Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
Big Moves in Goodwill, Intangible Value

Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

Thursday, February 28, 2019
Summary of Our Goodwill Research/ How-To

Wednesday, February 27, 2019
What Does ‘Other’ Mean? An Example

Thursday, February 21, 2019
Another Tale, Buried in the Footnotes

Wednesday, February 13, 2019
Low Latency Calcbench

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
You Revised WHAT, Netflix?

Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

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Up and Away with R&D Spending
Tuesday, May 31, 2016

Good news for anyone hoping that civilization will continue to move forward, or just waiting around for flying cars, teleportation, and all those other cool ideas—Corporate America continues to increase its R&D spending.

Calcbench reviewed R&D spending disclosed over the last five calendar years (2010 to 2015), and overall the numbers look good:

  • Total R&D spending for all public filers rose 18.6 percent, and the average per company rose 37.3 percent;
  • Total R&D spending for the S&P 500 rose 15.2 percent, and the average per company rose 27.4 percent;
  • Within the pharmaceutical sector, total spending rose 9.3 percent, and average per company jumped 30 percent;
  • Within the computer manufacturing sector, total spending was flat, but that seems to be because we’re still waiting for roughly 100 filers to submit their 2015 reports. Average spending per company in that sector so far is up 44.2 percent, and total spending through 2014 rose 31.6 percent.

Who is cutting the R&D budget these days? The oil & gas industry—surprising nobody, since that sector continues to reel from low oil prices even today. R&D spending actually soared in the first half of our five-year review period, going from $2.69 billion in 2010 to a whopping $5.15 billion by 2012. Then came the price crash, and R&D spending along with it: a measly $2 billion in 2015. (That does not bode well for firms whenever demand finally does push prices higher, leaving at least some companies scrambling with outdated tech.)

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