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Discount, Variety Stores

Discount, Variety Stores. Reformulation Lan (Claire) Lin. Computation of NEA & NFL. Cash and Cash Equivalents (1.4%) Wal-Mart generally operates with a working capital deficit and holds cash less than 2% of sales

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Discount, Variety Stores

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  1. Discount, Variety Stores Reformulation Lan(Claire) Lin

  2. Computation of NEA & NFL • Cash and Cash Equivalents (1.4%) • Wal-Mart generally operates with a working capital deficit and holds cash less than 2% of sales • It utilizes the liquidity under short-team borrowing programs to fund the operations • The access to the commercial paper and favorable payment agreements with suppliers have historically provided liquidity

  3. Computation of NEA & NFL • Property under Capital Leases • Considered as enterprise asset since they are related to enterprise operations • Obligations under Capital Leases • Considered as financial liabilities given the lease obligation itself is merely the financing of the transaction

  4. Computation of NEA & NFL • Short-Borrowings • An important source of Wal-Mart’s operating cash flow; an enterprise liability • Prepaid Expense, Other Assets and Deferred Charges • Considered as enterprise assets given the lack of detailed information • Noncontrolling Interest • Considered as financial liabilities. Noncontrolling interest are another form of ownership of the enterprise besides debt holders and majority shareholders.

  5. Computation of NEA & NFL • Checking the Work

  6. Computation of EPAT & FEATTax Expense Allocation 10K Notes

  7. Computation of EPAT & FEATOther Comprehensive Income • Currency Translation • This results from Wal-Mart’s global presence and operations, and should be considered as enterprise activities • Derivatives Instruments • Wal-Mart uses derivative financial instruments for hedging and non-trading purposes to mange its exposure to changes in interest and currency exchange rates • Enterprise activities 10K Notes

  8. Computation of EPAT & FEATOther Comprehensive Income

  9. Computation of EPAT & FEAT

  10. Computation of EPAT & FEAT Checking the Work

  11. Further Analyses

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