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Schlumberger Ltd. (SLB) | Aggregate Accruals

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Earnings can be decomposed into cash and accrual components. The accrual component (aggregate accruals) has been found to have less persistence than the cash component, and therefore (1) earnings with higher accrual component are less persistent than earnings with smaller accrual component, all else equal; and (2) the cash component of earnings should receive a higher weighting evaluating company performance.


Balance-Sheet-Based Accruals Ratio

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Schlumberger Ltd., balance sheet computation of aggregate accruals

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Operating Assets
chart Assets
chart Less: Cash
chart Less: Short-term investments
chart Operating assets
  Operating Liabilities
chart Liabilities
chart Less: Short-term borrowings
chart Less: Convertible debentures, current portion
chart Less: Long-term debt, current portion
chart Less: Convertible debentures, excluding current portion
chart Less: Long-term debt, excluding current portion
chart Operating liabilities
   
chart Net operating assets1
chart Balance-sheet-based aggregate accruals2  
  Balance-Sheet-Based Accruals Ratio, Comparison to Industry
chart Schlumberger Ltd.3 % % % %  
  Industry, Oil & Gas % % % %  

2011 Calculations

1 Net operating assets = Operating assets – Operating liabilities
= – =

2 Balance-sheet-based aggregate accruals = Net operating assets 2011 – Net operating assets 2010
= – =

3 Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × ÷ [( + ) ÷ 2] = %

Ratio Description The company
Balance-sheet-based accruals ratio Ratio is found by dividing balance-sheet-based aggregate accruals by average net operating assets. Using the balance-sheet-based accruals ratio, Schlumberger Ltd. improved earnings quality from 2010 to 2011.

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Cash-Flow-Statement-Based Accruals Ratio

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Schlumberger Ltd., cash flow statement computation of aggregate accruals

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Net income attributable to Schlumberger
chart Less: Net cash provided by operating activities
chart Less: Net cash used in investing activities
chart Cash-flow-statement-based aggregate accruals
  Cash-Flow-Statement-Based Accruals Ratio, Comparison to Industry
chart Schlumberger Ltd.1 % % % %  
  Industry, Oil & Gas % % % %  

2011 Calculations

1 Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × ÷ [( + ) ÷ 2] = %

Ratio Description The company
Cash-flow-statement-based accruals ratio Ratio is found by dividing cash-flow-statement-based aggregate accruals by average net operating assets. Using the cash-flow-statement-based accruals ratio, Schlumberger Ltd. deteriorated earnings quality from 2010 to 2011.

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May 24, 2012

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