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Liddicoat John R

Disclosed activity across 1 company

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124971
SEC CIK
0001752060

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Medtronic plcMDT · Entity 2888EVP & President of AmericasJuly 29, 2022August 02, 2022

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

Medtronic plc

Report date July 29, 2022 · Filed August 02, 2022

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Ordinary SharesSEC Table I · non-derivativeDirect37,374 Reported balance After 2022-07-29 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2022-07-29 · Disposition to issuer · Disposed 6,543 · Balance 37,374

F1: Represents shares of performance-vesting restricted stock granted in July 2019 and earned dividend equivalent units that have been forfeited based on the Company's failure to meet the cumulative three year non-GAAP diluted earnings per share ("EPS") growth performance target.

F2: This balance increased by 795 shares due to exempt acquisitions through dividend reinvestment and our employee stock purchase plan.

Filing footnotes · ownership attribution and instrument terms

F1: Represents shares of performance-vesting restricted stock granted in July 2019 and earned dividend equivalent units that have been forfeited based on the Company's failure to meet the cumulative three year non-GAAP diluted earnings per share ("EPS") growth performance target.

F2: This balance increased by 795 shares due to exempt acquisitions through dividend reinvestment and our employee stock purchase plan.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
July 29, 2022 Filed Aug 2, 2022 17:44 UTC Medtronic plc MDT · Entity 2888 Disposition to issuerOrdinary Shares 6,543 $0.00 $0.00
Disclosure

SEC source: 0001127602-22-020222 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,374

F1 · shares: Represents shares of performance-vesting restricted stock granted in July 2019 and earned dividend equivalent units that have been forfeited based on the Company's failure to meet the cumulative three year non-GAAP diluted earnings per share ("EPS") growth performance target.

F2 · balance_after: This balance increased by 795 shares due to exempt acquisitions through dividend reinvestment and our employee stock purchase plan.

Read SEC document
November 05, 2021 Filed Nov 9, 2021 18:03 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 139 $122.98 $17,094.22
Disclosure

SEC source: 0001127602-21-028741 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,998

F1 · balance_after: The reported transaction involved the withholding of 139 shares of stock issuable upon the early vesting of an equal number of restricted stock units to pay taxes associated with the reporting person becoming retirement eligible.

F2 · balance_after: This balance increased by 290 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
August 02, 2021 Filed Aug 4, 2021 18:19 UTC Medtronic plc MDT · Entity 2888 GrantPerformance Share Units · Derivative 8,381 $0.00 $0.00
Disclosure

SEC source: 0001127602-21-023102 · form4.xml · derivative · entry 5

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,381

Underlying: Performance Share Units · 8,381 shares

Expires not disclosed

F5 · derivative.exercise_price: Each performance share unit represents a contingent right to receive one share of Medtronic common stock.

F6 · shares: The number of shares to be issued in connection with the performance share units ("PSUs") will vary depending on the level of certain performance metrics achieved over a three (3) year performance period. If target performance metrics are achieved, 8,381 shares will be issued. The actual number of shares to be issued could range from a low of 1,677 at minimum performance to a high of 16,762 shares at maximum performance. If minimum performance metrics are not met, such PSUs may vest at 0 shares.

F7 · derivative.exercise_date: Vests on August 2, 2024.

F7 · derivative.expiration_date: Vests on August 2, 2024.

Read SEC document
August 02, 2021 Filed Aug 4, 2021 18:19 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 1,085 $0.00 Strike: $131.26 $0.00
Disclosure

SEC source: 0001127602-21-023102 · form4.xml · derivative · entry 4

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,085

Underlying: Ordinary Shares · 1,085 shares

Expires 2031-08-02

F4 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
August 02, 2021 Filed Aug 4, 2021 18:19 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 28,641 $0.00 Strike: $131.26 $0.00
Disclosure

SEC source: 0001127602-21-023102 · form4.xml · derivative · entry 3

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,641

Underlying: Ordinary Shares · 28,641 shares

Expires 2031-08-02

F4 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
August 02, 2021 Filed Aug 4, 2021 18:19 UTC Medtronic plc MDT · Entity 2888 GrantOrdinary Shares 3,353 $0.00 $0.00
Disclosure

SEC source: 0001127602-21-023102 · form4.xml · nonDerivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,847

F3 · kind: The restrictions on the award shall lapse 100% on the third anniversary of the Grant Date.

Read SEC document
August 02, 2021 Filed Aug 4, 2021 18:19 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 3,258 $131.31 $427,807.98
Disclosure

SEC source: 0001127602-21-023102 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,494

F1 · balance_after: This amount has been adjusted to correct a mathematical error in exempt transactions such as dividend reinvestment.

F2 · balance_after: This balance increased by 284 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionStock Option (Right to Buy) · Derivative 15,142 $0.00 Strike: $88.06 $0.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · derivative · entry 9

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Ordinary Shares · 15,142 shares

Expires 2026-08-01

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning one year from grant date.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionStock Option (Right to Buy) · Derivative 1,136 $0.00 Strike: $88.06 $0.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · derivative · entry 8

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Ordinary Shares · 1,136 shares

Expires 2026-08-01

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning one year from grant date.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionStock Option (Right to Buy) · Derivative 1,283 $0.00 Strike: $78.00 $0.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · derivative · entry 7

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Ordinary Shares · 1,283 shares

Expires 2025-08-03

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning one year from grant date.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionStock Option (Right to Buy) · Derivative 17,095 $0.00 Strike: $78.00 $0.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · derivative · entry 6

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Ordinary Shares · 17,095 shares

Expires 2025-08-03

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning one year from grant date.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 SaleOrdinary Shares 34,656 $126.65 $4,389,182.40
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · nonDerivative · entry 5

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,551

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionOrdinary Shares 15,142 $88.06 $1,333,404.52
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · nonDerivative · entry 4

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,207

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionOrdinary Shares 1,136 $88.06 $100,036.16
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · nonDerivative · entry 3

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,065

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionOrdinary Shares 1,283 $78.00 $100,074.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · nonDerivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,929

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Read SEC document
May 28, 2021 Filed Jun 1, 2021 17:55 UTC Medtronic plc MDT · Entity 2888 Exercise / conversionOrdinary Shares 17,095 $78.00 $1,333,410.00
Disclosure

SEC source: 0001127602-21-018560 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,646

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2 · balance_after: This balance increased by 562 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
November 03, 2020 Filed Nov 5, 2020 18:06 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 128 $103.13 $13,200.64
Disclosure

SEC source: 0001127602-20-028281 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,989

F1 · balance_after: This balance increased by 290 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
October 09, 2020 Filed Oct 14, 2020 18:53 UTC Medtronic plc MDT · Entity 2888 GrantPerformance Share Units · Derivative 8,742 $0.00 $0.00
Disclosure

SEC source: 0001127602-20-026956 · form4.xml · derivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,742

Underlying: Performance Share Units · 8,742 shares

Expires not disclosed

F1 · derivative.exercise_price: Each performance share unit represents a contingent right to receive one share of Medtronic common stock.

F2 · shares: The number of shares to be issued in connection with the performance share units ("PSUs") will vary depending on the level of certain performance metrics achieved over a three (3) year performance period. If target performance metrics are achieved, 8,742 shares will be issued. The actual number of shares to be issued could range from a low of 1,749 at minimum performance to a high of 17,484 shares at maximum performance. If minimum performance metrics are not met, such PSUs may vest at 0 shares.

F3 · derivative.exercise_date: Vests on August 3, 2023.

F3 · derivative.expiration_date: Vests on August 3, 2023.

Read SEC document
August 03, 2020 Filed Aug 5, 2020 17:01 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 39,672 $0.00 Strike: $97.33 $0.00
Disclosure

SEC source: 0001127602-20-022906 · form4.xml · derivative · entry 4

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,672

Underlying: Ordinary Shares · 39,672 shares

Expires 2030-08-03

F2 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
August 03, 2020 Filed Aug 5, 2020 17:01 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 1,575 $0.00 Strike: $97.33 $0.00
Disclosure

SEC source: 0001127602-20-022906 · form4.xml · derivative · entry 3

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,575

Underlying: Ordinary Shares · 1,575 shares

Expires 2030-08-03

F2 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
August 03, 2020 Filed Aug 5, 2020 17:01 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 35,894 $0.00 Strike: $97.33 $0.00
Disclosure

SEC source: 0001127602-20-022906 · form4.xml · derivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,894

Underlying: Ordinary Shares · 35,894 shares

Expires 2030-08-03

F2 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
August 03, 2020 Filed Aug 5, 2020 17:01 UTC Medtronic plc MDT · Entity 2888 GrantOrdinary Shares 3,905 $0.00 $0.00
Disclosure

SEC source: 0001127602-20-022906 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,827

F1 · kind: The restrictions on these restricted stock units shall lapse 100% on the third anniversary of the Grant Date.

Read SEC document
July 31, 2020 Filed Aug 3, 2020 17:48 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 2,269 $96.48 $218,913.12
Disclosure

SEC source: 0001127602-20-022598 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,922

F1 · balance_after: This balance increased by 1,080 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
August 01, 2019 Filed Aug 2, 2019 18:34 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 8,298 $102.37 $849,466.26
Disclosure

SEC source: 0001127602-19-025935 · form4.xml · nonDerivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,111

Read SEC document
August 01, 2019 Filed Aug 2, 2019 18:34 UTC Medtronic plc MDT · Entity 2888 Tax withholdingOrdinary Shares 1,644 $102.37 $168,296.28
Disclosure

SEC source: 0001127602-19-025935 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,409

Read SEC document
July 29, 2019 Filed Jul 31, 2019 18:01 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 1,615 $0.00 Strike: $103.26 $0.00
Disclosure

SEC source: 0001127602-19-025557 · form4.xml · derivative · entry 3

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,615

Underlying: Ordinary Shares · 1,615 shares

Expires 2029-07-29

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
July 29, 2019 Filed Jul 31, 2019 18:01 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 40,910 $0.00 Strike: $103.26 $0.00
Disclosure

SEC source: 0001127602-19-025557 · form4.xml · derivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,910

Underlying: Ordinary Shares · 40,910 shares

Expires 2029-07-29

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning on the first anniversary of grant.

Read SEC document
July 29, 2019 Filed Jul 31, 2019 18:01 UTC Medtronic plc MDT · Entity 2888 GrantOrdinary Shares 6,134 $0.00 $0.00
Disclosure

SEC source: 0001127602-19-025557 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,053

F1 · kind: The restrictions on these restricted stock units shall lapse 100% on the third anniversary of the Grant Date if the Company's cumulative non-GAAP diluted earnings per share ("EPS") growth during the 36-month period ending on the last day of the Company's fiscal year 2022 equals or exceeds a 3% cumulative compound annual growth rate, as determined by the Compensation Committee.

F2 · balance_after: This balance increased by 876 shares due to exempt transactions such as dividend reinvestment and employee stock purchase plan.

Read SEC document
October 29, 2018 Filed Oct 31, 2018 16:37 UTC Medtronic plc MDT · Entity 2888 GrantStock Option (Right to Buy) · Derivative 17,157 $0.00 Strike: $89.45 $0.00
Disclosure

SEC source: 0001127602-18-031436 · form4.xml · derivative · entry 2

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,157

Underlying: Ordinary Shares · 17,157 shares

Expires 2028-10-29

F3 · derivative.exercise_date: These options become exercisable at the rate of 25% of the shares granted per year beginning from July 30, 2018.

Read SEC document
October 29, 2018 Filed Oct 31, 2018 16:37 UTC Medtronic plc MDT · Entity 2888 GrantOrdinary Shares 2,982 $0.00 $0.00
Disclosure

SEC source: 0001127602-18-031436 · form4.xml · nonDerivative · entry 1

Liddicoat John R · CIK 0001752060 · EVP & President of Americas

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,043

F1 · kind: The restrictions on these restricted stock units shall lapse 100% on the third anniversary of the Grant Date if the Company's cumulative non-GAAP diluted earnings per share ("EPS") growth during the 36-month period ending on the last day of the Company's fiscal year 2021 equals or exceeds a 3% cumulative compound annual growth rate, as determined by the Compensation Committee.

F2 · balance_after: This balance increased by 293 shares due to exempt transactions such as dividend reinvestment.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.