Adjustments to Financial Statements
Advanced level
Adjustments to Current Assets
Chevron Corp., adjusted current assets
US$ in millions
|
|
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).
Adjustments to Total Assets
Chevron Corp., adjusted total assets
US$ in millions
|
|
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
|
|
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 | 7 | — | — | 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
|
|
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 | 7 | — | — | 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
|
|
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 | 7 | — | — | 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).
Adjustments to Capitalization Table
Chevron Corp., adjusted capitalization table
US$ in millions
|
|
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 | 7 | — | — | 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
|
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 | 7 | — | (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).
