Microsoft Excel LibreOffice Calc

Intuit Inc. (INTU)

Adjustments to Financial Statements

Difficulty: Advanced

Adjustments to Current Assets

Intuit Inc., adjusted current assets

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Current assets 2,404  1,415  1,614  2,560  2,621 
Adjustments
Add: Allowance for doubtful accounts 5  46  51  45  43 
Less: Current deferred tax assets1 —  —  —  231  133 
After Adjustment
Adjusted current assets 2,409  1,461  1,665  2,374  2,531 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

1 Current deferred tax assets. See Details »

Adjustments to Total Assets

Intuit Inc., adjusted total assets

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Total assets 5,178  4,068  4,250  4,968  5,201 
Adjustments
Add: Operating leased assets1 399  384  340  402  429 
Add: Allowance for doubtful accounts 5  46  51  45  43 
Less: Current deferred tax assets2 —  —  —  231  133 
Less: Long-term deferred tax assets3 87  132  139  4  — 
After Adjustment
Adjusted total assets 5,495  4,366  4,502  5,180  5,540 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

1 Operating leased assets. See Details »

2 Current deferred tax assets. See Details »

3 Long-term deferred tax assets. See Details »

Adjustments to Current Liabilities

Intuit Inc., adjusted current liabilities

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Current liabilities 2,116  1,944  2,251  1,744  1,421 
Adjustments
Less: Current deferred revenue 961  887  801  691  526 
After Adjustment
Adjusted current liabilities 1,155  1,057  1,450  1,053  895 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

Adjustments to Total Liabilities

Intuit Inc., adjusted total liabilities

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Total liabilities 2,824  2,714  3,089  2,636  2,123 
Adjustments
Add: Operating lease obligations1 399  384  340  402  429 
Less: Long-term deferred tax liabilities (included in Other long-term obligations)2 7  7  7  50  61 
Less: Deferred revenue 1,158  1,089  1,005  843  536 
After Adjustment
Adjusted total liabilities 2,058  2,002  2,417  2,145  1,955 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

1 Operating lease obligations. See Details »

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

Adjustments to Stockholders’ Equity

Intuit Inc., adjusted stockholders’ equity

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Stockholders’ equity 2,354  1,354  1,161  2,332  3,078 
Adjustments
Less: Net deferred tax assets1 80  125  132  185  72 
Add: Allowance for doubtful accounts 5  46  51  45  43 
Add: Deferred revenue 1,158  1,089  1,005  843  536 
After Adjustment
Adjusted stockholders’ equity 3,437  2,364  2,085  3,035  3,585 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

1 Net deferred tax assets. See Details »

Adjustments to Capitalization Table

Intuit Inc., adjusted capitalization table

USD $ in millions

Microsoft Excel LibreOffice Calc
Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Short-term debt 50  50  512  —  — 
Long-term debt 388  438  488  500  499 
Total reported debt 438  488  1,000  500  499 
Stockholders’ equity 2,354  1,354  1,161  2,332  3,078 
Total reported capital 2,792  1,842  2,161  2,832  3,577 
Adjustments to Debt
Add: Operating lease obligations1 399  384  340  402  429 
Adjusted total debt 837  872  1,340  902  928 
Adjustments to Equity
Less: Net deferred tax assets2 80  125  132  185  72 
Add: Allowance for doubtful accounts 5  46  51  45  43 
Add: Deferred revenue 1,158  1,089  1,005  843  536 
Adjusted stockholders’ equity 3,437  2,364  2,085  3,035  3,585 
After Adjustment
Adjusted total capital 4,274  3,236  3,425  3,937  4,513 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

1 Operating lease obligations. See Details »

2 Net deferred tax assets. See Details »

Adjustments to Revenues

Intuit Inc., adjusted net revenue

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Net revenue 5,964  5,177  4,694  4,192  4,506 
Adjustments
Add: Increase (decrease) in deferred revenue 69  84  162  345  9 
After Adjustment
Adjusted net revenue 6,033  5,261  4,856  4,537  4,515 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

Adjustments to Reported Income

Intuit Inc., adjusted net income

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
As Reported
Net income 1,211  971  979  365  907 
Adjustments
Add: Deferred income tax expense (benefit)1 43  7  (50) 19  99 
Add: Increase (decrease) in allowance for doubtful accounts (41) (5) 6  5  5 
Add: Increase (decrease) in deferred revenue 69  84  162  345  9 
Less: Net income (loss) from discontinued operations —  —  173  (48) 46 
Add: Other comprehensive income (loss), net of income taxes (13) 10  (2) (28) (22)
After Adjustment
Adjusted net income 1,269  1,067  922  754  952 

Based on: 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01), 10-K (filing date: 2014-09-12).

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