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| Costco Wholesale Corporation | |||
|---|---|---|---|
| Consolidated Statements of Earnings | |||
| For Fiscal Years Ended ($ millions) | August 28, 2016 | August 30, 2015 | August 31, 2014 |
| Revenue | |||
| Net Sales | $116,073 | $113,666 | $110,212 |
| Membership fees | 2,646 | 2,533 | 2,428 |
| Total revenue | 118,719 | 116,199 | 112,640 |
| Operating expenses | |||
| Merchandise costs | 102,901 | 101,065 | 98,458 |
| Selling, general and administrative | 12,068 | 11,445 | 10,899 |
| Preopening expenses | 78 | 65 | 63 |
| Operating Income | 3,672 | 3,624 | 3,220 |
| Other income (expense) | |||
| Interest expense | (133) | (124) | (113) |
| Interest income and other, net | 80 | 104 | 90 |
| Income before income taxes | 3,619 | 3,604 | 3,197 |
| Provision for income taxes | 1,243 | 1,195 | 1,109 |
| Net income including noncontrolling interests | 2,376 | 2,409 | 2,088 |
| Net income attributable to noncontrolling interests | (26) | (32) | (30) |
| Net income attributable to Costco | $2,350 | $2,377 | $2,058 |
| Costco Wholesale Corporation | |||
|---|---|---|---|
| Consolidated Balance Sheets | |||
| ($ millions, except par value and share data) | August 28, 2016 | August 30, 2015 | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | $3,379 | $4,801 | |
| Short-term investments | 1,350 | 1,618 | |
| Receivables, net | 1,252 | 1,224 | |
| Merchandise inventories | 8,969 | 8,908 | |
| Deferred income taxes and other current assets | 268 | 228 | |
| Total current assets | 15,218 | 16,779 | |
| Property and equipment | |||
| Land | 5,395 | 4,961 | |
| Buildings and improvements | 13,994 | 12,618 | |
| Equipment and fixtures | 6,077 | 5,274 | |
| Construction in progress | 701 | 811 | |
| Gross property and equipment | 26,167 | 23,664 | |
| Less accumulated depreciation and amortization | (9,124) | (8,263) | |
| Net property and equipment | 17,043 | 15,401 | |
| Other assets | 902 | 837 | |
| Total assets | $33,163 | $33,017 | |
| Liabilities and equity | |||
| Current liabilities | |||
| Accounts payable | $7,612 | $9,011 | |
| Current portion long-term debt | $1,100 | $1,283 | |
| Accrued salaries and benefits | 2,629 | 2,468 | |
| Accrued member rewards | 869 | 813 | |
| Deferred membership fees | 1,362 | 1,269 | |
| Other current liabilities | 2,003 | 1,695 | |
| Total current liabilities | 15,575 | 16,539 | |
| Long-term debt, excluding current portion | 4,061 | 4,852 | |
| Other liabilities | 1,195 | 783 | |
| Total liabilities | 20,831 | 22,174 | |
| Equity | |||
| Preferred stock, $0.005 par value: | |||
| 100,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | |
| Common stock, $0.005 par value: | |||
| 900,000,000 shares authorized; | |||
| 437,524,000 and 437,952,000 shares issued and outstanding | 2 | 2 | |
| Additional paid-in-capital | 5,490 | 5,218 | |
| Accumulated other comprehensive loss | (1,099) | (1,121) | |
| Retained earnings | 7,686 | 6,518 | |
| Total Costco stockholders’ equity | 12,079 | 10,617 | |
| Noncontrolling interests | 253 | 226 | |
| Total equity | 12,332 | 10,843 | |
| Total liabilities and equity | $33,163 | $33,017 | |
HINT: For Sales use "Total revenues" for your computations, when applicable.
(a) Compute net operating profit after tax (NOPAT) for 2016. Assume that the combined federal and state statutory tax rate is 37%. (Round to the nearest whole number.)
2016 NOPAT = Answer
($ millions)
(b) Compute net operating assets (NOA) for 2016 and 2015.
2016 NOA = Answer
($ millions)
2015 NOA = Answer ($ millions)
(c) Compute Costco’s RNOA, net operating profit margin (NOPM) and
net operating asset turnover (NOAT) for 2016. (Do not round until
final answer. Round two decimal places. Do not use NOPM x NOAT to
calculate RNOA)
2016 RNOA = Answer
%
2016 NOPM = Answer%
2016 NOAT = Answer
(d) Compute net nonoperating obligations (NNO) for 2016 and
2015.
2016 NNO = Answer
($ millions)
2015 NNO = Answer ($ millions)
(e) Compute return on equity (ROE) for 2016. (Do not round until
final answer. Round answer two decimal places)
2016 ROE = Answer
%
(f) Infer the nonoperating return component of ROE for 2016. (Use
answers from above to calculate. Round two decimal places.)
Answer
%
(g) What does the relation between ROE and RNOA suggest about Costco's use of equity capital?
ROE > RNOA implies that Costco's equity has grown faster than its NOA.
ROE > RNOA implies that Costco has taken on too much financial leverage.
ROE > RNOA implies that Costco is able to borrow money to fund operating assets that yield a return greater than its cost of debt.
ROE > RNOA implies that Costco increased its financial leverage during the period.
In: Accounting