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Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)
Costco Wholesale Corp., future operating lease payments (before adoption of FASB Topic 842)
US$ in millions
Aug 30, 2020 | Sep 1, 2019 | Sep 2, 2018 | Sep 3, 2017 | Aug 28, 2016 | Aug 30, 2015 | ||
---|---|---|---|---|---|---|---|
Total undiscounted future operating lease payments | |||||||
Discount rate1 | |||||||
Total present value of future operating lease payments |
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
1 Weighted-average discount rate, finance leases
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 | 2023 | |||
2024 | 2024 | |||
2025 and thereafter | 2025 | |||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
2030 | ||||
2031 | ||||
2032 | ||||
2033 | ||||
2034 | ||||
2035 | ||||
2036 | ||||
2037 | ||||
Total: |
Based on: 10-K (filing date: 2019-10-11).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 | 2023 | |||
2024 and thereafter | 2024 | |||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
2030 | ||||
2031 | ||||
2032 | ||||
2033 | ||||
2034 | ||||
2035 | ||||
2036 | ||||
Total: |
Based on: 10-K (filing date: 2018-10-26).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 | 2022 | |||
2023 and thereafter | 2023 | |||
2024 | ||||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
2030 | ||||
2031 | ||||
2032 | ||||
2033 | ||||
2034 | ||||
2035 | ||||
Total: |
Based on: 10-K (filing date: 2017-10-18).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2017 | 2017 | |||
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 | 2021 | |||
2022 and thereafter | 2022 | |||
2023 | ||||
2024 | ||||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
2030 | ||||
2031 | ||||
2032 | ||||
2033 | ||||
2034 | ||||
2035 | ||||
Total: |
Based on: 10-K (filing date: 2016-10-12).
Year | Future operating lease payments (as reported) | Year | Future operating lease payments (estimated) | Present value at |
---|---|---|---|---|
2016 | 2016 | |||
2017 | 2017 | |||
2018 | 2018 | |||
2019 | 2019 | |||
2020 | 2020 | |||
2021 and thereafter | 2021 | |||
2022 | ||||
2023 | ||||
2024 | ||||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
2029 | ||||
2030 | ||||
2031 | ||||
2032 | ||||
2033 | ||||
2034 | ||||
Total: |
Based on: 10-K (filing date: 2015-10-14).
Adjustments to Financial Statements for Operating Leases
Costco Wholesale Corp., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
1, 2 Equal to total present value of future operating lease payments.
Costco Wholesale Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
Costco Wholesale Corp., adjusted financial ratios
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
Financial ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Costco Wholesale Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted debt to equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Costco Wholesale Corp.’s adjusted debt to equity ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Costco Wholesale Corp.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Costco Wholesale Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
2020 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Costco Wholesale Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Debt to Equity
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
2020 Calculations
1 Debt to equity = Total debt ÷ Total Costco stockholders’ equity
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Total Costco stockholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Costco Wholesale Corp.’s adjusted debt-to-equity ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-10-07), 10-K (filing date: 2019-10-11), 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14).
2020 Calculations
1 ROA = 100 × Net income attributable to Costco ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net income attributable to Costco ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Costco Wholesale Corp.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |