Microsoft Excel LibreOffice Calc

Celgene Corp. (CELG)

Adjustments to Financial Statements

Difficulty: Advanced

Adjustments to Current Assets

Celgene Corp., adjusted current assets

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Current assets 14,892  10,868  9,401  9,713  7,551 
Adjustments
Add: Allowance for doubtful accounts 16  15  18  21  28 
Less: Current deferred tax assets1 –  –  –  12  25 
After Adjustment
Adjusted current assets 14,908  10,883  9,419  9,722  7,553 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Current deferred tax assets. See Details »

Adjustments to Total Assets

Celgene Corp., adjusted total assets

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Total assets 30,141  28,086  27,053  17,340  13,378 
Adjustments
Add: Operating leased assets1 209  191  206  197  217 
Add: Allowance for doubtful accounts 16  15  18  21  28 
Less: Current deferred tax assets2 –  –  –  12  25 
Less: Non-current deferred tax assets (included in other non-current assets)3 23  138  66  57  56 
After Adjustment
Adjusted total assets 30,343  28,154  27,212  17,489  13,541 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Operating leased assets. 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

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Current liabilities 2,987  2,959  1,969  2,112  1,946 
Adjustments
Less: Current deferred tax liabilities1 –  –  –  131  – 
Less: Current portion of deferred revenue 75  55  61  29  28 
After Adjustment
Adjusted current liabilities 2,912  2,904  1,908  1,953  1,918 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Current deferred tax liabilities. See Details »

Adjustments to Total Liabilities

Celgene Corp., adjusted total liabilities

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Total liabilities 23,220  21,486  21,134  10,815  7,788 
Adjustments
Add: Operating lease obligations1 209  191  206  197  217 
Less: Current deferred tax liabilities2 –  –  –  131  – 
Less: Non-current deferred tax liabilities3 1,327  –  378  556  805 
Less: Deferred revenue 109  83  91  56  51 
After Adjustment
Adjusted total liabilities 21,993  21,594  20,872  10,269  7,149 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Operating lease obligations. See Details »

2 Current deferred tax liabilities. See Details »

3 Non-current deferred tax liabilities. See Details »

Adjustments to Stockholders’ Equity

Celgene Corp., adjusted stockholders’ equity

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Stockholders’ equity 6,921  6,599  5,919  6,525  5,590 
Adjustments
Less: Net deferred tax asset (liability)1 (1,304) 138  (312) (619) (723)
Add: Allowance for doubtful accounts 16  15  18  21  28 
Add: Deferred revenue 109  83  91  56  51 
After Adjustment
Adjusted stockholders’ equity 8,350  6,560  6,340  7,220  6,392 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Net deferred tax asset (liability). See Details »

Adjustments to Capitalization Table

Celgene Corp., adjusted capitalization table

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Short-term borrowings and current portion of long-term debt –  501  –  606  545 
Long-term debt, net of discount, excluding current portion 15,838  13,789  14,250  6,266  4,197 
Total reported debt 15,838  14,289  14,250  6,872  4,741 
Stockholders’ equity 6,921  6,599  5,919  6,525  5,590 
Total reported capital 22,759  20,889  20,169  13,396  10,331 
Adjustments to Debt
Add: Operating lease obligations1 209  191  206  197  217 
Adjusted total debt 16,047  14,480  14,456  7,068  4,958 
Adjustments to Equity
Less: Net deferred tax asset (liability)2 (1,304) 138  (312) (619) (723)
Add: Allowance for doubtful accounts 16  15  18  21  28 
Add: Deferred revenue 109  83  91  56  51 
Adjusted stockholders’ equity 8,350  6,560  6,340  7,220  6,392 
After Adjustment
Adjusted total capital 24,397  21,040  20,796  14,289  11,350 

Based on: 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), 10-K (filing date: 2014-02-13).

1 Operating lease obligations. See Details »

2 Net deferred tax asset (liability). See Details »

Adjustments to Revenues

Celgene Corp., adjusted net product sales

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net product sales 12,973  11,185  9,161  7,564  6,362 
Adjustments
Add: Increase (decrease) in deferred revenue 26  (8) 34  5  18 
After Adjustment
Adjusted net product sales 12,999  11,177  9,195  7,569  6,380 

Based on: 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), 10-K (filing date: 2014-02-13).

Adjustments to Reported Income

Celgene Corp., adjusted net income

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net income 2,940  1,999  1,602  2,000  1,450 
Adjustments
Add: Deferred income tax expense (benefit)1 (1,330) (344) (33) (272) (247)
Add: Increase (decrease) in allowance for doubtful accounts 1  (3) (3) (7) 6 
Add: Increase (decrease) in deferred revenue 26  (8) 34  5  18 
Add: Other comprehensive income (loss) (102) (349) (147) 821  144 
After Adjustment
Adjusted net income 1,535  1,296  1,453  2,546  1,371 

Based on: 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), 10-K (filing date: 2014-02-13).

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