Of the $14.3 billion in fourth quarter net income Amazon (AMZN) reported, $11.8 billion or 82.5% is the result of electric vehicle (EV) truck maker Rivian’s (RIVN) initial public offering (IPO). For the full year 2021, Amazon’s stake in Rivian accounted for 35.3% of net income, or $23.32 of the company’s $65.96 in earnings per share (EPS).

The Financial Accounting Standards Board (FASB) requires companies to report changes in their equity investments in quarterly and annual results. But many, including Warren Buffett, have urged investors to ignore mark-to-market adjustments as stock market gyrations can distort reported results and make it more difficult to evaluate operating earnings.