Microsoft Excel LibreOffice Calc

Verizon Communications Inc. (VZ)

Adjustments to Financial Statements

Difficulty: Advanced

Adjustments to Current Assets

Verizon Communications Inc., adjusted current assets

US$ 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 34,636  29,913  26,395  22,280  29,623 
Adjustments
Add: Allowance for doubtful accounts 765  939  845  882  739 
After Adjustment
Adjusted current assets 35,401  30,852  27,240  23,162  30,362 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

Adjustments to Total Assets

Verizon Communications Inc., adjusted total assets

US$ 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 264,829  257,143  244,180  244,640  232,708 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 22,236  17,801  15,327  15,585  12,283 
Add: Allowance for doubtful accounts 765  939  845  882  739 
After Adjustment
Adjusted total assets 287,830  275,883  260,352  261,107  245,730 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See Details »

Adjustments to Total Liabilities

Verizon Communications Inc., adjusted total liabilities

US$ 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 210,119  212,456  220,148  226,798  219,032 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 22,236  17,801  15,327  15,585  12,283 
Less: Deferred income taxes2 33,795  31,232  45,964  45,484  41,578 
After Adjustment
Adjusted total liabilities 198,560  199,025  189,511  196,899  189,737 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

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

2 Deferred income taxes. See Details »

Adjustments to Stockholders’ Equity

Verizon Communications Inc., adjusted equity attributable to Verizon

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Equity attributable to Verizon 53,145  43,096  22,524  16,428  12,298 
Adjustments
Less: Net deferred tax asset (liability)1 (33,726) (31,201) (45,964) (45,386) (41,449)
Add: Allowance for doubtful accounts 765  939  845  882  739 
Add: Noncontrolling interests 1,565  1,591  1,508  1,414  1,378 
After Adjustment
Adjusted equity attributable to Verizon 89,201  76,827  70,841  64,110  55,864 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

1 Net deferred tax asset (liability). See Details »

Adjustments to Capitalization Table

Verizon Communications Inc., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Debt maturing within one year 7,190  3,453  2,645  6,489  2,735 
Long-term debt, excluding maturing within one year 105,873  113,642  105,433  103,705  110,536 
Total reported debt 113,063  117,095  108,078  110,194  113,271 
Equity attributable to Verizon 53,145  43,096  22,524  16,428  12,298 
Total reported capital 166,208  160,191  130,602  126,622  125,569 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 22,236  17,801  15,327  15,585  12,283 
Adjusted total debt 135,299  134,896  123,405  125,779  125,554 
Adjustments to Equity
Less: Net deferred tax asset (liability)2 (33,726) (31,201) (45,964) (45,386) (41,449)
Add: Allowance for doubtful accounts 765  939  845  882  739 
Add: Noncontrolling interests 1,565  1,591  1,508  1,414  1,378 
Adjusted equity attributable to Verizon 89,201  76,827  70,841  64,110  55,864 
After Adjustment
Adjusted total capital 224,500  211,723  194,246  189,889  181,418 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

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

2 Net deferred tax asset (liability). See Details »

Adjustments to Reported Income

Verizon Communications Inc., adjusted net income attributable to Verizon

US$ 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 attributable to Verizon 15,528  30,101  13,127  17,879  9,625 
Adjustments
Add: Deferred income tax expense (benefit)1 389  (14,463) (1,063) 3,516  (92)
Add: Increase (decrease) in allowance for doubtful accounts (174) 94  (37) 143  94 
Add: Other comprehensive income (loss), net of taxes (919) (14) 2,123  (561) (1,270)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 511  449  481  496  2,308 
After Adjustment
Adjusted net income attributable to Verizon 15,335  16,167  14,631  21,473  10,665 

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-23).

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