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Report

Pandemic profits: Appendix data

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Source: Company SEC filings and ESG reports, National Retail Federation Top 100 Retailers 2021 List, 2021 QSR 50, Transport Topics Top Package/Courier Carriers 2021, Hospitality ON 2021 Worldwide Ranking, Wall Street Journal. 

Note: Employment figures only include employees at company-operated stores; 95% of McDonald’s U.S. restaurants are franchised as of September 2021.  


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Source: Company earnings reports, Yahoo Finance 

Note: The change in stock price is calculated between the closing stock price on December 31, 2019 and November 1, 2021.  


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Source: Company earnings reports  


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Source: Yahoo Finance 


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Source: Company earnings reports and earning call transcripts, Yahoo Finance 

Note: The change in stock price is calculated between the closing stock price on December 31, 2019 and November 1, 2021.  


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Source: Company earnings reports 


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Source: Yahoo Finance 


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Source: Company earnings reports, company communication, Yahoo Finance, Business of Fashion, Wall Street Journal 

Note: The change in stock price is calculated between the closing stock price on December 31, 2019 and November 1, 2021.  


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Source: Company earnings reports 


 

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Source: Yahoo Finance 


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Source: Company proxy statements, MIT’s 2019 living wage calculation for a household with two working adults and two children, HHS 2019 Poverty Guideline for a four-person household divided in half, and May 2019 OES median hourly wage for all occupations annualized (40-hour work week x 52 weeks).

Note: We excluded Albertsons, CVS, Disney, Gap, Hilton, McDonald’s, Starbucks, and Walgreens from this chart. Albertsons did not report a 2019 total annual median compensation figure. The total annual median compensation figures listed in the company proxy statements for CVS, Disney, and Walgreens include benefits, the figures for Hilton, Starbucks, and McDonald’s include over 30% of non-U.S. employees, and the figure for Gap is not annualized. We do not expect any of these companies to have met the living wage standard at the end of 2019 from our analysis of company SEC filings, public releases on average wages, and data shared directly with us by the companies. For the companies included in the chart, we excluded the amount the median-paid employee received in benefits when noted in the proxy statement.   


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Source: Company reporting or via company communication.  

Note: The companies without a minimum wage or average wage (as of January 2020) did not publicize or share this data with us.  


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Source: Brookings’ analysis of company Covid pay.  

Note: Covid pay is a combination of pandemic-related bonuses and temporary hourly pay increases that companies provided to frontline workers. The cost of 2020 COVID pay included some sanitation-related expenses for Costco and Walgreens and safety-related expenses for Target. For Amazon, CVS, FedEx, Target, we included bonuses paid out to workers in January 2021 for work done in 2020. We assumed a 37.5-hour work week for full-time workers and a 20-hour work week for part-time workers, except for Albertsons, Chipotle, Kroger, and Target. Chipotle’s median part-time employee works 25 hours per week, and we assumed a 30-hour work week for Albertsons, Kroger, and Target’s part-time employees. We determined whether a company had a majority full-time or part-time workforce from company reports or via direct communication with the company. We calculated the percent annual wage increase for the median worker using the pre-pandemic average wages from company reporting or company communication. For companies that did not provide this information, we used a combination of the current average wage, competitors’ average wage, total median annual compensation figure, and Payscale.com to make the following pre-pandemic average wage assumptions: Albertsons $15 per hour; FedEx $20 per hour; Home Depot $14 per hour; Lowe’s $14 per hour; McDonald’s $13 per hour; and Starbucks $14 per hour. Our calculations assumed 51 weeks worked in a year. 


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Source: Brookings analysis of average hourly wage data via company reporting or direct communication. Wages adjusted using the Bureau of Labor Statistics CPI Inflation Calculator through October 2021. Average wages are adjusted for Best Buy, Gap, Lowe’s, Macy’s, McDonald’s, and Starbucks from the month the wage increase went into effect.

Note: *When Walmart and Best Buy increased wages, they also eliminated performance bonuses for frontline workers. Therefore, these wage increases are overstated. For instance, Walmart raised its average hourly wage to $16.40 in September 2021, but simultaneously ended its quarterly bonuses, which averaged $1,400 in 2020. Accounting for the $1,400 in lost bonuses, the adjusted real pay increase for a full-time Walmart employee working 36 hours per week for 52 weeks a year would be just 2%, compared to 9% without adjusting for the lost bonuses. For Lowe’s, we do not account for the quarterly bonuses the company awarded during the pandemic.  


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Source: Brookings analysis of average hourly wage data via company reporting or direct communication. Wages adjusted using the Bureau of Labor Statistics CPI Inflation Calculator through October 2021. Average wages are adjusted for Best Buy, Gap, Lowe’s, Macy’s, McDonald’s, and Starbucks from the month the wage increase went into effect. 

Note: The companies without an average wage (as of January 2020 or October 2021) did not publicize or share this data with us. The companies demarcated with an “X” did not implement a company-wide wage increase between January 2020 and October 2021.  


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Source: Company 2020 proxy statements, company reporting, or direct communication. The average real wage increases are calculated using the Bureau of Labor Statistics CPI Inflation Calculator through October 2021. Average wages are adjusted for Best Buy, Gap, Lowe’s, Macy’s, McDonald’s, and Starbucks from the month the wage increase went into effect.  

Note: For the 2020 median wage figures, we excluded the amount the median-paid employee received in benefits when noted in the proxy statement. Albertsons did not report a 2020 total annual median compensation figure and we excluded the figures for CVS, Disney, and Walgreens because they included benefits. We calculated the percent of U.S. workers in the company’s reported median wage using the section of the proxy statement where we pulled the 2020 median wage figure from. If a company did not provide the number of U.S. and non-U.S. workers in the proxy statement, we used other company reports from the same year. The companies without a minimum wage or average wage (as of October 2021) did not publicize or share this data with us. 


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Source: Brookings analysis of MIT’s Living Wage Calculator data. Wage data via company reporting or direct communication. 

Note: The companies without a minimum wage or average wage did not publicize or share this data with us. 


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Source: Brookings analysis of company COVID pay, permanent wage increases, profit-sharing, and performance bonuses; company reporting and company communication; and Macrotrends. 

Note: We calculated the wealth generated for company shareholders using the increase in companies’ market capitalization—the total value of all a company’s shares of stock—between December 31, 2019 and November 1, 2021. We collected this data from Macrotrends on November 4, 2021. The amount the twenty-two companies spent on additional compensation to their frontline workers is the combined pre-tax amount a company spent on Covid pay, permanent pay increases, profit-sharing, and performance bonuses from the start of the pandemic through October 2021.  


figure_11Source: New York Times Upshot, the Federal Reserve’s Survey of Consumer Finances, and Macrotrends.  

Note: We calculated the wealth generated for company shareholders using the increase in the companies’ market capitalization—the total value of all a company’s shares of stock—between December 31, 2019 and November 1, 2021. We collected this data from Macrotrends on November 4, 2021. To calculate total gains to U.S. shareholders, we used Federal Reserve data from the Financial Accounts of the U.S. to calculate the percent of publicly traded U.S. equities that are U.S.-owned as of the third quarter of 2021, excluding direct and indirect foreign ownership of U.S. stock and closely held stock. We assumed that the distribution of ownership of shares for these companies was the same as the distribution of ownership of all U.S. equities by net worth percentile.  


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Source: Brookings analysis of company COVID pay, permanent wage increases, profit-sharing, and performance bonuses; company reporting and direct company communication; Macrotrends; New York Times Upshot; the Federal Reserve’s Survey of Consumer Finances; and U.S. Census Bureau 

Note: We calculated the wealth generated for company shareholders using the increase in the companies’ market capitalization—the total value of all a company’s shares of stock—between December 31, 2019 and November 1, 2021. We collected this data from Macrotrends on November 4, 2021. To calculate total gains to US shareholders, we used Federal Reserve data from the Financial Accounts of the U.S. to calculate the percent of publicly traded U.S. equities that are U.S. owned as of the third quarter of 2021, excluding direct and indirect foreign ownership of US stock and closely held stock. We assume the distribution of ownership of shares in these companies is the same as the distribution of ownership of all U.S. equities by net worth percentile. The amount the twenty-two companies spent on additional compensation to their frontline workers is Brookings’ analysis of the combined pre-tax amount a company spent on Covid pay, permanent pay increases, profit-sharing, and performance bonuses from the start of the pandemic through October 2021.  


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Source: Company FY 2020 proxy statements, Yahoo Finance.  

Note: The number of shares beneficially owned by the individual(s) was taken from the company’s FY 2020 proxy statement. Howard Schultz was not listed in Starbucks’ 2020 proxy statement, so we used the number of shares listed on his most recent SEC Form 4 filing from June 28, 2018. We then calculated the value of the shares as of December 31, 2019 and what those shares would be worth on November 1, 2021. These numbers do not take into consideration any shares purchased, awarded, or sold during the 22-month period, and thus do not represent the precise measure of each individual’s net worth in October 2021. Additionally, the number of shares listed on the 2020 proxy statements may be different than the number of shares owned on December 31, 2019. 


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Source: Company FY 2021 proxy statements.  

Note: For the 2020 worker median wage figures, we excluded the amount the median-paid employee received in benefits when noted in the proxy statement. Albertsons did not report a 2020 total annual median compensation figure and we excluded the figures for CVS, Disney, and Walgreens because they included benefits. We used a “realized” measure of executive compensation, which calculates the value of stock compensation when vested or cashed, rather than when they are awarded.  


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Source: Company Environment, Social, and Governance (ESG) reports, Diversity Equity and Inclusion (DE&I) reports, and the Bureau of Labor Statistics. 


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Source: Company reporting and direct company communication 


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Source: Yahoo Finance 


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Source: Company 2021 proxy statements  


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Source: Brookings analysis of company Covid pay, permanent wage increases, profit sharing, and performance bonuses from the start of the pandemic through October 2021; company SEC filings; and direct company communications.  

Note: We excluded Q1 2020 dividends and stock buybacks from our calculation because most were announced before the start of the pandemic. Workers received a combined $27 billion in additional compensation over seven quarters, but the actual cost to companies was $21 billion when factoring in the company’s lowered tax bill. 


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Source: Company SEC filings 

Note: We excluded dividends and stock buybacks from Q1 2020; stock buybacks and profit data are from the six quarters between Q2 2020 and Q3 2021. 


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Source: Company earnings reports, proxy statements, and ESG reports.  

Note: To calculate the annual median pay if buybacks were redirected to workers, we divided the amount the company spent in stock buybacks over the previous four quarters (Q4 2020 to Q3 2021) by the total number of company employees. We then added that amount to the company’s 2020 total annual median compensation figure. We excluded the amount the median-paid employee received in benefits for 2020 when noted in the proxy statement.  


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Source: Brookings analysis of average hourly wage data via company reporting or direct communication; company SEC filings; Bureau of Labor Statistics CPI Inflation Calculator; Yahoo Finance.  

Note: Profit data are from company SEC filings and are adjusted from the start of the seven-quarter period to the end of the seven-quarter period using the CPI Inflation Calculator. The change in stock price was calculated from December 31, 2019 to November 1, 2021. Wages are adjusted using the Bureau of Labor Statistics CPI Inflation Calculator through October 2021. Lowe’s and Dollar General did not implement a company-wide pay increase. Albertsons, Costco, FedEx, Home Depot, and UPS did implement company-wide pay increases, but we do not know the amount of the increase. Lowe’s and Dollar General did not implement a company-wide pay increase. Albertsons, Costco, FedEx, Home Depot, and UPS did implement company-wide pay increases, but we do not know the amount of the increase. 


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Source: Company SEC filings and ESG reports. Profit figures from the previous four quarters are from Q4 2020 – Q3 2021.  

Note: The 2020 median pay figures are from company proxy statements. We excluded the amount the median-paid employee received in benefits when noted. Other non-retail business units comprise more than half of CVS and Amazon’s (adjusted) operating income.   


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Source: Company SEC filings, annual reports, and union websites 


 

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Source: Company proxy forms 


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Source: Company websites, SEC filings 

Note: Blue arrows from left to right represent current company leaders (from companies on the left) as board members of companies on the right. Orange arrows from right to left show former company leaders (from companies on the right) who are current board members of companies on the left.  


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Source: Company ESG reports, annual reports, company websites, and direct company communication 

Note: For companies marked with *, we received some of this data through direct company communications; the data was not publicly disclosed 

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