While management cannot predict the ultimate outcome of this matter, management does not believe the outcome will have a material effect on the Companys financial condition or results of operations. While management cannot predict the ultimate outcome of this matter, management does not believe the outcome will have a material effect on the Companys financial condition or results of operations. Sam's Club provides its members access to a broad assortment of merchandise, including products not found in our clubs, and services online at samsclub. On the other hand, a high debt to equity ratio reveals that a company has been aggressively financing its growth with debt, which could relatively lead to volatility in the company earnings. These instruments will mature on dates ranging from October 2023 to February 2030. Target also is more profitable in regards to its asset and equity use. After the breach in Canada, Sam's Club suspended the operation of the online photo center until a security review could be completed by the third party service provider.
Such information appears in the portion of the Annual Report to Shareholders that is in Exhibit 13 to this Annual Report on Form 10-K and incorporated by reference herein. Walmart has available a catalog of 300 generic medications for no more than four dollars in-store, and ten dollars for a 90-day supply Washington, n. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any of these forward-looking statements to reflect subsequent events or circumstances. Other: During fiscal 2012, the Company began conducting a voluntary internal review of its policies, procedures and internal controls pertaining to its global anti-corruption compliance program. Department of Justice and the Securities and Exchange Commission. Such information is included in Exhibit 13 to this Annual Report on Form 10-K. The quick ratio is similar to the current ratio but, because inventories are harder to liquidate than other assets, the quick ratio indicates the ability to pay short-term and long-term debts without liquidating inventories.
The calculation below reveals the Wal-Mart current ratio in 2012. Each of our segments competes for customers, employees, store and club sites, products and services and in other important aspects of its business with many other local, regional, national and global retailers and wholesale club operators, as well as other national and international internet-based retailers and retail intermediaries. We may not timely identify or effectively respond to consumer trends or preferences, whether involving physical retail, digital retail or the integration of physical and digital retail, which could negatively affect our relationship with our customers, the demand for our products and services, and our market share. Short-term debt: The carrying value approximates fair value due to the short maturity of these instruments. Executive Vice President, President and Chief Executive Officer, Global eCommerce and Technology, beginning in February 2016, and from January 2012 to January 2016 served as Executive Vice President, President and Chief Executive Officer, Global eCommerce. Although operating income increased for the three- and nine-month periods, we did not meet our objective of growing operating income at a faster rate than net sales.
As a result of such translations, fluctuations in currency exchange rates from period-to-period that are unfavorable to us may also result in our consolidated financial statements reflecting significant adverse period-over-period changes in our financial performance or reflecting a period-over-period improvement in our financial performance that is not as robust as it would be without such fluctuations in the currency exchange rates. In January 2014, a division of the State Department of Sustainable Development of Santa Catarina notified Walmart Brazil that a store did not have the proper license for a wastewater treatment system. For the purpose of this calculation, debt is defined as the sum of short-term borrowings, long-term debt due within one year, obligations under capital leases due in one year, long-term debt and long-term obligations under capital leases. Higher levels of unemployment, inflation, deflation, decreases in consumer disposable income, unavailability of consumer credit, changes in consumer spending and shopping patterns, changes in tax and other laws, higher fuel and other energy costs, weakness in the local housing market, fluctuations in currency exchange rates, currency devaluations and other adverse developments in the economies of the other countries in which we operate may adversely affect consumer demand for our merchandise in those countries, especially those countries in which average incomes are significantly lower than average incomes in the U. Director Compensation Deferral Plan, amended and restated effective June 4, 2010, is incorporated by reference to Exhibit 10 n to the Annual Report on Form 10-K of the Company for the fiscal year ended January 31, 2011, filed on March 30, 2011. Wal-Mart sells varieties of consumer goods such as consumer electronics, toys, automobiles, furniture, video games and several other consumers goods.
We compete with others for desirable sites. We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be timely disclosed, is accumulated and communicated to management in a timely fashion. Historically, its highest sales volume and segment operating income have occurred in the fiscal quarter ending January 31. The Company also offers health-care benefits to eligible full-time and part-time associates in the U. Our management is required to use judgment in evaluating controls and procedures. Conclusion In conclusion, Target has better liquidity than Walmart, better debt management, and better profitability ratios. Historically, the segment's highest sales volume and operating income have occurred in the fourth quarter of our fiscal year.
On March 31, 2015, the Western District of Arkansas granted the defendants' motion to dismiss the consolidated derivative proceedings in that court. For the balance forward, all country balances are stated as of the end of fiscal year 2011. Hazardous Materials Investigations: On November 8, 2005, the Company received a grand jury subpoena from the United States Attorneys Office for the Central District of California, seeking documents and information relating to the Companys receipt, transportation, handling, identification, recycling, treatment, storage and disposal of certain merchandise that constitutes hazardous materials or hazardous waste. As of the end of fiscal 2016 , the Company and its subsidiaries employed approximately 2. Neither Amigobulls nor any of the data providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.
Walmart faces significant headwinds as the 1 retailer in the world. It is the largest discount retailer in the United States. Financial Statements and Supplementary Data of this Annual Report on Form 10-K and is incorporated by reference in this item. From February 2010 to January 2011, she served as Executive Vice President and President of the South business unit of Walmart U. These changes will give our U.
These documents are available in print to any shareholder who requests a copy by writing or calling our Investor Relations Department, which is located at our principal offices. It is the Companys policy to record cash collateral exclusive of any derivative asset, and any collateral holdings are reflected in its accrued liabilities as amounts due to the counterparties. Long-term debt: The fair value is based on the Companys current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, quoted market prices. As a result, the Company terminated and will make no further share repurchases under the program announced on June 4, 2010. Internationally, we operate with similar philosophies.
Such portions of the Annual Report to Shareholders are included as Exhibit 13 to this Annual Report on Form 10-K and incorporated by reference herein as expressly provided herein. Walmart Brazil has been cooperating with the agency and believes that it has addressed the situation. Should the debtholders come calling, Target would be better ready to repay. Other factors which may impact our international operations include foreign trade, monetary and fiscal policies both of the U. If we fail to integrate our information systems and processes, we may fail to realize the cost savings anticipated to be derived from these initiatives. The retail business is highly competitive. In all, Target is doing very well.
Although we ultimately believe we will be able to successfully integrate any newly acquired operations into our existing operations, no certainty exists that future acquisitions or alliances will be successfully integrated into our operations or can be successfully integrated in a reasonable time. The Company considers several factors in determining when to execute the share repurchases, including, among other things, its current cash needs, its capacity for leverage, its cost of borrowings and the market price of its common stock. As of October 31, 2011, the allocation of the Massmart purchase price to the fair value of the assets acquired and liabilities assumed is preliminary. Our ability to acquire from our suppliers the assortment and volume of products we wish to offer to our customer, to receive those products within the required time through our supply chain and to distribute those products to our stores and clubs determines, in part, our in-stock levels in our stores and clubs and the attractiveness of our merchandise assortment we offer to our customers and members. When we refer to changes in currency exchange rates or currency exchange rate fluctuations, we are referring to the differences between the currency exchange rates we use to translate the Walmart International segments financial results from local currencies into U. Wal-Mart business strategy is to buy products at rock-bottom prices and pass savings on customers and Wal-Mart has been able to drive up its profitability by purchasing billion of dollars worth of low costs merchandise directly from China and the company has been able to win the trusts of customers by providing its products at low prices.