Although Sony chose to report only two segments, it could have elaborated on the entertainment segment’s performance in its MD&A by separately discussing the results of Sony Music and Sony Pictures. Sony did discuss Sony Pictures separately, but not in a manner necessary for an intelligent person to properly interpret the results of Sony Pictures. Sony’s MD&A did not discuss the nature and extent of the losses incurred by Sony Pictures. Conversely, Sony’s MD&A highlighted certain positive developments at Sony Pictures, including box office receipts, box office market share, and Academy Award nominations.