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Microsoft Excel LibreOffice Calc

Monsanto Co. (MON)


Analysis of Income Taxes

Difficulty: Advanced


Income Tax Accounting Policy

Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts. Management regularly assesses the likelihood that deferred tax assets will be recovered from future taxable income, and to the extent management believes that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established, increased or decreased, an income tax charge or benefit is included in the consolidated financial statements, and net deferred tax assets are adjusted accordingly. The net deferred tax assets as of Aug. 31, 2017, and Aug. 31, 2016, represent the estimated future tax benefits to be received from future reductions of taxes payable.

Under the Income Taxes topic of the ASC, in order to recognize the benefit of an uncertain tax position, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50 percent likely to be realized upon resolution of the position. Tax authorities regularly examine Monsanto’s tax returns in the jurisdictions in which it does business. Management regularly assesses the risk of Monsanto’s tax return filing positions and believes its accruals for uncertain tax positions are adequate as of Aug. 31, 2017, and Aug. 31, 2016.

Source: 10-K (filing date: 2017-10-27).


Income Tax Expense (Benefit)

Monsanto Co., income tax expense (benefit), continuing operations

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
U.S. federal hidden hidden hidden hidden hidden hidden
U.S. state hidden hidden hidden hidden hidden hidden
Outside United States hidden hidden hidden hidden hidden hidden
Current hidden hidden hidden hidden hidden hidden
U.S. federal hidden hidden hidden hidden hidden hidden
U.S. state hidden hidden hidden hidden hidden hidden
Outside United States hidden hidden hidden hidden hidden hidden
Deferred hidden hidden hidden hidden hidden hidden
Income tax provision from continuing operations hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Monsanto Co.’s current declined from 2015 to 2016 and from 2016 to 2017.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Monsanto Co.’s deferred increased from 2015 to 2016 and from 2016 to 2017.
Income tax provision from continuing operations Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Monsanto Co.’s income tax provision from continuing operations declined from 2015 to 2016 and from 2016 to 2017.

Effective Income Tax Rate (EITR)

Monsanto Co., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
U.S. federal statutory tax rate hidden hidden hidden hidden hidden hidden
Effective tax rate hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Monsanto Co.’s effective tax rate increased from 2015 to 2016 but then declined significantly from 2016 to 2017.

Components of Deferred Tax Assets and Liabilities

Monsanto Co., components of deferred tax assets and liabilities

USD $ in millions

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
Net operating loss and other carryforwards hidden hidden hidden hidden hidden hidden
Employee fringe benefits hidden hidden hidden hidden hidden hidden
Royalties hidden hidden hidden hidden hidden hidden
Restructuring and impairment reserves hidden hidden hidden hidden hidden hidden
Inventories hidden hidden hidden hidden hidden hidden
Allowance for doubtful accounts hidden hidden hidden hidden hidden hidden
Environmental and litigation reserves hidden hidden hidden hidden hidden hidden
Intangibles hidden hidden hidden hidden hidden hidden
Other hidden hidden hidden hidden hidden hidden
Deferred tax assets, gross hidden hidden hidden hidden hidden hidden
Valuation allowance hidden hidden hidden hidden hidden hidden
Deferred tax assets hidden hidden hidden hidden hidden hidden
Property, plant and equipment hidden hidden hidden hidden hidden hidden
Intangibles hidden hidden hidden hidden hidden hidden
Other hidden hidden hidden hidden hidden hidden
Deferred tax liabilities hidden hidden hidden hidden hidden hidden
Net deferred tax assets (liabilities) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Monsanto Co.’s deferred tax assets, gross increased from 2015 to 2016 and from 2016 to 2017.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Monsanto Co.’s deferred tax assets declined from 2015 to 2016 but then slightly increased from 2016 to 2017.
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. Monsanto Co.’s net deferred tax assets (liabilities) declined from 2015 to 2016 and from 2016 to 2017.

Deferred Tax Assets and Liabilities, Classification

Monsanto Co., deferred tax assets and liabilities, classification

USD $ in millions

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
Current deferred tax assets hidden hidden hidden hidden hidden hidden
Noncurrent deferred tax assets hidden hidden hidden hidden hidden hidden
Current deferred tax liabilities hidden hidden hidden hidden hidden hidden
Noncurrent deferred tax liabilities hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

Item Description The company
Noncurrent deferred tax 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. Monsanto Co.’s noncurrent deferred tax assets increased from 2015 to 2016 but then slightly declined from 2016 to 2017.
Noncurrent deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Monsanto Co.’s noncurrent deferred tax liabilities declined from 2015 to 2016 but then slightly increased from 2016 to 2017.

Analyst Adjustments: Removal of Deferred Taxes

Monsanto Co., adjustments to financial data

USD $ in millions

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
Adjustment to Current Assets
Current assets (as reported) hidden hidden hidden hidden hidden hidden
Less: Current deferred tax assets, net hidden hidden hidden hidden hidden hidden
Current assets (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Total Assets
Total assets (as reported) hidden hidden hidden hidden hidden hidden
Less: Current deferred tax assets, net hidden hidden hidden hidden hidden hidden
Less: Noncurrent deferred tax assets, net hidden hidden hidden hidden hidden hidden
Total assets (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Current Liabilities
Current liabilities (as reported) hidden hidden hidden hidden hidden hidden
Less: Current deferred tax liabilities, net hidden hidden hidden hidden hidden hidden
Current liabilities (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Total Liabilities
Total liabilities (as reported) hidden hidden hidden hidden hidden hidden
Less: Current deferred tax liabilities, net hidden hidden hidden hidden hidden hidden
Less: Noncurrent deferred tax liabilities, net hidden hidden hidden hidden hidden hidden
Total liabilities (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Total Monsanto Company Shareowners’ Equity
Total Monsanto Company shareowners’ equity (as reported) hidden hidden hidden hidden hidden hidden
Less: Net deferred tax assets (liabilities) hidden hidden hidden hidden hidden hidden
Total Monsanto Company shareowners’ equity (adjusted) hidden hidden hidden hidden hidden hidden
Adjustment to Net Income Attributable To Monsanto Company
Net income attributable to Monsanto Company (as reported) hidden hidden hidden hidden hidden hidden
Add: Deferred income tax expense (benefit) hidden hidden hidden hidden hidden hidden
Net income attributable to Monsanto Company (adjusted) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).


Monsanto Co., Financial Data: Reported vs. Adjusted


Adjusted Ratios: Removal of Deferred Taxes (Summary)

Monsanto Co., adjusted ratios

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
Current Ratio
Reported current ratio hidden hidden hidden hidden hidden hidden
Adjusted current ratio hidden hidden hidden hidden hidden hidden
Net Profit Margin
Reported net profit margin hidden hidden hidden hidden hidden hidden
Adjusted net profit margin hidden hidden hidden hidden hidden hidden
Total Asset Turnover
Reported total asset turnover hidden hidden hidden hidden hidden hidden
Adjusted total asset turnover hidden hidden hidden hidden hidden hidden
Financial Leverage
Reported financial leverage hidden hidden hidden hidden hidden hidden
Adjusted financial leverage hidden hidden hidden hidden hidden hidden
Return on Equity (ROE)
Reported ROE hidden hidden hidden hidden hidden hidden
Adjusted ROE hidden hidden hidden hidden hidden hidden
Return on Assets (ROA)
Reported ROA hidden hidden hidden hidden hidden hidden
Adjusted ROA hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Monsanto Co.’s adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Monsanto Co.’s adjusted net profit margin deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Monsanto Co.’s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017.
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.
Monsanto Co.’s adjusted financial leverage increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Monsanto Co.’s adjusted ROE improved from 2015 to 2016 and from 2016 to 2017.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Monsanto Co.’s adjusted ROA deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Monsanto Co., Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Current assets hidden hidden hidden hidden hidden hidden
Current liabilities hidden hidden hidden hidden hidden hidden
Ratio
Current ratio1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Adjusted current assets hidden hidden hidden hidden hidden hidden
Adjusted current liabilities hidden hidden hidden hidden hidden hidden
Ratio
Adjusted current ratio2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Monsanto Co.’s adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Net sales hidden hidden hidden hidden hidden hidden
Ratio
Net profit margin1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Net sales hidden hidden hidden hidden hidden hidden
Ratio
Adjusted net profit margin2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 Net profit margin = 100 × Net income attributable to Monsanto Company ÷ Net sales
= 100 × hidden ÷ hidden = hidden

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Monsanto Company ÷ Net sales
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Monsanto Co.’s adjusted net profit margin deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Net sales hidden hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden hidden
Ratio
Total asset turnover1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Net sales hidden hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden hidden
Ratio
Adjusted total asset turnover2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= hidden ÷ hidden = hidden

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Monsanto Co.’s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Total assets hidden hidden hidden hidden hidden hidden
Total Monsanto Company shareowners’ equity hidden hidden hidden hidden hidden hidden
Ratio
Financial leverage1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Adjusted total assets hidden hidden hidden hidden hidden hidden
Adjusted total Monsanto Company shareowners’ equity hidden hidden hidden hidden hidden hidden
Ratio
Adjusted financial leverage2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 Financial leverage = Total assets ÷ Total Monsanto Company shareowners’ equity
= hidden ÷ hidden = hidden

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Monsanto Company shareowners’ equity
= hidden ÷ hidden = hidden

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.
Monsanto Co.’s adjusted financial leverage increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Total Monsanto Company shareowners’ equity hidden hidden hidden hidden hidden hidden
Ratio
ROE1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Adjusted total Monsanto Company shareowners’ equity hidden hidden hidden hidden hidden hidden
Ratio
Adjusted ROE2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 ROE = 100 × Net income attributable to Monsanto Company ÷ Total Monsanto Company shareowners’ equity
= 100 × hidden ÷ hidden = hidden

2 Adjusted ROE = 100 × Adjusted net income attributable to Monsanto Company ÷ Adjusted total Monsanto Company shareowners’ equity
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Monsanto Co.’s adjusted ROE improved from 2015 to 2016 and from 2016 to 2017.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Aug 31, 2017 Aug 31, 2016 Aug 31, 2015 Aug 31, 2014 Aug 31, 2013 Aug 31, 2012
As Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden hidden
Ratio
ROA1 hidden hidden hidden hidden hidden hidden
Adjusted for Deferred Taxes
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Monsanto Company hidden hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden hidden
Ratio
Adjusted ROA2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2017-10-27), 10-K (filing date: 2016-10-19), 10-K (filing date: 2015-10-29), 10-K (filing date: 2014-10-29), 10-K (filing date: 2013-10-23), 10-K (filing date: 2012-10-19).

2017 Calculations

1 ROA = 100 × Net income attributable to Monsanto Company ÷ Total assets
= 100 × hidden ÷ hidden = hidden

2 Adjusted ROA = 100 × Adjusted net income attributable to Monsanto Company ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Monsanto Co.’s adjusted ROA deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.