Stock Analysis on Net
Stock Analysis on Net
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Chevron Corp. (NYSE:CVX)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Chevron Corp., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current assets 26,078  28,329  34,021  28,560  29,619 
Adjustments
Add: Allowance for doubtful accounts 284  746  869  490  373 
Add: LIFO reserve1 2,749  4,513  5,134  3,937  2,942 
After Adjustment
Adjusted current assets 29,111  33,588  40,024  32,987  32,934 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 LIFO reserve. See details »


Adjustments to Total Assets

Chevron Corp., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total assets 239,790  237,428  253,863  253,806  260,078 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  1,708  2,102  1,777 
Add: Allowance for doubtful accounts 284  746  869  490  373 
Add: LIFO reserve2 2,749  4,513  5,134  3,937  2,942 
Less: Noncurrent deferred tax assets (included in Deferred charges and other assets)3 5,286  4,178  4,399  4,750  4,649 
After Adjustment
Adjusted total assets 237,537  238,509  257,175  255,585  260,521 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

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

2 LIFO reserve. See details »

3 Noncurrent deferred tax assets (included in Deferred charges and other assets). See details »


Adjustments to Current Liabilities

Chevron Corp., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current liabilities 22,183  26,530  27,171  27,737  31,785 
Adjustments
Less: Current accrued severance liability 470  —  —  60 
After Adjustment
Adjusted current liabilities 21,713  26,523  27,171  27,737  31,725 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).


Adjustments to Total Liabilities

Chevron Corp., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total liabilities 107,064  92,220  98,221  104,487  113,356 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  1,708  2,102  1,777 
Less: Noncurrent deferred income tax liabilities2 12,569  13,688  15,921  14,652  17,516 
Less: Accrued severance liability 470  —  —  60 
After Adjustment
Adjusted total liabilities 94,025  78,525  84,008  91,937  97,557 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

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

2 Noncurrent deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Chevron Corp., adjusted total Chevron Corporation stockholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Adjustments
Less: Deferred taxes, net1 (7,283) (9,510) (11,522) (9,902) (12,867)
Add: Allowance for doubtful accounts 284  746  869  490  373 
Add: LIFO reserve2 2,749  4,513  5,134  3,937  2,942 
Add: Accrued severance liability 470  —  —  60 
Add: Redeemable noncontrolling interest 120  —  —  —  — 
Add: Noncontrolling interests 918  995  1,088  1,195  1,166 
After Adjustment
Adjusted total equity 143,512  159,984  173,167  163,648  162,964 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 Deferred taxes, net. See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Chevron Corp., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total reported debt 44,315  26,973  34,459  38,763  46,126 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Total reported capital 176,003  171,186  189,013  186,887  191,682 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  1,708  2,102  1,777 
Add: Current lease liabilities, operating leases (included in Accrued liabilities)2 1,291  1,277  —  —  — 
Add: Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations)3 2,615  2,608  —  —  — 
Adjusted total debt 48,221  30,858  36,167  40,865  47,903 
Adjustments to Equity
Less: Deferred taxes, net4 (7,283) (9,510) (11,522) (9,902) (12,867)
Add: Allowance for doubtful accounts 284  746  869  490  373 
Add: LIFO reserve5 2,749  4,513  5,134  3,937  2,942 
Add: Accrued severance liability 470  —  —  60 
Add: Redeemable noncontrolling interest 120  —  —  —  — 
Add: Noncontrolling interests 918  995  1,088  1,195  1,166 
Adjusted total equity 143,512  159,984  173,167  163,648  162,964 
After Adjustment
Adjusted total capital 191,733  190,842  209,334  204,513  210,867 

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

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

2 Current lease liabilities, operating leases (included in Accrued liabilities). See details »

3 Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations). See details »

4 Deferred taxes, net. See details »

5 LIFO reserve. See details »


Adjustments to Reported Income

Chevron Corp., adjusted net income (loss) attributable to Chevron Corporation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Net income (loss) attributable to Chevron Corporation (5,543) 2,924  14,824  9,195  (497)
Adjustments
Add: Deferred income tax expense (benefit)1 (3,608) (1,966) 1,051  (3,203) (3,835)
Add: Increase (decrease) in allowance for doubtful accounts (462) (123) 379  117  60 
Add: Increase (decrease) in LIFO reserve2 (1,764) (621) 1,197  995  (803)
Add: Increase (decrease) in accrued severance liability 463  —  (60) (233)
Add: Other comprehensive gain (loss), net of tax (622) (1,446) 607  254  448 
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (18) (79) 36  74  66 
After Adjustment
Adjusted net income (loss) (11,554) (1,304) 18,094  7,372  (4,794)

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

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

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