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Target Corp. (TGT) | 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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Target Corp., balance sheet computation of aggregate accruals

USD $ in millions

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
  Operating Assets
chart Total assets
chart Less: Cash and cash equivalents
chart Less: Short-term investments
chart Operating assets
  Operating Liabilities
chart Total liabilities
chart Less: Notes payable and long-term debt, amounts due within one year
chart Less: Notes payable and long-term debt, excluding amounts due within one year
chart Operating liabilities
   
chart Net operating assets1
chart Balance-sheet-based aggregate accruals2  
  Balance-Sheet-Based Accruals Ratio, Comparison to Industry
chart Target Corp.3 % % % % %  
  Industry, Consumer Services % % % % %  

2012 Calculations

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

2 Balance-sheet-based aggregate accruals = Net operating assets 2012 – Net operating assets 2011
= – =

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, Target Corp. deteriorated earnings quality from 2011 to 2012.

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Cash-Flow-Statement-Based Accruals Ratio

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Target Corp., cash flow statement computation of aggregate accruals

USD $ in millions

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    Jan 28, 2012 Jan 29, 2011 Jan 30, 2010 Jan 31, 2009 Feb 2, 2008 Feb 3, 2007
chart Net earnings
chart Less: Cash flow provided by operations
chart Less: Cash flow required for investing activities
chart Cash-flow-statement-based aggregate accruals
  Cash-Flow-Statement-Based Accruals Ratio, Comparison to Industry
chart Target Corp.1 % % % % %  
  Industry, Consumer Services % % % % %  

2012 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, Target Corp. deteriorated earnings quality from 2011 to 2012.

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May 24, 2012

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