expense

His team of analysts remains focused on traditional credit metrics, such as earnings growth and earnings relative to their interest expense, and making sure businesses could withstand an unexpected increase in interest rates.

The year-ago period included a $60.8 million tax benefit related to the release of a tax valuation allowance, partially offset by tax expense, the company said.

That reflects the fact Costco and its wholesale club peers are becoming increasingly popular at the expense of other retailers thanks to a strong value proposition and curated merchandise.

States and then the federal government sought to constrain large, efficient producers with Progressive-era regulations that for 90 years protected producers at the consumer’s expense.

The other Big Tech spenders plan to ramp up their expenses next year as well.