Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$24.99

Adjustments to Financial Statements

Microsoft Excel

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Adjustments to Total Assets

Apple Inc., adjusted total assets

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Less: Deferred tax assets2
After Adjustment
Adjusted total assets

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

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

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

Apple Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Current liabilities
Adjustments
Less: Current deferred revenue
After Adjustment
Adjusted current liabilities

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).


Adjustments to Total Liabilities

Apple Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2
Less: Deferred revenue
After Adjustment
Adjusted total liabilities

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

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

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Apple Inc., adjusted shareholders’ equity

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Shareholders’ equity
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Deferred revenue
After Adjustment
Adjusted shareholders’ equity

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Apple Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Current portion of finance leases
Commercial paper
Current portion of term debt
Non-current portion of term debt
Non-current portion of finance leases
Total reported debt
Shareholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Lease liabilities, operating leases (included in Other current liabilities)2
Add: Lease liabilities, operating leases (included in Other non-current liabilities)3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Deferred revenue
Adjusted shareholders’ equity
After Adjustment
Adjusted total capital

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

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

2 Lease liabilities, operating leases (included in Other current liabilities). See details »

3 Lease liabilities, operating leases (included in Other non-current liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Apple Inc., adjusted net sales

US$ in millions

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Net sales
Adjustment
Add: Increase (decrease) in deferred revenue
After Adjustment
Adjusted net sales

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).


Adjustments to Reported Income

Apple Inc., adjusted net income

US$ in millions

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
As Reported
Net income
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in deferred revenue
Add: Other comprehensive income (loss)
After Adjustment
Adjusted net income

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

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