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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Current Ratio
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Walmart Inc., income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Item | Description | The company |
---|---|---|
Current tax provision | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Walmart Inc.’s current tax provision decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax expense (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Walmart Inc.’s deferred tax expense (benefit) decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Walmart Inc.’s provision for income taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Effective Income Tax Rate (EITR)
Walmart Inc., effective income tax rate (EITR) reconciliation
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Item | Description | The company |
---|---|---|
Effective income tax rate, before impact of the Tax Act | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Walmart Inc.’s effective income tax rate, before impact of the Tax Act increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Components of Deferred Tax Assets and Liabilities
Walmart Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Walmart Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax assets, net of valuation allowance | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Walmart Inc.’s deferred tax assets, net of valuation allowance decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Walmart Inc.’s net deferred tax assets (liabilities) decreased from 2018 to 2019 but then slightly increased from 2019 to 2020. |
Deferred Tax Assets and Liabilities, Classification
Walmart Inc., deferred tax assets and liabilities, classification
US$ in millions
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Item | Description | The company |
---|---|---|
Long-term deferred tax assets (included in Other long-term assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Walmart Inc.’s long-term deferred tax assets (included in Other long-term assets) decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Long-term deferred tax liabilities (included in Deferred income taxes and other) | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Walmart Inc.’s long-term deferred tax liabilities (included in Deferred income taxes and other) increased from 2018 to 2019 but then slightly decreased from 2019 to 2020. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Walmart Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Walmart Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Walmart Inc., adjusted financial ratios
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
Financial ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Walmart Inc.’s adjusted current ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Walmart Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Walmart Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Walmart Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Walmart Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Walmart Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Walmart Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =
Liquidity ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Walmart Inc.’s adjusted current ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 Net profit margin = 100 × Consolidated net income attributable to Walmart ÷ Net sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted consolidated net income attributable to Walmart ÷ Net sales
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Walmart Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Walmart Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Walmart shareholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Walmart Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total Walmart shareholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Walmart Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-03-20), 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01).
2020 Calculations
1 ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Walmart Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |