The 394 companies on this year’s listing of America’s Largest Private Companies all have at least $1 billion in annual revenue. They have either too few shareholders to be required to file financial statements with the Securities & Exchange Commission or shares whose ownership is restricted to some group, like family members or employees. We exclude foreign companies, companies that don’t pay income taxes (like Battelle Memorial Institute), mutually owned companies (Northwestern Mutual Group), companies with fewer than 100 employees and companies that are 50% or more owned by foreign or other private companies. We also leave out companies whose primary business is auto dealerships or real estate investment and/or management.
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