| Revision of Prior Year Financial Statements |
Revision of Prior Period Financial Statements We revised certain prior period financial statements for an immaterial error related to the recognition of certain royalty revenues of our QTL segment (Note 1). A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below (in millions, except per share data).
Revised Consolidated Balance Sheet.
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As of September 30, 2018 |
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As reported |
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Adjustment |
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As revised |
Deferred tax assets (non-current) |
$ |
904 |
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$ |
32 |
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$ |
936 |
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Total assets |
32,686 |
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32 |
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32,718 |
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Other current liabilities |
6,825 |
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153 |
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6,978 |
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Total current liabilities |
11,236 |
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153 |
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11,389 |
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Total liabilities |
31,758 |
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153 |
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31,911 |
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Retained earnings |
663 |
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(121 |
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542 |
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Total stockholders’ equity |
928 |
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(121 |
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807 |
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Total liabilities and stockholders’ equity |
32,686 |
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32 |
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32,718 |
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Revised Consolidated Statements of Operations.
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Three Months Ended June 24, 2018 |
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Nine Months Ended June 24, 2018 |
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As reported |
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Adjustment |
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As revised |
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As reported |
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Adjustment |
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As revised |
Licensing revenues |
$ |
1,489 |
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$ |
(22 |
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$ |
1,467 |
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$ |
4,178 |
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$ |
(95 |
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$ |
4,083 |
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Total revenues |
5,599 |
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(22 |
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5,577 |
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16,928 |
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(95 |
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16,833 |
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Operating income |
925 |
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(22 |
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903 |
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1,395 |
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(95 |
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1,300 |
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Income before income taxes |
956 |
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(22 |
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934 |
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1,288 |
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(95 |
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1,193 |
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Income tax benefit (expense) |
263 |
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5 |
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268 |
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(5,659 |
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15 |
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(5,644 |
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Net income (loss) |
1,219 |
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(17 |
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1,202 |
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(4,371 |
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(80 |
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(4,451 |
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Basic earnings (loss) per share |
0.82 |
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(0.01 |
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0.81 |
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(2.96 |
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(0.05 |
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(3.01 |
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Diluted earnings (loss) per share |
0.82 |
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(0.01 |
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0.81 |
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(2.96 |
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(0.05 |
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(3.01 |
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Revised Consolidated Statements of Comprehensive Income (Loss).
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Three Months Ended June 24, 2018 |
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Nine Months Ended June 24, 2018 |
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As reported |
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Adjustment |
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As revised |
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As reported |
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Adjustment |
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As revised |
Net income (loss) |
$ |
1,219 |
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$ |
(17 |
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$ |
1,202 |
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$ |
(4,371 |
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$ |
(80 |
) |
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$ |
(4,451 |
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Total comprehensive income (loss) |
997 |
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(17 |
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980 |
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(4,432 |
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(80 |
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(4,512 |
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Revised Consolidated Statement of Cash Flows.
We revised our condensed consolidated statement of cash flows for the nine months ended June 24, 2018 for this correction, which had no impact to net cash provided by operating activities in the period.
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Nine Months Ended June 24, 2018 |
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As reported |
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Reclassification adjustment (1) |
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Revision adjustment |
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As revised |
Operating Activities: |
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Net loss |
$ |
(4,371 |
) |
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$ |
— |
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$ |
(80 |
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$ |
(4,451 |
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Income tax provision in excess of (less than) income tax payments |
4,973 |
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— |
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(15 |
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4,958 |
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Other items, net |
25 |
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(71 |
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— |
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(46 |
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Other assets |
90 |
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(18 |
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— |
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72 |
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Payroll, benefits and other liabilities |
1,514 |
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89 |
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95 |
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1,698 |
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Net cash provided by operating activities |
4,331 |
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— |
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— |
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4,331 |
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(1) Certain previously reported amounts have been reclassified to conform to the current year presentation.
Revised Segment Information.
QTL segment results were revised for this correction (Note 7), which resulted in a decrease in QTL revenues and EBT (earnings before income taxes) of $22 million and $95 million for the three and nine months ended June 24, 2018, respectively.
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