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

Costco Wholesale Corp. (NASDAQ:COST)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Costco Wholesale Corp., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Current assets 28,120  23,485  20,289  17,317  15,218  17,299 
Adjustments
Add: LIFO reserve1 —  —  —  (64) —  82 
Less: Current deferred income tax assets (included in Other current assets)2 —  —  —  —  —  521 
After Adjustment
Adjusted current assets 28,120  23,485  20,289  17,253  15,218  16,860 

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 LIFO reserve. See details »

2 Current deferred income tax assets (included in Other current assets). See details »


Adjustments to Total Assets

Costco Wholesale Corp., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Total assets 55,556  45,400  40,830  36,347  33,163  33,440 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  1,882  1,825  1,851  1,814  1,770 
Add: LIFO reserve2 —  —  —  (64) —  82 
Less: Current deferred income tax assets (included in Other current assets)3 —  —  —  —  —  521 
Less: Long-term deferred income tax assets (included in Other long-term assets)4 406  398  316  254  202  109 
After Adjustment
Adjusted total assets 55,150  46,884  42,339  37,880  34,775  34,662 

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

2 LIFO reserve. See details »

3 Current deferred income tax assets (included in Other current assets). See details »

4 Long-term deferred income tax assets (included in Other long-term assets). See details »


Adjustments to Total Liabilities

Costco Wholesale Corp., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Total liabilities 36,851  29,816  27,727  25,268  20,831  22,597 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,882  1,825  1,851  1,814  1,770 
Less: Long-term deferred income tax liabilities (included in Other long-term liabilities)2 665  543  317  312  297  462 
After Adjustment
Adjusted total liabilities 36,186  31,155  29,235  26,807  22,348  23,905 

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

2 Long-term deferred income tax liabilities (included in Other long-term liabilities). See details »


Adjustments to Stockholders’ Equity

Costco Wholesale Corp., adjusted total Costco stockholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Total Costco stockholders’ equity 18,284  15,243  12,799  10,778  12,079  10,617 
Adjustments
Less: Net deferred tax assets (liabilities)1 (259) (145) (1) (58) (95) 168 
Add: LIFO reserve2 —  —  —  (64) —  82 
Add: Noncontrolling interests 421  341  304  301  253  226 
After Adjustment
Adjusted total equity 18,964  15,729  13,104  11,073  12,427  10,757 

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 Net deferred tax assets (liabilities). See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Costco Wholesale Corp., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Current portion of long-term debt 95  1,699  90  86  1,100  1,283 
Long-term debt, excluding current portion 7,514  5,124  6,487  6,573  4,061  4,864 
Total reported debt 7,609  6,823  6,577  6,659  5,161  6,147 
Total Costco stockholders’ equity 18,284  15,243  12,799  10,778  12,079  10,617 
Total reported capital 25,893  22,066  19,376  17,437  17,240  16,764 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,882  1,825  1,851  1,814  1,770 
Add: Current operating lease liabilities (included in other current liabilities in the consolidated balance sheets)2 231  —  —  —  —  — 
Add: Long-term operating lease liabilities3 2,558  —  —  —  —  — 
Adjusted total debt 10,398  8,705  8,402  8,510  6,975  7,917 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 (259) (145) (1) (58) (95) 168 
Add: LIFO reserve5 —  —  —  (64) —  82 
Add: Noncontrolling interests 421  341  304  301  253  226 
Adjusted total equity 18,964  15,729  13,104  11,073  12,427  10,757 
After Adjustment
Adjusted total capital 29,362  24,434  21,506  19,583  19,402  18,674 

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

2 Current operating lease liabilities (included in other current liabilities in the consolidated balance sheets). See details »

3 Long-term operating lease liabilities. See details »

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

5 LIFO reserve. See details »


Adjustments to Reported Income

Costco Wholesale Corp., adjusted net income attributable to Costco

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Aug 30, 2020 Sep 1, 2019 Sep 2, 2018 Sep 3, 2017 Aug 28, 2016 Aug 30, 2015
As Reported
Net income attributable to Costco 4,002  3,659  3,134  2,679  2,350  2,377 
Adjustments
Add: Deferred income tax expense (benefit)1 90  150  (50) (27) 269  (101)
Add: Increase (decrease) in LIFO reserve2 —  —  64  (64) (82) (27)
Add: Other comprehensive income (loss), net 162  (245) (192) 98  26  (1,063)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 80  37  38  48  30  14 
After Adjustment
Adjusted net income including noncontrolling interests 4,334  3,601  2,994  2,734  2,593  1,200 

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 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »