From the leverage ratios you calculated in DuPont analysis, you start to examine the composition of liabilities. Have you noticed any significant changes from a trend analysis of long-term debts and short-term debts? How does that relate to the result of your trend analysis of leverage ratios?

Calculate current ratios, quick ratios, days sales outstanding, days on hand of inventory, number of days payables, and cash conversion cycle. Comment on the results of the trend analysis of those efficiency ratios. Stick with the formula used in the textbooks and slides.

2018 2017 2016 2015 2014 $ 6,756 5,614 43,783 3,511 0 59,664 $6,867 5,835 43,046 1,941 0 57,689 $8,705 5,624 44,469 1,441 0 60,239 $9,135 6,778 45,141 2,224 0 63,278 $7,281 6,677 44,858 1,909 460 61,185 185,154 (77,479) 107, 179,492 (71,782) 107,710 176,958 (66,787) 110,171 177,395 (63,115) 114,280 173,089 -57,725 115,364 12,703 (5,560) 7,143 18,242 11,798 204,522 11,637 (5,169) 6,468 17,037 11,096 (4,751) 6,345 16,695 6,131 199,581 5,239 (2,864) 2,375 18,102 5,455 203,490 5,589 -3,046 2,543 19,510 6,149 204,751 9,921 198,825 Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5,257 46,092 22,122 645 3,738 667 1,099 41,433 20,654 921 2,256 565 2,708 38,487 19,607 521 2,745 551 1,592 38,410 19,152 1,021 4,791 287 7,670 37,415 18,793 966 4,103 309 89 69,345 41,771 2,788 8,017 1,491 0 0 0 78,521 30,045 6,780 8,354 0 66,928 36,015 6,003 9,344 0 64,619 38,214 5,816 $ 7,321 0 65,253 40,889 2,606 $ 8,805 0 0 295 2,648 85,107 (10,181) 77,869 2,953 80,822 $ 204,522 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $ 198,825 $ 317 1,805 90,021 (11,597) 80,546 3,065 83,611 $ 199,581 $323 2,462 85,777 (7,168) 81,394 4,543 85,937 $ 203,490 323 2,362 76,566 -2,996 76,255 5,084 81,339 $204,751 Consolidated Statements of Cash Flows - USD ($) $ in Millions Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 Jan. 31, 2015 Jan. 31, 2014 $ 10,523 $ 14,293 $ 15,080 $ 17,099 $ 16,695 10,080 761 10,529 (304) 3,136 1,210 9,454 (672) 0 1,410 9,173 (503) 0 785 8,870 (279) 0 938 206 (1,074) (140) 4,086 928 (557) 28,337 (402) 1,021 3,942 1,280 492 31,673 (19) (703) 2,008 1,466 (472) 27,552 (569) (1,229) 2,678 1,249 166 28,564 (566) (1,667) 531 103 (1,224) 23,257 (11,477) 635 (12,174) 570 671 (13,115) 727 246 0 (10,051) 378 1,046 0 (375) (58) (9,060) Cash flows from operating activities: Consolidated net income Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain (loss) on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,619) 456 662 (1,901) (2,463) (122) (13,987) 0 0 0 0 (138) (12,526) 0 (192) (11,125) (79) (10,675) 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) 487 (111) 6,867 6,756 (1,673) 137 (2,055) 0 (6,216) (8,298) (479) (90) (398) (19,072) (452) (1,838) 8,705 6,867 1,235 39 (4,432) 0 (6,294) (4,112) (719) (1,326) (676) (16,285) (1,022) (430) 9,135 8,705 (6,288) 5,174 (3,904) 0 (6,185) (1,015) (600) (1,844) (409) (15,071) (514) 1,854 7,281 9,135 911 7,072 (4,968) 0 (6,139) (6,683) (426) (296) (260) (10,789) (442) (500) 7,781 7,281 6,179 2,450 4,507 2,351 8,111 2,540 8,169 2,433 8,641 2,362 Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions 12 Months Ended Jan. 31, 2017 Jan. 31, 2016 Jan. 31, 2018 Jan. 31, 2015 Jan. 31, 2014 $ 495,761 4,582 500,343 $ 481,317 4,556 485,873 $ 478,614 3,516 482,130 $ 482,229 3,422 485,651 $ 473,076 3,218 476,294 373,396 106,510 20,437 361,256 101,853 22,764 360,984 97,041 24,105 365,086 93,418 27,147 358,069 91,353 26,872 2,044 323 (100) 2,267 0 Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital lease and financing obligations Interest income Interest, net Gain (loss) on extinguishment of debt Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Income from discontinued operations, net of income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart Weighted average common shares outstanding: Basic Diluted Dividends declared per common share 1,978 352 (152) 2,178 (3,136) 15,123 4,600 10,523 0 10,523 (661) $ 9,862 20,497 6,204 14,293 2,027 521 (81) 2,467 0 21,638 6,558 15,080 0 15,080 (386) $ 14,694 2,161 300 (113) 2,348 0 24,799 7,985 16,814 285 17,099 (736) 16,363 2,072 263 (119) 2,216 0 24,656 8,105 16,551 144 16,695 (673) 16,022 0 14,293 (650) $ 13,643 $3.29 $ 3.28 $4.40 $4.38 $4.58 $4.57 $5.07 $ 5.05 $4.90 $ 4.88 2,995 3,010 $2.04 3,101 3,112 $ 2 3,207 3,217 $ 1.96 3,230 3,243 $ 1.92 3,269 3,283 $ 1.88