WAL MART STORES INC, 10-Q filed on 6/6/2014
Quarterly Report
Document And Entity Information
3 Months Ended
Apr. 30, 2014
Jun. 4, 2014
Document And Entity Information [Abstract]
Entity Registrant Name
WAL MART STORES INC
Entity Central Index Key
0000104169
Current Fiscal Year End Date
--04-30
Entity Filer Category
Large Accelerated Filer
Document Type
10-Q
Document Period End Date
Apr. 30, 2014
Document Fiscal Year Focus
2015
Document Fiscal Period Focus
Q1
Amendment Flag
false
Entity Common Stock, Shares Outstanding
3,223,604,679
Condensed Consolidated Statements Of Income (Unaudited)(USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Revenues:
Net sales
$114,167
$113,313
Membership and other income
793
757
Total revenues
114,960
114,070
Costs and expenses:
Cost of sales
86,714
85,991
Operating, selling, general and administrative expenses
22,053
21,641
Operating income
6,193
6,438
Interest:
Debt
531
507
Capital leases
61
66
Interest income
(24)
(43)
Interest, net
568
530
Income from continuing operations before income taxes
5,625
5,908
Provision for income taxes
1,914
1,976
Income from continuing operations
3,711
3,932
Income from discontinued operations, net of income taxes
15
13
Consolidated net income
3,726
3,945
Less consolidated net income attributable to noncontrolling interest
(133)
(161)
Consolidated net income attributable to Walmart
$3,593
$3,784
Basic net income per common share:
Basic income per common share from continuing operations attributable to Walmart
$1.10
$1.14
Basic income per common share from discontinued operations attributable to Walmart
$0.01
$0.01
Basic net income per common share attributable to Walmart
$1.11
$1.15
Diluted net income per common share:
Diluted income per common share from continuing operations attributable to Walmart
$1.10
$1.14
Diluted income per common share from discontinued operations attributable to Walmart
$0.01
$0.00
Diluted net income per common share attributable to Walmart
$1.11
$1.14
Weighted-average common shares outstanding:
Basic
3,233
3,301
Diluted
3,248
3,318
Dividends declared per common share
$1.92
$1.88
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Statement of Comprehensive Income [Abstract]
Consolidated net income
$3,726
$3,945
Net Income (Loss) Attributable to Noncontrolling Interest
133
161
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest
133
144
Less consolidated net income attributable to redeemable noncontrolling interest
0
(17)
Consolidated net income attributable to Walmart
3,593
3,784
Other comprehensive income (loss), net of income taxes
Currency translation and other
234
(1,392)
Derivative instruments
4
(81)
Minimum pension liability
4
108
Other comprehensive income (loss), net of income taxes
242
(1,365)
Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest
42
(9)
Less other comprehensive income (loss) attributable to redeemable noncontrolling interest
0
(7)
Other comprehensive income (loss) attributable to Walmart
284
(1,381)
Comprehensive income, net of income taxes
3,968
2,580
Less comprehensive income attributable to nonredeemable noncontrolling interest
(91)
(153)
Less comprehensive income attributable to redeemable noncontrolling interest
0
(24)
Comprehensive income attributable to Walmart
$3,877
$2,403
Condensed Consolidated Balance Sheets (Unaudited)(USD $)
In Millions, unless otherwise specified
Apr. 30, 2014
Jan. 31, 2014
Apr. 30, 2013
Current assets:
Cash and cash equivalents
$6,012
$7,281
$8,855
Receivables, net
6,096
6,677
6,191
Inventories
45,315
44,858
43,138
Prepaid expenses and other
1,811
1,909
1,992
Current assets of discontinued operations
453
460
0
Total current assets
59,687
61,185
60,176
Property and equipment:
Property and equipment
174,731
173,089
167,087
Less accumulated depreciation
(59,585)
(57,725)
(53,395)
Property and equipment, net
115,146
115,364
113,692
Property under capital leases:
Property under capital leases
5,529
5,589
5,893
Less accumulated amortization
(3,032)
(3,046)
(3,154)
Property under capital leases, net
2,497
2,543
2,739
Goodwill
19,515
19,510
19,734
Other assets and deferred charges
5,901
6,149
5,846
Total assets
202,746
204,751
202,187
Current liabilities:
Short-term borrowings
3,517
7,670
6,255
Accounts payable
36,347
37,415
36,770
Dividends payable
4,648
0
4,649
Accrued liabilities
17,807
18,793
17,282
Accrued income taxes
1,966
966
2,318
Long-term debt due within one year
3,287
4,103
5,967
Obligations under capital leases due within one year
300
309
311
Current liabilities of discontinued operations
70
89
0
Total current liabilities
67,942
69,345
73,552
Long-term debt
45,699
41,771
41,536
Long-term obligations under capital leases
2,742
2,788
3,015
Deferred income taxes and other
8,164
8,017
7,694
Redeemable Noncontrolling Interest
0
1,491
549
Commitments and contingencies
  
  
  
Equity:
Common stock
323
323
329
Capital in excess of par value
2,111
2,362
3,399
Retained earnings
73,366
76,566
68,489
Accumulated other comprehensive income (loss)
(2,712)
(2,996)
(1,968)
Total Walmart shareholders' equity
73,088
76,255
70,249
Nonredeemable noncontrolling interest
5,111
5,084
5,592
Total equity
78,199
81,339
75,841
Total liabilities, redeemable noncontrolling interest, and equity
$202,746
$204,751
$202,187
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited)(USD $)
In Millions
Total
Common stock
Capital in excess of par value
Retained earnings
Accumulated other comprehensive income (loss)
Total Walmart shareholders' equity
Nonredeemable Noncontrolling interest
Redeemable Noncontrolling Interest at Jan. 31, 2014
$1,491
Balances at Jan. 31, 2014
81,339
323
2,362
76,566
(2,996)
76,255
5,084
Balances, in shares at Jan. 31, 2014
3,233
Consolidated net income
3,726
3,593
3,593
133
Other comprehensive income, net of income taxes
242
284
284
(42)
Cash dividends declared (1.92 per share)
(6,189)
(6,189)
(6,189)
Purchase of Company stock (in shares)
(8)
Purchase of Company stock
(615)
(1)
(18)
(596)
(615)
Purchase of redeemable noncontrolling interest
1,491
Other, in shares
5
Other
(304)
1
(233)
(8)
(240)
(64)
Balances at Apr. 30, 2014
78,199
323
2,111
73,366
(2,712)
73,088
5,111
Redeemable Noncontrolling Interest at Apr. 30, 2014
$0
Balances, in shares at Apr. 30, 2014
3,230
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited) (Parenthetical)
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share
$1.92
$1.88
Condensed Consolidated Statements Of Cash Flows (Unaudited)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Cash flows from operating activities:
Consolidated net income
$3,726
$3,945
Income from discontinued operations, net of income taxes
(15)
(13)
Income from continuing operations
3,711
3,932
Adjustments to reconcile consoliated net income to net cash provided by operating activities:
Depreciation and amortization
2,250
2,187
Deferred income taxes
26
128
Other operating activities
543
(350)
Changes in certain assets and liabilities:
Receivables, net
613
567
Inventories
(423)
584
Accounts payable
(831)
(743)
Accrued liabilities
(942)
(1,527)
Accrued income taxes
992
116
Net cash provided by operating activities
5,939
4,894
Cash flows from investing activities:
Payments for property and equipment
(2,157)
(2,968)
Proceeds from the disposal of property and equipment
48
35
Other investing activities
(12)
(49)
Net cash used in investing activities
(2,121)
(2,982)
Cash flows from financing activities:
Net change in short-term borrowings
(4,129)
(551)
Proceeds from issuance of long-term debt
4,519
4,977
Payments of long-term debt
(1,574)
(1,088)
Dividends paid
(1,547)
(1,549)
Purchase of Company stock
(626)
(2,246)
Dividends paid to noncontrolling interest
(28)
0
Purchase of noncontrolling interest
(1,626)
(81)
Other financing activities
(166)
(217)
Net cash used in financing activities
(5,177)
(755)
Effect of exchange rates on cash and cash equivalents
90
(83)
Net increase (decrease) in cash and cash equivalents
(1,269)
1,074
Cash and cash equivalents at beginning of year
7,281
7,781
Cash and cash equivalents at end of period
$6,012
$8,855
Basis Of Presentation
Basis Of Presentation
Accounting Policies
Basis of Presentation
The Condensed Consolidated Financial Statements of Wal-Mart Stores, Inc. and its subsidiaries ("Walmart" or the "Company") and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2014. Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K.
The Company's Condensed Consolidated Financial Statements are based on a fiscal year ending on January 31 for the United States ("U.S.") and Canadian operations. The Company consolidates all other operations generally using a one-month lag and based on a calendar year. There were no significant intervening events during April 2014 related to the operations consolidated using a lag that materially affected the Condensed Consolidated Financial Statements.
The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, the Company's highest sales volume and operating income have occurred in the fiscal quarter ending January 31.
Certain prior period amounts have been reclassified to conform to the current period's presentation. These reclassifications did not impact the Company's operating income or consolidated net income.
Receivables
Receivables are stated at their carrying values, net of a reserve for doubtful accounts. Receivables consist primarily of amounts due from:
insurance companies resulting from pharmacy sales;
banks for customer credit and debit cards and electronic bank transfers that take in excess of seven days to process;
consumer financing programs in certain international operations;
suppliers for marketing or incentive programs; and
real estate transactions.
The Walmart International segment offers a limited number of consumer credit products, primarily through its financial institutions in select countries. The receivable balance from consumer credit products was $1.2 billion, net of a reserve for doubtful accounts of $98 million at April 30, 2014, compared to a receivable balance of $1.3 billion, net of a reserve for doubtful accounts of $119 million at January 31, 2014. These balances are included in receivables, net, in the Company's Condensed Consolidated Balance Sheets.
Inventories
The Company values inventories at the lower of cost or market as determined primarily by the retail method of accounting, using the last-in, first-out ("LIFO") method for substantially all of the Walmart U.S. segment's inventories. The Walmart International segment's inventories are primarily valued by the retail method of accounting, using the first-in, first-out ("FIFO") method. The retail method of accounting results in inventory being valued at the lower of cost or market since permanent markdowns are immediately recorded as a reduction of the retail value of inventory. The Sam's Club segment's inventories are valued based on the weighted-average cost using the LIFO method. At April 30, 2014 and January 31, 2014, the Company's inventories valued at LIFO approximate those inventories as if they were valued at FIFO.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on February 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU and management is currently evaluating which transition approach to use. Management does not expect this ASU to materially impact the Company's consolidated net income, financial position or cash flows.
Net Income Per Common Share
Net Income Per Common Share
Net Income Per Common Share
Basic income per common share from continuing operations attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period. Diluted income per common share from continuing operations attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of outstanding stock options and other share-based awards. The Company did not have significant stock options or other share-based awards outstanding that were antidilutive and not included in the calculation of diluted income per common share from continuing operations attributable to Walmart for the three months ended April 30, 2014 and 2013.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted income per common share from continuing operations attributable to Walmart:
 
 
Three Months Ended
 
 
April 30,
(Amounts in millions, except per share data)
 
2014
 
2013
Numerator
 
 
 
 
Income from continuing operations
 
$
3,711

 
$
3,932

Less income from continuing operations attributable to noncontrolling interest
 
(129
)
 
(157
)
Income from continuing operations attributable to Walmart
 
$
3,582

 
$
3,775

 
 
 
 
 
Denominator
 
 
 
 
Weighted-average common shares outstanding, basic
 
3,233

 
3,301

Dilutive impact of stock options and other share-based awards
 
15

 
17

Weighted-average common shares outstanding, diluted
 
3,248

 
3,318

 
 
 
 
 
Income per common share from continuing operations attributable to Walmart
 
 
 
 
Basic
 
$
1.10

 
$
1.14

Diluted
 
1.10

 
1.14

Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The following table provides the changes in the composition of total Walmart accumulated other comprehensive income (loss) for the three months ended April 30, 2014:
(Amounts in millions and net of income taxes)
 
Currency Translation
and Other
 
Derivative
Instruments
 
Minimum
Pension Liability
 
Total
Balances as of February 1, 2014
 
$
(2,722
)
 
$
336

 
$
(610
)
 
$
(2,996
)
Other comprehensive income (loss) before reclassifications
 
276

 
2

 
6

 
284

Amounts reclassified from accumulated other comprehensive income (loss)
 

 
2

 
(2
)
 

Balances as of April 30, 2014
 
$
(2,446
)
 
$
340

 
$
(606
)
 
$
(2,712
)
Amounts reclassified from accumulated other comprehensive income (loss) for derivative instruments are recorded in interest, net, in the Company's Condensed Consolidated Statements of Income, and the amounts for the minimum pension liability are recorded in operating, selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Income.
The Company's unrealized net gains and losses on net investment hedges, included in the currency translation and other category of accumulated other comprehensive income (loss), were not significant as of April 30, 2014 and January 31, 2014.
Long-term Debt (Notes)
Long-term Debt [Text Block]
Long-term Debt
The following table provides the changes in the Company's long-term debt for the three months ended April 30, 2014:
(Amounts in millions)
 
Long-term debt due within one year
 
Long-term debt
 
Total
Balances as of February 1, 2014
 
$
4,103

 
$
41,771

 
$
45,874

          Proceeds from long-term debt
 

 
4,519

 
4,519

          Repayments of long-term debt
 
(1,574
)
 

 
(1,574
)
          Reclassifications of long-term debt
 
750

 
(750
)
 

          Other
 
8

 
159

 
167

Balances as of April 30, 2014
 
$
3,287

 
$
45,699

 
$
48,986


Issuances
On April 8, 2014, the Company issued €1.5 billion aggregate principal amount of fixed rate notes resulting in cash proceeds that were the equivalent of approximately $2.0 billion, net of discounts and issuance costs. The issuances consisted of €850 million aggregate principal amount of 1.900% Notes due 2022 and €650 million aggregate principal amount of 2.550% Notes due 2026. The proceeds were used to pay down and refinance existing debt and for other general corporate purposes.
On April 22, 2014, the Company issued $2.5 billion aggregate principal amount of fixed rate notes resulting in cash proceeds of approximately $2.5 billion, net of discounts and issuance costs. The issuances consisted of $500 million aggregate principal amount of 1.000% Notes due 2017, $1.0 billion aggregate principal amount of 3.300% Notes due 2024 and $1.0 billion aggregate principal amount of 4.300% Notes due 2044. The proceeds were used to pay down and refinance existing debt and for other general corporate purposes.
The Company also received additional proceeds from other, smaller long-term debt issuances by several of its international operations.
Maturities
On February 3, 2014, $500 million of 3.000% Notes matured and were repaid and on April 14, 2014, $1.0 billion of 1.625% Notes matured and were repaid.
The Company also repaid other, smaller long-term debt as it matured in several of its international operations.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
The Company records and discloses certain financial and non-financial assets and liabilities at their fair value. The fair value of an asset is the price at which the asset could be sold in an ordinary transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:

Level 1: observable inputs such as quoted prices in active markets;
Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
Recurring Fair Value Measurements
The Company holds derivative instruments that are required to be measured at fair value on a recurring basis. The fair values are the estimated amounts the Company would receive or pay upon termination of the related derivative agreements as of the reporting dates. The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest rate and foreign currency forward curves. As of April 30, 2014 and January 31, 2014, the notional amounts and fair values of these derivatives are as follows:
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
Notional Amount
 
Fair Value
 
Notional Amount
 
Fair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges
$
500

 
$

 
$
1,000

 
$
5

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as net investment hedges
1,250

 
78

 
1,250

 
97

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as cash flow hedges
5,154

 
513

 
3,004

 
453

Receive variable-rate, pay fixed-rate interest rate swaps designated as cash flow hedges
459

 
(1
)
 
457

 
(2
)
Receive variable-rate, pay fixed-rate forward starting interest rate swaps designated as cash flow hedges
500

 
6

 
2,500

 
166

Total
$
7,863

 
$
596

 
$
8,211

 
$
719


Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company's assets and liabilities are also subject to nonrecurring fair value measurements. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company did not record any significant impairment charges to assets measured at fair value on a nonrecurring basis for the three months ended April 30, 2014, or for the fiscal year ended January 31, 2014.
Other Fair Value Disclosures
The Company records cash and cash equivalents and short-term borrowings at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities.
The Company's long-term debt is also recorded at cost. The fair value is estimated using Level 2 inputs based on the Company's current incremental borrowing rate for similar types of borrowing arrangements. The carrying value and fair value of the Company's long-term debt as of April 30, 2014 and January 31, 2014, are as follows: 
 
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt, including amounts due within one year
 
$
48,986

 
$
54,362

 
$
45,874

 
$
50,757

Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments
The Company uses derivative financial instruments for hedging and non-trading purposes to manage its exposure to changes in interest and currency exchange rates, as well as to maintain an appropriate mix of fixed- and variable-rate debt. Use of derivative financial instruments in hedging programs subjects the Company to certain risks, such as market and credit risks. Market risk represents the possibility that the value of the derivative financial instrument will change. In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of the Company's derivative financial instruments is used to measure interest to be paid or received and does not represent the Company's exposure due to credit risk. Credit risk is monitored through established approval procedures, including setting concentration limits by counterparty, reviewing credit ratings and requiring collateral (generally cash) from the counterparty when appropriate.
The Company only enters into derivative transactions with counterparties rated "A-" or better by nationally recognized credit rating agencies. Subsequent to entering into derivative transactions, the Company regularly monitors the credit ratings of its counterparties. In connection with various derivative agreements, including master netting arrangements, the Company held cash collateral from counterparties of $511 million and $641 million at April 30, 2014 and January 31, 2014, respectively. The Company records cash collateral received as amounts due to the counterparties exclusive of any derivative asset. Furthermore, as part of the master netting arrangements with these counterparties, the Company is also required to post collateral if the Company's net derivative liability position exceeds $150 million with any counterparty. The Company did not have any cash collateral posted with counterparties at April 30, 2014 or January 31, 2014. The Company records cash collateral it posts with counterparties as amounts receivable from those counterparties exclusive of any derivative liability.
The Company uses derivative financial instruments for the purpose of hedging its exposure to interest and currency exchange rate risks and, accordingly, the contractual terms of a hedged instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria are recorded using hedge accounting. If a derivative financial instrument is recorded using hedge accounting, depending on the nature of the hedge, changes in the fair value of the instrument will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or be recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Any hedge ineffectiveness is immediately recognized in earnings. The Company's net investment and cash flow instruments are highly effective hedges and the ineffective portion has not been, and is not expected to be, significant. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are recorded at fair value with unrealized gains or losses reported in earnings during the period of the change.
Fair Value Instruments
The Company is a party to receive fixed-rate, pay variable-rate interest rate swaps that the Company uses to hedge the fair value of fixed-rate debt. The notional amounts are used to measure interest to be paid or received and do not represent the Company's exposure due to credit loss. The Company's interest rate swaps that receive fixed-interest rate payments and pay variable-interest rate payments are designated as fair value hedges. As the specific terms and notional amounts of the derivative instruments match those of the fixed-rate debt being hedged, the derivative instruments are assumed to be perfectly effective hedges. Changes in the fair values of these derivative instruments are recorded in earnings, but are offset by corresponding changes in the fair values of the hedged items, also recorded in earnings, and, accordingly, do not impact the Company's Condensed Consolidated Statements of Income. These fair value instruments matured subsequent to period end in May 2014.
Net Investment Instruments
The Company is a party to cross-currency interest rate swaps that the Company uses to hedge its net investments. The agreements are contracts to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. All changes in the fair value of these instruments are recorded in accumulated other comprehensive income (loss), offsetting the currency translation adjustment of the related investment that is also recorded in accumulated other comprehensive income (loss). These instruments will mature on dates ranging from October 2023 to February 2030.
The Company has issued foreign-currency-denominated long-term debt as hedges of net investments of certain of its foreign operations. These foreign-currency-denominated long-term debt issuances are designated and qualify as nonderivative hedging instruments. Accordingly, the foreign currency translation of these debt instruments is recorded in accumulated other comprehensive income (loss), offsetting the foreign currency translation adjustment of the related net investments that is also recorded in accumulated other comprehensive income (loss). At April 30, 2014 and January 31, 2014, the Company had £2.5 billion and ¥200 billion of outstanding long-term debt designated as hedges of its net investments in the United Kingdom and Japan, respectively. These nonderivative net investment hedges will mature on dates ranging from August 2014 to January 2039.
Cash Flow Instruments
The Company is a party to receive variable-rate, pay fixed-rate interest rate swaps that the Company uses to hedge the interest rate risk of certain non-U.S. denominated debt. The swaps are designated as cash flow hedges of interest expense risk. Amounts reported in accumulated other comprehensive income (loss) related to these derivatives are reclassified from accumulated other comprehensive income (loss) to earnings as interest is expensed for the Company's variable-rate debt, converting the variable-rate interest expense into fixed-rate interest expense. These cash flow instruments will mature on dates ranging from August 2014 to July 2015.
The Company is also a party to receive fixed-rate, pay fixed-rate cross-currency interest rate swaps to hedge the currency exposure associated with the forecasted payments of principal and interest of certain non-U.S. denominated debt. The swaps are designated as cash flow hedges of the currency risk related to payments on the non-U.S. denominated debt. The effective portion of changes in the fair value of derivatives designated as cash flow hedges of foreign exchange risk is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The hedged items are recognized foreign currency-denominated liabilities that are remeasured at spot exchange rates each period, and the assessment of effectiveness (and measurement of any ineffectiveness) is based on total changes in the related derivative's cash flows. As a result, the amount reclassified into earnings each period includes an amount that offsets the related transaction gain or loss arising from that remeasurement and the adjustment to earnings for the period's allocable portion of the initial spot-forward difference associated with the hedging instrument. These cash flow instruments will mature on dates ranging from April 2022 to March 2034.
The Company also uses forward starting receive variable-rate, pay fixed-rate swaps ("forward starting swaps"), to hedge its exposure to the variability in future cash flows due to changes in the LIBOR swap rate for debt issuances forecasted to occur in the future. Amounts reported in accumulated other comprehensive income (loss) related to these derivatives will be reclassified from accumulated other comprehensive income (loss) to earnings as interest expense is incurred on the forecasted hedged fixed-rate debt, adjusting interest expense to reflect the fixed-rate entered into by the forward starting swaps. These cash flow instruments hedge forecasted interest payments to be made through May 2024. These forward starting swaps will be terminated on the day the hedged forecasted debt issuances occur, but no later than October 31, 2014, if the hedged forecasted debt issuances do not occur. The Company terminated forward starting swaps with an aggregate notional amount of $2.0 billion in connection with the April 22, 2014 debt issuances described in Note 4. Upon termination of those forward starting swaps, the Company received a cash payment from the related counterparties of $107 million, which was recorded in accumulated other comprehensive income (loss) and will be reclassified to earnings over the life of the related debt, effectively adjusting interest expense to reflect the fixed-rate entered into by the forward starting swaps.
Financial Statement Presentation
Although subject to master netting arrangements, the Company does not offset derivative assets and derivative liabilities in its Condensed Consolidated Balance Sheets. Derivative instruments with an unrealized gain are recorded in the Company's Condensed Consolidated Balance Sheets as either current or non-current assets, based on maturity date, and those hedging instruments with an unrealized loss are recorded as either current or non-current liabilities, based on maturity date.
The Company's derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as follows in the Company's Condensed Consolidated Balance Sheets:
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
Fair Value
Instruments
 
Net Investment
Instruments
 
Cash Flow
Instruments
 
Fair Value
Instruments
 
Net Investment
Instruments
 
Cash Flow
Instruments
Derivative instruments
 
 
 
 
 
 
 
 
 
 
 
Prepaid expenses and other
$

 
$

 
$

 
$
5

 
$

 
$

Other assets and deferred charges

 
82

 
535

 

 
97

 
619

Derivative asset subtotals
$

 
$
82

 
$
535

 
$
5

 
$
97

 
$
619

 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
$

 
$

 
$
1

 
$

 
$

 
$
1

Deferred income taxes and other

 
4

 
16

 

 

 
1

Derivative liability subtotals
$

 
$
4

 
$
17

 
$

 
$

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
Nonderivative hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Long-term debt due within one year
$

 
$
974

 
$

 
$

 
$
973

 
$

Long-term debt

 
5,181

 

 

 
5,095

 

Nonderivative hedge liability subtotals
$

 
$
6,155

 
$

 
$

 
$
6,068

 
$


Gains and losses related to the Company's derivatives primarily relate to interest rate hedges, which are recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts related to the Company's derivatives expected to be reclassified from accumulated other comprehensive income (loss) to net income during the next 12 months, are not significant.
Share Repurchases
Share Repurchases
Share Repurchases
From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Board of Directors. The current $15.0 billion share repurchase program has no expiration date or other restrictions limiting the period over which the Company can make share repurchases. At April 30, 2014, authorization for $10.7 billion of share repurchases remained under the current share repurchase program. Any repurchased shares are constructively retired and returned to an unissued status.
The Company considers several factors in determining when to execute share repurchases, including, among other things, current cash needs, capacity for leverage, cost of borrowings and the market price of its common stock. The following table provides, on a settlement date basis, the number of shares repurchased, average price paid per share and cash paid for share repurchases for the three months ended April 30, 2014 and 2013:

 
Three Months Ended April 30,
(Amounts in millions, except per share data)
 
2014
 
2013
Total number of shares repurchased
 
8.3

 
30.8

Average price paid per share
 
$
75.37

 
$
72.87

Total cash paid for share repurchases
 
$
626

 
$
2,246

Common Stock Dividends
Dividends Payable [Text Block]
Common Stock Dividends
On February 20, 2014, the Board of Directors approved the fiscal 2015 annual dividend of $1.92 per share, an increase compared to the fiscal 2014 annual dividend of $1.88 per share. For fiscal 2015, the annual dividend will be paid in four quarterly installments of $0.48 per share, according to the following record and payable dates:
Record Date
  
Payable Date
March 11, 2014
  
April 1, 2014
May 9, 2014
  
June 2, 2014
August 8, 2014
  
September 3, 2014
December 5, 2014
  
January 5, 2015

The dividend installments payable on April 1, 2014 and June 2, 2014, were paid as scheduled.
Contingencies
Contingencies
Contingencies
Legal Proceedings
The Company is involved in a number of legal proceedings. The Company has made accruals with respect to these matters, where appropriate, which are reflected in the Company's Condensed Consolidated Financial Statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made. However, where a liability is reasonably possible and may be material, such matters have been disclosed. The Company may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if it believes settlement is in the best interest of the Company's shareholders.
In previous filings, the Company has disclosed certain legal proceedings related to the Dukes litigation, including several gender discrimination complaints that were filed after the Supreme Court decertified the Dukes class in June 2011.  These later-filed cases are smaller in size and scope than the Dukes case, and the courts have now dismissed all class allegations from these smaller cases.  Management does not believe that a material loss is reasonably possible in connection with these legal proceedings, individually or in the aggregate. Accordingly, these legal proceedings will no longer be disclosed in the Notes to Condensed Consolidated Financial Statements.
Unless stated otherwise, the matters, or groups of related matters, discussed below, if decided adversely to or settled by the Company, individually or in the aggregate, may result in a liability material to the Company's financial condition or results of operations.
Wage-and-Hour Class Action: The Company is a defendant in Braun/Hummel v. Wal-Mart Stores, Inc., a class-action lawsuit commenced in March 2002 in the Court of Common Pleas in Philadelphia, Pennsylvania. The plaintiffs allege that the Company failed to pay class members for all hours worked and prevented class members from taking their full meal and rest breaks. On October 13, 2006, a jury awarded back-pay damages to the plaintiffs of approximately $78 million on their claims for off-the-clock work and missed rest breaks. The jury found in favor of the Company on the plaintiffs' meal-period claims. On November 14, 2007, the trial judge entered a final judgment in the approximate amount of $188 million, which included the jury's back-pay award plus statutory penalties, prejudgment interest and attorneys' fees. By operation of law, post-judgment interest accrues on the judgment amount at the rate of six percent per annum from the date of entry of the judgment, which was November 14, 2007, until the judgment is paid, unless the judgment is set aside on appeal. On December 7, 2007, the Company filed its Notice of Appeal. The Company filed its opening appellate brief on February 17, 2009, plaintiffs filed their response brief on April 20, 2009, and the Company filed its reply brief on June 5, 2009. Oral argument was held before the Pennsylvania Superior Court of Appeals on August 19, 2009. On June 10, 2011, the court issued an opinion upholding the trial court's certification of the class, the jury's back pay award, and the awards of statutory penalties and prejudgment interest, but reversing the award of attorneys' fees. On September 9, 2011, the Company filed a Petition for Allowance of Appeal with the Pennsylvania Supreme Court. On July 2, 2012, the Pennsylvania Supreme Court granted the Company's Petition. The Company served its opening brief in the Pennsylvania Supreme Court on October 22, 2012, plaintiffs served their response brief on January 22, 2013, and the Company served its reply on February 28, 2013. Oral argument was held in the Pennsylvania Supreme Court on May 8, 2013. No decision has been issued. The Company believes it has substantial factual and legal defenses to the claims at issue, and plans to continue pursuing appellate review.
ASDA Equal Value Claims: ASDA Stores, Ltd., a wholly-owned subsidiary of the Company, is a defendant in twenty-three "equal value claim" proceedings that have been filed in the Manchester Employment Tribunal, United Kingdom, on behalf of twenty-three individual, female, current or former ASDA store employees, who allege that their work in the stores is of equal value in terms of the demands of their jobs to those of male employees working at ASDA's warehouse and distribution facilities, and that the disparity in pay between these different job positions is not objectively justified. ASDA believes that further claims may be asserted in the near future, a possibility that was recently reported in the UK media, as well as from the law firm representing twenty of the twenty-three claimants. At present, the Company cannot predict the number of such claims that may be filed, and cannot reasonably estimate any loss or range of loss that may arise from these proceedings. The Company believes it has substantial factual and legal defenses to these claims, and intends to defend the claims vigorously.
FCPA Investigation and Related Matters
The Audit Committee (the "Audit Committee") of the Board of Directors of the Company, which is composed solely of independent directors, is conducting an internal investigation into, among other things, alleged violations of the U.S. Foreign Corrupt Practices Act ("FCPA") and other alleged crimes or misconduct in connection with foreign subsidiaries, including Wal-Mart de México, S.A.B. de C.V. ("Walmex"), and whether prior allegations of such violations and/or misconduct were appropriately handled by the Company. The Audit Committee and the Company have engaged outside counsel from a number of law firms and other advisors who are assisting in the on-going investigation of these matters.
The Company is also conducting a voluntary global review of its policies, practices and internal controls for FCPA compliance. The Company is engaged in strengthening its global anti-corruption compliance program through appropriate remedial anti-corruption measures.  In November 2011, the Company voluntarily disclosed that investigative activity to the U.S. Department of Justice (the "DOJ") and the Securities and Exchange Commission (the "SEC"). Since the implementation of the global review and the enhanced anti-corruption compliance program, the Audit Committee and the Company have identified or been made aware of additional allegations regarding potential violations of the FCPA. When such allegations are reported or identified, the Audit Committee and the Company, together with their third party advisors, conduct inquiries and when warranted based on those inquiries, open investigations. Inquiries or investigations regarding allegations of potential FCPA violations have been commenced in a number of foreign markets where the Company operates, including, but not limited to, Brazil, China and India.
The Company has been informed by the DOJ and the SEC that it is also the subject of their respective investigations into possible violations of the FCPA. The Company is cooperating with the investigations by the DOJ and the SEC. A number of federal and local government agencies in Mexico have also initiated investigations of these matters. Walmex is cooperating with the Mexican governmental agencies conducting these investigations. Furthermore, lawsuits relating to the matters under investigation have been filed by several of the Company's shareholders against it, certain of its current directors, certain of its former directors, certain of its current and former officers and certain of Walmex's current and former officers.
The Company could be exposed to a variety of negative consequences as a result of the matters noted above. There could be one or more enforcement actions in respect of the matters that are the subject of some or all of the on-going government investigations, and such actions, if brought, may result in judgments, settlements, fines, penalties, injunctions, cease and desist orders, debarment or other relief, criminal convictions and/or penalties. The shareholder lawsuits may result in judgments against the Company and its current and former directors and officers named in those proceedings. The Company cannot predict at this time the outcome or impact of the government investigations, the shareholder lawsuits, or its own internal investigations and review. In addition, the Company expects to incur costs in responding to requests for information or subpoenas seeking documents, testimony and other information in connection with the government investigations, in defending the shareholder lawsuits, and in conducting the review and investigations. These costs will be expensed as incurred. For the three months ended April 30, 2014 and 2013, the Company incurred the following third-party expenses in connection with the FCPA investigation and related matters:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Ongoing inquiries and investigations
 
$
34

 
$
44

Global compliance program and organizational enhancements
 
19

 
29

Total
 
$
53

 
$
73


These matters may require the involvement of certain members of the Company's senior management that could impinge on the time they have available to devote to other matters relating to the business. The Company expects that there will be on-going media and governmental interest, including additional news articles from media publications on these matters, which could impact the perception among certain audiences of the Company's role as a corporate citizen.    
The Company's process of assessing and responding to the governmental investigations and the shareholder lawsuits continues. While the Company believes that it is probable that it will incur a loss from these matters, given the on-going nature and complexity of the review, inquiries and investigations, the Company cannot reasonably estimate any loss or range of loss that may arise from these matters. Although the Company does not presently believe that these matters will have a material adverse effect on its business, given the inherent uncertainties in such situations, the Company can provide no assurance that these matters will not be material to its business in the future.
Segments
Segments
Segments
The Company is engaged in the operation of retail, wholesale and other units located in the U.S., Africa, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom. The Company's operations are conducted in three reportable business segments: Walmart U.S., Walmart International and Sam's Club. The Company defines its segments as those operations whose results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The Company sells similar individual products and services in each of its segments. It is impractical to segregate and identify revenues for each of these individual products and services.
The Walmart U.S. segment includes the Company's mass merchant concept in the U.S. operating under the "Walmart" or "Wal-Mart" brands, as well as walmart.com. The Walmart International segment consists of the Company's operations outside of the U.S., including various retail websites. The Sam's Club segment includes the warehouse membership clubs in the U.S., as well as samsclub.com. Corporate and support consists of corporate overhead and other items not allocated to any of the Company's segments.
The Company measures the results of its segments using, among other measures, each segment's net sales and operating income, which includes certain corporate overhead allocations. From time to time, the Company revises the measurement of each segment's operating income, including any corporate overhead allocations, as determined by the information regularly reviewed by its CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period's presentation.
Net sales by segment are as follows:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Net sales:
 
 
 
 
Walmart U.S.
 
$
67,852

 
$
66,553

Walmart International
 
32,424

 
32,889

Sam's Club
 
13,891

 
13,871

Net sales
 
$
114,167

 
$
113,313


Operating income by segment, as well as for corporate and support, and interest, net, are as follows:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Operating income (loss):
 
 
 
 
Walmart U.S.
 
$
4,975

 
$
5,197

Walmart International
 
1,202

 
1,163

Sam's Club
 
479

 
490

Corporate and support
 
(463
)
 
(412
)
Operating income
 
6,193

 
6,438

Interest, net
 
568

 
530

Income from continuing operations before income taxes
 
$
5,625

 
$
5,908

Net Income Per Common Share (Tables)
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted income per common share from continuing operations attributable to Walmart:
 
 
Three Months Ended
 
 
April 30,
(Amounts in millions, except per share data)
 
2014
 
2013
Numerator
 
 
 
 
Income from continuing operations
 
$
3,711

 
$
3,932

Less income from continuing operations attributable to noncontrolling interest
 
(129
)
 
(157
)
Income from continuing operations attributable to Walmart
 
$
3,582

 
$
3,775

 
 
 
 
 
Denominator
 
 
 
 
Weighted-average common shares outstanding, basic
 
3,233

 
3,301

Dilutive impact of stock options and other share-based awards
 
15

 
17

Weighted-average common shares outstanding, diluted
 
3,248

 
3,318

 
 
 
 
 
Income per common share from continuing operations attributable to Walmart
 
 
 
 
Basic
 
$
1.10

 
$
1.14

Diluted
 
1.10

 
1.14

Accumulated Other Comprehensive Income (Loss) (Tables)
Composition Of Accumulated Other Comprehensive Income (Loss)
The following table provides the changes in the composition of total Walmart accumulated other comprehensive income (loss) for the three months ended April 30, 2014:
(Amounts in millions and net of income taxes)
 
Currency Translation
and Other
 
Derivative
Instruments
 
Minimum
Pension Liability
 
Total
Balances as of February 1, 2014
 
$
(2,722
)
 
$
336

 
$
(610
)
 
$
(2,996
)
Other comprehensive income (loss) before reclassifications
 
276

 
2

 
6

 
284

Amounts reclassified from accumulated other comprehensive income (loss)
 

 
2

 
(2
)
 

Balances as of April 30, 2014
 
$
(2,446
)
 
$
340

 
$
(606
)
 
$
(2,712
)
Long-term Debt (Tables)
Schedule of Long-term Debt Instruments [Table Text Block]
The following table provides the changes in the Company's long-term debt for the three months ended April 30, 2014:
(Amounts in millions)
 
Long-term debt due within one year
 
Long-term debt
 
Total
Balances as of February 1, 2014
 
$
4,103

 
$
41,771

 
$
45,874

          Proceeds from long-term debt
 

 
4,519

 
4,519

          Repayments of long-term debt
 
(1,574
)
 

 
(1,574
)
          Reclassifications of long-term debt
 
750

 
(750
)
 

          Other
 
8

 
159

 
167

Balances as of April 30, 2014
 
$
3,287

 
$
45,699

 
$
48,986

Fair Value Measurements (Tables)
As of April 30, 2014 and January 31, 2014, the notional amounts and fair values of these derivatives are as follows:
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
Notional Amount
 
Fair Value
 
Notional Amount
 
Fair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges
$
500

 
$

 
$
1,000

 
$
5

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as net investment hedges
1,250

 
78

 
1,250

 
97

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as cash flow hedges
5,154

 
513

 
3,004

 
453

Receive variable-rate, pay fixed-rate interest rate swaps designated as cash flow hedges
459

 
(1
)
 
457

 
(2
)
Receive variable-rate, pay fixed-rate forward starting interest rate swaps designated as cash flow hedges
500

 
6

 
2,500

 
166

Total
$
7,863

 
$
596

 
$
8,211

 
$
719

The carrying value and fair value of the Company's long-term debt as of April 30, 2014 and January 31, 2014, are as follows: 
 
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt, including amounts due within one year
 
$
48,986

 
$
54,362

 
$
45,874

 
$
50,757

Derivative Financial Instruments (Tables)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The Company's derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as follows in the Company's Condensed Consolidated Balance Sheets:
 
April 30, 2014
 
January 31, 2014
(Amounts in millions)
Fair Value
Instruments
 
Net Investment
Instruments
 
Cash Flow
Instruments
 
Fair Value
Instruments
 
Net Investment
Instruments
 
Cash Flow
Instruments
Derivative instruments
 
 
 
 
 
 
 
 
 
 
 
Prepaid expenses and other
$

 
$

 
$

 
$
5

 
$

 
$

Other assets and deferred charges

 
82

 
535

 

 
97

 
619

Derivative asset subtotals
$

 
$
82

 
$
535

 
$
5

 
$
97

 
$
619

 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
$

 
$

 
$
1

 
$

 
$

 
$
1

Deferred income taxes and other

 
4

 
16

 

 

 
1

Derivative liability subtotals
$

 
$
4

 
$
17

 
$

 
$

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
Nonderivative hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Long-term debt due within one year
$

 
$
974

 
$

 
$

 
$
973

 
$

Long-term debt

 
5,181

 

 

 
5,095

 

Nonderivative hedge liability subtotals
$

 
$
6,155

 
$

 
$

 
$
6,068

 
$

Share Repurchases (Tables)
Schedule Of Company's Share Repurchases
The following table provides, on a settlement date basis, the number of shares repurchased, average price paid per share and cash paid for share repurchases for the three months ended April 30, 2014 and 2013:

 
Three Months Ended April 30,
(Amounts in millions, except per share data)
 
2014
 
2013
Total number of shares repurchased
 
8.3

 
30.8

Average price paid per share
 
$
75.37

 
$
72.87

Total cash paid for share repurchases
 
$
626

 
$
2,246

Common Stock Dividends (Tables)
Common stock dividends, record date and payable date
For fiscal 2015, the annual dividend will be paid in four quarterly installments of $0.48 per share, according to the following record and payable dates:
Record Date
  
Payable Date
March 11, 2014
  
April 1, 2014
May 9, 2014
  
June 2, 2014
August 8, 2014
  
September 3, 2014
December 5, 2014
  
January 5, 2015
Contingencies Schedule of FCPA Expenses (Tables)
Foreign Corrupt Practices Act Expenses [Table Text Block]
For the three months ended April 30, 2014 and 2013, the Company incurred the following third-party expenses in connection with the FCPA investigation and related matters:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Ongoing inquiries and investigations
 
$
34

 
$
44

Global compliance program and organizational enhancements
 
19

 
29

Total
 
$
53

 
$
73

Segments (Tables)
Net sales by segment are as follows:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Net sales:
 
 
 
 
Walmart U.S.
 
$
67,852

 
$
66,553

Walmart International
 
32,424

 
32,889

Sam's Club
 
13,891

 
13,871

Net sales
 
$
114,167

 
$
113,313

Operating income by segment, as well as for corporate and support, and interest, net, are as follows:
 
 
Three Months Ended April 30,
(Amounts in millions)
 
2014
 
2013
Operating income (loss):
 
 
 
 
Walmart U.S.
 
$
4,975

 
$
5,197

Walmart International
 
1,202

 
1,163

Sam's Club
 
479

 
490

Corporate and support
 
(463
)
 
(412
)
Operating income
 
6,193

 
6,438

Interest, net
 
568

 
530

Income from continuing operations before income taxes
 
$
5,625

 
$
5,908

Accounting Policies Basis of Presentation (Details)(USD $)
Apr. 30, 2014
Jan. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financing Receivable, Net
$1,200,000,000
$1,300,000,000
Financing Receivable, Allowance for Credit Losses
$98,000,000
$119,000,000
Net Income Per Common Share (Details)(USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Net Income Per Common Share [Line Items]
Income from continuing operations
$3,711
$3,932
Less income from continuing operations attributable to noncontrolling interest
(129)
(157)
Income from continuing operations attributable to Walmart
$3,582
$3,775
Weighted-average common shares outstanding, basic
3,233
3,301
Dilutive impact of stock options and other share-based awards
15
17
Weighted-average common shares outstanding, diluted
3,248
3,318
Basic income per common share from continuing operations attributable to Walmart
$1.10
$1.14
Diluted income per common share from continuing operations attributable to Walmart
$1.10
$1.14
Accumulated Other Comprehensive Income (Loss) (Details)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Accumulated Other Comprehensive Income Loss [Line Items]
Balances - Beginning of Period
$(2,996)
$(1,968)
Other Comprehensive Income (Loss) Before Reclassifications
284
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
0
Balances - End of Period
(2,712)
(1,968)
Currency Translation And Other [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances - Beginning of Period
(2,722)
Other Comprehensive Income (Loss) Before Reclassifications
276
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
0
Balances - End of Period
(2,446)
Derivative Instruments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances - Beginning of Period
336
Other Comprehensive Income (Loss) Before Reclassifications
2
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
2
Balances - End of Period
340
Minimum Pension Liability [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances - Beginning of Period
(610)
Other Comprehensive Income (Loss) Before Reclassifications
6
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(2)
Balances - End of Period
$(606)
Long-term Debt Schedule of Debt (Details)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Jan. 31, 2014
Debt Instrument [Line Items]
Long-term debt due within one year
$3,287
$5,967
$4,103
Long-term debt
45,699
41,536
41,771
Debt, Long-term and Short-term, Combined Amount
48,986
45,874
Proceeds from Issuance of Debt
4,519
Payments of long-term debt
(1,574)
(1,088)
Reclassifications of Long-Term Debt
(750)
Other
8
Long-Term Debt, Excluding Current Maturities, Other Changes
159
Long-Term Debt, Other Changes
$167
Long-term Debt (Details)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended
Apr. 30, 2014
USD ($)
Apr. 30, 2013
USD ($)
Apr. 30, 2014
1.000% Debt Issuance, Due 2017 [Domain]
USD ($)
Apr. 30, 2014
3.300% Debt Issuance, Due 2024 [Domain]
USD ($)
Apr. 30, 2014
4.300% Debt Issuance, Due 2044 [Domain}
USD ($)
Apr. 30, 2014
3.000% Debt, Due 2014 [Domain]
USD ($)
Apr. 30, 2014
1.625% Debt, Due 2014 [Domain]
USD ($)
Apr. 30, 2014
April 8, 2014 Debt Issuance [Member]
USD ($)
Apr. 30, 2014
April 22, 2014 Debt Issuance [Member]
USD ($)
Apr. 30, 2014
Euro Member Countries, Euro
1.900% Debt Issuance, Due 2022 [Domain]
EUR ()
Apr. 30, 2014
Euro Member Countries, Euro
2.500% Debt Issuance, Due 2026 [Domain]
EUR ()
Apr. 30, 2014
Euro Member Countries, Euro
April 8, 2014 Debt Issuance [Member]
EUR ()
Debt Instrument [Line Items]
Debt Instrument, Face Amount
$500
$1,000
$1,000
$2,500
850
650
1,500
Debt Instrument, Interest Rate, Stated Percentage
1.00%
3.30%
4.30%
3.00%
1.625%
1.90%
2.55%
Payments of long-term debt
1,574
1,088
500
1,000
Proceeds from Issuance of Debt
$4,519
$2,000
$2,500
Fair Value Measurements (Notional Amounts And Fair Values Of Interest Rate Swaps) (Details) (Recurring [Member], USD $)
In Millions, unless otherwise specified
Apr. 30, 2014
Jan. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
$7,863
$8,211
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
596
719
Fair Value Hedging [Member] |
Floating-Rate Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
500
1,000
Fair Value Hedging [Member] |
Floating-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
0
5
Net Investment Hedging [Member] |
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
1,250
1,250
Net Investment Hedging [Member] |
Cross-Currency Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
78
97
Cash Flow Hedging [Member] |
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
5,154
3,004
Cash Flow Hedging [Member] |
Cross-Currency Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
513
453
Cash Flow Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
459
457
Cash Flow Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
(1)
(2)
Cash Flow Hedging [Member] |
Forward Starting Interest Rate Swap [Domain]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
500
2,500
Cash Flow Hedging [Member] |
Forward Starting Interest Rate Swap [Domain] |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
$6
$166
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt) (Details)(USD $)
In Millions, unless otherwise specified
Apr. 30, 2014
Jan. 31, 2014
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including amounts due within one year
$48,986
$45,874
Fair Value |
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including amounts due within one year, Fair Value
$54,362
$50,757
Derivative Financial Instruments (Narrative) (Details)
3 Months Ended 3 Months Ended
Apr. 30, 2014
USD ($)
Apr. 30, 2014
Cash Flow Hedging [Member]
USD ($)
Apr. 30, 2014
Fair Value Hedging [Member]
Apr. 30, 2014
Net Investment Hedging [Member]
Apr. 30, 2014
Net Investment Hedging [Member]
United Kingdom and Japan [Member]
Apr. 30, 2014
Net Investment Hedging [Member]
United Kingdom [Member]
GBP ()
Jan. 31, 2014
Net Investment Hedging [Member]
United Kingdom [Member]
GBP ()
Apr. 30, 2014
Net Investment Hedging [Member]
JAPAN
JPY ()
Jan. 31, 2014
Net Investment Hedging [Member]
JAPAN
JPY ()
Apr. 30, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Apr. 30, 2014
Cash Flow Hedging [Member]
Cross Currency Interest Rate Contract [Member]
Apr. 30, 2014
Netting and Collateral [Member]
USD ($)
Jan. 31, 2014
Netting and Collateral [Member]
USD ($)
Derivative [Line Items]
Derivative, Collateral, Obligation to Return Cash
$511,000,000
$641,000,000
Threshold of derivative liability position requiring cash collateral
150,000,000
Investment Maturity Date
May 31, 2014
Investment maturity date range start
Oct. 30, 2023
Aug. 31, 2014
Aug. 31, 2014
Apr. 30, 2022
Investment maturity date range end
Feb. 28, 2030
Jan. 31, 2039
Jul. 30, 2015
Mar. 30, 2034
Debt designated as United Kingdom net investment hedge
2,500,000,000
2,500,000,000
Debt designated as Japanese net investment hedge
200,000,000,000
200,000,000,000
Notional Amount
2,000,000,000
Deferred (Gain) Loss on Discontinuation of Cash Flow Hedge
$107,000,000
Derivative Financial Instruments (Balance Sheet Classification Of Financial Instruments) (Details)(USD $)
In Millions, unless otherwise specified
Apr. 30, 2014
Jan. 31, 2014
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative Assets
$5
Fair Value Hedging [Member] |
PrepaidExpensesandandOther [Member]
Derivative [Line Items]
Derivative Assets
5
Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Assets
82
97
Derivative Liabilities
4
Nonderivative Hedging Instruments
6,155
6,068
Net Investment Hedging [Member] |
OtherAssetsandDeferredCharges [Member]
Derivative [Line Items]
Derivative Assets
82
97
Net Investment Hedging [Member] |
DeferredIncomeTaxesandOther [Member]
Derivative [Line Items]
Derivative Liabilities
4
Net Investment Hedging [Member] |
LongTermDebtDueWithinOneYear(HedgedItem) [Member]
Derivative [Line Items]
Nonderivative Hedging Instruments
974
973
Net Investment Hedging [Member] |
Long-term Debt [Member]
Derivative [Line Items]
Nonderivative Hedging Instruments
5,181
5,095
Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Assets
535
619
Derivative Liabilities
17
2
Cash Flow Hedging [Member] |
OtherAssetsandDeferredCharges [Member]
Derivative [Line Items]
Derivative Assets
535
619
Cash Flow Hedging [Member] |
Accrued Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities
1
1
Cash Flow Hedging [Member] |
DeferredIncomeTaxesandOther [Member]
Derivative [Line Items]
Derivative Liabilities
$16
$1
Share Repurchases (Narrative) (Details) (2013 Share Repurchase Program [Member], USD $)
In Billions, unless otherwise specified
0 Months Ended 3 Months Ended
Jun. 6, 2013
Apr. 30, 2014
2013 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share Repurchase Program, Authorized Amount
$15.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount
$10.7
Share Repurchases (Schedule Of Company's Share Repurchases) (Details)(USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased
8.3
30.8
Average Price Paid per Share
$75.37
$72.87
Total Cash Paid For Share Repurchase
$626
$2,246
Common Stock Dividends (Narrative) (Details)
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Dividends, Common Stock [Abstract]
Annual dividend approved by Board of Directors
$1.92
$1.88
Common stock, quarterly dividends, per share, declared
$0.48
Contingencies (Details) (Braun Hummel lawsuit, USD $)
In Millions, unless otherwise specified
0 Months Ended
Nov. 14, 2007
Oct. 13, 2006
Braun Hummel lawsuit
Loss Contingencies [Line Items]
Loss contingency, loss in period
$78
Litigation settlement, gross
$188
Rate of post-judgment interest accrual
6.00%
Contingencies Contingencies - Schedule of FCPA expenses (Details)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Foreign Corrupt Practices Act Expenses [Line Items]
Foreign Corrupt Practices Act Related Expenses
$53
$73
Compliance Programs and Organizational Enhancements [Member]
Foreign Corrupt Practices Act Expenses [Line Items]
Foreign Corrupt Practices Act Related Expenses
19
29
Inquiry and Investigation Expense [Member]
Foreign Corrupt Practices Act Expenses [Line Items]
Foreign Corrupt Practices Act Related Expenses
$34
$44
Segment Net Sales (Details)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Segment Reporting Information [Line Items]
Net sales
$114,167
$113,313
Walmart U.S.
Segment Reporting Information [Line Items]
Net sales
67,852
66,553
Walmart International
Segment Reporting Information [Line Items]
Net sales
32,424
32,889
Sam's Club
Segment Reporting Information [Line Items]
Net sales
$13,891
$13,871
Segment Operating Income, Income Expense, Net And Income From Continuing Operations Before Income Taxes (Details)(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Segment Reporting Information [Line Items]
Operating income
$6,193
$6,438
Interest, net
568
530
Income from continuing operations before income taxes
5,625
5,908
Walmart U.S.
Segment Reporting Information [Line Items]
Operating income
4,975
5,197
Walmart International
Segment Reporting Information [Line Items]
Operating income
1,202
1,163
Sam's Club
Segment Reporting Information [Line Items]
Operating income
479
490
Corporate and support
Segment Reporting Information [Line Items]
Operating income
$(463)
$(412)