Microsoft Excel LibreOffice Calc

Occidental Petroleum Corp. (OXY)

Adjustments to Financial Statements

Difficulty: Advanced

Adjustments to Current Assets

Occidental Petroleum Corp., adjusted current assets

USD $ in millions

Microsoft Excel LibreOffice Calc
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).

1 LIFO reserve. See Details »

2 Current deferred tax assets (included in Other current assets). See Details »

Adjustments to Total Assets

Occidental Petroleum Corp., adjusted total assets

USD $ in millions

Microsoft Excel LibreOffice Calc
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 leased assets1 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 leased assets. 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

USD $ in millions

Microsoft Excel LibreOffice Calc
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 obligations1 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 obligations. 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

USD $ in millions

Microsoft Excel LibreOffice Calc
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).

1 Net deferred taxes. See Details »

2 LIFO reserve. See Details »

Adjustments to Capitalization Table

Occidental Petroleum Corp., adjusted capitalization table

USD $ in millions

Microsoft Excel LibreOffice Calc
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 obligations1 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).

1 Operating lease obligations. See Details »

2 Net deferred taxes. See Details »

3 LIFO reserve. See Details »

Adjustments to Reported Income

Occidental Petroleum Corp., adjusted net income (loss) attributable to common stock

USD $ in millions

Microsoft Excel LibreOffice Calc
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).

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

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