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Wal-Mart Stores Inc. (WMT) | 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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Wal-Mart Stores Inc., balance sheet computation of aggregate accruals

USD $ in millions

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    Jan 31, 2012 Jan 31, 2011 Jan 31, 2010 Jan 31, 2009 Jan 31, 2008 Jan 31, 2007
  Operating Assets
chart Total assets
chart Less: Cash and cash equivalents
chart Operating assets
  Operating Liabilities
chart Total liabilities
chart Less: Short-term borrowings
chart Less: Long-term debt due within one year
chart Less: Obligations under capital leases due within one year
chart Less: Long-term debt, excluding due within one year
chart Less: Long-term obligations under capital leases
chart Operating liabilities
   
chart Net operating assets1
chart Balance-sheet-based aggregate accruals2  
  Balance-Sheet-Based Accruals Ratio, Comparison to Industry
chart Wal-Mart Stores Inc.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, Wal-Mart Stores Inc. deteriorated earnings quality from 2011 to 2012.

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Cash-Flow-Statement-Based Accruals Ratio

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Wal-Mart Stores Inc., cash flow statement computation of aggregate accruals

USD $ in millions

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    Jan 31, 2012 Jan 31, 2011 Jan 31, 2010 Jan 31, 2009 Jan 31, 2008 Jan 31, 2007
chart Consolidated net income attributable to Walmart
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 Wal-Mart Stores Inc.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, Wal-Mart Stores Inc. deteriorated earnings quality from 2011 to 2012.

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May 24, 2012

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