The numbers don't make sense to me. Their annual report [0] says pre-tax income of $2 billion, not $2.8 billion (p41). Even if you disallow deducting interest expense and use operating income, that's still only $2.6 billion. Meanwhile, they're paying $400 million in taxes (p43). That looks a lot more like 20% to me than 1%. What am I missing?

[0] https://www.annualreports.com/HostedData/AnnualReports/PDF/N...