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, 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).

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, 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 leased assets1 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 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, 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).

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, 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 obligations1 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).

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, 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).

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, 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 obligations1 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 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, 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

USD $ in millions

Microsoft Excel LibreOffice Calc
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).

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