Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Merck & Co. Inc., adjusted current assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	32,168)	35,722)	30,266)	27,764)	27,483)
Adjustments
Add: Allowance for doubtful accounts	88)	72)	62)	85)	86)
Add: LIFO reserve¹	562)	293)	16)	82)	171)
After Adjustment
Adjusted current assets	32,818)	36,087)	30,344)	27,931)	27,740)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ LIFO reserve. See details »

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Merck & Co. Inc., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	106,675)	109,160)	105,694)	91,588)	84,397)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for doubtful accounts	88)	72)	62)	85)	86)
Add: LIFO reserve²	562)	293)	16)	82)	171)
Less: Deferred income tax assets (included in Other assets)³	1,968)	503)	692)	894)	719)
After Adjustment
Adjusted total assets	105,357)	109,022)	105,080)	90,861)	83,935)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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). See details »

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Merck & Co. Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	69,040)	63,102)	67,437)	66,184)	58,396)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	871)	1,795)	3,441)	1,015)	1,470)
Less: Restructuring reserves	712)	513)	637)	603)	759)
After Adjustment
Adjusted total liabilities	67,457)	60,794)	63,359)	64,566)	56,167)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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

² Deferred income tax liabilities. See details »

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Merck & Co. Inc., adjusted total Merck & Co., Inc. stockholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Merck & Co., Inc. stockholders’ equity	37,581)	45,991)	38,184)	25,317)	25,907)
Adjustments
Less: Net deferred income taxes¹	1,097)	(1,292)	(2,749)	(121)	(750)
Add: Allowance for doubtful accounts	88)	72)	62)	85)	86)
Add: LIFO reserve²	562)	293)	16)	82)	171)
Add: Restructuring reserves	712)	513)	637)	603)	759)
Add: Noncontrolling interests	54)	67)	73)	87)	94)
After Adjustment
Adjusted total equity	37,900)	48,228)	41,721)	26,295)	27,767)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Net deferred income taxes. See details »

² LIFO reserve. See details »

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Merck & Co. Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Loans payable and current portion of long-term debt	1,372)	1,946)	2,412)	6,431)	3,610)
Long-term debt, excluding current portion	33,683)	28,745)	30,690)	25,360)	22,736)
Total reported debt	35,055)	30,691)	33,102)	31,791)	26,346)
Total Merck & Co., Inc. stockholders’ equity	37,581)	45,991)	38,184)	25,317)	25,907)
Total reported capital	72,636)	76,682)	71,286)	57,108)	52,253)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liability (included in Accrued and other current liabilities)²	285)	281)	304)	300)	236)
Add: Noncurrent operating lease liability (included in Other noncurrent liabilities)³	928)	1,013)	1,225)	1,362)	768)
Adjusted total debt	36,268)	31,985)	34,631)	33,453)	27,350)
Adjustments to Equity
Less: Net deferred income taxes⁴	1,097)	(1,292)	(2,749)	(121)	(750)
Add: Allowance for doubtful accounts	88)	72)	62)	85)	86)
Add: LIFO reserve⁵	562)	293)	16)	82)	171)
Add: Restructuring reserves	712)	513)	637)	603)	759)
Add: Noncontrolling interests	54)	67)	73)	87)	94)
Adjusted total equity	37,900)	48,228)	41,721)	26,295)	27,767)
After Adjustment
Adjusted total capital	74,168)	80,213)	76,352)	59,748)	55,117)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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

² Current operating lease liability (included in Accrued and other current liabilities). See details »

³ Noncurrent operating lease liability (included in Other noncurrent liabilities). See details »

⁴ Net deferred income taxes. See details »

⁵ LIFO reserve. See details »

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Merck & Co. Inc., adjusted net income attributable to Merck & Co., Inc.

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income attributable to Merck & Co., Inc.	365)	14,519)	13,049)	7,067)	9,843)
Adjustments
Add: Deferred income tax expense (benefit)¹	(1,899)	(1,568)	187)	(668)	(556)
Add: Increase (decrease) in allowance for doubtful accounts	16)	10)	(5)	(1)	(33)
Add: Increase (decrease) in LIFO reserve²	269)	277)	(65)	(89)	172)
Add: Increase (decrease) in restructuring reserves	199)	(124)	51)	(156)	225)
Less: Income from discontinued operations, net of taxes	—)	—)	704)	—)	—)
Add: Other comprehensive income (loss) net of taxes	(393)	(339)	1,756)	(441)	(648)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	12)	7)	13)	15)	(66)
After Adjustment
Adjusted net income	(1,431)	12,782)	14,282)	5,727)	8,937)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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

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

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Merck & Co. Inc. (NYSE:MRK)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income