An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

HCA Healthcare Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported)	50,742)	47,490)	45,058)	39,207)	36,593)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	1,708)	1,725)
Total assets (adjusted)	50,742)	47,490)	45,058)	40,915)	38,318)
Adjustment to Total Debt
Total debt (as reported)	34,579)	31,004)	33,722)	32,821)	33,058)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	1,708)	1,725)
Add: Right-of-use current operating lease obligations	392)	379)	350)	—)	—)
Add: Right-of-use noncurrent operating lease obligations	1,755)	1,673)	1,499)	—)	—)
Total debt (adjusted)	36,726)	33,056)	35,571)	34,529)	34,783)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

^{1, 2} Equal to total present value of future operating lease payments.

HCA Healthcare Inc., Financial Data: Reported vs. Adjusted

Download chart

HCA Healthcare Inc., adjusted financial ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Total Asset Turnover¹
Reported total asset turnover	1.16	1.09	1.14	1.19	1.19
Adjusted total asset turnover	1.16	1.09	1.14	1.14	1.14
Debt to Equity²
Reported debt to equity	—	54.20	—	—	—
Adjusted debt to equity	—	57.79	—	—	—
Return on Assets³ (ROA)
Reported ROA	13.71%	7.90%	7.78%	9.66%	6.06%
Adjusted ROA	13.71%	7.90%	7.78%	9.26%	5.78%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	HCA Healthcare Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	HCA Healthcare Inc. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.

HCA Healthcare Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Revenues	58,752)	51,533)	51,336)	46,677)	43,614)
Total assets	50,742)	47,490)	45,058)	39,207)	36,593)
Activity Ratio
Total asset turnover¹	1.16	1.09	1.14	1.19	1.19
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenues	58,752)	51,533)	51,336)	46,677)	43,614)
Adjusted total assets	50,742)	47,490)	45,058)	40,915)	38,318)
Activity Ratio
Adjusted total asset turnover²	1.16	1.09	1.14	1.14	1.14

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 58,752 ÷ 50,742 = 1.16

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 58,752 ÷ 50,742 = 1.16

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	HCA Healthcare Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Total debt	34,579)	31,004)	33,722)	32,821)	33,058)
Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.	(933)	572)	(2,808)	(4,950)	(6,806)
Solvency Ratio
Debt to equity¹	—	54.20	—	—	—
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	36,726)	33,056)	35,571)	34,529)	34,783)
Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.	(933)	572)	(2,808)	(4,950)	(6,806)
Solvency Ratio
Adjusted debt to equity²	—	57.79	—	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

¹ Debt to equity = Total debt ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 34,579 ÷ -933 = —

² Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 36,726 ÷ -933 = —

Download chart

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to HCA Healthcare, Inc.	6,956)	3,754)	3,505)	3,787)	2,216)
Total assets	50,742)	47,490)	45,058)	39,207)	36,593)
Profitability Ratio
ROA¹	13.71%	7.90%	7.78%	9.66%	6.06%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to HCA Healthcare, Inc.	6,956)	3,754)	3,505)	3,787)	2,216)
Adjusted total assets	50,742)	47,490)	45,058)	40,915)	38,318)
Profitability Ratio
Adjusted ROA²	13.71%	7.90%	7.78%	9.26%	5.78%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

¹ ROA = 100 × Net income attributable to HCA Healthcare, Inc. ÷ Total assets
= 100 × 6,956 ÷ 50,742 = 13.71%

² Adjusted ROA = 100 × Net income attributable to HCA Healthcare, Inc. ÷ Adjusted total assets
= 100 × 6,956 ÷ 50,742 = 13.71%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	HCA Healthcare Inc. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.

HCA Healthcare Inc. (NYSE:HCA)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

HCA Healthcare Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

HCA Healthcare Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)