Diversified companies have a lot of leeway in where and how they book expenses and overhead, what divisions carry debt and admin, real estate, investments, etc. If they are honest, they play straight, but it's naive to think they can't present a skewed picture if they want to and still be close enough within the rules. Just as an example the F100 I worked for for a while forced all their profitable divisions to carry expenses for top management pet project acquisitions. They had some very Milquetoast terms for it in the financial reports but it was basically a large interest expense shift.