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

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

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

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The commitments and contingencies note frequently includes interesting information about what agreements companies have already entered that would commit them for future payments. A common example is leases, were companies lease equipment or buildings. What is particularly interesting, is to examine changes to those commitments. Calcbench offers an easy way to do that. You can go to the disclosures page, choose a disclosure you are interested in and click on Compare To Previous Period. For example, comparing 3M’s (MMM) leases as disclosed in 2017 to what was disclosed in 2016, we can see the rentals went from $318M in 2016 to $343M in 2017. You can also see potential changes by examining what was added or deleted from the document.

Another interesting example is with litigation. Companies disclose litigation they are involved in within this note. When comparing Merck’s (MRK) 2017 disclosure to the 2016 one, we can see that the litigation around a product liability lawsuit for Vioxx was resolved since it was taken out from the note.

There is a wealth of information in these changes in disclosures just waiting to be discovered.

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