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Oh, yeah, right. I was ignoring Step 1 in the equity method ... add earnings into the value on the B Sheet (or else it wouldn't balance). That sentence about reducing in my head had me just jumping to step 2. Wow.

To clear up your "not sure why", I think you slipped a digit. The delta between earnings & divs is only $28 M, so it doesn't move the decimal place in billions. Maybe you looked & thought $280 M?

Thanks much.
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