prior to such annual meeting or the 10th day following the day on which public\nannouncement of the date of such meeting is first made by us. The notice must set forth:\n3\n\n\u2022\n\nthe name and address of the shareholder who intends to make the nomination and the beneficial owner, if any, on\nwhose behalf the nomination is made;\n\n\u2022\n\nthe name, age, business address and, if known, residence address of each person so proposed;\n\n\u2022\n\nthe principal occupation or employment of each person so proposed for the past five years;\n\n\u2022\n\nthe number of shares of capital stock of PepsiCo beneficially owned within the meaning of SEC Rule 13d-1 by each\nperson so proposed;\n\n\u2022\n\nany other information relating to such person that is required to be disclosed in solicitations for proxies for election of\ndirectors pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d);\n\n\u2022\n\nas to the shareholder giving the notice, (i) the name and address, as they appear on our books, of such shareholder and\nany other shareholders known by such shareholder to be supporting such nominees and (ii) the class and number of\nshares of our capital stock which are beneficially owned by such shareholder and any other shareholders known by\nsuch shareholder to be supporting such nominees on the date of such shareholder notice; and\n\n\u2022\n\na representation that the shareholder is a holder of record of our stock entitled to vote at such meeting and that the\nshareholder intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the\nnotice.\n\nTo be in proper form, a shareholder\u2019s notice relating to an item of business","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01009","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":" Here are the key points regarding PepsiCo's financial results and business operations in 2022:\n\n- Net revenue grew 9% to $86.4 billion, reflecting effective net pricing and organic volume growth. Organic revenue growth was 14%, excluding the impact of foreign exchange translation and acquisitions and divestitures.\n\n- Operating profit grew 3% to $11.5 billion, while operating margin declined 0.7 percentage points to 13.3%. Operating profit reflected net revenue growth and productivity savings, partially offset by higher operating costs, a 42-percentage-point impact of higher commodity costs, and impairment charges.\n\n- Net income attributable to PepsiCo grew 17% to $8.9 billion, reflecting operating profit growth and a lower tax rate, partially offset by higher interest expense. \n\n- Diluted EPS grew 17% to $6.42, reflecting net income growth.\n\n- In Q1, PepsiCo completed the sale of its Tropicana, Naked and other select juice brands while retaining a 39% noncontrolling interest in the newly formed joint venture called Tropicana Brands Group (TBG). The transaction resulted in a pre-tax gain of $3.3 billion.\n\n- PepsiCo continued to experience significantly higher costs, including transportation, labor, commodities, and packaging. These inflationary pressures impacted results and are expected to continue in 2023.\n\n- The company incurred $1.4 billion of pre-tax charges related to the Russia-Ukraine conflict, including impairments of intangible assets and property, plant and equipment.\n\n- PepsiCo returned $7.7 billion to shareholders in 2022 through dividends ($6.2 billion) and share repurchases ($1.5 billion). \n\n- In February 2023, PepsiCo announced a 10% increase in its annualized dividend to $5.06 per share and expects to return approximately $7.7 billion to shareholders in 2023.\n\nIn summary, PepsiCo delivered solid operating performance in 2022 despite a challenging inflationary environment and geopolitical volatility. The company gained market share in beverages and grew earnings per share. PepsiCo continues to make investments to drive innovation and transform its business while returning cash to shareholders.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04481","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.","gold_answer":0.165,"model_answer":" Here are the Exhibits to PepsiCo's Form 10-K for the fiscal year ended December 31, 2022:\n\nExhibit 3.1 - Amended and Restated Articles of Incorporation of PepsiCo, Inc., effective as of May 1, 2019 (incorporated by reference to Exhibit 3.1 to PepsiCo's Form 8-K filed on May 3, 2019) \n\nExhibit 3.2 - By-laws of PepsiCo, Inc., as amended and restated, effective as of April 15, 2020 (incorporated by reference to Exhibit 3.2 to PepsiCo's Form 8-K filed on April 16, 2020)\n\nExhibit 4.1 - PepsiCo agrees to furnish debt instruments to the SEC upon request\n\nExhibit 4.2 - Indenture dated May 21, 2007 between PepsiCo, Inc. and The Bank of New York Mellon (incorporated by reference to Exhibit 4.3 to PepsiCo's Form S-3ASR filed on October 15, 2008)\n\nExhibit 4.3 - Form of 5.50% Senior Note due 2040 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on January 13, 2010) \n\nExhibit 4.4 - Form of 4.875% Senior Note due 2040 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on October 25, 2010)\n\nExhibit 4.5 - Form of 3.600% Senior Note due 2024 (incorporated by reference to Exhibit 4.2 to PepsiCo's Form 8-K filed on February 28, 2014)\n\nExhibit 4.6 - Form of 2.625% Senior Note due 2026 (incorporated by reference to Exhibit 4.2 to PepsiCo's Form 8-K filed on April 28, 2014) \n\nExhibit 4.7 - Form of 4.250% Senior Note due 2044 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on October 22, 2014)\n\nExhibit 4.8 - Form of 2.750% Senior Note due 2025 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on April 30, 2015)\n\nExhibit 4.9 - Form of 3.500% Senior Note due 2025 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on July 17, 2015)\n\nExhibit 4.10 - Form of 4.600% Senior Note due 2045 (incorporated by reference to Exhibit 4.5 to PepsiCo's Form 8-K filed on July 17, 2015) \n\nExhibit 4.11 - Form of 4.450% Senior Note due 2046 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on October 14, 2015)\n\nExhibit 4.12 - Form of 2.850% Senior Note due 2026 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on February 24, 2016) \n\nExhibit 4.13 - Form of 4.450% Senior Note due 2046 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on February 24, 2016)\n\nExhibit 4.14 - Form of 0.875% Senior Note due 2028 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on July 18, 2016)\n\nExhibit 4.15 - Form of 2.375% Senior Note due 2026 (incorporated by reference to Exhibit 4.5 to PepsiCo's Form 8-K filed on October 6, 2016)\n\nExhibit 4.16 - Form of 3.450% Senior Note due 2046 (incorporated by reference to Exhibit 4.6 to PepsiCo's Form 8-K filed on October 6, 2016)\n\nExhibit 4.17 - Form of 4.000% Senior Note due 2047 (incorporated by reference to Exhibit 4.5 to PepsiCo's Form 8-K filed on May 2, 2017)\n\nExhibit 4.18 - Form of 2.150% Senior Note due 2024 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on May 4, 2017)\n\nExhibit 4.19 - Form of 3.000% Senior Note due 2027 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on October 10, 2017)\n\nExhibit 4.20 - Board resolutions authorizing officers to establish terms of certain senior notes (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 10-Q for the 24 weeks ended June 12, 2010)\n\nExhibit 4.21 - Board resolutions authorizing officers to establish terms of certain senior notes (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on May 6, 2011) \n\nExhibit 4.22 - Form of 4.000% Senior Note due 2042 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on March 2, 2012)\n\nExhibit 4.23 - Form of 3.600% Senior Note due 2042 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on August 13, 2012)\n\nExhibit 4.24 - Form of 2.750% Senior Note due 2023 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on February 28, 2013)\n\nExhibit 4.25 - Form of 7.00% Senior Note due 2029, Series A (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on November 8, 2018)\n\nExhibit 4.26 - Form of 5.50% Senior Note due 2035, Series A (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on November 8, 2018)\n\nExhibit 4.27 - Form of 7.29% Senior Note due 2026 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form S-4 filed on November 19, 2018)\n\nExhibit 4.28 - Form of 7.44% Senior Note due 2026 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form S-4 filed on November 19, 2018)\n\nExhibit 4.29 - Form of 7.00% Senior Note due 2029 (incorporated by reference to Exhibit 4.5 to PepsiCo's Form S-4 filed on November 19, 2018)\n\nExhibit 4.30 - Form of 5.50% Senior Note due 2035 (incorporated by reference to Exhibit 4.6 to PepsiCo's Form S-4 filed on November 19, 2018)\n\nExhibit 4.31 - Form of 0.750% Senior Note due 2027 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on March 18, 2019)\n\nExhibit 4.32 - Form of 1.125% Senior Note due 2031 (incorporated by reference to Exhibit 4.2 to PepsiCo's Form 8-K filed on March 18, 2019)\n\nExhibit 4.33 - Form of 2.625% Senior Note due 2029 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on July 29, 2019) \n\nExhibit 4.34 - Form of 3.375% Senior Note due 2049 (incorporated by reference to Exhibit 4.2 to PepsiCo's Form 8-K filed on July 29, 2019)\n\nExhibit 4.35 - Form of 2.875% Senior Note due 2049 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on October 9, 2019)\n\nExhibit 4.36 - Form of 0.875% Senior Note due 2039 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on October 16, 2019)\n\nExhibit 4.37 - Form of 2.250% Senior Note due 2025 (incorporated by reference to Exhibit 4.1 to PepsiCo's Form 8-K filed on March 19, 2020)\n\nExhibit 4.38 - Form of 2.625% Senior Note due 2027 (incorporated by reference to Exhibit 4.2 to PepsiCo's Form 8-K filed on March 19, 2020) \n\nExhibit 4.39 - Form of 2.750% Senior Note due 2030 (incorporated by reference to Exhibit 4.3 to PepsiCo's Form 8-K filed on March 19, 2020)\n\nExhibit 4.40 - Form of 3.500% Senior Note due 2040 (incorporated by reference to Exhibit 4.4 to PepsiCo's Form 8-K filed on March 19, 2020) \n\nExhibit 4.41 - Form of 3.625% Senior Note due 2050 (incorporated by reference to Exhibit 4.5 to PepsiCo's Form 8-K filed on March 19, 2020)\n\nExhibit 4.42 - Form of 3.875% Senior Note due 2060 (incorporated by reference to Exhibit 4.6 to PepsiCo's Form 8-K filed on March 19, 2020)\n\nExhibit 4.43 - Form of 0.750% Senior Note due","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03620","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.","gold_answer":9068,"model_answer":" Here are the key points regarding PepsiCo's financial results and liquidity:\n\n- PepsiCo reported solid financial results in 2022, with revenue growth of 9% and operating profit growth of 3% year-over-year. The company benefited from effective net pricing actions and strong organic revenue growth of 14%, which helped offset significant inflationary pressures on costs as well as unfavorable foreign exchange.\n\n- The company generated $10.8 billion of operating cash flow and $5.9 billion of free cash flow in 2022. This enabled PepsiCo to return $7.7 billion to shareholders in dividends and share repurchases for the full year. \n\n- PepsiCo has a strong balance sheet and liquidity position. As of December 31, 2022, the company had $5 billion in cash and cash equivalents, $39 billion in long-term debt, and access to $7.6 billion in revolving credit facilities. \n\n- PepsiCo's return on invested capital was 17% in 2022, reflecting its ability to generate solid returns even in a high inflationary environment.\n\n- The company expects to return approximately $7.7 billion to shareholders again in 2023, comprising dividends of $6.7 billion and share repurchases of $1 billion.\n\n- PepsiCo faces risks related to continued inflationary pressures, foreign exchange volatility, the conflict in Ukraine, and an uncertain macroeconomic environment. However, the company has demonstrated resilience through its pricing power, portfolio of strong brands, and geographic diversification.\n\nIn summary, PepsiCo continues to deliver solid operating results and cash flows, maintain a strong financial position, and return significant cash to shareholders through dividends and buybacks despite a challenging operating environment. The company's scale, brands, and distribution capabilities should enable it to successfully navigate ongoing macro uncertainty.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01328","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":"Pepsico's restructuring costs in FY2022 amounted to $411 million .","model_answer":" Here are the Exhibits for PepsiCo's Form 10-K annual report:\n\n1. Amended and Restated Articles of Incorporation of PepsiCo, Inc. \n\n2. By-laws of PepsiCo, Inc., as amended and restated.\n\n3. PepsiCo agrees to furnish debt instruments to the SEC upon request.\n\n4. Indenture dated May 21, 2007 between PepsiCo, Inc. and The Bank of New York Mellon. \n\n5. Forms of various senior notes issued by PepsiCo.\n\n6. Board resolutions authorizing officers to establish terms of various senior notes issued by PepsiCo.\n\n7. Third Supplemental Indenture dated October 24, 2018 between Pepsi-Cola Metropolitan Bottling Company, Inc. and The Bank New York Mellon Trust Company related to senior notes.\n\nThe exhibits include PepsiCo's articles of incorporation, bylaws, forms of debt instruments like senior notes, board resolutions authorizing debt issuances, and supplemental indentures related to debt issuances. They outline the key corporate governance documents, debt agreements, and authorizations needed to issue public debt securities.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00735","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":" Here are the key points regarding PepsiCo's legal proceedings and material changes in financial statement line items:\n\nLegal Proceedings (Item 3)\n- PepsiCo and its subsidiaries are involved in various legal proceedings, but management believes the final outcome will not have a material adverse effect on PepsiCo's financial condition, results of operations or cash flows. \n\nMaterial Changes in Financial Statement Line Items (Item 7)\n\nBalance Sheet:\n- Increase in accounts receivable reflects strong revenue performance in 2022. \n- Increase in inventories reflects higher commodity costs in 2022.\n- Decrease in assets held for sale reflects closing of the Juice Transaction.\n- Increase in PP&E reflects capital spending, partially offset by depreciation.\n- Decrease in other indefinite-lived intangible assets primarily reflects impairments.  \n- Increase in investments in noncontrolled affiliates primarily reflects closing of the Juice Transaction.\n- Increase in other assets primarily reflects investment in Celsius convertible preferred stock.\n- Decrease in short-term debt obligations reflects debt payments and redemptions.\n- Increase in accounts payable and other current liabilities reflects higher commodity costs and capital expenditures. \n- Decrease in liabilities held for sale reflects closing of the Juice Transaction.\n- Decrease in deferred income taxes primarily reflects certain impairments and capitalization of R&D under the TCJA Act.\n- Decrease in other liabilities primarily reflects changes related to pension and retiree medical plans.\n\nStatement of Cash Flows:\n- Lower net cash from operating activities in 2022 primarily reflects unfavorable working capital comparisons and higher net tax payments.\n- Lower net cash used for investing activities in 2022 primarily reflects proceeds from the Juice Transaction, partially offset by investment in Celsius and higher capital spending.  \n- Higher net cash used for financing activities in 2022 primarily reflects lower debt proceeds\/higher debt redemptions, higher dividend payments, and share repurchases, partially offset by lower debt repayments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":" Based on the filing, Pepsico raised its full year 2023 guidance for core constant currency EPS growth by 1 percentage point, from 8% to 9%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":" Based on the filing, it seems PepsiCo raised its full year 2023 guidance primarily due to the following reasons:\n\n1. Strong first quarter performance in 2023, with 10.2% reported net revenue growth and 14.3% organic revenue growth. This indicates the business has good momentum entering 2023.\n\n2. Resilient performance across geographies and categories. The filing mentions PepsiCo's categories and geographies remained resilient during Q1 2023, implying continued strong demand. \n\n3. As a result of the strong Q1 performance and resilient business trends, PepsiCo raised its full year organic revenue growth guidance from 6% to 8% and core constant currency EPS growth guidance from 8% to 9%.\n\nIn summary, the strong start to 2023, along with PepsiCo's positive outlook for continued demand resilience across regions and products, led management to increase full year guidance above original expectations. The Q1 results and demand trends gave them confidence in faster growth for the remainder of 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":" Based on the SEC filing, the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated at the 2023 PepsiCo AGM. The voting results show that 19,718,780 votes were cast For the proposal, 977,228,788 votes were cast Against, 23,200,321 abstained, and there were 172,969,325 broker non-votes. So the proposal did not receive the required votes to pass.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":" Based on the SEC filing, it appears that PepsiCo increased its unsecured five year revolving credit agreement by $400 million on May 26, 2023. \n\nThe key details are:\n\n- On May 26, 2023, PepsiCo entered into a new $4.2 billion five year unsecured revolving credit agreement, replacing the previous $3.8 billion five year agreement from May 27, 2022. \n\n- So the five year revolving credit agreement was increased by $400 million on May 26, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":" Based on the SEC filing, here are the key details for answering your question:\n\n- As of May 26, 2023, PepsiCo has two unsecured revolving credit agreements:\n\n1) A $4.2 billion 364-day credit agreement \n\n2) A $4.2 billion 5-year credit agreement\n\n- Under the 364-day credit agreement, the total amount PepsiCo may borrow is $4.2 billion. \n\n- Under the 5-year credit agreement, the total amount PepsiCo may borrow is also $4.2 billion.\n\nTherefore, as of May 26, 2023, the total amount PepsiCo may borrow under its unsecured revolving credit agreements is $4.2 billion + $4.2 billion = $8.4 billion.\n\nSo in summary, as of May 26, 2023, the total amount Pepsico may borrow under its unsecured revolving credit agreements is $8.4 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":" Here are the key points regarding Pfizer's tax matters in 2021:\n\n- Pfizer's income from continuing operations before taxes was $24.3 billion, up from $7 billion in 2020. The increase was mainly due to higher revenues, primarily from Comirnaty sales. \n\n- The tax provision was $1.9 billion, compared to $370 million in 2020. The effective tax rate was 7.6% in 2021, up from 5.3% in 2020.\n\n- The higher tax rate in 2021 was primarily due to the change in jurisdictional mix of earnings related to Comirnaty sales, as well as lower tax benefits from intangible asset impairments. \n\n- Pfizer continues to pay its estimated $15 billion repatriation tax liability from the 2017 Tax Cuts and Jobs Act over 8 years through 2026. The third installment was paid in 2021 and the fourth is due in April 2022.\n\n- Pfizer has gross unrecognized tax benefits of $6.1 billion, excluding interest, primarily related to transfer pricing, certain tax credits and deductions, and state and international tax contingencies. \n\n- The company expects to resolve a number of tax audits and court decisions in the next 12 months that could potentially impact the unrecognized tax benefits balance.\n\nIn summary, Pfizer's tax provision and effective tax rate increased in 2021 compared to 2020, mainly driven by the change in mix of jurisdictional earnings related to Comirnaty sales. The company continues to make installment payments on its repatriation tax liability and has significant unrecognized tax benefits that could impact results in future periods.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02416","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are three main companies acquired by Pfizer mentioned in this 10K report?","gold_answer":"Trillium, Array, and Therachon","model_answer":" Here are the key points regarding the tax rate reconciliation in Pfizer's financial statements:\n\n- The statutory U.S. federal income tax rate is 21% for all years presented. This is the default tax rate set by law that applies to taxable income. \n\n- Pfizer's effective tax rate was 7.6% in 2021, 5.3% in 2020, and 5.2% in 2019. The effective tax rate represents the average rate at which Pfizer's pre-tax income from continuing operations was actually taxed.\n\n- The difference between the statutory rate and effective rate is explained by various factors that increase or decrease the tax expense relative to pre-tax income.\n\n- Key factors that decreased the tax expense and effective tax rate versus the statutory rate:\n\n1) Tax benefits related to acquisitions and internal restructuring - These reduced the tax rate by 3.4% in 2021, 13.5% in 2020, and 9.3% in 2019. They relate to reorganizations of legal entities and acquisitions.\n\n2) Tax benefits on dividends and other income earned abroad - These reduced the rate by 2.9% in 2021 and 1.2% in 2020. They relate to income earned in foreign jurisdictions with lower tax rates. \n\n3) Tax credits and incentives - These reduced the rate by 1.7% in 2021, 2.2% in 2020, and 1.3% in 2019. They include R&D credits and state and local incentives.\n\n4) Resolution of certain tax positions - These reduced the rate by 12.4% in 2019, relating to the favorable settlement of an IRS audit. \n\n- Key factors that increased the tax expense and effective tax rate versus the statutory rate:\n\n1) Tax on global intangible low-taxed income (GILTI) - This increased the rate by 2.2% in 2021 and 2.0% in 2020. It relates to income earned by foreign subsidiaries.\n\n2) Other net unfavorable adjustments - These increased the rate by 2.3% in 2021, 1.4% in 2020, and 1.2% in 2019. They represent miscellaneous smaller adjusting items.\n\nSo in summary, the effective tax rate differed from the statutory rate primarily due to the tax benefits and costs related to Pfizer's global operations and transactions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00702","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":" Based on the information provided in Pfizer's 2021 10-K filing, there does not appear to be any mention of events outside of Pfizer's standard business operations that substantially increased net income in 2019. The 10-K discusses Pfizer's financial performance and results of operations for 2019, including revenues, income, expenses, taxes, etc., but does not cite any unusual or non-recurring events that drove a substantial increase in net income that year. Pfizer's net income increased from 2018 to 2019, but this appears to be attributed to normal business factors like revenue growth, cost management, tax benefits, etc. The filing does not call out any specific potential events that were not part of Pfizer's regular business model and operations that meaningfully impacted net income in 2019.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00724","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":"\nHello! How may I help you today?","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00283","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":" Here are some key points about Pfizer's second quarter 2023 earnings results:\n\n- Revenues decreased 54% operationally to $12.7 billion, primarily driven by declines in sales of Paxlovid and Comirnaty. Excluding contributions from Comirnaty and Paxlovid, revenues increased 5% operationally. \n\n- Income from continuing operations before tax decreased to $2.3 billion from $11.4 billion, primarily due to lower revenues and higher selling, informational and administrative expenses, partially offset by gains on equity securities versus losses last year.\n\n- GAAP diluted EPS decreased to $0.41 from $1.73. Adjusted diluted EPS decreased to $0.67 from $2.04.\n\n- The company tightened its 2023 revenue guidance range to $67-$70 billion from the previous range of $67-$71 billion. This reflects an expected 31% operational decline at the midpoint compared to 2022, primarily due to reduced sales of Comirnaty and Paxlovid. \n\n- Comirnaty revenues decreased 82% operationally to $1.5 billion. Paxlovid revenues decreased 98% operationally to $143 million. Excluding contributions from Comirnaty and Paxlovid, revenues grew 5% operationally.\n\n- Key growth drivers included Vyndaqel, Eliquis, Xtandi, Inlyta and newly acquired products Nurtec ODT and Oxbryta. \n\n- The company continues to advance its pipeline, including regulatory submissions for its Omicron-adapted bivalent COVID-19 vaccine and oral antiviral Paxlovid in younger populations.\n\nIn summary, Pfizer's financial performance declined significantly in Q2 due to reduced COVID-19 product sales, but the business excluding Comirnaty and Paxlovid showed operational growth. The company tightened its 2023 revenue outlook reflecting continued expected declines in COVID-19 products. Pipeline advancements continue.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"As of Q2'2023, is Pfizer spinning off any large business segments?","gold_answer":"Yes, it's spinning off Upjohn.","model_answer":" Here are the key points from Pfizer's Q2 2023 earnings results:\n\n- Revenues decreased 54% year-over-year to $12.7 billion, primarily due to declines in sales of Paxlovid and Comirnaty. Excluding contributions from Comirnaty and Paxlovid, revenues increased 5% operationally. \n\n- Net income attributable to Pfizer decreased 76% to $2.3 billion.\n\n- Diluted EPS decreased 76% to $0.41. \n\n- The company tightened its full-year 2022 revenue guidance range to $67-$70 billion from the previous range of $98-$102 billion. The lowered guidance reflects expected declines in sales of COVID-19 products.\n\n- Pfizer announced plans to acquire Seagen for $43 billion in cash. The acquisition is expected to close in late 2023\/early 2024.\n\nSome key takeaways:\n\n- As expected, Pfizer saw a substantial revenue decline compared to last year when COVID-19 product sales were much higher. Excluding COVID-19 products, Pfizer's revenues showed modest growth driven by drugs like Vyndaqel, Eliquis and Xtandi.\n\n- The Seagen acquisition demonstrates Pfizer's strategy to augment growth through M&A. Seagen strengthens Pfizer's oncology portfolio.\n\n- Pfizer lowered its 2022 revenue outlook mainly due to reduced expectations for Comirnaty and Paxlovid sales as demand trends downward. However, Pfizer expects its non-COVID business will deliver operational growth.\n\n- Pfizer's diverse portfolio, pipeline and strong cash flows should help offset the eventual decline of COVID-19 product revenues. But the speed and extent of decline remains a risk.\n\nIn summary, Pfizer delivered weaker Q2 results mostly attributed to waning COVID-19 product sales. But its base business showed resilience. The Seagen deal boosts Pfizer's long-term growth potential. However, near-term results will continue facing tough comparisons to 2021's COVID-driven sales surge.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00601","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove the reduction in SG&A expense as a percent of net sales in FY2023?","gold_answer":"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the filing, the key factors that drove the reduction in SG&A expense as a percent of net sales in FY2023 seem to be:\n\n- Leverage of marketing expenses and incentive compensation due to higher sales. The filing states that SG&A as a percentage of net sales decreased in FY2023 \"primarily due to lower marketing expenses and leverage of incentive compensation due to higher sales\". This indicates that the higher sales volume allowed Ulta to spend less on marketing and incentives as a percentage of sales.\n\n- Deleverage of store payroll and benefits due to wage investments. The filing mentions there was deleverage in this area due to wage investments, meaning payroll costs increased faster than sales.\n\n- Deleverage in corporate overhead due to strategic investments. The filing states there was deleverage in corporate overhead, likely indicating that investments in strategic initiatives at the corporate level led to overhead costs rising faster than sales. \n\nIn summary, the key drivers seem to be 1) Leverage of marketing and incentives 2) Rise in store payroll\/benefits and 3) Increase in corporate overhead investments. The leverage from higher sales was able to more than offset the deleverage in other areas of SG&A, leading to an overall reduction as a percentage of sales.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the filing, it seems the increase in Ulta Beauty's merchandise inventories balance at the end of FY2023 was primarily driven by:\n\n- The opening of 47 new stores since January 29, 2022, which required stocking those stores with inventory. \n\n- Inventory to support new brand launches and brand expansions. The addition of new brands and expansion of existing brands requires procuring inventory for those new products.\n\n- Inventory cost increases. Rising costs likely led Ulta to stock up on more inventory while costs were lower. \n\nThe filing states \"The $104.2 million increase was primarily due to the opening of 47 new stores since January 29, 2022, inventory to support new brand launches and brand expansions, and inventory cost increases.\" So those three factors seem to be the main drivers of the increase in merchandise inventories.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00605","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?","gold_answer":"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the filing, here are the key details:\n\n- Ulta Beauty spent $900 million on stock repurchases in fiscal year 2023. \n\n- In Q4 of fiscal 2023, Ulta Beauty spent $328.1 million on stock repurchases.\n\n- $328.1 million \/ $900 million = 36.5%\n\nTherefore, the percent of Ulta Beauty's total spend on stock repurchases for FY2023 that occurred in Q4 of FY2023 is 36.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00606","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?","gold_answer":"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the filing, Ulta Beauty's wages expense as a percent of net sales decreased in FY2023 compared to FY2022. \n\nThe key evidence is:\n\n- In FY2023, Ulta Beauty reported net sales of $10.2 billion, up 18.3% from $8.6 billion in FY2022. \n\n- SG&A expenses, which include wages expense, were $2.4 billion in FY2023, up 16.2% from $2.1 billion in FY2022.\n\n- As a percentage of net sales, SG&A expenses decreased to 23.5% in FY2023 compared to 23.9% in FY2022.\n\nSo SG&A expenses, including wages, grew at a slower rate than net sales. This indicates that wages expense as a percent of net sales decreased in FY2023 compared to FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00746","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":" Here is the relevant filing that you need to answer the question:\n\nTable of Contents\nUNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, DC 20549\nFORM 10-K\n\u2612 Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the fiscal year ended January 28, 2023\nor\n\u2610 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\nFor the transition period from _____________ to _____________\nCommission File Number: 001-33764\nULTA BEAUTY, INC.\n(Exact name of registrant as specified in its charter)\nDelaware\n(State or other jurisdiction of\nincorporation or organization)\n38-4022268\n(I.R.S. Employer\nIdentification No.)\n1000 Remington Blvd., Suite 120\nBolingbrook, Illinois\n(Address of principal executive offices)\n60440\n(Zip code)\nRegistrant\u2019s telephone number, including area code: (630) 410-4800\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading symbol\nName of each exchange on which registered\nCommon stock, par value $0.01 per share\nULTA\nThe NASDAQ Global Select Market\nSecurities registered pursuant to Section 12(g) of the Act: None\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. \u2327 Yes \u25fb No\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. \u25fb Yes \u2327 No\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934\nduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing\nrequirements for the past 90 days. \u2327 Yes \u25fb No\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of\nRegulation S-T (\u00a7 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such\nfiles). \u2327 Yes \u25fb No\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or\nemerging growth company. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company,\u201d and \u201cemerging growth\ncompany\u201d in Rule 12b-2 of the Exchange Act.:\nLarge accelerated filer \u2327\nAccelerated filer \u25fb\nNon-accelerated filer \u25fb   \nSmaller reporting company \u2610\nEmerging growth company \u2610\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new\nor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u25fb\nIndicate by check mark whether the registrant has filed a report on and attestation to its management\u2019s assessment of the effectiveness of its internal control\nover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or\nissued its audit report. \u2327\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the \nfiling reflect the correction of an error to previously issued financial statements.  \u25fb\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received\nby any of the registrant\u2019s executive officers during the relevant recovery period pursuant to 240.10D-1(b). \u25fb\n Table of Contents\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). \u2610  Yes \u2612 No\nThe aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of the common stock on July 29,\n2022, as reported on the NASDAQ Global Select Market, was approximately $16,116,323,000.\nThe number of shares of the registrant\u2019s common stock, par value $0.01 per share, outstanding as of March 20, 2023 was 50,195,089 shares.\nDOCUMENTS INCORPORATED BY REFERENCE\nInformation required in response to Part III of Form 10-K is hereby incorporated by reference from portions of the registrant\u2019s Proxy Statement for the\n2023 Annual Meeting of Stockholders. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant\u2019s\nfiscal year ended January 28, 2023.\n Table of Contents\nTABLE OF CONTENTS\nForward Looking Statements\n    \n1\nPart I\n    \nItem 1.\nBusiness\n2\nItem 1A.\nRisk Factors\n14\nItem 1B.\nUnresolved Staff Comments\n25\nItem 2.\nProperties\n26\nItem 3.\nLegal Proceedings\n27\nItem 4.\nMine Safety Disclosures\n27\nItem 4A.\nExecutive Officers\n27\nPart II\nItem 5.\nMarket for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\n28\nItem 6.\n[Reserved]\n31\nItem 7.\nManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\n31\nItem 7A.\nQuantitative and Qualitative Disclosures about Market Risk\n43\nItem 8.\nFinancial Statements and Supplementary Data\n43\nItem 9.\nChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\n43\nItem 9A.\nControls and Procedures\n43\nItem 9B.\nOther Information\n44\nItem 9C.\nDisclosure Regarding Foreign Jurisdictions that Prevent Inspections\n44\nPart III\nItem 10.\nDirectors, Executive Officers and Corporate Governance\n44\nItem 11.\nExecutive Compensation\n44\nItem 12.\nSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\n45\nItem 13.\nCertain Relationships and Related Transactions, and Director Independence\n45\nItem 14.\nPrincipal Accountant Fees and Services\n45\nPart IV\nItem 15.\nExhibits and Financial Statement Schedules\n46\nItem 16.\nForm 10-K Summary\n79\nSignatures\n80\n Table of Contents\n1\nFORWARD-LOOKING STATEMENTS\nReferences in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cUlta Beauty,\u201d the \u201cCompany\u201d and similar references mean Ulta\nBeauty, Inc. and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.\nThis Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act\nof 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current\nviews with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by\nthe use of forward-looking words such as \u201coutlook,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201ctargets,\u201d \u201cstrategies\u201d or other comparable\nwords. Any forward-looking statements contained in this Form 10-K are based upon our historical performance and on current plans,\nestimates, and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other\nperson that the future plans, estimates, targets, strategies, or expectations contemplated by us will be achieved. Such forward-looking\nstatements are subject to various risks and uncertainties, which include, without limitation:\n\u25cf\nmacroeconomic conditions, including inflation, rising interest rates and recessionary concerns, as well as ongoing labor cost\npressures, transportation and shipping cost pressures, and the COVID-19 pandemic, have had, and may continue to have, a\nnegative impact on our business, financial condition, profitability, and cash flows (including future uncertain impacts);\n\u25cf\nchanges in the overall level of consumer spending and volatility in the economy, including as a result of macroeconomic\nconditions and geopolitical events;\n\u25cf\nour ability to sustain our growth plans and successfully implement our long-range strategic and financial plan;\n\u25cf\nthe ability to execute our operational excellence priorities, including continuous improvement, Project SOAR (our replacement\nenterprise resource planning platform), and supply chain optimization;\n\u25cf\nour ability to gauge beauty trends and react to changing consumer preferences in a timely manner;\n\u25cf\nthe possibility that we may be unable to compete effectively in our highly competitive markets;\n\u25cf\nthe possibility of significant interruptions in the operations of our distribution and fast fulfillment centers;\n\u25cf\nthe possibility that cybersecurity or information security breaches and other disruptions could compromise our information or\nresult in the unauthorized disclosure of confidential information;\n\u25cf\nthe possibility of material disruptions to our information systems, including our Ulta.com website and mobile applications;\n\u25cf\nthe failure","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00521","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?","gold_answer":"Ulta Beauty did not make any acquisitions in FY2023 and FY2022.","model_answer":" Here are the key acquisitions that Ulta Beauty has done in FY2023 and FY2022 based on the 10-K filing:\n\nFY2023:\n- Ulta Beauty did not report any major acquisitions in FY2023. The 10-K does not mention any significant acquisitions during the fiscal year.\n\nFY2022:  \n- Ulta Beauty did not report any major acquisitions in FY2022. The 10-K does not mention any significant acquisitions during the fiscal year.\n\nIn summary, Ulta Beauty did not make any major acquisitions in FY2023 or FY2022 according to its annual 10-K filing. The company focused on organic growth during these fiscal years.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":" Here are the key points on Verizon's employee benefit plans and severance, pension and benefits charges\/credits based on its 2021 10-K:\n\n- Verizon maintains non-contributory defined benefit pension plans for certain employees as well as postretirement health care and life insurance plans. \n\n- In 2021, Verizon recorded net pre-tax pension and benefits credits of $2.4 billion primarily driven by:\n   - A $1.1 billion credit due to an increase in the discount rate assumption used to determine pension and postretirement benefit plan liabilities.\n   - A $847 million credit due to the difference between estimated and actual return on plan assets.\n   - A $453 million credit due to other actuarial assumption adjustments.\n\n- Verizon also recorded net pre-tax severance charges of $233 million in 2021. \n\n- In 2020, Verizon recorded net pre-tax pension and benefits charges of $1.6 billion primarily driven by a $3.2 billion charge due to a decrease in the discount rate assumption. \n\n- Verizon also recorded net pre-tax severance charges of $309 million in 2020.\n\n- In 2019, Verizon recorded net pre-tax pension and benefits charges of $126 million primarily driven by a $4.3 billion charge due to a decrease in the discount rate assumption.\n\n- Verizon contributed $58 million to its nonqualified pension plans and $885 million to its other postretirement benefit plans in 2021.\n\n- Estimated future benefit payments are $2.0 billion for pension plans and $906 million for health care and life plans in 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02024","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":" Based on the filing, here are the key details to answer the question:\n\n- In 2024, Verizon expects to pay $2.1 billion for its retirees. This is disclosed under the section \"Estimated Future Benefit Payments\" where it shows the expected benefit payments to retirees in 2024 is $1.097 billion for Pension Benefits and $862 million for Health Care and Life benefits, totaling $2.1 billion.\n\nTherefore, the amount Verizon expected to pay for its retirees in 2024 as of FY 2021 is $2.1 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00215","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":" Here are the key points on Verizon's employee benefit plans and critical accounting estimates related to valuing these plans:\n\n- Verizon maintains defined benefit pension plans and postretirement health care and life insurance plans for certain employees. At the end of 2022, Verizon's pension plans were underfunded by $1.6 billion and its postretirement benefit plans were underfunded by $10.7 billion. \n\n- Accounting for these plans involves significant estimates around the benefit obligations, which depend on actuarial assumptions like discount rates, expected return on plan assets, and health care cost trend rates. Changes in these assumptions can have a material impact on the funded status of the plans and net periodic benefit cost\/income.\n\n- In 2022, Verizon recorded a $7 billion actuarial gain primarily due to increasing the discount rate used to determine benefit obligations from 2.9% at the end of 2021 to 5.2% at the end of 2022. This reduced the projected benefit obligations and caused a corresponding decrease in other comprehensive income.\n\n- The expected return on plan assets assumption is 6.7% for pension plans and 4.9% for other postretirement plans in 2022. Lower than expected returns could increase net periodic benefit costs in future years.\n\n- The discount rate is determined annually based on interest rates of high-quality corporate bonds. A lower discount rate increases benefit obligations and net periodic costs.\n\n- Healthcare cost trend rates are assumed to be 6.6% next year, declining gradually to 4.5% by 2031. Higher trend rates increase postretirement benefit costs.\n\n- Pension and postretirement benefits accounting requires significant judgment in determining actuarial assumptions. Changes in these assumptions can have a material impact on Verizon's financial statements.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00216","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":" Here are the key points on Verizon's pension and postretirement benefit plans based on the information provided:\n\n- Verizon maintains defined benefit pension plans and postretirement health care and life insurance plans for certain employees. \n\n- At December 31, 2022, Verizon's aggregate defined benefit pension obligation was $15.3 billion and exceeded the fair value of pension plan assets of $13.7 billion, resulting in an unfunded pension obligation of $1.6 billion.\n\n- The other postretirement benefits obligation was approximately $11.1 billion at December 31, 2022. \n\n- Net periodic benefit cost for pensions was $1.3 billion in 2022 compared to a net periodic benefit income of $1.9 billion in 2021. The change was primarily due to a net remeasurement loss in 2022 compared to a net remeasurement gain in 2021, driven by changes in discount rate and return on plan asset assumptions. \n\n- Net periodic benefit income for other postretirement benefits was $3.3 billion in 2022 compared to $1.5 billion in 2021. The change was primarily due to a larger net remeasurement gain in 2022 compared to 2021.\n\n- Key assumptions used to determine benefit obligations at December 31, 2022 include a weighted-average discount rate of 5.2% and expected return on plan assets of 6.7% for pension plans.\n\n- Plan assets for pension plans were $13.7 billion at December 31, 2022, with 41-51% of assets expected to achieve a return in excess of liability growth and 55-65% invested as liability hedging assets. \n\n- Verizon expects to make approximately $200 million of discretionary pension contributions and $820 million of postretirement benefit payments in 2023.\n\nSo in summary, Verizon has significant pension and postretirement benefit obligations, but net periodic benefit cost\/income can fluctuate significantly based on actuarial assumptions like discount rates and asset returns. Key assumptions and plan asset allocations are disclosed.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00566","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?","gold_answer":"No. Verizon's debt decreased by $229 million.","model_answer":" Here are the key points on Verizon's debt, cash flows, and employee benefit plans based on its 2022 annual report:\n\n- Verizon had approximately $130.6 billion of outstanding unsecured debt and $20 billion of outstanding secured debt as of December 31, 2022. Its total debt decreased slightly from $150.9 billion at the end of 2021 to $150.6 billion. \n\n- In 2022, Verizon received $17.8 billion of proceeds from long-term borrowings and used $13.6 billion to repay, redeem and repurchase long-term debt. It continues to maintain a mix of fixed and variable rate debt. \n\n- Net cash provided by operating activities was $37.1 billion in 2022, a decrease from $39.5 billion in 2021. The decrease was primarily driven by higher device payment receivables.\n\n- Capital expenditures were $23.1 billion in 2022 compared to $20.3 billion in 2021, primarily due to accelerated 5G network deployment. \n\n- Verizon contributed $53 million to its nonqualified pension plans and made no discretionary contributions to its qualified pension plan in 2022. It expects to make approximately $200 million of discretionary pension contributions in 2023.\n\n- At year-end 2022, Verizon's total pension benefit obligation was $15.3 billion and exceeded plan assets of $13.7 billion, resulting in an unfunded status of $1.6 billion. \n\n- The other postretirement benefit obligation was $11.1 billion at the end of 2022, with plan assets of $0.5 billion, resulting in an unfunded status of $10.7 billion.\n\n- Key assumptions used to value pension and postretirement benefit obligations at year-end 2022 included a weighted-average discount rate of 5.2% and expected return on plan assets of 6.7% for pension plans.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06247","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.","gold_answer":42.69,"model_answer":"\n\n12\n absence. An Eligible Officer\u2019s deferral elections under Sections 3.2, 3.3 and 3.4 shall not be affected by his or her leave of absence.\n3.7 \nAutomatic Suspension of Deferral Elections.\n(a)\nIn the event a Participant receives a distribution from the Walmart 401(k) Plan (or any other plan or successor plan\nsponsored by Walmart or any Related Affiliate) on account of hardship, which distribution is made pursuant to Treas.\nRegs. Sec. 1.401(k)-1(d)(3) and requires suspension of deferrals under other arrangements such as this Plan, the\nParticipant\u2019s deferral elections under Sections 3.1, 3.2, 3.3 and 3.4, if any, pursuant to which deferrals would otherwise\nbe made during the six (6)-month period following the date of the distribution from the Walmart 401(k) Plan shall be\ncancelled.\n(b)\nIn the event a Participant requests a distribution pursuant to Section 5.5 due to an Unforeseeable Emergency, or the\nParticipant requests a cancellation of deferrals under the Plan in order to alleviate his or her Unforeseeable Emergency,\nand the Committee or its delegate determines that the Participant\u2019s Unforeseeable Emergency may be relieved through\nthe cessation of deferrals under the Plan, some or all the Participant\u2019s deferral elections for such Plan Year or\nperformance period, as applicable, if any, under Sections 3.1, 3.2, 3.3 and 3.4 shall be cancelled as soon as\nadministratively practicable following such determination by the Committee or its delegate.\n3.8 \nEmployer Contribution Credits.\nFor each Plan Year, each Eligible Officer shall receive an Employer Contribution Credit for such Plan Year in an amount equal to\nfive percent (5%) of the Eligible Officer\u2019s Compensation for such Plan Year in excess of the compensation limit in effect under Code\nSection 401(a)(17) for such Plan Year. Notwithstanding anything herein to the contrary, no Employer Contribution Credit shall be\nmade under this Section 3.8 with respect to Compensation earned on or after February 1, 2012.\n3.9 \nCrediting of Deferrals and Employer Contribution Credits.\nDeferred Compensation, Deferred Bonuses, Deferred Special Bonuses, Deferred Retention Bonuses and Employer Contribution\nCredits shall be credited to each Participant\u2019s Account as follows:\n(a)\nDeferred Compensation shall be credited to the Participant\u2019s Account as of the date such Compensation would have\notherwise been paid in cash.\n(b)\nDeferred Bonuses shall be credited to the Participant\u2019s Account as of the date the bonus otherwise would have been\npaid in cash.\n(c)\nDeferred Special Bonuses shall be credited to the Participant\u2019s Account as of the date the Special Bonus otherwise\nwould have been paid in cash.\n(d)\nDeferred Retention Bonuses shall be credited to the Participant\u2019s Account as of the date the Retention Bonus\notherwise would have been paid in cash.\n13\n (e)\nEmployer Contribution Credits shall be credited to the Participant\u2019s Company Account as of the last day of each Plan\nYear.\n3.10 \nNature of Accounts.\nEach Participant\u2019s Account shall be used solely as a measuring device to determine the amount to be paid a Participant under this\nPlan. The Accounts do not constitute, nor shall they be treated as, property set aside for Participants. All amounts at any time\nattributable to a Participant\u2019s Account shall be, and remain, the sole property of Walmart. A Participant\u2019s rights hereunder are\nlimited to the right to receive Plan benefits as provided herein. The Plan represents an unsecured promise by Walmart to pay the\nbenefits provided by the Plan.\n3.11 \nValuation of Accounts.\nEach Participant\u2019s Account as of each Valuation Date shall consist of the balance of the Participant\u2019s Account as of the immediately\npreceding Valuation Date, adjusted as follows:\n(a)\nNew Deferrals. Each Account shall be increased by any Deferred Compensation, Deferred Bonuses, Deferred Special\nBonuses, Deferred Retention Bonuses and Employer Contribution Credits credited since such prior Valuation Date in\nthe manner provided in Section 3.9.\n(b)\nDistributions. Each Account shall be reduced by the amount of each benefit payment made from that Account since\nthe prior Valuation Date. Distributions shall be deemed to have been made proportionally from each of the\nInvestment Options maintained within such Account based on the proportion that such Investment Option bears to the\nsum of all Investment Options maintained within such Account for that Participant as of the Valuation Date\nimmediately preceding the date of payment.\n(c)\nEarnings (or Losses). Each Account shall be increased or decreased by the earnings or losses credited to such Account\nsince such prior Valuation Date as provided in Section 4.1.\nARTICLE IV.\nADDITIONS TO ACCOUNTS --\nCREDITED EARNINGS AND INCENTIVE PAYMENTS\n4.1 \nCredited Earnings.\n(a)\nGeneral. Subject to Section 4.1(b), a Participant may select from time to time, from among the Investment Options\nmade available by the Committee, the Investment Options in which all or part of his or her Account shall be deemed\ninvested. The Committee shall establish a procedure by which a Participant may make an Investment Option selection.\nThe Investment Options provided shall be for measurement purposes only, and shall not require any actual investment\nof any Participant\u2019s Account balance. If a Participant fails to select any of the Investment Options available under the\nPlan as the measuring mechanism for the earnings (or losses) to be credited to all or part of his or her Account, the\nCommittee shall select one or more Investment Options to be used for this purpose.\n14\n (b)\nWalmart Stock. The Committee may, but is not required to, make available a Company Stock Fund. If the Committee\nmakes available a Company Stock Fund, it shall be subject to such rules and procedures relating to the election of such\nfund, the changing from or to such fund, the portion of an Account which may be allocated to such fund and credited\nearnings (or losses) thereon as established by the Committee.\n(c)\nCrediting of Earnings (or Losses). Earnings (or losses) shall be credited to a Participant\u2019s Account based on the\nresults that would have been achieved had amounts credited to the Account been invested as soon as practicable after\ncrediting into the Investment Options selected by the Participant. The Committee may establish administrative rules\nand procedures for the crediting of earnings (or losses) including, without limitation, the methodology for crediting\nearnings (or losses) for deferrals and distributions in the middle of a period. The crediting of earnings (or losses) on\nany Account shall continue through the Valuation Date preceding complete distribution of the Account.\n4.2 \nIncentive Payments.\n(a)\nGeneral. As additional compensation for services rendered, each Eligible Officer who is a Participant for an entire\nPlan Year will receive an Incentive Payment for such Plan Year if he or she is actively employed on the last day of\nsuch Plan Year. The amount of the Incentive Payment, if any, for a Plan Year will be a percentage of the Participant\u2019s\nCompensation for the Plan Year determined in accordance with the following schedule:\nParticipant\u2019s Compensation\nfor Plan Year\n$0 - $1,000,000\n$1,000,001 - $1,500,000\n$1,500,001 - $2,000,000\n$2,000,001 - $2,500,000\n$2,500,001 - $3,000,000\n$3,000,001 - $3,500,000\n$3,500,001 - $4,000,000\n$4,000,001 - $4,500,000\n$4,500,001 - $5,000,000\n$5,000,001 - $6,000,000\n$6,000,001 - $7,000,000\n$7,000,001 - $8,000,000\n$8,000,001 - $9,000,000\n$9,000,001 - $10,000,000\n$10,000,001 +\n\nIncentive Payment\nPercentage\n5%\n7.5%\n10%\n12.5%\n15%\n17.5%\n20%\n22.5%\n25%\n27.5%\n30%\n32.5%\n35%\n37.5%\n40%\n\nNotwithstanding the foregoing, the Incentive Payment for any Participant who is first employed or promoted to a\nposition of Vice President or above during a Plan Year shall be prorated based on the ratio of (i) the number of days\nthe Participant was employed in such position during the Plan Year to (ii) 365.\n15\n (b)\nCrediting of Incentive Payments. Incentive Payments shall be credited to a Participant\u2019s Account as of the last day of\nthe Plan Year","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04784","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.","gold_answer":0.002,"model_answer":" Based on the information provided, here is the answer to the question:\n\nThe change in unadjusted operating income % margin for Walmart from FY2018 to FY2019 is a decrease of 0.2 percentage points. \n\nHere are the relevant details from Walmart's statement of income:\n\nFY2018 Operating Income: $20,437 million \nFY2018 Total Revenues: $500,343 million\nFY2018 Operating Income % Margin: $20,437 million \/ $500,343 million = 4.1%\n\nFY2019 Operating Income: $21,957 million\nFY2019 Total Revenues: $514,405 million  \nFY2019 Operating Income % Margin: $21,957 million \/ $514,405 million = 4.3%\n\nChange in Operating Income % Margin from FY2018 to FY2019 = FY2019 % Margin - FY2018 % Margin \n                                     = 4.3% - 4.1%\n                                     = 0.2 percentage point decrease\n\nSo the change in unadjusted operating income % margin for Walmart from FY2018 to FY2019 is a decrease of 0.2 percentage points.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"claude-2","eval_mode":"inContext","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.","gold_answer":0.062,"model_answer":" Here is a summary of the key points regarding the restricted stock agreement:\n\n- Walmart has granted the grantee restricted stock that will vest on [vesting date(s)] if vesting conditions are met. Before vesting, the restricted stock is subject to forfeiture if certain conditions occur, such as termination of employment. \n\n- The grantee will receive the number of shares stated in the agreement after vesting, subject to tax withholding. Prior to vesting, the grantee has limited shareholder rights such as the right to vote the shares and receive dividends.\n\n- The agreement incorporates the 2015 Walmart Stock Incentive Plan. The Plan terms, award agreement, and Plan prospectus govern the restricted stock grant.\n\n- Tax considerations: The grantee is responsible for taxes related to the award and should consult a tax advisor. Walmart may withhold shares or sell shares on the grantee's behalf to satisfy tax obligations. \n\n- The grantee agrees to certain obligations such as not making an 83(b) election and to certain limitations on the transferability of the unvested restricted stock.\n\n- The agreement also contains country-specific provisions in an Appendix, compliance provisions, and other legal terms and disclosures.\n\nIn summary, the agreement grants restricted Walmart stock to the grantee that vests on [vesting date(s)], subject to certain terms and conditions including continued employment, and with taxes and other obligations arising from the award. The grantee should read the full agreement carefully.","label":"Incorrect Answer"}