Microsoft Excel LibreOffice Calc

Verizon Communications Inc. (NYSE:VZ)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Verizon Communications Inc., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 37,473  34,636  29,913  26,395  22,280 
Adjustments
Add: Allowance for doubtful accounts 733  765  939  845  882 
After Adjustment
Adjusted current assets 38,206  35,401  30,852  27,240  23,162 

Based on: 10-K (filing date: 2020-02-21), 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).

Adjustments to Total Assets

Verizon Communications Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 291,727  264,829  257,143  244,180  244,640 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  22,236  17,801  15,327  15,585 
Add: Allowance for doubtful accounts 733  765  939  845  882 
After Adjustment
Adjusted total assets 292,460  287,830  275,883  260,352  261,107 

Based on: 10-K (filing date: 2020-02-21), 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).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 228,892  210,119  212,456  220,148  226,798 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  22,236  17,801  15,327  15,585 
Less: Deferred income taxes2 34,703  33,795  31,232  45,964  45,484 
After Adjustment
Adjusted total liabilities 194,189  198,560  199,025  189,511  196,899 

Based on: 10-K (filing date: 2020-02-21), 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).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Equity attributable to Verizon 61,395  53,145  43,096  22,524  16,428 
Adjustments
Less: Net deferred tax asset (liability)1 (34,619) (33,726) (31,201) (45,964) (45,386)
Add: Allowance for doubtful accounts 733  765  939  845  882 
Add: Noncontrolling interests 1,440  1,565  1,591  1,508  1,414 
After Adjustment
Adjusted total equity 98,187  89,201  76,827  70,841  64,110 

Based on: 10-K (filing date: 2020-02-21), 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).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Debt maturing within one year 10,777  7,190  3,453  2,645  6,489 
Long-term debt, excluding maturing within one year 100,712  105,873  113,642  105,433  103,705 
Total reported debt 111,489  113,063  117,095  108,078  110,194 
Equity attributable to Verizon 61,395  53,145  43,096  22,524  16,428 
Total reported capital 172,884  166,208  160,191  130,602  126,622 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  22,236  17,801  15,327  15,585 
Add: Current operating lease liabilities2 3,261  —  —  —  — 
Add: Non-current operating lease liabilities3 18,393  —  —  —  — 
Adjusted total debt 133,143  135,299  134,896  123,405  125,779 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (34,619) (33,726) (31,201) (45,964) (45,386)
Add: Allowance for doubtful accounts 733  765  939  845  882 
Add: Noncontrolling interests 1,440  1,565  1,591  1,508  1,414 
Adjusted total equity 98,187  89,201  76,827  70,841  64,110 
After Adjustment
Adjusted total capital 231,330  224,500  211,723  194,246  189,889 

Based on: 10-K (filing date: 2020-02-21), 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).

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

2 Current operating lease liabilities. See details »

3 Non-current operating lease liabilities. See details »

4 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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net income attributable to Verizon 19,265  15,528  30,101  13,127  17,879 
Adjustments
Add: Deferred income tax expense (benefit)1 1,232  389  (14,463) (1,063) 3,516 
Add: Increase (decrease) in allowance for doubtful accounts (32) (174) 94  (37) 143 
Add: Other comprehensive income (loss), net of taxes (1,372) (919) (14) 2,123  (561)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 523  511  449  481  496 
After Adjustment
Adjusted net income 19,616  15,335  16,167  14,631  21,473 

Based on: 10-K (filing date: 2020-02-21), 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).

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