These are the largest businesses in our economy, with revenues of around $ trillion annually, and are likely to be on the cutting edge of efforts to deal with the millennium bug. Before the end of the decade, these firms report that they expect to spend about $ billion in dealing with the Y2K problem.
(Of this total, financial corporations are planning expenditures of $ billion, while companies in the nonfinancial sector have budgeted funds of around $ billion.) These estimates undoubtably understate the magnitude of the Y2K reprogramming efforts. In culling through the 10-K reports, we found that many companies BIS Review 37/1998 ˝  -2-  reported incurring no additional costs associated with Y2K remediation efforts.