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Microsoft Excel LibreOffice Calc


Analysis of Operating Leases

Difficulty: Advanced


Present Value of Future Operating Lease Payments

Apple Inc., future operating lease payments

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Total undiscounted future operating lease payments (USD $ in millions) hidden hidden hidden hidden hidden hidden
Discount rate1 hidden hidden hidden hidden hidden hidden
Total present value of future operating lease payments (USD $ in millions) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

1 Weighted-average interest rate for Apple Inc.'s debt

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 hidden 2022 hidden hidden
2023 hidden 2023 hidden hidden
2024 and thereafter hidden 2024 hidden hidden
2025 hidden hidden
2026 hidden hidden
2027 hidden hidden
2028 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 hidden 2022 hidden hidden
2023 and thereafter hidden 2023 hidden hidden
2024 hidden hidden
2025 hidden hidden
2026 hidden hidden
2027 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2017-11-03).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 and thereafter hidden 2022 hidden hidden
2023 hidden hidden
2024 hidden hidden
2025 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2016-10-26).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2016 hidden 2016 hidden hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 and thereafter hidden 2021 hidden hidden
2022 hidden hidden
2023 hidden hidden
2024 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2015-10-28).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2015 hidden 2015 hidden hidden
2016 hidden 2016 hidden hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 and thereafter hidden 2020 hidden hidden
2021 hidden hidden
2022 hidden hidden
2023 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2014-10-27).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2014 hidden 2014 hidden hidden
2015 hidden 2015 hidden hidden
2016 hidden 2016 hidden hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 and thereafter hidden 2019 hidden hidden
2020 hidden hidden
2021 hidden hidden
2022 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2013-10-30).


Analyst Adjustments for Operating Leases

Apple Inc., adjustments to financial data

USD $ in millions

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Adjustment to Total Assets
Total assets (as reported) hidden hidden hidden hidden hidden hidden
Add: Operating leased assets1 hidden hidden hidden hidden hidden hidden
Total assets (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Total Debt
Total debt (as reported) hidden hidden hidden hidden hidden hidden
Add: Operating lease obligations2 hidden hidden hidden hidden hidden hidden
Total debt (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Earnings before Interest and Tax (EBIT)
EBIT3 (as reported) hidden hidden hidden hidden hidden hidden
Add-back: Rent expense under all operating leases hidden hidden hidden hidden hidden hidden
Less: Depreciation expense, operating leased assets4 hidden hidden hidden hidden hidden hidden
EBIT (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Interest Expense
Interest expense (as reported) hidden hidden hidden hidden hidden hidden
Add: Interest expense, operating lease obligations5 hidden hidden hidden hidden hidden hidden
Interest expense (adjusted) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

1, 2 Equal to total present value of future operating lease payments. See Details »

3 See Details »

4 See Details »

5 See Details »


Adjusted Ratios for Operating Leases (Summary)

Apple Inc., adjusted ratios

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Total Asset Turnover1
Reported total asset turnover hidden hidden hidden hidden hidden hidden
Adjusted total asset turnover hidden hidden hidden hidden hidden hidden
Debt to Equity2
Reported debt to equity hidden hidden hidden hidden hidden hidden
Adjusted debt to equity hidden hidden hidden hidden hidden hidden
Return on Assets3 (ROA)
Reported ROA hidden hidden hidden hidden hidden hidden
Adjusted ROA hidden hidden hidden hidden hidden hidden
Interest Coverage4
Reported interest coverage hidden hidden hidden hidden hidden hidden
Adjusted interest coverage hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Apple Inc.'s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. Apple Inc.'s adjusted debt-to-equity deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Apple Inc.'s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted interest coverage A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments. Apple Inc.'s adjusted interest coverage deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
As Reported
Net sales (USD $ in millions) hidden hidden hidden hidden hidden hidden
Total assets (USD $ in millions) hidden hidden hidden hidden hidden hidden
Total asset turnover1 hidden hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Net sales (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted total assets (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted total asset turnover2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

2018 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= hidden ÷ hidden = hidden

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Apple Inc.'s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
As Reported
Total debt (USD $ in millions) hidden hidden hidden hidden hidden hidden
Shareholders' equity (USD $ in millions) hidden hidden hidden hidden hidden hidden
Debt to equity1 hidden hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Adjusted total debt (USD $ in millions) hidden hidden hidden hidden hidden hidden
Shareholders' equity (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted debt to equity2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

2018 Calculations

1 Debt to equity = Total debt ÷ Shareholders' equity
= hidden ÷ hidden = hidden

2 Adjusted debt to equity = Adjusted total debt ÷ Shareholders' equity
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. Apple Inc.'s adjusted debt-to-equity deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
As Reported
Net income (USD $ in millions) hidden hidden hidden hidden hidden hidden
Total assets (USD $ in millions) hidden hidden hidden hidden hidden hidden
ROA1 hidden hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Net income (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted total assets (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted ROA2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

2018 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × hidden ÷ hidden = hidden

2 Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Apple Inc.'s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Interest Coverage

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
As Reported
Earnings before interest and tax1 (EBIT) (USD $ in millions) hidden hidden hidden hidden hidden hidden
Interest expense (USD $ in millions) hidden hidden hidden hidden hidden hidden
Interest coverage2 hidden hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Adjusted EBIT (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted interest expense (USD $ in millions) hidden hidden hidden hidden hidden hidden
Adjusted interest coverage3 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

1 See Details »

2018 Calculations

2 Interest coverage = EBIT ÷ Interest expense
= hidden ÷ hidden = hidden

3 Adjusted interest coverage = Adjusted EBIT ÷ Adjusted interest expense
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments. Apple Inc.'s adjusted interest coverage ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Estimation of Depreciation Expense, Operating Leased Assets

USD $ in millions

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Rent expense under all operating leases hidden hidden hidden hidden hidden hidden
Less: Estimated interest expense, operating lease obligations1 hidden hidden hidden hidden hidden hidden
Estimated depreciation expense, operating leased assets hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).


Estimation of Interest Expense, Operating Lease Obligations

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Operating leased assets, at beginning of year1 (USD $ in millions) hidden hidden hidden hidden hidden hidden
Discount rate2 hidden hidden hidden hidden hidden hidden
Estimated interest expense, operating lease obligations3 (USD $ in millions) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

1 See Details »

2 Weighted-average interest rate for Apple Inc.'s debt

2018 Calculations

3 Estimated interest expense, operating lease obligations = Operating leased assets, at beginning of year × Discount rate
= hidden × hidden = hidden


Present Value of Operating Lease Payments, at Beginning of Year

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Total present value of future operating lease payments1 (USD $ in millions) hidden hidden hidden hidden hidden hidden
Rent expense under all operating leases (USD $ in millions) hidden hidden hidden hidden hidden hidden
Discount rate2 hidden hidden hidden hidden hidden hidden
Total present value of operating lease payments, at beginning of year3 (USD $ in millions) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

1 Equal to total present value of future operating lease payments. See Details »

2 Weighted-average interest rate for Apple Inc.'s debt

2018 Calculations

3 Total present value of operating lease payments, at beginning of year = (Total present value of future operating lease payments + Rent expense under all operating leases) ÷ (1 + Discount rate)
= (hidden + hidden) ÷ (1 + hidden) = hidden