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Analysis of Operating Leases

Difficulty: Advanced


Present Value of Future Operating Lease Payments

DowDuPont Inc., future operating lease payments

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Total undiscounted future operating lease payments1 (USD $ in millions)
Discount rate2 % % % % %
Total present value of future operating lease payments (USD $ in millions)

1 Source: DowDuPont Inc. Annual Reports

2 Weighted-average interest rate for DowDuPont Inc.'s debt

Year Future operating lease payments (as reported)1 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
Total:

1 Source: DowDuPont Inc. Annual Reports

Year Future operating lease payments (as reported)1 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
Total:

1 Source: DowDuPont Inc. Annual Reports

Year Future operating lease payments (as reported)1 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
Total:

1 Source: DowDuPont Inc. Annual Reports

Year Future operating lease payments (as reported)1 Year Future operating lease payments (estimated) Present value at %
2015 2015
2016 2016
2017 2017
2018 2018
2019 2019
2020 and thereafter 2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Total:

1 Source: DowDuPont Inc. Annual Reports

Year Future operating lease payments (as reported)1 Year Future operating lease payments (estimated) Present value at %
2014 2014
2015 2015
2016 2016
2017 2017
2018 2018
2019 and thereafter 2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Total:

1 Source: DowDuPont Inc. Annual Reports

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Analyst Adjustments for Operating Leases

DowDuPont Inc., adjustments to financial data

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Adjustment to Total Assets
Total assets (as reported)
Add: Operating leased assets1
Total assets (adjusted)
Adjustment to Total Debt
Total debt (as reported)
Add: Operating lease obligations2
Total debt (adjusted)
Adjustment to Earnings before Interest and Tax (EBIT)
EBIT3 (as reported)
Add-back: Rental expenses under leases, net of sublease rental income4
Less: Depreciation expense, operating leased assets5
EBIT (adjusted)
Adjustment to Interest Expense And Amortization Of Debt Discount
Interest expense and amortization of debt discount (as reported)
Add: Interest expense, operating lease obligations6
Interest expense and amortization of debt discount (adjusted)

1, 2 Equal to total present value of future operating lease payments. See Details »

3 See Details »

4 Source: DowDuPont Inc. Annual Reports

5 See Details »

6 See Details »

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Adjusted Ratios for Operating Leases (Summary)

DowDuPont Inc., adjusted ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Total Asset Turnover1
Reported total asset turnover
Adjusted total asset turnover
Debt to Equity2
Reported debt to equity
Adjusted debt to equity
Return on Assets3 (ROA)
Reported ROA % % % % %
Adjusted ROA % % % % %
Interest Coverage4
Reported interest coverage
Adjusted interest coverage
Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. DowDuPont Inc.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017.
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. DowDuPont Inc.'s adjusted debt-to-equity deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. DowDuPont Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017.
Adjusted interest coverage A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments. DowDuPont Inc.'s adjusted interest coverage deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Total Asset Turnover

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net sales (USD $ in millions)
Total assets (USD $ in millions)
Total asset turnover1
Adjusted for Operating Leases
Net sales (USD $ in millions)
Adjusted total assets (USD $ in millions)
Adjusted total asset turnover2

2017 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. DowDuPont Inc.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Debt to Equity

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Total debt (USD $ in millions)
DowDuPont's stockholders' equity (USD $ in millions)
Debt to equity1
Adjusted for Operating Leases
Adjusted total debt (USD $ in millions)
DowDuPont's stockholders' equity (USD $ in millions)
Adjusted debt to equity2

2017 Calculations

1 Debt to equity = Total debt ÷ DowDuPont's stockholders' equity
= ÷ =

2 Adjusted debt to equity = Adjusted total debt ÷ DowDuPont's stockholders' equity
= ÷ =

Ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. DowDuPont Inc.'s adjusted debt-to-equity deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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Adjusted Return on Assets (ROA)

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net income attributable to DowDuPont Inc. (USD $ in millions)
Total assets (USD $ in millions)
ROA1 % % % % %
Adjusted for Operating Leases
Net income attributable to DowDuPont Inc. (USD $ in millions)
Adjusted total assets (USD $ in millions)
Adjusted ROA2 % % % % %

2017 Calculations

1 ROA = 100 × Net income attributable to DowDuPont Inc. ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Net income attributable to DowDuPont Inc. ÷ Adjusted total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. DowDuPont Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Interest Coverage

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Earnings before interest and tax1 (EBIT) (USD $ in millions)
Interest expense and amortization of debt discount (USD $ in millions)
Interest coverage2
Adjusted for Operating Leases
Adjusted EBIT (USD $ in millions)
Adjusted interest expense and amortization of debt discount (USD $ in millions)
Adjusted interest coverage3

1 See Details »

2017 Calculations

2 Interest coverage = EBIT ÷ Interest expense and amortization of debt discount
= ÷ =

3 Adjusted interest coverage = Adjusted EBIT ÷ Adjusted interest expense and amortization of debt discount
= ÷ =

Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments. DowDuPont Inc.'s adjusted interest coverage ratio deteriorated from 2015 to 2016 and from 2016 to 2017.

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Estimation of Depreciation Expense, Operating Leased Assets

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Rental expenses under leases, net of sublease rental income1
Less: Estimated interest expense, operating lease obligations2
Estimated depreciation expense, operating leased assets

1 Source: DowDuPont Inc., Annual Reports

2 See Details »

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Estimation of Interest Expense, Operating Lease Obligations

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Operating leased assets, at beginning of year1 (USD $ in millions)
Discount rate2 % % % % %
Estimated interest expense, operating lease obligations3 (USD $ in millions)

1 See Details »

2 Weighted-average interest rate for DowDuPont Inc.'s debt

2017 Calculations

3 Estimated interest expense, operating lease obligations = Operating leased assets, at beginning of year × Discount rate
= × =

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Present Value of Operating Lease Payments, at Beginning of Year

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Total present value of future operating lease payments1 (USD $ in millions)
Rental expenses under leases, net of sublease rental income2 (USD $ in millions)
Discount rate3 % % % % %
Total present value of operating lease payments, at beginning of year4 (USD $ in millions)

1 Equal to total present value of future operating lease payments. See Details »

2 Source: DowDuPont Inc., Annual Reports

3 Weighted-average interest rate for DowDuPont Inc.'s debt

2017 Calculations

4 Total present value of operating lease payments, at beginning of year = (Total present value of future operating lease payments + Rental expenses under leases, net of sublease rental income) ÷ (1 + Discount rate)
= ( + ) ÷ (1 + %) =

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