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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Current Ratio
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Home Depot Inc., income tax expense (benefit), continuing operations
US$ in millions
| 12 months ended: | Feb 2, 2020 | Feb 3, 2019 | Jan 28, 2018 | Jan 29, 2017 | Jan 31, 2016 | Feb 1, 2015 | |||||||
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| Provision for income taxes |
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
| Item | Description | The company |
|---|---|---|
| Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Home Depot Inc.’s current decreased from 2018 to 2019 and from 2019 to 2020. |
| Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Home Depot Inc.’s deferred decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
| Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Home Depot Inc.’s provision for income taxes decreased from 2018 to 2019 but then slightly increased from 2019 to 2020. |
Effective Income Tax Rate (EITR)
Home Depot Inc., effective income tax rate (EITR) reconciliation
| Feb 2, 2020 | Feb 3, 2019 | Jan 28, 2018 | Jan 29, 2017 | Jan 31, 2016 | Feb 1, 2015 | ||
|---|---|---|---|---|---|---|---|
| Federal statutory income tax rate | |||||||
| Combined federal, state, and foreign effective tax rates |
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
| Item | Description | The company |
|---|---|---|
| Combined federal, state, and foreign effective tax rates | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. |
Components of Deferred Tax Assets and Liabilities
Home Depot Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Home Depot Inc.’s deferred tax assets decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
| Deferred tax assets after valuation allowance | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Home Depot Inc.’s deferred tax assets after valuation allowance decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
| Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Home Depot Inc.’s net deferred tax assets (liabilities) decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred Tax Assets and Liabilities, Classification
Home Depot Inc., deferred tax assets and liabilities, classification
US$ in millions
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
| Item | Description | The company |
|---|---|---|
| Noncurrent deferred tax assets (included in Other assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Home Depot Inc.’s noncurrent deferred tax assets (included in Other assets) increased from 2018 to 2019 and from 2019 to 2020. |
| Noncurrent deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Home Depot Inc.’s noncurrent deferred tax liabilities increased from 2018 to 2019 and from 2019 to 2020. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Home Depot Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
Home Depot Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Home Depot Inc., adjusted financial ratios
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Home Depot Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Home Depot Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Home Depot Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Home Depot Inc.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |
Home Depot Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =
| Liquidity ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Home Depot Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net sales
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Home Depot Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Home Depot Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 ROE = 100 × Net earnings ÷ Stockholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted stockholders’ equity (deficit)
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-03-25), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-23), 10-K (filing date: 2016-03-24), 10-K (filing date: 2015-03-26).
2020 Calculations
1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Home Depot Inc.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level. |