Adjustments to Financial Statements
High level of difficulty
Adjustments to Current Assets
Celgene Corp., adjusted current assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Current assets |
9,067 |
14,892 |
10,868 |
9,401 |
9,713 |
|
Adjustments |
|
|
Add: Allowance for doubtful accounts |
16 |
16 |
15 |
18 |
21 |
|
|
Less: Current deferred tax assets1 |
— |
— |
— |
— |
12 |
|
After Adjustment |
|
|
Adjusted current assets |
9,083 |
14,908 |
10,883 |
9,419 |
9,722 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
Adjustments to Total Assets
Celgene Corp., adjusted total assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Total assets |
35,480 |
30,141 |
28,086 |
27,053 |
17,340 |
|
Adjustments |
|
|
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 |
375 |
209 |
191 |
206 |
197 |
|
|
Add: Allowance for doubtful accounts |
16 |
16 |
15 |
18 |
21 |
|
|
Less: Current deferred tax assets2 |
— |
— |
— |
— |
12 |
|
|
Less: Non-current deferred tax assets (included in Other non-current assets)3 |
24 |
23 |
138 |
66 |
57 |
|
After Adjustment |
|
|
Adjusted total assets |
35,847 |
30,343 |
28,154 |
27,212 |
17,489 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See Details »
2 Current deferred tax assets. See Details »
3 Non-current deferred tax assets (included in Other non-current assets). See Details »
Adjustments to Current Liabilities
Celgene Corp., adjusted current liabilities
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Current liabilities |
4,057 |
2,987 |
2,959 |
1,969 |
2,112 |
|
Adjustments |
|
|
Less: Current deferred tax liabilities1 |
— |
— |
— |
— |
131 |
|
|
Less: Current portion of deferred revenue |
73 |
75 |
55 |
61 |
29 |
|
After Adjustment |
|
|
Adjusted current liabilities |
3,984 |
2,912 |
2,904 |
1,908 |
1,953 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
Adjustments to Total Liabilities
Celgene Corp., adjusted total liabilities
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Total liabilities |
29,319 |
23,220 |
21,486 |
21,134 |
10,815 |
|
Adjustments |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
375 |
209 |
191 |
206 |
197 |
|
|
Less: Current deferred tax liabilities2 |
— |
— |
— |
— |
131 |
|
|
Less: Non-current deferred tax liabilities3 |
2,753 |
1,327 |
— |
378 |
556 |
|
|
Less: Deferred revenue |
146 |
109 |
83 |
91 |
56 |
|
After Adjustment |
|
|
Adjusted total liabilities |
26,795 |
21,993 |
21,594 |
20,872 |
10,269 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
Adjustments to Stockholders’ Equity
Celgene Corp., adjusted stockholders’ equity
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Stockholders’ equity |
6,161 |
6,921 |
6,599 |
5,919 |
6,525 |
|
Adjustments |
|
|
Less: Net deferred tax asset (liability)1 |
(2,729) |
(1,304) |
138 |
(312) |
(619) |
|
|
Add: Allowance for doubtful accounts |
16 |
16 |
15 |
18 |
21 |
|
|
Add: Deferred revenue |
146 |
109 |
83 |
91 |
56 |
|
After Adjustment |
|
|
Adjusted stockholders’ equity |
9,052 |
8,350 |
6,560 |
6,340 |
7,220 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
Adjustments to Capitalization Table
Celgene Corp., adjusted capitalization table
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Short-term borrowings and current portion of long-term debt |
501 |
— |
501 |
— |
606 |
|
|
Long-term debt, net of discount, excluding current portion |
19,769 |
15,838 |
13,789 |
14,250 |
6,266 |
|
|
Total reported debt |
20,270 |
15,838 |
14,289 |
14,250 |
6,872 |
|
|
Stockholders’ equity |
6,161 |
6,921 |
6,599 |
5,919 |
6,525 |
|
|
Total reported capital |
26,431 |
22,759 |
20,889 |
20,169 |
13,396 |
|
Adjustments to Debt |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
375 |
209 |
191 |
206 |
197 |
|
|
Adjusted total debt |
20,645 |
16,047 |
14,480 |
14,456 |
7,068 |
|
Adjustments to Equity |
|
|
Less: Net deferred tax asset (liability)2 |
(2,729) |
(1,304) |
138 |
(312) |
(619) |
|
|
Add: Allowance for doubtful accounts |
16 |
16 |
15 |
18 |
21 |
|
|
Add: Deferred revenue |
146 |
109 |
83 |
91 |
56 |
|
|
Adjusted stockholders’ equity |
9,052 |
8,350 |
6,560 |
6,340 |
7,220 |
|
After Adjustment |
|
|
Adjusted total capital |
29,697 |
24,397 |
21,040 |
20,796 |
14,289 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
1 Operating lease liability (before adoption of FASB Topic 842). See Details »
2 Net deferred tax asset (liability). See Details »
Adjustments to Revenues
Celgene Corp., adjusted net product sales
US$ in millions
|
12 months ended |
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Net product sales |
15,265 |
12,973 |
11,185 |
9,161 |
7,564 |
|
Adjustments |
|
|
Add: Increase (decrease) in deferred revenue |
37 |
26 |
(8) |
34 |
5 |
|
After Adjustment |
|
|
Adjusted net product sales |
15,302 |
12,999 |
11,177 |
9,195 |
7,569 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
Adjustments to Reported Income
Celgene Corp., adjusted net income
US$ in millions
|
12 months ended |
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Net income |
4,046 |
2,940 |
1,999 |
1,602 |
2,000 |
|
Adjustments |
|
|
Add: Deferred income tax expense (benefit)1 |
32 |
(1,330) |
(344) |
(33) |
(272) |
|
|
Add: Increase (decrease) in allowance for doubtful accounts |
— |
1 |
(3) |
(3) |
(7) |
|
|
Add: Increase (decrease) in deferred revenue |
37 |
26 |
(8) |
34 |
5 |
|
|
Add: Other comprehensive income (loss) |
233 |
(102) |
(349) |
(147) |
821 |
|
After Adjustment |
|
|
Adjusted net income |
4,348 |
1,535 |
1,296 |
1,453 |
2,546 |
Based on:
10-K (filing date: 2019-02-26),
10-K (filing date: 2018-02-07),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-11),
10-K (filing date: 2015-02-20).
