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Microsoft Excel LibreOffice Calc

Celgene Corp. (CELG)


Financial Reporting Quality: Aggregate Accruals

Difficulty: Advanced

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

Celgene Corp., balance sheet computation of aggregate accruals

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Operating Assets
Total assets hidden hidden hidden hidden hidden
Less: Cash and cash equivalents hidden hidden hidden hidden hidden
Less: Debt securities available-for-sale hidden hidden hidden hidden hidden
Less: Equity investments with readily determinable fair values hidden hidden hidden hidden hidden
Less: Marketable securities available-for-sale hidden hidden hidden hidden hidden
Operating assets hidden hidden hidden hidden hidden
Operating Liabilities
Total liabilities hidden hidden hidden hidden hidden
Less: Short-term borrowings and current portion of long-term debt hidden hidden hidden hidden hidden
Less: Long-term debt, net of discount, excluding current portion hidden hidden hidden hidden hidden
Operating liabilities hidden hidden hidden hidden hidden
Net operating assets1 hidden hidden hidden hidden hidden
Balance-sheet-based aggregate accruals2 hidden hidden hidden hidden hidden
Ratio
Balance-sheet-based accruals ratio3 hidden hidden hidden hidden hidden
Benchmarks
Balance-Sheet-Based Accruals Ratio, Competitors4
Abbott Laboratories hidden hidden hidden hidden hidden
AbbVie Inc. hidden hidden hidden hidden hidden
Allergan PLC hidden hidden hidden hidden hidden
Amgen Inc. hidden hidden hidden hidden hidden
Biogen Inc. hidden hidden hidden hidden hidden
Bristol-Myers Squibb Co. hidden hidden hidden hidden hidden
Eli Lilly & Co. hidden hidden hidden hidden hidden
Gilead Sciences Inc. hidden hidden hidden hidden hidden
Johnson & Johnson hidden hidden hidden hidden hidden
Merck & Co. Inc. hidden hidden hidden hidden hidden
Pfizer Inc. hidden hidden hidden hidden hidden
Regeneron Pharmaceuticals Inc. hidden hidden hidden hidden hidden
Balance-Sheet-Based Accruals Ratio, Sector
Pharmaceuticals & Biotechnology hidden hidden hidden hidden hidden
Balance-Sheet-Based Accruals Ratio, Industry
Health Care hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-20).

1 2018 Calculation
Net operating assets = Operating assets – Operating liabilities
= hiddenhidden = hidden

2 2018 Calculation
Balance-sheet-based aggregate accruals = Net operating assets 2018 – Net operating assets 2017
= hiddenhidden = hidden

3 2018 Calculation
Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × hidden ÷ [(hidden + hidden) ÷ 2] = hidden

4 Click competitor name to see calculations.

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, Celgene Corp. deteriorated earnings quality from 2017 to 2018.

Cash-Flow-Statement-Based Accruals Ratio

Celgene Corp., cash flow statement computation of aggregate accruals

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income hidden hidden hidden hidden hidden
Less: Net cash provided by operating activities hidden hidden hidden hidden hidden
Less: Net cash used in investing activities hidden hidden hidden hidden hidden
Cash-flow-statement-based aggregate accruals hidden hidden hidden hidden hidden
Ratio
Cash-flow-statement-based accruals ratio1 hidden hidden hidden hidden hidden
Benchmarks
Cash-Flow-Statement-Based Accruals Ratio, Competitors2
Abbott Laboratories hidden hidden hidden hidden hidden
AbbVie Inc. hidden hidden hidden hidden hidden
Allergan PLC hidden hidden hidden hidden hidden
Amgen Inc. hidden hidden hidden hidden hidden
Biogen Inc. hidden hidden hidden hidden hidden
Bristol-Myers Squibb Co. hidden hidden hidden hidden hidden
Eli Lilly & Co. hidden hidden hidden hidden hidden
Gilead Sciences Inc. hidden hidden hidden hidden hidden
Johnson & Johnson hidden hidden hidden hidden hidden
Merck & Co. Inc. hidden hidden hidden hidden hidden
Pfizer Inc. hidden hidden hidden hidden hidden
Regeneron Pharmaceuticals Inc. hidden hidden hidden hidden hidden
Cash-Flow-Statement-Based Accruals Ratio, Sector
Pharmaceuticals & Biotechnology hidden hidden hidden hidden hidden
Cash-Flow-Statement-Based Accruals Ratio, Industry
Health Care hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-20).

1 2018 Calculation
Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × hidden ÷ [(hidden + hidden) ÷ 2] = hidden

2 Click competitor name to see calculations.

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, Celgene Corp. deteriorated earnings quality from 2017 to 2018.