The Importance of Reported Earnings

We regard the reported earnings, actually the reported earnings plus or minus, but usually plus purchase accounting adjustments to be a pretty good representation of the real earnings of the business. Now you can make the argument that when Coca Cola is spending a ton of money each year in marketing and advertising that they're expensing, that really a portion of that is creating an asset just as if they were building a factory. I would say that they give a good representation to us of own earnings. Can you think of any exceptions in our businesses particularly Charlie?