Stock Analysis on Net
Stock Analysis on Net
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Exxon Mobil Corp. (NYSE:XOM)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Exxon Mobil 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 44,893  50,052  47,973  47,134  41,416 
Adjustments
Add: Reserves for notes and accounts receivable 474  405  400  611  702 
Add: LIFO reserve1 5,400  9,700  8,200  10,800  8,100 
After Adjustment
Adjusted current assets 50,767  60,157  56,573  58,545  50,218 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

1 LIFO reserve. See details »


Adjustments to Total Assets

Exxon Mobil 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 332,750  362,597  346,196  348,691  330,314 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  4,219  3,079  2,833 
Add: Reserves for notes and accounts receivable 474  405  400  611  702 
Add: LIFO reserve2 5,400  9,700  8,200  10,800  8,100 
Less: Deferred income tax assets (included in Other assets, including intangibles, net)3 4,159  3,268  3,209  3,318  4,120 
After Adjustment
Adjusted total assets 334,465  369,434  355,806  359,863  337,829 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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

2 LIFO reserve. See details »

3 Deferred income tax assets (included in Other assets, including intangibles, net). See details »


Adjustments to Current Liabilities

Exxon Mobil 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 56,363  63,989  57,138  57,771  47,638 
Adjustments
Less: Current restructuring reserves 403  —  —  —  — 
After Adjustment
Adjusted current liabilities 55,960  63,989  57,138  57,771  47,638 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).


Adjustments to Total Liabilities

Exxon Mobil 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 168,620  163,659  147,668  154,191  156,484 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  4,219  3,079  2,833 
Less: Deferred income tax liabilities2 18,165  25,620  27,244  26,893  34,041 
Less: Restructuring reserves 403  —  —  —  — 
After Adjustment
Adjusted total liabilities 150,052  138,039  124,643  130,377  125,276 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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

2 Deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Exxon Mobil Corp., adjusted total ExxonMobil share of 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 ExxonMobil share of equity 157,150  191,650  191,794  187,688  167,325 
Adjustments
Less: Net deferred tax assets (liabilities)1 (14,006) (22,352) (24,035) (23,575) (29,921)
Add: Reserves for notes and accounts receivable 474  405  400  611  702 
Add: LIFO reserve2 5,400  9,700  8,200  10,800  8,100 
Add: Restructuring reserves 403  —  —  —  — 
Add: Noncontrolling interests 6,980  7,288  6,734  6,812  6,505 
After Adjustment
Adjusted total equity 184,413  231,395  231,163  229,486  212,553 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

1 Net deferred tax assets (liabilities). See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Exxon Mobil 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
Notes and loans payable 20,458  20,578  17,258  17,930  13,830 
Long-term debt, excluding due within one year 47,182  26,342  20,538  24,406  28,932 
Total reported debt 67,640  46,920  37,796  42,336  42,762 
Total ExxonMobil share of equity 157,150  191,650  191,794  187,688  167,325 
Total reported capital 224,790  238,570  229,590  230,024  210,087 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  4,219  3,079  2,833 
Add: Operating lease liability due within one year (included in Accounts payable and accrued liabilities)2 1,168  1,211  —  —  — 
Add: Long-term operating lease liability (included in Other long-term obligations)3 3,994  4,482  —  —  — 
Adjusted total debt 72,802  52,613  42,015  45,415  45,595 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 (14,006) (22,352) (24,035) (23,575) (29,921)
Add: Reserves for notes and accounts receivable 474  405  400  611  702 
Add: LIFO reserve5 5,400  9,700  8,200  10,800  8,100 
Add: Restructuring reserves 403  —  —  —  — 
Add: Noncontrolling interests 6,980  7,288  6,734  6,812  6,505 
Adjusted total equity 184,413  231,395  231,163  229,486  212,553 
After Adjustment
Adjusted total capital 257,215  284,008  273,178  274,901  258,148 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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

2 Operating lease liability due within one year (included in Accounts payable and accrued liabilities). See details »

3 Long-term operating lease liability (included in Other long-term obligations). See details »

4 Net deferred tax assets (liabilities). See details »

5 LIFO reserve. See details »


Adjustments to Reported Income

Exxon Mobil Corp., adjusted net income (loss) attributable to ExxonMobil

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 ExxonMobil (22,440) 14,340  20,840  19,710  7,840 
Adjustments
Add: Deferred income tax expense (benefit)1 (8,052) (675) (96) (8,321) (4,223)
Add: Increase (decrease) in reserves for notes and accounts receivable 69  (211) (91) 591 
Add: Increase (decrease) in LIFO reserve2 (4,300) 1,500  (2,600) 2,700  3,600 
Add: Increase (decrease) in restructuring reserves 403  —  —  —  — 
Add: Other comprehensive income (loss), net of income taxes 2,856  225  (3,670) 6,532  1,405 
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (743) 588  174  693  668 
After Adjustment
Adjusted net income (loss) including noncontrolling interests (32,207) 15,983  14,437  21,223  9,881 

Based on: 10-K (filing date: 2021-02-24), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22).

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

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