McDonald’s Corp., adjusted total assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	56,146,800)	50,435,600)	53,854,300)	52,626,800)	47,510,800)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax assets (included in Other assets, miscellaneous)²	3,022,900)	2,477,000)	2,357,000)	2,135,700)	1,138,900)
After Adjustment
Adjusted total assets	53,123,900)	47,958,600)	51,497,300)	50,491,100)	46,371,900)

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

² Deferred tax assets (included in Other assets, miscellaneous). See details »

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McDonald’s Corp., adjusted total liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	60,853,500)	56,439,000)	58,455,300)	60,451,700)	55,721,100)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	1,680,900)	1,997,500)	2,075,600)	2,025,600)	1,318,100)
Less: Deferred revenues, initial franchise fees	790,100)	757,800)	738,300)	702,000)	660,600)
After Adjustment
Adjusted total liabilities	58,382,500)	53,683,700)	55,641,400)	57,724,100)	53,742,400)

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

² Deferred tax liabilities. See details »

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McDonald’s Corp., adjusted shareholders’ equity (deficit)

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Shareholders’ equity (deficit)	(4,706,700)	(6,003,400)	(4,601,000)	(7,824,900)	(8,210,300)
Adjustments
Less: Net deferred tax assets (liabilities)¹	1,342,000)	479,500)	281,400)	110,100)	(179,200)
Add: Deferred revenues, initial franchise fees	790,100)	757,800)	738,300)	702,000)	660,600)
After Adjustment
Adjusted shareholders’ equity (deficit)	(5,258,600)	(5,725,100)	(4,144,100)	(7,233,000)	(7,370,500)

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

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McDonald’s Corp., adjusted capitalization table

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Short-term borrowings and current maturities of long-term debt	2,192,400)	—)	—)	2,243,600)	59,100)
Current finance lease liability	45,500)	21,500)	—)	—)	—)
Long-term debt, excluding current maturities	37,152,900)	35,903,500)	35,622,700)	35,196,800)	34,118,100)
Long-term finance lease liability	1,530,000)	1,300,200)	—)	—)	—)
Total reported debt	40,920,800)	37,225,200)	35,622,700)	37,440,400)	34,177,200)
Shareholders’ equity (deficit)	(4,706,700)	(6,003,400)	(4,601,000)	(7,824,900)	(8,210,300)
Total reported capital	36,214,100)	31,221,800)	31,021,700)	29,615,500)	25,966,900)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liability²	642,600)	639,600)	705,500)	701,500)	621,000)
Add: Long-term operating lease liability³	11,527,700)	10,834,200)	13,020,900)	13,321,300)	12,757,800)
Adjusted total debt	53,091,100)	48,699,000)	49,349,100)	51,463,200)	47,556,000)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	1,342,000)	479,500)	281,400)	110,100)	(179,200)
Add: Deferred revenues, initial franchise fees	790,100)	757,800)	738,300)	702,000)	660,600)
Adjusted shareholders’ equity (deficit)	(5,258,600)	(5,725,100)	(4,144,100)	(7,233,000)	(7,370,500)
After Adjustment
Adjusted total capital	47,832,500)	42,973,900)	45,205,000)	44,230,200)	40,185,500)

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

² Current operating lease liability. See details »

³ Long-term operating lease liability. See details »

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

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McDonald’s Corp., adjusted revenues

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Revenues	25,493,700)	23,182,600)	23,222,900)	19,207,800)	21,076,500)
Adjustment
Add: Increase (decrease) in deferred revenues, initial franchise fees	32,300)	19,500)	36,300)	41,400)	32,800)
After Adjustment
Adjusted revenues	25,526,000)	23,202,100)	23,259,200)	19,249,200)	21,109,300)

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McDonald’s Corp., adjusted net income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income	8,468,800)	6,177,400)	7,545,200)	4,730,500)	6,025,400)
Adjustments
Add: Deferred income tax expense (benefit)¹	(686,400)	(345,700)	(428,300)	6,400)	149,700)
Add: Increase (decrease) in deferred revenues, initial franchise fees	32,300)	19,500)	36,300)	41,400)	32,800)
Add: Other comprehensive income (loss), net of tax	30,600)	87,100)	13,100)	(104,100)	126,800)
After Adjustment
Adjusted net income	7,845,300)	5,938,300)	7,166,300)	4,674,200)	6,334,700)

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

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McDonald’s Corp. (NYSE:MCD)

Adjustments to Financial Statements