Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Apple Inc. (NASDAQ:AAPL)

Adjustments to Financial Statements

Advanced level

Adjustments to Total Assets

Apple Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Total assets 323,888  338,516  365,725  375,319  321,686  290,479 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  8,535  7,973  8,069  6,540  5,572 
Less: Noncurrent deferred tax assets, net2 8,157  8,045  5,834  —  —  — 
After Adjustment
Adjusted total assets 315,731  339,006  367,864  383,388  328,226  296,051 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax assets, net. See details »


Adjustments to Current Liabilities

Apple Inc., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Current liabilities 105,392  105,718  116,866  100,814  79,006  80,610 
Adjustments
Less: Deferred revenue, current 6,643  5,522  7,543  7,548  8,080  8,940 
After Adjustment
Adjusted current liabilities 98,749  100,196  109,323  93,266  70,926  71,670 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).


Adjustments to Total Liabilities

Apple Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Total liabilities 258,549  248,028  258,578  241,272  193,437  171,124 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  8,535  7,973  8,069  6,540  5,572 
Less: Noncurrent deferred tax liabilities2 —  —  —  27,588  21,906  16,260 
Less: Deferred revenue 10,200  8,100  10,340  10,384  11,010  12,564 
Less: Accrued warranty and related costs 3,354  3,570  3,692  3,834  3,702  4,780 
After Adjustment
Adjusted total liabilities 244,995  244,893  252,519  207,535  163,359  143,092 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Apple Inc., adjusted shareholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Shareholders’ equity 65,339  90,488  107,147  134,047  128,249  119,355 
Adjustments
Less: Net deferred tax assets (liabilities)1 8,157  8,045  5,834  (27,588) (21,906) (16,260)
Add: Deferred revenue 10,200  8,100  10,340  10,384  11,010  12,564 
Add: Accrued warranty and related costs 3,354  3,570  3,692  3,834  3,702  4,780 
After Adjustment
Adjusted shareholders’ equity 70,736  94,113  115,345  175,853  164,867  152,959 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Apple Inc., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Commercial paper 4,996  5,980  11,964  11,977  8,105  8,499 
Current portion of term debt 8,773  10,260  8,784  6,496  3,500  2,500 
Non-current portion of term debt 98,667  91,807  93,735  97,207  75,427  53,463 
Total reported debt 112,436  108,047  114,483  115,680  87,032  64,462 
Shareholders’ equity 65,339  90,488  107,147  134,047  128,249  119,355 
Total reported capital 177,775  198,535  221,630  249,727  215,281  183,817 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  8,535  7,973  8,069  6,540  5,572 
Add: Lease liabilities, operating leases (included in Other current liabilities)2 1,436  —  —  —  —  — 
Add: Lease liabilities, operating leases (included in Other non-current liabilities)3 7,745  —  —  —  —  — 
Adjusted total debt 121,617  116,582  122,456  123,749  93,572  70,034 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 8,157  8,045  5,834  (27,588) (21,906) (16,260)
Add: Deferred revenue 10,200  8,100  10,340  10,384  11,010  12,564 
Add: Accrued warranty and related costs 3,354  3,570  3,692  3,834  3,702  4,780 
Adjusted shareholders’ equity 70,736  94,113  115,345  175,853  164,867  152,959 
After Adjustment
Adjusted total capital 192,353  210,695  237,801  299,602  258,439  222,993 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Lease liabilities, operating leases (included in Other current liabilities). See details »

3 Lease liabilities, operating leases (included in Other non-current liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Apple Inc., adjusted net sales

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Net sales 274,515  260,174  265,595  229,234  215,639  233,715 
Adjustment
Add: Increase (decrease) in deferred revenue 2,100  (700) (44) (626) (1,554) 1,042 
After Adjustment
Adjusted net sales 276,615  259,474  265,551  228,608  214,085  234,757 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).


Adjustments to Reported Income

Apple Inc., adjusted net income

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
As Reported
Net income 57,411  55,256  59,531  48,351  45,687  53,394 
Adjustments
Add: Deferred income tax expense (benefit)1 (215) (340) (32,590) 5,966  4,938  1,382 
Add: Increase (decrease) in deferred revenue 2,100  (700) (44) (626) (1,554) 1,042 
Add: Increase (decrease) in accrued warranty and related costs (216) (122) (142) 132  (1,078) 621 
Add: Other comprehensive income (loss) 42  2,781  (3,026) (784) 979  (1,427)
After Adjustment
Adjusted net income 59,122  56,875  23,729  53,039  48,972  55,012 

Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 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).

1 Deferred income tax expense (benefit). See details »