EMC Corp. (NYSE:EMC)

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EMC Corp., adjusted total assets

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total assets	46,612)	45,885)	45,849)	38,069)	34,268)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	1,788)	1,704)	1,371)	1,290)	1,145)
Add: Allowance for doubtful accounts	90)	72)	62)	68)	62)
Less: Current deferred tax assets²	—)	1,070)	912)	942)	733)
Less: Non-current deferred tax assets³	1,164)	157)	133)	65)	—)
After Adjustment
Adjusted total assets	47,326)	46,434)	46,237)	38,420)	34,742)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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

² Current deferred tax assets. See details »

³ Non-current deferred tax assets. See details »

A consistent upward trend in asset valuation is observed from 2011 through 2015. Both total assets and adjusted total assets experienced significant growth, particularly between 2012 and 2013, followed by a period of relative stabilization in 2014 and 2015.

Asset Growth Trajectory: Total assets increased from 34,268 million US$ in 2011 to 46,612 million US$ in 2015. The most pronounced expansion occurred between December 31, 2012, and December 31, 2013, where total assets grew by approximately 20.4%. Subsequent growth slowed significantly, with a marginal increase of 0.08% in 2014 and a slight acceleration to 1.6% in 2015.
Analysis of Asset Adjustments: Adjusted total assets remained consistently higher than reported total assets throughout the five-year period. The variance between the two figures fluctuated, starting at 474 million US$ in 2011, decreasing to 351 million US$ in 2012, and subsequently expanding to 714 million US$ by 2015. This indicates a growing divergence between reported and adjusted asset values toward the end of the observed period.
Comparative Growth Rates: The adjusted total assets mirrored the growth pattern of the reported assets, rising from 34,742 million US$ in 2011 to 47,326 million US$ in 2015. The adjustment magnitude expanded proportionally during the final two years, suggesting that the factors necessitating these adjustments increased as the total asset base grew.

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EMC Corp., adjusted current liabilities

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Current liabilities	12,885)	11,710)	11,799)	10,304)	10,376)
Adjustments
Less: Current deferred revenue	6,210)	6,021)	5,278)	4,575)	3,459)
Less: Current product warranty obligations	172)	210)	289)	278)	255)
Less: Restructuring, current	333)	115)	84)	76)	62)
After Adjustment
Adjusted current liabilities	6,170)	5,364)	6,148)	5,376)	6,601)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

An analysis of financial obligations from 2011 to 2015 reveals a diverging trend between total current liabilities and adjusted current liabilities. While total obligations exhibited a general upward trajectory, the adjusted figures remained relatively stable or experienced a net decline, indicating a widening variance between the two metrics over the five-year period.

Current Liabilities Trend: Total current liabilities increased from 10,376 million US dollars in 2011 to 12,885 million US dollars in 2015, representing a total increase of approximately 24.2%. The growth was characterized by two primary surges, the first occurring between 2012 and 2013, and the second between 2014 and 2015.
Adjusted Current Liabilities Trend: Adjusted current liabilities exhibited a volatile pattern, starting at 6,601 million US dollars in 2011 and ending at 6,170 million US dollars in 2015. This represents an overall decrease of approximately 6.5%. The values fluctuated annually, reaching a period low of 5,364 million US dollars in 2014 before rebounding in the final year.
Analysis of Adjustment Variance: A consistent increase is observed in the gap between total and adjusted current liabilities. The difference between these two figures grew from 3,775 million US dollars in 2011 to 6,715 million US dollars in 2015. This indicates that the components removed during the adjustment process became a larger portion of the total current liabilities over time, with the adjusted figure dropping from 63.6% of total current liabilities in 2011 to 47.9% in 2015.

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EMC Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total liabilities	23,893)	22,360)	22,063)	14,545)	14,341)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	1,788)	1,704)	1,371)	1,290)	1,145)
Less: Non-current deferred tax liabilities²	—)	274)	421)	575)	603)
Less: Deferred revenue	10,802)	10,165)	8,979)	7,551)	6,174)
Less: Product warranty obligations	172)	210)	289)	278)	255)
Less: Restructuring	345)	129)	90)	91)	80)
After Adjustment
Adjusted total liabilities	14,362)	13,286)	13,655)	7,340)	8,374)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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

² Non-current deferred tax liabilities. See details »

An analysis of the financial obligations from 2011 to 2015 reveals a general upward trajectory in both total and adjusted liabilities, characterized by a significant escalation in the 2013 fiscal year.

Total Liabilities Growth: Total liabilities increased from 14,341 million US$ in 2011 to 23,893 million US$ by 2015. The most substantial growth occurred between 2012 and 2013, where obligations rose by approximately 51.7%, signaling a major expansion of the liability base during that interval.
Adjusted Total Liabilities Trend: Adjusted total liabilities exhibited higher volatility compared to total liabilities. After an initial decrease from 8,374 million US$ in 2011 to 7,340 million US$ in 2012, a sharp increase was observed in 2013, reaching 13,655 million US$. The figure subsequently stabilized, ending the period at 14,362 million US$ in 2015.
Analysis of the Liability Gap: The variance between total liabilities and adjusted total liabilities expanded consistently over the observed period. The difference grew from 5,967 million US$ in 2011 to 9,531 million US$ in 2015. This widening gap indicates that the specific components being adjusted out of the total liabilities increased in absolute value over time.
Proportional Relationship: Despite the growth in absolute terms, the ratio of adjusted liabilities to total liabilities remained relatively stable, fluctuating between approximately 50.5% and 61.9%. This suggests that while the scale of obligations grew, the fundamental nature of the adjustments remained proportional to the overall liability structure.

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EMC Corp., adjusted total EMC Corporation’s shareholders’ equity

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total EMC Corporation’s shareholders’ equity	21,140)	21,896)	22,301)	22,357)	18,959)
Adjustments
Less: Deferred tax assets and liabilities¹	1,164)	952)	624)	432)	130)
Add: Allowance for doubtful accounts	90)	72)	62)	68)	62)
Add: Deferred revenue	10,802)	10,165)	8,979)	7,551)	6,174)
Add: Product warranty obligations	172)	210)	289)	278)	255)
Add: Restructuring	345)	129)	90)	91)	80)
Add: Non-controlling interests	1,579)	1,629)	1,485)	1,167)	968)
After Adjustment
Adjusted total shareholders’ equity	32,964)	33,149)	32,582)	31,080)	26,368)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ Deferred tax assets and liabilities. See details »

The financial data indicates a divergence between total shareholders' equity and adjusted total shareholders' equity over the five-year period from 2011 to 2015. While both metrics experienced initial growth, their trajectories diverged significantly starting in 2012.

Total Shareholders' Equity Trend: A peak in total shareholders' equity was reached on December 31, 2012, at 22,357 million USD, following a substantial increase from 18,959 million USD in 2011. Subsequently, a consistent downward trend is observed, with equity declining annually to 21,140 million USD by December 31, 2015. This represents a gradual erosion of the reported equity base after the 2012 high.
Adjusted Total Shareholders' Equity Trend: Adjusted total shareholders' equity exhibited a more robust and sustained growth pattern compared to the unadjusted figures. Values rose from 26,368 million USD in 2011 to a peak of 33,149 million USD in 2014. Although a marginal decrease occurred in 2015, ending at 32,964 million USD, the overall trajectory remained positive, showing a significant net increase over the period.
Analysis of Equity Divergence: The variance between total shareholders' equity and adjusted total shareholders' equity widened progressively. In 2011, the difference was 7,409 million USD, which expanded to 11,824 million USD by 2015. The increasing gap suggests that the adjustments applied to the equity calculations grew in magnitude, effectively masking the gradual decline seen in the standard equity reporting.

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EMC Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Notes converted and payable	—)	—)	1,665)	—)	1,700)
Short-term debt	1,299)	—)	—)	—)	—)
Current portion of convertible debt	—)	—)	—)	1,652)	1,605)
Long-term debt	5,475)	5,495)	5,494)	—)	—)
Total reported debt	6,774)	5,495)	7,159)	1,652)	3,305)
Total EMC Corporation’s shareholders’ equity	21,140)	21,896)	22,301)	22,357)	18,959)
Total reported capital	27,914)	27,391)	29,460)	24,010)	22,264)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	1,788)	1,704)	1,371)	1,290)	1,145)
Adjusted total debt	8,562)	7,199)	8,530)	2,942)	4,450)
Adjustments to Equity
Less: Deferred tax assets and liabilities²	1,164)	952)	624)	432)	130)
Add: Allowance for doubtful accounts	90)	72)	62)	68)	62)
Add: Deferred revenue	10,802)	10,165)	8,979)	7,551)	6,174)
Add: Product warranty obligations	172)	210)	289)	278)	255)
Add: Restructuring	345)	129)	90)	91)	80)
Add: Non-controlling interests	1,579)	1,629)	1,485)	1,167)	968)
Adjusted total shareholders’ equity	32,964)	33,149)	32,582)	31,080)	26,368)
After Adjustment
Adjusted total capital	41,526)	40,348)	41,112)	34,023)	30,818)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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

² Deferred tax assets and liabilities. See details »

An analysis of the financial position from 2011 to 2015 reveals a consistent divergence between reported values and adjusted values across debt, equity, and total capital. The adjusted figures systematically present a more leveraged yet more highly capitalized balance sheet than the reported figures suggest.

Debt Obligations and Trends: Total reported debt exhibited significant volatility, decreasing by approximately 50% between 2011 and 2012 before surging to a peak of 7,159 million in 2013. Adjusted total debt followed a similar trajectory but remained consistently higher than reported figures, with the variance increasing over the period. By 2015, adjusted debt reached 8,562 million, representing a substantial increase over the 6,774 million reported.
Shareholders' Equity Analysis: Reported shareholders' equity peaked in 2012 at 22,357 million and entered a gradual decline through 2015. Conversely, adjusted shareholders' equity demonstrated a strong upward trend, growing from 26,368 million in 2011 to 32,964 million in 2015. The gap between reported and adjusted equity widened significantly over time, indicating that the adjustments added progressively more value to the equity base.
Total Capitalization Patterns: Adjusted total capital was consistently higher than reported total capital, reflecting the combined impact of adjustments to both debt and equity. Reported capital fluctuated, ending the period at 27,914 million. Adjusted capital showed a more aggressive growth pattern, rising from 30,818 million in 2011 to 41,526 million by 2015. The most significant increase in total capitalization occurred between 2012 and 2013, coinciding with the spike in debt levels.

The systemic upward adjustment of both debt and equity suggests the inclusion of off-balance-sheet obligations and corresponding equity adjustments. While reported equity declined in the final three years of the period, the adjusted equity remained stable and elevated, providing a different perspective on the company's solvency and capital structure.

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EMC Corp., adjusted revenues

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Revenues	24,704)	24,440)	23,222)	21,714)	20,008)
Adjustment
Add: Increase (decrease) in deferred revenue	637)	1,186)	1,428)	1,377)	1,510)
After Adjustment
Adjusted revenues	25,341)	25,626)	24,650)	23,091)	21,518)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

An analysis of the revenue figures from 2011 to 2015 reveals a consistent upward trajectory in reported revenues, contrasted by a more volatile trend in adjusted revenues. While reported revenues grew steadily throughout the period, adjusted revenues experienced a peak in 2014 followed by a contraction in 2015.

Reported Revenue Growth: Reported revenues exhibited uninterrupted growth over the five-year period, increasing from 20,008 million US$ in 2011 to 24,704 million US$ in 2015. The most significant growth occurred between 2011 and 2012, with the rate of expansion decelerating toward the end of the period, resulting in a marginal increase of approximately 1.1% between 2014 and 2015.
Adjusted Revenue Trends: Adjusted revenues followed a growth pattern similar to reported revenues from 2011 through 2014, rising from 21,518 million US$ to a peak of 25,626 million US$. However, unlike reported revenues, adjusted revenues declined in 2015 to 25,341 million US$, marking the only decrease in the observed period for either metric.
Analysis of Revenue Adjustments: A narrowing gap is observed between reported and adjusted revenues over time. In 2011, the positive adjustment was 1,510 million US$, representing approximately 7.5% of reported revenues. By 2015, this variance decreased significantly to 637 million US$, or approximately 2.6% of reported revenues. This indicates a decreasing reliance on adjustments to bolster revenue figures as the period progressed.
Comparative Performance Divergence: A notable divergence occurred in the final year of the period. In 2015, reported revenues continued to rise, whereas adjusted revenues declined. This inverse movement suggests that the factors driving the adjustments became less favorable or were reduced in magnitude, failing to offset the underlying trends seen in the reported figures.

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EMC Corp., adjusted net income attributable to EMC Corporation

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Net income attributable to EMC Corporation	1,990)	2,714)	2,889)	2,733)	2,461)
Adjustments
Add: Deferred income tax expense (benefit)¹	(234)	(396)	(202)	(118)	(19)
Add: Increase (decrease) in allowance for doubtful accounts	18)	10)	(6)	7)	4)
Add: Increase (decrease) in deferred revenue	637)	1,186)	1,428)	1,377)	1,510)
Add: Increase (decrease) in product warranty obligations	(35)	(79)	11)	23)	18)
Add: Increase (decrease) in restructuring	216)	39)	(1)	11)	(2)
Add: Other comprehensive income (loss), net of taxes	(217)	(127)	(31)	28)	(146)
After Adjustment
Adjusted net income	2,375)	3,347)	4,088)	4,061)	3,827)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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

The financial trajectory from 2011 to 2015 reflects an initial period of expansion followed by a consistent decline in both reported and adjusted profitability. Net income attributable to the corporation and adjusted net income peaked in 2013, after which both metrics entered a downward trend through the end of 2015.

Net Income Performance: Reported net income experienced growth from 2011 to 2013, increasing from 2,461 million to 2,889 million. This growth was reversed in 2014 and accelerated in 2015, with net income falling to 1,990 million, representing a contraction from the 2013 peak.
Adjusted Net Income Performance: Adjusted net income followed a similar trajectory, rising from 3,827 million in 2011 to a peak of 4,088 million in 2013. However, the subsequent decline was more pronounced than that of reported net income, dropping to 3,347 million in 2014 and further declining to 2,375 million by 2015.
Income Adjustment Variance: A substantial narrowing of the variance between reported net income and adjusted net income is observed over the analyzed period. The adjustment amount, which stood at 1,366 million in 2011, decreased consistently to 385 million by 2015, suggesting a reduction in the non-recurring or non-operating items that necessitated these adjustments.

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