Occidental Petroleum Corp. (OXY)
Adjustments to Financial Statements
High level of difficulty
Adjustments to Current Assets
Occidental Petroleum Corp., adjusted current assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Current assets |
9,932 |
8,270 |
8,428 |
9,402 |
13,873 |
|
Adjustments |
|
|
Add: Allowance for doubtful accounts |
21 |
16 |
16 |
17 |
17 |
|
|
Add: LIFO reserve1 |
47 |
43 |
40 |
50 |
89 |
|
|
Less: Current deferred tax assets (included in Other current assets)2 |
— |
— |
— |
— |
110 |
|
After Adjustment |
|
|
Adjusted current assets |
10,000 |
8,329 |
8,484 |
9,469 |
13,869 |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
Adjustments to Total Assets
Occidental Petroleum Corp., adjusted total assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Total assets |
43,854 |
42,026 |
43,109 |
43,437 |
56,259 |
|
Adjustments |
|
|
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 |
622 |
919 |
1,088 |
997 |
1,187 |
|
|
Add: Allowance for doubtful accounts |
21 |
16 |
16 |
17 |
17 |
|
|
Add: LIFO reserve2 |
47 |
43 |
40 |
50 |
89 |
|
|
Less: Current deferred tax assets (included in Other current assets)3 |
— |
— |
— |
— |
110 |
|
After Adjustment |
|
|
Adjusted total assets |
44,544 |
43,004 |
44,253 |
44,501 |
57,442 |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See Details »
2 LIFO reserve. See Details »
3 Current deferred tax assets (included in Other current assets). See Details »
Adjustments to Total Liabilities
Occidental Petroleum Corp., adjusted total liabilities
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Total liabilities |
22,524 |
21,454 |
21,612 |
19,087 |
21,300 |
|
Adjustments |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
622 |
919 |
1,088 |
997 |
1,187 |
|
|
Less: Noncurrent deferred tax liabilities (Deferred domestic and foreign income taxes)2 |
907 |
581 |
1,132 |
1,323 |
3,015 |
|
After Adjustment |
|
|
Adjusted total liabilities |
22,239 |
21,792 |
21,568 |
18,761 |
19,472 |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
1 Operating lease liability (before adoption of FASB Topic 842). See Details »
2 Noncurrent deferred tax liabilities (Deferred domestic and foreign income taxes). See Details »
Adjustments to Stockholders’ Equity
Occidental Petroleum Corp., adjusted stockholders’ equity
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Stockholders’ equity |
21,330 |
20,572 |
21,497 |
24,350 |
34,959 |
|
Adjustments |
|
|
Less: Net deferred taxes1 |
(907) |
(581) |
(1,132) |
(1,323) |
(2,905) |
|
|
Add: Allowance for doubtful accounts |
21 |
16 |
16 |
17 |
17 |
|
|
Add: LIFO reserve2 |
47 |
43 |
40 |
50 |
89 |
|
After Adjustment |
|
|
Adjusted stockholders’ equity |
22,305 |
21,212 |
22,685 |
25,740 |
37,970 |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
Adjustments to Capitalization Table
Occidental Petroleum Corp., adjusted capitalization table
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Current maturities of long-term debt |
116 |
500 |
— |
1,450 |
— |
|
|
Long-term debt, net, excluding current maturities |
10,201 |
9,328 |
9,819 |
6,883 |
6,838 |
|
|
Total reported debt |
10,317 |
9,828 |
9,819 |
8,333 |
6,838 |
|
|
Stockholders’ equity |
21,330 |
20,572 |
21,497 |
24,350 |
34,959 |
|
|
Total reported capital |
31,647 |
30,400 |
31,316 |
32,683 |
41,797 |
|
Adjustments to Debt |
|
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
622 |
919 |
1,088 |
997 |
1,187 |
|
|
Adjusted total debt |
10,939 |
10,747 |
10,907 |
9,330 |
8,025 |
|
Adjustments to Equity |
|
|
Less: Net deferred taxes2 |
(907) |
(581) |
(1,132) |
(1,323) |
(2,905) |
|
|
Add: Allowance for doubtful accounts |
21 |
16 |
16 |
17 |
17 |
|
|
Add: LIFO reserve3 |
47 |
43 |
40 |
50 |
89 |
|
|
Adjusted stockholders’ equity |
22,305 |
21,212 |
22,685 |
25,740 |
37,970 |
|
After Adjustment |
|
|
Adjusted total capital |
33,244 |
31,959 |
33,592 |
35,070 |
45,995 |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
Adjustments to Reported Income
Occidental Petroleum Corp., adjusted net income (loss) attributable to common stock
US$ in millions
|
12 months ended |
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
|
Net income (loss) attributable to common stock |
4,131 |
1,311 |
(574) |
(7,829) |
616 |
|
Adjustments |
|
|
Add: Deferred income tax expense (benefit)1 |
371 |
(719) |
(517) |
(1,372) |
(1,178) |
|
|
Add: Increase (decrease) in allowance for doubtful accounts |
5 |
— |
(1) |
— |
— |
|
|
Add: Increase (decrease) in LIFO reserve2 |
4 |
3 |
(10) |
(39) |
(2) |
|
|
Less: Income from discontinued operations |
— |
— |
428 |
317 |
760 |
|
|
Add: Other comprehensive income (loss), net of tax |
144 |
8 |
41 |
50 |
(54) |
|
|
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest |
— |
— |
— |
— |
14 |
|
After Adjustment |
|
|
Adjusted net income (loss) attributable to common stock |
4,655 |
603 |
(1,489) |
(9,507) |
(1,364) |
Based on:
10-K (filing date: 2019-02-21),
10-K (filing date: 2018-02-23),
10-K (filing date: 2017-02-23),
10-K (filing date: 2016-02-26),
10-K (filing date: 2015-02-23).
