| Revision of Prior Year Financial Statements |
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 Sheets.
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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 (noncurrent) |
$ |
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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Year Ended |
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September 30, 2018 |
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September 24, 2017 |
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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 |
$ |
5,332 |
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$ |
(121 |
) |
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$ |
5,211 |
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$ |
5,644 |
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$ |
(33 |
) |
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$ |
5,611 |
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Total revenues |
22,732 |
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(121 |
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22,611 |
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22,291 |
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(33 |
) |
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22,258 |
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Operating income |
742 |
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(121 |
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621 |
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2,614 |
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(33 |
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2,581 |
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Income before income taxes |
513 |
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(121 |
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392 |
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3,020 |
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(33 |
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2,987 |
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Income tax expense |
(5,377 |
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21 |
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(5,356 |
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(555 |
) |
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12 |
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(543 |
) |
Net (loss) income |
(4,864 |
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(100 |
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(4,964 |
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2,465 |
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(21 |
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2,444 |
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Net (loss) income attributable to Qualcomm |
(4,864 |
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(100 |
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(4,964 |
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2,466 |
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(21 |
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2,445 |
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Basic (loss) earnings per share |
(3.32 |
) |
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(0.07 |
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(3.39 |
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1.67 |
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(0.01 |
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1.66 |
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Diluted (loss) earnings per share |
(3.32 |
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(0.07 |
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(3.39 |
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1.65 |
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(0.01 |
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1.64 |
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Revised Consolidated Statements of Comprehensive Income (Loss).
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Year Ended |
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September 30, 2018 |
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September 24, 2017 |
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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 (loss) income |
$ |
(4,864 |
) |
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$ |
(100 |
) |
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$ |
(4,964 |
) |
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$ |
2,465 |
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$ |
(21 |
) |
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$ |
2,444 |
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Total comprehensive (loss) income |
(4,983 |
) |
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(100 |
) |
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(5,083 |
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2,421 |
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(21 |
) |
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2,400 |
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Comprehensive (loss) income attributable to Qualcomm |
(4,983 |
) |
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(100 |
) |
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(5,083 |
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2,422 |
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(21 |
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2,401 |
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Revised Consolidated Statements of Cash Flows.
We revised our consolidated statements of cash flows for the years ended September 30, 2018 and September 24, 2017 for this correction, which had no impact to net cash provided by operating activities in each such period.
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Year Ended September 30, 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 |
$ |
(4,864 |
) |
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$ |
— |
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$ |
(100 |
) |
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$ |
(4,964 |
) |
Income tax provision in excess of (less than) income tax payments |
4,502 |
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— |
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(21 |
) |
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4,481 |
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Other items, net |
129 |
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(178 |
) |
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— |
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(49 |
) |
Other assets |
30 |
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(6 |
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— |
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24 |
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Payroll, benefits and other liabilities |
687 |
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197 |
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121 |
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1,005 |
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Net cash provided by operating activities |
3,895 |
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13 |
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— |
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3,908 |
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Year Ended September 24, 2017 |
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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 income |
$ |
2,465 |
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$ |
— |
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$ |
(21 |
) |
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$ |
2,444 |
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Income tax provision in excess of (less than) income tax payments |
(400 |
) |
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— |
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(12 |
) |
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(412 |
) |
Other items, net |
146 |
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(172 |
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— |
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(26 |
) |
Other assets |
169 |
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(33 |
) |
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— |
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136 |
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Payroll, benefits and other liabilities |
2,103 |
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205 |
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33 |
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2,341 |
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Net cash provided by operating activities |
5,001 |
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— |
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— |
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5,001 |
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(1) Certain previously reported amounts have been reclassified to conform to the current year presentation.
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