WAL MART STORES INC, 10-K filed on 3/21/2014
Annual Report
Document And Entity Information (USD $)
12 Months Ended
Jan. 31, 2014
Mar. 18, 2014
Jul. 31, 2013
Document And Entity Information [Abstract]
 
 
 
Entity Registrant Name
WAL MART STORES INC 
 
 
Entity Central Index Key
0000104169 
 
 
Current Fiscal Year End Date
--01-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document period end date
Jan. 31, 2014 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
3,229,175,401 
 
Entity Well-known Seasoned Issuer
No 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 124,752,718,081 
Consolidated Statements Of Income (Audited) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Revenues:
 
 
 
Net sales
$ 473,076 
$ 465,604 
$ 443,416 
Membership and other income
3,218 
3,047 
3,093 
Total revenues
476,294 
468,651 
446,509 
Costs and expenses:
 
 
 
Cost of sales
358,069 
352,297 
334,993 
Operating, selling, general and administrative expenses
91,353 
88,629 
85,025 
Operating income
26,872 
27,725 
26,491 
Interest:
 
 
 
Debt
2,072 
1,977 
2,034 
Capital leases
263 
272 
286 
Interest income
(119)
(186)
(161)
Interest, net
2,216 
2,063 
2,159 
Income from continuing operations before income taxes
24,656 
25,662 
24,332 
Current
8,619 
7,976 
6,722 
Deferred
(514)
(18)
1,202 
Provision for income taxes
8,105 
7,958 
7,924 
Income from continuing operations
16,551 
17,704 
16,408 
Income (loss) from discontinued operations, net of income taxes
144 
52 
(21)
Consolidated net income
16,695 
17,756 
16,387 
Less consolidated net income attributable to noncontrolling interest
(673)
(757)
(688)
Consolidated net income attributable to Walmart
$ 16,022 
$ 16,999 
$ 15,699 
Basic income per common share from continuing operations attributable to Walmart
$ 4.87 
$ 5.03 
$ 4.55 
Basic income per common share from discontinued operations attributable to Walmart
$ 0.03 
$ 0.01 
$ (0.01)
Basic net income per common share attributable to Walmart
$ 4.90 
$ 5.04 
$ 4.54 
Diluted net income per common share:
 
 
 
Diluted income per common share from continuing operations attributable to Walmart
$ 4.85 
$ 5.01 
$ 4.53 
Diluted income (loss) per common share from discontinued operations attributable to Walmart
$ 0.03 
$ 0.01 
$ (0.01)
Diluted net income per common share attributable to Walmart
$ 4.88 
$ 5.02 
$ 4.52 
Weighted-average common shares outstanding:
 
 
 
Basic
3,269 
3,374 
3,460 
Diluted
3,283 
3,389 
3,474 
Dividends declared per common share
$ 1.88 
$ 1.59 
$ 1.46 
Consolidated Statements Of Comprehensive Income (Audited) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
Consolidated net income
$ 16,695 
$ 17,756 
$ 16,387 
Less consolidated net income attributable to nonredeemable noncontrolling interest
(606)
(684)
(627)
Less consolidated net income attributable to redeemable noncontrolling interest
(67)
(73)
(61)
Consolidated net income attributable to Walmart
16,022 
16,999 
15,699 
Other comprehensive income (loss), net of income taxes
 
 
 
Currency translation and other
(3,146)
1,042 
(2,758)
Derivative instruments
207 
136 
(67)
Minimum pension liability
153 
(166)
43 
Other comprehensive income (loss), net of income taxes
(2,786)
1,012 
(2,782)
Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest
311 
(138)
660 
Less other comprehensive income (loss) attributable to redeemable noncontrolling interest
66 
(51)
66 
Other comprehensive income (loss) attributable to Walmart
(2,409)
823 
(2,056)
Comprehensive income, net of income taxes
13,909 
18,768 
13,605 
Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest
(295)
(822)
33 
Less comprehensive income (loss) attributable to redeemable noncontrolling interest
(1)
(124)
5 
Comprehensive income attributable to Walmart
$ 13,613 
$ 17,822 
$ 13,643 
Consolidated Balance Sheets (Audited) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Current assets:
 
 
Cash and cash equivalents
$ 7,281 
$ 7,781 
Receivables, net
6,677 
6,768 
Inventories
44,858 
43,803 
Prepaid expenses and other
1,909 
1,551 
Current assets of discontinued operations
460 
37 
Total current assets
61,185 
59,940 
Property and equipment:
 
 
Property and equipment
173,089 
165,825 
Less accumulated depreciation
(57,725)
(51,896)
Property and equipment, net
115,364 
113,929 
Property under capital leases:
 
 
Property under capital leases
5,589 
5,899 
Less accumulated amortization
(3,046)
(3,147)
Property under capital leases, net
2,543 
2,752 
Goodwill
19,510 
20,497 
Other assets and deferred charges
6,149 
5,987 
Total assets
204,751 
203,105 
Current liabilities:
 
 
Short-term borrowings
7,670 
6,805 
Accounts payable
37,415 
38,080 
Accrued liabilities
18,793 
18,808 
Accrued income taxes
966 
2,211 
Long-term debt due within one year
4,103 
5,587 
Obligations under capital leases due within one year
309 
327 
Current liabilities of discontinued operations
89 
0 
Total current liabilities
69,345 
71,818 
Long-term debt
41,771 
38,394 
Long-term obligations under capital leases
2,788 
3,023 
Deferred income taxes and other
8,017 
7,613 
Redeemable noncontrolling interest
1,491 
519 
Commitments and contingencies
   
   
Equity:
 
 
Common stock
323 
332 
Capital in excess of par value
2,362 
3,620 
Retained earnings
76,566 
72,978 
Accumulated other comprehensive income (loss)
(2,996)
(587)
Total Walmart shareholders' equity
76,255 
76,343 
Nonredeemable noncontrolling interest
5,084 
5,395 
Total equity
81,339 
81,738 
Total liabilities, redeemable noncontrolling interest and equity
$ 204,751 
$ 203,105 
Consolidated Statement Of Shareholders' Equity (Audited) (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, 2011
$ 408 
 
 
 
 
 
 
Balances at Jan. 31, 2011
71,247 
352 
3,577 
63,967 
646 
68,542 
2,705 
Balances, in shares at Jan. 31, 2011
 
3,516 
 
 
 
 
 
Consolidated net income
16,326 
 
 
15,699 
 
15,699 
627 
Consolidated net income, net of tax, attributable to redeemable noncontrolling interest
61 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
(2,716)
 
 
 
(2,056)
(2,056)
(660)
Other comprehensive income net of tax portion attributable to redeemable noncontrolling interest
(66)
 
 
 
 
 
 
Cash dividends declared
(5,048)
 
 
(5,048)
 
(5,048)
 
Purchase of Company stock (in shares)
 
(113)
 
 
 
 
 
Purchase of Company stock
(6,170)
(11)
(229)
(5,930)
 
(6,170)
 
Nonredeemable noncontrolling interest of acquired entity
 
 
 
 
 
 
1,988 
Noncontrolling interest, change in redemption value
1,988 
 
 
 
 
 
 
Other
134 
1 
344 
3 
 
348 
(214)
Other changes in redeemable noncontrolling interest
1 
 
 
 
 
 
 
Other, in shares
 
15 
 
 
 
 
 
Redeemable noncontrolling interest at Jan. 31, 2012
404 
 
 
 
 
 
 
Balances at Jan. 31, 2012
75,761 
342 
3,692 
68,691 
(1,410)
71,315 
4,446 
Balances, in shares at Jan. 31, 2012
 
3,418 
 
 
 
 
 
Consolidated net income
17,683 
 
 
16,999 
 
16,999 
684 
Consolidated net income, net of tax, attributable to redeemable noncontrolling interest
73 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
961 
 
 
 
823 
823 
138 
Other comprehensive income net of tax portion attributable to redeemable noncontrolling interest
51 
 
 
 
 
 
 
Cash dividends declared
(5,361)
 
 
(5,361)
 
(5,361)
 
Purchase of Company stock (in shares)
 
(115)
 
 
 
 
 
Purchase of Company stock
(7,709)
(11)
(357)
(7,341)
 
(7,709)
 
Nonredeemable noncontrolling interest of acquired entity
 
 
 
 
 
 
469 
Noncontrolling interest, change in redemption value
469 
 
 
 
 
 
 
Other
(66)
1 
285 
(10)
 
276 
(342)
Other changes in redeemable noncontrolling interest
(9)
 
 
 
 
 
 
Other, in shares
 
11 
 
 
 
 
 
Redeemable noncontrolling interest at Jan. 31, 2013
519 
 
 
 
 
 
 
Balances at Jan. 31, 2013
81,738 
332 
3,620 
72,978 
(587)
76,343 
5,395 
Balances, in shares at Jan. 31, 2013
 
3,314 
 
 
 
 
 
Consolidated net income
16,617 
 
 
16,022 
 
16,022 
595 
Consolidated net income, net of tax, attributable to redeemable noncontrolling interest
78 
 
 
 
 
 
 
Redeemable noncontrolling interest, change in redemption value
1,019 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
(2,720)
 
 
 
(2,409)
(2,409)
(311)
Other comprehensive income net of tax portion attributable to redeemable noncontrolling interest
(66)
 
 
 
 
 
 
Cash dividends declared
(6,139)
 
 
(6,139)
 
(6,139)
 
Purchase of Company stock (in shares)
 
(87)
 
 
 
 
 
Purchase of Company stock
(6,557)
(9)
(294)
(6,254)
 
(6,557)
 
Noncontrolling interest, change in redemption value
(1,019)
 
(1,019)
 
 
(1,019)
 
Other
(581)
0 
55 
(41)
 
14 
(595)
Other changes in redeemable noncontrolling interest
(59)
 
 
 
 
 
 
Other, in shares
 
6 
 
 
 
 
 
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 Statement Of Shareholders' Equity (Audited) (Parenthetical)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Statement of Stockholders' Equity [Abstract]
 
 
 
Dividends declared per common share
$ 1.88 
$ 1.59 
$ 1.46 
Consolidated Statements Of Cash Flows (Audited) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Cash flows from operating activities:
 
 
 
Consolidated net income
$ 16,695 
$ 17,756 
$ 16,387 
Income (loss) from discontinued operations, net of income taxes
(144)
(52)
21 
Income from continuing operations
16,551 
17,704 
16,408 
Adjustments to reconcile consolidated income from continuing operations to net cash provided by operating activities:
 
 
 
Depreciation and amortization
8,870 
8,478 
8,106 
Deferred income taxes
(279)
(133)
1,050 
Other operating activities
938 
602 
468 
Changes in certain assets and liabilities, net of effects of acquisitions:
 
 
 
Receivables, net
(566)
(614)
(796)
Inventories
(1,667)
(2,759)
(3,727)
Accounts payable
531 
1,061 
2,687 
Accrued liabilities
103 
271 
(935)
Accrued income taxes
(1,224)
981 
994 
Net cash provided by operating activities
23,257 
25,591 
24,255 
Cash flows from investing activities:
 
 
 
Payments for property and equipment
(13,115)
(12,898)
(13,510)
Proceeds from the disposal of property and equipment
727 
532 
580 
Investments and business acquisitions, net of cash acquired
(15)
(316)
(3,548)
Other investing activities
105 
71 
(131)
Net cash used in investing activities
(12,298)
(12,611)
(16,609)
Cash flows from financing activities:
 
 
 
Net change in short-term borrowings
911 
2,754 
3,019 
Proceeds from issuance of long-term debt
7,072 
211 
5,050 
Payments of long-term debt
(4,968)
(1,478)
(4,584)
Dividends paid
(6,139)
(5,361)
(5,048)
Dividends paid to and stock purchases of noncontrolling interest
(722)
(414)
(526)
Purchase of Company stock
(6,683)
(7,600)
(6,298)
Other financing activities
(488)
(84)
(71)
Net cash used in financing activities
(11,017)
(11,972)
(8,458)
Effect of exchange rates on cash and cash equivalents
(442)
223 
(33)
Net increase (decrease) in cash and cash equivalents
(500)
1,231 
(845)
Cash and cash equivalents at beginning of year
7,781 
6,550 
7,395 
Cash and cash equivalents at end of year
7,281 
7,781 
6,550 
Income taxes paid
8,641 
7,304 
5,899 
Interest paid
$ 2,362 
$ 2,262 
$ 2,346 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Note 1. Summary of Significant Accounting Policies
General
Wal-Mart Stores, Inc. ("Walmart" or the "Company") operates retail stores in various formats under 71 banners around the world, aggregated into three reportable segments: Walmart U.S., Walmart International and Sam's Club. Walmart is committed to saving people money so they can live better. Walmart earns the trust of its customers every day by providing a broad assortment of quality merchandise and services at everyday low prices ("EDLP"), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is the Company's pricing philosophy under which it prices items at a low price every day so its customers trust that its prices will not change under frequent promotional activity.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Walmart and its subsidiaries as of and for the fiscal years ended January 31, 2014 ("fiscal 2014"), January 31, 2013 ("fiscal 2013") and January 31, 2012 ("fiscal 2012"). All material intercompany accounts and transactions have been eliminated in consolidation. Investments in unconsolidated affiliates, which are 50% or less owned and do not otherwise meet consolidation requirements, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements.
The Company's 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 January 2014 that materially affected the Consolidated Financial Statements.
In fiscal 2014, the Company corrected certain amounts pertaining to previous fiscal years as management determined they were not material, individually or in the aggregate, to any of the periods presented in the Company's Consolidated Financial Statements.
Use of Estimates
The Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles. Those principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Cash and Cash Equivalents
The Company considers investments with a maturity when purchased of three months or less to be cash equivalents. All credit card, debit card and electronic benefits transfer transactions that process in less than seven days are classified as cash and cash equivalents. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $1.6 billion and $1.3 billion at January 31, 2014 and 2013, respectively. In addition, cash and cash equivalents included restricted cash of $654 million and $715 million at January 31, 2014 and 2013, respectively, which was primarily related to cash collateral holdings from various counterparties, as required by certain derivative and trust agreements.
The Company's cash balances are held in various locations around the world. Of the Company's $7.3 billion and $7.8 billion of cash and cash equivalents at January 31, 2014 and 2013, respectively, $5.8 billion and $5.2 billion, respectively, were held outside of the U.S. and were generally utilized to support liquidity needs in the Company's non-U.S. operations.
The Company employs financing strategies (e.g., global funding structures) in an effort to ensure that cash can be made available in the country in which it is needed with the minimum cost possible. Management does not believe it will be necessary to repatriate cash and cash equivalents held outside of the U.S. and anticipates its domestic liquidity needs will be met through other funding sources (ongoing cash flows generated from operations, external borrowings or both). Accordingly, management intends, with only certain exceptions, to continue to indefinitely reinvest the Company's cash and cash equivalents held outside of the U.S. in its foreign operations. When the income earned (either from operations or through global funding structures) and indefinitely reinvested outside of the U.S. is taxed at local country tax rates, which are generally lower than the U.S. statutory rate, the Company realizes an effective tax rate benefit. If the Company's intentions with respect to reinvestment were to change, most of the amounts held within the Company's foreign operations could be repatriated to the U.S., although any repatriation under current U.S. tax laws would be subject to U.S. federal income taxes, less applicable foreign tax credits. As of January 31, 2014 and 2013, cash and cash equivalents of approximately $1.9 billion may not be freely transferable to the U.S. due to local laws or other restrictions. Management does not expect local laws, other limitations or potential taxes on anticipated future repatriations of cash amounts held outside of the U.S. to have a material effect on the Company's overall liquidity, financial condition or results of operations.
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 $1.3 billion, net of a reserve for doubtful accounts of $119 million at January 31, 2014, compared to a receivable balance of $1.2 billion, net of a reserve for doubtful accounts of $115 million at January 31, 2013. These balances are included in receivables, net, in the Company's 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 January 31, 2014 and January 31, 2013, the Company's inventories valued at LIFO approximate those inventories as if they were valued at FIFO.
Property and Equipment
Property and equipment are stated at cost. Gains or losses on disposition are recognized as earned or incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. The following table summarizes the Company's property and equipment balances and includes the estimated useful lives that are generally used to depreciate the assets on a straight-line basis:
 
 
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
Estimated Useful Lives
 
2014
 
2013
Land
 
N/A
 
$
26,184

 
$
25,612

Buildings and improvements
 
3-40 years
 
95,488

 
90,686

Fixtures and equipment
 
3-25 years
 
42,971

 
40,903

Transportation equipment
 
3-15 years
 
2,785

 
2,796

Construction in progress
 
N/A
 
5,661

 
5,828

Property and equipment
 
 
 
$
173,089

 
$
165,825

Accumulated depreciation
 
 
 
(57,725
)
 
(51,896
)
Property and equipment, net
 
 
 
$
115,364

 
$
113,929


Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the remaining expected lease term. Depreciation expense for property and equipment, including amortization of property under capital leases, for fiscal 2014, 2013 and 2012 was $8.8 billion, $8.4 billion and $8.1 billion, respectively. Interest costs capitalized on construction projects were $78 million, $74 million and $60 million in fiscal 2014, 2013 and 2012, respectively.
Long-Lived Assets
Long-lived assets are stated at cost. Management reviews long-lived assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows, which is at the individual store or club level or, in certain circumstances, a market group of stores. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets' useful lives based on updated projections. If the evaluation indicates that the carrying amount of the assets may not be recoverable, any potential impairment is measured based upon the fair value of the related asset or asset group as determined by an appropriate market appraisal or other valuation technique. Impairment charges of long-lived assets for fiscal 2014, 2013 and 2012 were not significant.
Goodwill and Other Acquired Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is allocated to the appropriate reporting unit when acquired. Other acquired intangible assets are stated at the fair value acquired as determined by a valuation technique commensurate with the intended use of the related asset. Goodwill and indefinite-lived intangible assets are not amortized; rather, they are evaluated for impairment annually and whenever events or changes in circumstances indicate that the value of the asset may be impaired. Definite-lived intangible assets are considered long-lived assets and are amortized on a straight-line basis over the periods that expected economic benefits will be provided.
Goodwill is evaluated for impairment using either a qualitative or quantitative approach for each of the Company's reporting units. Generally, a qualitative assessment is first performed to determine whether a quantitative goodwill impairment test is necessary. If management determines, after performing an assessment based on the qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, or that a fair value of the reporting unit substantially in excess of the carrying amount cannot be assured, then a quantitative goodwill impairment test would be required. The quantitative test for goodwill impairment is performed by determining the fair value of the related reporting units. Fair value is measured based on the discounted cash flow method and relative market-based approaches.
For the reporting units that were tested using only the qualitative assessment, management determined that the fair value of each reporting unit is more likely than not greater than the carrying amount and, as a result, quantitative analyses were not required. For the reporting units tested using a quantitative impairment test, management determined the fair value of each reporting unit is greater than the carrying amount. Accordingly, the Company has not recorded any impairment charges related to goodwill.
The following table reflects goodwill activity, by reportable segment, for fiscal 2014 and 2013:
(Amounts in millions)
 
Walmart U.S.
 
Walmart
International
 
Sam's Club
 
Total
Balances as of February 1, 2012
 
$
439

 
$
19,899

 
$
313

 
$
20,651

Changes in currency translation and other
 
—

 
(65
)
 
—

 
(65
)
Purchase accounting adjustments for prior fiscal year acquisitions(1)
 
4

 
(532
)
 
—

 
(528
)
Acquisitions(2)
 
—

 
439

 
—

 
439

Balances as of January 31, 2013
 
443

 
19,741

 
313

 
20,497

Changes in currency translation and other
 
—

 
(1,000
)
 
—

 
(1,000
)
Acquisitions(2)
 
8

 
5

 
—

 
13

Balances as of January 31, 2014
 
$
451

 
$
18,746

 
$
313

 
$
19,510


(1)
Fiscal 2013 purchase accounting adjustments primarily relate to the finalization of the purchase price allocation for the fiscal 2012 acquisition of Massmart.
(2)
Goodwill recorded for fiscal 2014 and 2013 acquisitions relates to several acquisitions that are not significant, individually or in the aggregate, to the Company's Consolidated Financial Statements.
Indefinite-lived intangible assets are included in other assets and deferred charges in the Company's Consolidated Balance Sheets. These assets are evaluated for impairment based on their fair values using valuation techniques which are updated annually based on the most recent variables and assumptions. There were no impairment charges related to indefinite-lived intangible assets recorded for fiscal 2014, 2013 and 2012.
Self-Insurance Reserves
The Company uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including, but not limited to, workers' compensation, general liability, vehicle liability, property and the Company's obligation for employee-related health care benefits. Liabilities relating to these claims associated with these risks are estimated by considering historical claims experience, frequency, severity, demographic factors and other actuarial assumptions, including incurred but not reported claims. In estimating its liability for such claims, the Company periodically analyzes its historical trends, including loss development, and applies appropriate loss development factors to the incurred costs associated with the claims. The Company also maintains stop-loss insurance coverage for workers' compensation and general liability of $5 million and $15 million, respectively, per occurrence, to limit exposure to certain risks.
Income Taxes
Income taxes are accounted for under the balance sheet method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("temporary differences"). Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date.
Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent that a portion is not more likely than not to be realized. Many factors are considered when assessing whether it is more likely than not that the deferred tax assets will be realized, including recent cumulative earnings, expectations of future taxable income, carryforward periods, and other relevant quantitative and qualitative factors. The recoverability of the deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income rely heavily on estimates.
In determining the provision for income taxes, an annual effective income tax rate is used based on annual income, permanent differences between book and tax income, and statutory income tax rates. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur.
The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company records interest and penalties related to unrecognized tax benefits in interest expense and operating, selling, general and administrative expenses, respectively, in the Company's Consolidated Statements of Income. Refer to Note 9 for additional income tax disclosures.
Revenue Recognition    
Sales
The Company recognizes sales revenue, net of sales taxes and estimated sales returns, at the time it sells merchandise to the customer.
Membership Fee Revenue
The Company recognizes membership fee revenue both in the United States and internationally over the term of the membership, which is typically 12 months. The following table summarizes membership fee activity for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2014
 
2013
 
2012
Deferred membership fee revenue, beginning of year
 
$
575

 
$
559

 
$
542

Cash received from members
 
1,249

 
1,133

 
1,111

Membership fee revenue recognized
 
(1,183
)
 
(1,117
)
 
(1,094
)
Deferred membership fee revenue, end of year
 
$
641

 
$
575

 
$
559


Membership fee revenue is included in membership and other income in the Company's Consolidated Statements of Income. The deferred membership fee is included in accrued liabilities in the Company's Consolidated Balance Sheets.
Shopping Cards
Customer purchases of shopping cards are not recognized as revenue until the card is redeemed and the customer purchases merchandise using the shopping card. Shopping cards in the U.S. do not carry an expiration date; therefore, customers and members can redeem their shopping cards for merchandise indefinitely. Shopping cards in certain foreign countries where the Company does business may have expiration dates. A certain amount of shopping cards, both with and without expiration dates, will not be redeemed. Management estimates unredeemed shopping cards and recognizes revenue for these amounts over shopping card historical usage periods based on historical redemption rates. Management periodically reviews and updates its estimates of usage periods and redemption rates.
Financial and Other Services
The Company recognizes revenue from service transactions at the time the service is performed. Generally, revenue from services is classified as a component of net sales in the Company's Consolidated Statements of Income.
Cost of Sales
Cost of sales includes actual product cost, the cost of transportation to the Company's distribution facilities, stores and clubs from suppliers, the cost of transportation from the Company's distribution facilities to the stores, clubs and customers and the cost of warehousing for the Sam's Club segment and import distribution centers. Cost of sales is reduced by supplier payments that are not a reimbursement of specific, incremental and identifiable costs.
Payments from Suppliers
The Company receives consideration from suppliers for various programs, primarily volume incentives, warehouse allowances and reimbursements for specific programs such as markdowns, margin protection, advertising and supplier-specific fixtures. Payments from suppliers are accounted for as a reduction of cost of sales and are recognized in the Company's Consolidated Statements of Income when the related inventory is sold, except when the payment is a reimbursement of specific, incremental and identifiable costs.
Operating, Selling, General and Administrative Expenses
Operating, selling, general and administrative expenses include all operating costs of the Company, except cost of sales, as described above. As a result, the majority of the cost of warehousing and occupancy for the Walmart U.S. and Walmart International segments' distribution facilities is included in operating, selling, general and administrative expenses. Because the Company does not include most of the cost of its Walmart U.S. and Walmart International segments' distribution facilities in cost of sales, its gross profit and gross profit as a percentage of net sales ("gross profit margin") may not be comparable to those of other retailers that may include all costs related to their distribution facilities in cost of sales and in the calculation of gross profit.
Advertising Costs
Advertising costs are expensed as incurred and were $2.4 billion for fiscal 2014 and $2.3 billion for both fiscal 2013 and 2012. Advertising costs consist primarily of print, television and digital advertisements and are recorded in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income. Reimbursements from suppliers that are for specific, incremental and identifiable advertising costs are recognized as a reduction of advertising expenses in operating, selling, general and administrative expenses.
Leases
The Company estimates the expected term of a lease by assuming the exercise of renewal options where an economic penalty exists that would preclude the abandonment of the lease at the end of the initial non-cancelable term and the exercise of such renewal is at the sole discretion of the Company. The expected term is used in the determination of whether a store or club lease is a capital or operating lease and in the calculation of straight-line rent expense. Additionally, the useful life of leasehold improvements is limited by the expected lease term or the economic life of the asset, whichever is shorter. If significant expenditures are made for leasehold improvements late in the expected term of a lease and renewal is reasonably assured, the useful life of the leasehold improvement is limited to the end of the renewal period or economic life of the asset, whichever is shorter.
Rent abatements and escalations are considered in the calculation of minimum lease payments in the Company's capital lease tests and in determining straight-line rent expense for operating leases.
Pre-Opening Costs
The cost of start-up activities, including organization costs, related to new store openings, store remodels, relocations, expansions and conversions are expensed as incurred and included in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income. Pre-opening costs totaled $338 million, $316 million and $308 million for fiscal 2014, 2013 and 2012, respectively.
Currency Translation
The assets and liabilities of all international subsidiaries are translated from the respective local currency to the U.S. dollar using exchange rates at the balance sheet date. Related translation adjustments are recorded as a component of accumulated other comprehensive income (loss). The income statements of international subsidiaries are translated from the respective local currencies to the U.S. dollar using average exchange rates for the period covered by the income statements.
Reclassifications
Certain reclassifications have been made to previous fiscal year amounts and balances to conform to the presentation in the current fiscal year. These reclassifications did not impact consolidated operating income or net income. Additionally, certain segment asset and expense allocations have been reclassified among segments in the current period. See Note 14 for further discussion of the Company's segments.
Net Income Per Common Share
Net Income Per Common Share
Note 2. 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 fiscal 2014, 2013 and 2012.
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:
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2014
 
2013
 
2012
Numerator
 
 
 
 
 
 
Income from continuing operations
 
$
16,551

 
$
17,704

 
$
16,408

Less income from continuing operations attributable to noncontrolling interest
 
(633
)
 
(741
)
 
(674
)
Income from continuing operations attributable to Walmart
 
$
15,918

 
$
16,963

 
$
15,734

 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
Weighted-average common shares outstanding, basic
 
3,269

 
3,374

 
3,460

Dilutive impact of stock options and other share-based awards
 
14

 
15

 
14

Weighted-average common shares outstanding, diluted
 
3,283

 
3,389

 
3,474

 
 
 
 
 
 
 
Income per common share from continuing operations attributable to Walmart
 
 
 
 
 
 
Basic
 
$
4.87

 
$
5.03

 
$
4.55

Diluted
 
4.85

 
5.01

 
4.53

Shareholder's Equity
Shareholder's Equity
Note 3. Shareholders' Equity
Share-Based Compensation
The Company has awarded share-based compensation to associates and nonemployee directors of the Company. The compensation expense recognized for all plans was $388 million, $378 million and $355 million for fiscal 2014, 2013 and 2012, respectively. Share-based compensation expense is included in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income. The total income tax benefit recognized for share-based compensation was $145 million, $142 million and $134 million for fiscal 2014, 2013 and 2012, respectively. The following table summarizes the Company's share-based compensation expense by award type:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Restricted stock and performance share awards
$
141

 
$
152

 
$
142

Restricted stock rights
224

 
195

 
184

Stock options
23

 
31

 
29

Share-based compensation expense
$
388

 
$
378

 
$
355


The Company's shareholder-approved Stock Incentive Plan of 2010 (the "Plan") became effective June 4, 2010 and amended and restated the Company's Stock Incentive Plan of 2005. The Plan was established to grant stock options, restricted (non-vested) stock, performance shares and other equity compensation awards for which 210 million shares of common stock issued or to be issued under the Plan have been registered under the Securities Act of 1933, as amended. The Company believes that such awards serve to align the interests of its associates with those of its shareholders.
The Plan's award types are summarized as follows:
•
Restricted Stock and Performance Share Awards. Restricted stock awards are for shares that vest based on the passage of time and include restrictions related to employment. Performance share awards vest based on the passage of time and achievement of performance criteria and may range from 0% to 150% of the original award amount. Vesting periods for these awards are generally between three and five years. Restricted stock and performance share awards may be settled or deferred in stock and are accounted for as equity in the Company's Consolidated Balance Sheets. The fair value of restricted stock awards is determined on the date of grant and is expensed ratably over the vesting period. The fair value of performance share awards is determined on the date of grant using the Company's stock price discounted for the expected dividend yield through the vesting period and is recognized over the vesting period.
•
Restricted Stock Rights. Restricted stock rights provide rights to Company stock after a specified service period; 50% vest three years from the grant date and the remaining 50% vest five years from the grant date. The fair value of each restricted stock right is determined on the date of grant using the stock price discounted for the expected dividend yield through the vesting period and is recognized ratably over the vesting period. The expected dividend yield is based on the anticipated dividends over the vesting period. The weighted-average discount for the dividend yield used to determine the fair value of restricted stock rights granted in fiscal 2014, 2013 and 2012 was 10.3%, 12.2% and 11.7%, respectively.
•
Stock Options. Stock options allow the associate to buy a specified number of shares at a set price. Options granted generally vest over five years and have a contractual term of ten years. Options may include restrictions related to employment, satisfaction of performance conditions or other conditions. Under the Plan and prior plans, substantially all stock options have been granted with an exercise price equal to the market price of the Company's stock at the date of grant.
In addition to the Plan, the Company's subsidiary in the United Kingdom, ASDA, has two other stock option plans for certain ASDA colleagues. A combined 49 million shares of the Company's common stock were registered under the Securities Act of 1933, as amended, for issuance upon the exercise of stock options granted under the Colleague Share Ownership Plan 1999 (the "CSOP") and the ASDA Sharesave Plan 2000 ("Sharesave Plan").
•
CSOP. The CSOP grants have either a three- or six-year vesting period. The CSOP options may be exercised during the two months immediately following the vesting date.
•
Sharesave Plan. The Sharesave Plan grants options at 80% of the Company's average stock price for the three days preceding the grant date. The Sharesave Plan options vest after three years and may generally be exercised up to six months after the vesting date.
The following table shows the activity for each award type during fiscal 2014:
 
 
Restricted Stock and Performance Share Awards(2)
 
Restricted Stock Rights
 
Stock Options(1)
(Shares in thousands)
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
 
Shares
 
Weighted-
Average
Exercise Price
Per Share
Outstanding at February 1, 2013
 
12,598

 
$
57.37

 
17,839

 
$
49.79

 
10,240

 
$
47.58

Granted
 
3,688

 
76.05

 
5,095

 
77.75

 
1,846

 
56.63

Vested/exercised
 
(2,445
)
 
55.31

 
(3,998
)
 
55.33

 
(3,421
)
 
48.88

Forfeited or expired
 
(3,890
)
 
61.32

 
(1,151
)
 
60.38

 
(415
)
 
59.43

Outstanding at January 31, 2014
 
9,951

 
$
63.26

 
17,785

 
$
55.87

 
8,250

 
$
48.47

Exercisable at January 31, 2014
 
 
 
 
 
 
 
 
 
3,119

 
$
48.45

(1)
Includes stock option awards granted under the Plan, the CSOP and the Sharesave Plan.
(2)
Assumes payout rate at 100% for Performance Share Awards.
As of January 31, 2014, the unrecognized compensation cost for restricted stock and performance share awards, restricted stock rights and stock option awards was $200 million, $497 million and $26 million, respectively, and is expected to be recognized over a weighted-average period of 2.0 years, 2.1 years and 2.8 years, respectively. Additionally, as of January 31, 2014, the weighted-average remaining life for stock options outstanding and stock options exercisable was 5.8 years and 2.2 years, respectively, and had an aggregate intrinsic value of $209 million and $82 million, respectively.
The following table includes additional information related to restricted stock and performance share awards and restricted stock rights: 
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Fair value of restricted stock and performance share awards vested
$
116

 
$
155

 
$
134

Fair value of restricted stock rights vested
189

 
168

 
178


The following table includes additional information related to stock option awards: 
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Fair value of stock options vested
$
16

 
$
33

 
$
50

Proceeds from stock options exercised
108

 
320

 
420

Intrinsic value of stock options exercised
99

 
207

 
91


The fair value of each stock option award is estimated on the date of grant using the Black-Scholes-Merton option valuation model that uses various assumptions for inputs. The Company uses expected volatilities and risk-free interest rates that correlate with the expected term of the option when estimating an option's fair value. The following table provides the weighted-average assumptions used to estimate the fair values of the Company's stock options granted in fiscal 2014, 2013 and 2012:
 
Fiscal Years Ended January 31,
 
2014
 
2013
 
2012
Dividend yield(1)
2.5
%
 
2.8
%
 
2.9
%
Volatility(2)
15.2
%
 
16.2
%
 
17.6
%
Risk-free interest rate(3)
0.4
%
 
0.6
%
 
1.3
%
Expected life in years(4)
3.3

 
3.0

 
3.0

Weighted-average fair value of options granted
$
15.27

 
$
10.57

 
$
9.61

(1)
Expected dividend yield is based on the anticipated dividends over the vesting period.
(2)
Expected volatility is based on historical volatility of the Company's stock.
(3)
Risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant.
(4)
Expected life in years is based on historical exercise and expiration activity of grants with similar vesting periods.
Share Repurchase Program
From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Board of Directors. On June 6, 2013, the Company's Board of Directors replaced the previous $15.0 billion share repurchase program, which had approximately $712 million of remaining authorization for share repurchases as of that date, with a new $15.0 billion share repurchase program, which was announced on June 7, 2013. As was the case with the replaced share repurchase program, the current share repurchase program has no expiration date or other restrictions limiting the period over which the Company can make share repurchases. At January 31, 2014, authorization for $11.3 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 total cash paid for share repurchases for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2014
 
2013
 
2012
Total number of shares repurchased
 
89.1

 
113.2

 
115.3

Average price paid per share
 
$
74.99

 
$
67.15

 
$
54.64

Total cash paid for share repurchases
 
$
6,683

 
$
7,600

 
$
6,298

Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Note 4. Accumulated Other Comprehensive Income (Loss)
Effective fiscal 2014, the Company adopted accounting guidance that requires, on a prospective basis, separate disclosure of significant items reclassified out of accumulated other comprehensive income (loss) by component. The following table provides the fiscal 2014, 2013 and 2012 changes in the composition of total accumulated other comprehensive income (loss), including the amounts reclassified out of accumulated other comprehensive income (loss) by component for fiscal 2014:
 
 
Currency Translation
and Other
 
Derivative
Instruments
 
Minimum Pension
Liability
 
Total
(Amounts in millions and net of income taxes)
 
 
 
 
 
 
 
 
Balances as of January 31, 2011
 
$
1,226

 
$
60

 
$
(640
)
 
$
646

Other comprehensive income (loss)
 
(2,032
)
 
(67
)
 
43

 
(2,056
)
Balances as of January 31, 2012
 
(806
)
 
(7
)
 
(597
)
 
(1,410
)
Other comprehensive income (loss)
 
853

 
136

 
(166
)
 
823

Balances as of January 31, 2013
 
47

 
129

 
(763
)
 
(587
)
Other comprehensive income (loss) before reclassifications
 
(2,769
)
 
194

 
149

 
(2,426
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

 
13

 
4

 
17

Balances as of January 31, 2014
 
$
(2,722
)
 
$
336

 
$
(610
)
 
$
(2,996
)
Amounts reclassified from accumulated other comprehensive income (loss) for derivative instruments are generally included in interest, net, in the Company's Consolidated Statements of Income, and the amounts related to the minimum pension liability are included in operating, selling, general and administrative expenses in the Company's 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 January 31, 2014 or January 31, 2013.
Accrued Liabilities
Accrued Liabilities
Note 5. Accrued Liabilities
The Company's accrued liabilities consist of the following:
 
 
As of January 31,
(Amounts in millions)
 
2014
 
2013
Accrued wages and benefits(1)
 
$
4,652

 
$
5,059

Self-insurance(2)
 
3,477

 
3,373

Accrued taxes(3)
 
2,554

 
2,851

Other(4)
 
8,110

 
7,525

Total accrued liabilities
 
$
18,793

 
$
18,808


(1)
Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans.
(2)
Self-insurance consists of all insurance-related liabilities, such as workers' compensation, general liability, vehicle liability, property liability and employee-related health care benefits.
(3)
Accrued taxes include accrued payroll, value added, sales and miscellaneous other taxes.
(4)
Other accrued liabilities consist of various items such as maintenance, utilities, advertising and interest.
Short-term Borrowings and Long-term Debt (Notes)
Short-term Borrowings and Long-term Debt
Note 6. Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings outstanding at January 31, 2014 and 2013 were $7.7 billion and $6.8 billion, respectively. The following table includes additional information related to the Company's short-term borrowings for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2014
 
2013
 
2012
Maximum amount outstanding at any month-end
 
$
13,318

 
$
8,740

 
$
9,594

Average daily short-term borrowings
 
8,971

 
6,007

 
6,040

Weighted-average interest rate
 
0.1
%
 
0.1
%
 
0.1
%

The Company has various lines of credit, committed with 24 financial institutions, totaling $17.3 billion as of January 31, 2014 and with 27 financial institutions, totaling $18.1 billion as of January 31, 2013. The lines of credit, including drawn and undrawn amounts, are summarized in the following table:
 
 
Fiscal Years Ended January 31,
 
 
2014
 
2013
(Amounts in millions)
 
Available
 
Drawn
 
Undrawn
 
Available
 
Drawn
 
Undrawn
Five-year credit facility(1)
 
$
6,000

 
$
—

 
$
6,000

 
$
6,258

 
$
—

 
$
6,258

364-day revolving credit facility(2)
 
9,400

 
—

 
9,400

 
10,000

 
—

 
10,000

Stand-by letters of credit(3)
 
1,883

 
1,836

 
47

 
1,871

 
1,868

 
3

Total
 
$
17,283

 
$
1,836

 
$
15,447

 
$
18,129

 
$
1,868

 
$
16,261

(1)
In June 2013, the Company renewed and extended its existing five-year credit facility, which is used to support its commercial paper program.
(2)
In June 2013, the Company renewed and extended its existing 364-day revolving credit facility, which is used to support its commercial paper program.
(3)
In June 2013, the Company renewed the stand-by letters of credit, which are used to support various potential and actual obligations.
The committed lines of credit mature at various times between June 2014 and June 2018, carry interest rates generally ranging between LIBOR plus 10 basis points and LIBOR plus 75 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt.
Additionally, the Company had trade letters of credit outstanding totaling $2.8 billion and $2.7 billion at January 31, 2014 and 2013, respectively.
The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
 
 
 
 
January 31, 2014
 
January 31, 2013
(Amounts in millions)
 
Maturity Dates
By Fiscal Year
 
Amount
 
Average Rate(1)
 
Amount
 
Average Rate(1)
Unsecured debt
 
 
 

 

 

 

Fixed
 
2015-2044
 
$
35,500

 
4.3%
 
$
32,476

 
4.6%
Variable
 
2015
 
500

 
5.4%
 
500

 
5.5%
Total U.S. dollar denominated
 
 
 
36,000

 

 
32,976

 

Fixed
 
2030
 
1,356

 
4.9%
 
1,358

 
4.9%
Variable
 
 
 
—

 

 
—

 

Total Euro denominated
 
 
 
1,356

 

 
1,358

 

Fixed
 
2031-2039
 
5,770

 
5.3%
 
5,550

 
5.3%
Variable
 
 
 
—

 

 
—

 

Total Sterling denominated
 
 
 
5,770

 

 
5,550

 

Fixed
 
2015-2021
 
1,490

 
1.3%
 
1,942

 
1.4%
Variable
 
2015-2016
 
457

 
0.7%
 
1,056

 
0.7%
Total Yen denominated
 
 
 
1,947

 

 
2,998

 

Total unsecured debt
 
 
 
45,073

 

 
42,882

 

Total other debt (in USD)(2)
 
2015-2044
 
801

 

 
1,099

 

Total debt
 
 
 
45,874

 

 
43,981

 

Less amounts due within one year
 
 
 
(4,103
)
 

 
(5,587
)
 

Long-term debt
 
 
 
$
41,771

 

 
$
38,394

 

(1)
The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8.
(2)
A portion of other debt at January 31, 2014 and 2013 includes secured debt in the amount of $572 million and $627 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $471 million and $599 million, respectively.
At January 31, 2014 and 2013, the Company had $500 million in debt with embedded put options. The issuance of money market puttable reset securities in the amount of $500 million is structured to be remarketed in connection with the annual reset of the interest rate. If, for any reason, the remarketing of the notes does not occur at the time of any interest rate reset, the holders of the notes must sell, and the Company must repurchase, the notes at par. Accordingly, this issuance has been classified as long-term debt due within one year in the Company's Consolidated Balance Sheets. Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions)
Annual
Fiscal Year
Maturity
2015
$
4,103

2016
4,480

2017
2,396

2018
1,107

2019
3,531

Thereafter
30,257

Total
$
45,874

Debt Issuances
Information on significant long-term debt issued during fiscal 2014, is as follows: 
Issue Date
 
Maturity Date
 
Interest Rate
 
Principal Amount
April 11, 2013
 
April 11, 2016
 
0.600%
 
$
1,000

April 11, 2013
 
April 11, 2018
 
1.125%
 
1,250

April 11, 2013
 
April 11, 2023
 
2.550%
 
1,750

April 11, 2013
 
April 11, 2043
 
4.000%
 
1,000

October 2, 2013
 
December 15, 2018
 
1.950%
 
1,000

October 2, 2013
 
October 2, 2043
 
4.750%
 
750

Total
 
 
 
 
 
$
6,750


The aggregate net proceeds from these long-term debt issuances were approximately $6.7 billion, which were used to pay down and refinance existing debt and for other general corporate purposes. The Company also received additional aggregate net proceeds of approximately $0.4 billion from other, smaller long-term debt issuances by several of its international operations, which were used primarily to refinance existing debt.
On April 11, 2013, the Company issued $1.0 billion principal amount of its 0.600% Notes due 2016, $1.25 billion principal amount of its 1.125% Notes due 2018, $1.75 billion principal amount of its 2.550% Notes due 2023 and $1.0 billion principal amount of its 4.000% Notes due 2043. The aggregate net proceeds from these note issuances were approximately $5.0 billion. The notes of each series require semi-annual interest payments on April 11 and October 11 of each year, with the first interest payment made on October 11, 2013. Unless previously purchased and canceled, the Company will repay the notes of each series at 100% of the principal amount, together with accrued and unpaid interest thereon, at maturity. However, the Company has the right to redeem any or all of the notes that mature on April 11, 2023, at any time on or after January 11, 2023, and to redeem any or all of the notes that mature on April 11, 2043, at any time on or after October 11, 2042, in each case at 100% of the principal amount, together with the accrued and unpaid interest thereon to, but excluding, the date of redemption. The notes of each series are senior, unsecured obligations of the Company and are not convertible or exchangeable.
On October 2, 2013, the Company issued $1.0 billion principal amount of its 1.950% Notes due 2018 and $750 million principal amount of its 4.750% Notes due 2043. The aggregate net proceeds from these note issuances were approximately $1.7 billion. The 1.950% Notes due 2018 series requires semi-annual interest payments on June 15 and December 15 of each year, with the first interest payment commencing on June 15, 2014. The 4.750% Notes due 2043 series require semi-annual interest payments on October 2 and April 2 of each year, commencing on April 2, 2014. Unless previously purchased and canceled, the Company will repay the notes of each series at 100% of the principal amount, together with accrued and unpaid interest thereon, at maturity. However, the Company has the right to redeem any or all of the notes that mature on October 2, 2043, at any time on or after April 2, 2043, at 100% of the principal amount, together with the accrued and unpaid interest thereon to, but excluding, the date of redemption. The notes of each series are senior, unsecured obligations of the Company and are not convertible or exchangeable.
The Company did not issue any significant amounts of long-term debt during fiscal 2013.
Fair Value Measurements
Fair Value Measurements
Note 7. 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 January 31, 2014 and 2013, the notional amounts and fair values of these derivatives were as follows:
 
January 31, 2014
 
January 31, 2013
(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
$
1,000

 
$
5

 
$
3,445

 
$
60

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

 
97

 
1,250

 
223

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as cash flow hedges
3,004

 
453

 
2,944

 
230

Receive variable-rate, pay fixed-rate interest rate swaps designated as cash flow hedges
457

 
(2
)
 
1,056

 
(8
)
Receive variable-rate, pay fixed-rate forward starting interest rate swaps designated as cash flow hedges
2,500

 
166

 
5,000

 
10

Total
$
8,211

 
$
719

 
$
13,695

 
$
515


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 during the fiscal years ended January 31, 2014, or 2013.
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 January 31, 2014 and 2013, was as follows: 
 
 
January 31, 2014
 
January 31, 2013
(Amounts in millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt, including amounts due within one year
 
$
45,874

 
$
50,757

 
$
43,981

 
$
50,664

Derivative Financial Instruments
Derivative Financial Instruments
Note 8. 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 $641 million and $413 million at January 31, 2014 and January 31, 2013, 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 January 31, 2014 or January 31, 2013. 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 Consolidated Statements of Income. These fair value instruments will mature on dates ranging from February 2014 to 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 January 31, 2014 and January 31, 2013, the Company had ¥200 billion and ¥275 billion, respectively, of outstanding long-term debt designated as a hedge of its net investment in Japan, as well as outstanding long-term debt of £2.5 billion at January 31, 2014 and January 31, 2013, that was designated as a hedge of its net investment in the United Kingdom. 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 September 2029 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 10- and 30-year 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 2044. 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 $2.5 billion by making a cash payment to the related counterparties of $74 million in connection with the April 2013 debt issuances described in Note 6. The $74 million loss 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 Consolidated Balance Sheets. Derivative instruments with an unrealized gain are recorded in the Company's 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 Consolidated Balance Sheets:
 
January 31, 2014
 
January 31, 2013
(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

 
$
—

 
$
—

 
$
29

 
$
—

 
$
—

Other assets and deferred charges
—

 
97

 
619

 
31

 
223

 
327

Derivative asset subtotals
$
5

 
$
97

 
$
619

 
$
60

 
$
223

 
$
327

 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
4

Deferred income taxes and other
—

 
—

 
1

 
—

 
—

 
91

Derivative liability subtotals
$
—

 
$
—

 
$
2

 
$
—

 
$
—

 
$
95

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

 
$
973

 
$
—

 
$
—

 
$
818

 
$
—

Long-term debt
—

 
5,095

 
—

 
—

 
6,145

 
—

Nonderivative hedge liability subtotals
$
—

 
$
6,068

 
$
—

 
$
—

 
$
6,963

 
$
—


Gains and losses related to the Company's derivatives primarily relate to interest rate hedges, which are included in interest, net, in the Company's 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.
Taxes
Income Tax Disclosure [Text Block]
Note 9. Taxes
Income from Continuing Operations
The components of income from continuing operations before income taxes are as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
U.S.
$
19,412

 
$
19,352

 
$
18,685

Non-U.S.
5,244

 
6,310

 
5,647

Total income from continuing operations before income taxes
$
24,656

 
$
25,662

 
$
24,332


A summary of the provision for income taxes is as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Current:

 

 

U.S. federal
$
6,377

 
$
5,611

 
$
4,596

U.S. state and local
719

 
622

 
743

International
1,523

 
1,743

 
1,383

Total current tax provision
8,619

 
7,976

 
6,722

Deferred:

 

 

U.S. federal
(72
)
 
38

 
1,444

U.S. state and local
37

 
(8
)
 
57

International
(479
)
 
(48
)
 
(299
)
Total deferred tax expense (benefit)
(514
)
 
(18
)
 
1,202

Total provision for income taxes
$
8,105

 
$
7,958

 
$
7,924


Effective Income Tax Rate Reconciliation
The Company's effective income tax rate is typically lower than the U.S. statutory tax rate primarily because of benefits from lower-taxed global operations, including the use of global funding structures and certain U.S. tax credits as further discussed in the "Cash and Cash Equivalents" section of the Company's significant accounting policies in Note 1. The Company's non-U.S. income is generally subject to local country tax rates that are below the 35% U.S. statutory tax rate. Certain non-U.S. earnings have been indefinitely reinvested outside the U.S. and are not subject to current U.S. income tax. A reconciliation of the significant differences between the U.S. statutory tax rate and the effective income tax rate on pretax income from continuing operations is as follows:
 
Fiscal Years Ended January 31,
 
2014
 
2013
 
2012
U.S. statutory tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
U.S. state income taxes, net of federal income tax benefit
2.0
 %
 
1.7
 %
 
2.0
 %
Income taxed outside the U.S.
(2.8
)%
 
(2.6
)%
 
(2.8
)%
Net impact of repatriated international earnings
(1.4
)%
 
(2.5
)%
 
(0.3
)%
Other, net
0.1
 %
 
(0.6
)%
 
(1.3
)%
Effective income tax rate
32.9
 %
 
31.0
 %
 
32.6
 %

Deferred Taxes
The significant components of the Company's deferred tax account balances are as follows:
 
 
January 31,
(Amounts in millions)
 
2014
 
2013
Deferred tax assets:
 

 

Loss and tax credit carryforwards
 
$
3,566

 
$
3,525

Accrued liabilities
 
2,986

 
2,683

Share-based compensation
 
126

 
204

Other
 
1,573

 
1,500

Total deferred tax assets
 
8,251

 
7,912

Valuation allowances
 
(1,801
)
 
(2,225
)
Deferred tax assets, net of valuation allowance
 
6,450

 
5,687

Deferred tax liabilities:
 

 

Property and equipment
 
6,295

 
5,830

Inventories
 
1,641

 
1,912

Other
 
1,827

 
1,157

Total deferred tax liabilities
 
9,763

 
8,899

Net deferred tax liabilities
 
$
3,313

 
$
3,212


The deferred taxes are classified as follows in the Company's Consolidated Balance Sheets:
  
 
January 31,
(Amounts in millions)
 
2014
 
2013
Balance Sheet classification:
 
 
 
 
Assets:
 
 
 
 
Prepaid expenses and other
 
$
822

 
$
520

Other assets and deferred charges
 
1,151

 
757

Asset subtotals
 
1,973

 
1,277

Liabilities:
 
 
 
 
Accrued liabilities
 
176

 
116

Deferred income taxes and other
 
5,110

 
4,373

Liability subtotals
 
5,286

 
4,489

Net deferred tax liabilities
 
$
3,313

 
$
3,212


Unremitted Earnings
United States income taxes have not been provided on accumulated but undistributed earnings of the Company's international subsidiaries of approximately $21.4 billion and $19.2 billion as of January 31, 2014 and 2013, respectively, as the Company intends to permanently reinvest these amounts outside of the United States. However, if any portion were to be distributed, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. Determination of the unrecognized deferred tax liability related to these undistributed earnings is not practicable because of the complexities with its hypothetical calculation. The Company provides deferred or current income taxes on earnings of international subsidiaries in the period that the Company determines it will remit those earnings.
Net Operating Losses, Tax Credit Carryforwards and Valuation Allowances
At January 31, 2014, the Company had net operating loss and capital loss carryforwards totaling approximately $6.1 billion. Of these carryforwards, approximately $3.6 billion will expire, if not utilized, in various years through 2024. The remaining carryforwards have no expiration. At January 31, 2014, the Company had foreign tax credit carryforwards of $1.8 billion, which will expire in various years through 2024, if not utilized.
The recoverability of these future tax deductions and credits is evaluated by assessing the adequacy of future expected taxable income from all sources, including taxable income in prior carryback years, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent management does not consider it more likely than not that a deferred tax asset will be realized, a valuation allowance is established. If a valuation allowance has been established and management subsequently determines that it is more likely than not that the deferred tax assets will be realized, the valuation allowance is released.
As of January 31, 2014 and 2013, the Company had valuation allowances recorded of approximately $1.8 billion and $2.2 billion, respectively, on deferred tax assets associated primarily with net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized. The $0.4 billion net decrease in the valuation allowance during fiscal 2014 related to releases arising from the use of deferred tax assets, changes in judgment regarding the future realization of deferred tax assets, increases from certain net operating losses and deductible temporary differences arising in fiscal 2014, decreases due to operating and capital loss expirations and fluctuations in currency exchange rates. Management believes that it is more likely than not that the remaining net deferred tax assets will be fully realized.
Uncertain Tax Positions
The benefits of uncertain tax positions are recorded in the Company's Consolidated Financial Statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities.
As of January 31, 2014 and 2013, the amount of unrecognized tax benefits related to continuing operations was $763 million and $818 million, respectively. The amount of unrecognized tax benefits that would affect the Company's effective income tax rate was $698 million and $741 million for January 31, 2014 and 2013, respectively.
A reconciliation of unrecognized tax benefits from continuing operations was as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Unrecognized tax benefits, beginning of year
$
818

 
$
611

 
$
795

Increases related to prior year tax positions
41

 
88

 
87

Decreases related to prior year tax positions
(112
)
 
(232
)
 
(162
)
Increases related to current year tax positions
133

 
431

 
56

Settlements during the period
(117
)
 
(80
)
 
(161
)
Lapse in statutes of limitations
—

 
—

 
(4
)
Unrecognized tax benefits, end of year
$
763

 
$
818

 
$
611


The Company classifies interest and penalties related to uncertain tax benefits as interest expense and as operating, selling, general and administrative expenses, respectively. During fiscal 2014, 2013 and 2012, the Company recognized interest and penalty expense (benefit) related to uncertain tax positions of $(7) million, $2 million and $(19) million, respectively. As of January 31, 2014 and 2013, accrued interest related to uncertain tax positions of $40 million and $139 million, respectively, was recorded in the Company's Consolidated Balance Sheets. The Company did not have any accrued penalties recorded for income taxes as of January 31, 2014 or 2013.
During the next twelve months, it is reasonably possible that tax audit resolutions could reduce unrecognized tax benefits by between $50 million and $250 million, either because the tax positions are sustained on audit or because the Company agrees to their disallowance. The Company is focused on resolving tax audits as expeditiously as possible. As a result of these efforts, unrecognized tax benefits could potentially be reduced beyond the provided range during the next twelve months. The Company does not expect any change to have a significant impact to its Consolidated Financial Statements.
The Company remains subject to income tax examinations for its U.S. federal income taxes generally for fiscal 2012 through 2014. The Company also remains subject to income tax examinations for international income taxes for fiscal 2006 through 2014, and for U.S. state and local income taxes generally for the fiscal years ended 2009 through 2014.
Other Taxes
The Company is subject to tax examinations for payroll, value added, sales-based and other non-income taxes. A number of these examinations are ongoing in various jurisdictions, including Brazil. In certain cases, the Company has received assessments from the taxing authorities in connection with these examinations. Where a probable loss has occurred, the Company has made accruals, which are reflected in the Company's Consolidated Financial Statements. While the possible losses or range of possible losses associated with these matters are individually immaterial, a group of related matters, if decided adversely to the Company, could result in a liability material to the Company's Consolidated Financial Statements.
Contingencies
Contingencies
Note 10. 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 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 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. 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.
Gender Discrimination Class Actions: The Company is a defendant in Dukes v. Wal-Mart Stores, Inc., which was commenced as a class-action lawsuit in June 2001 in the United States District Court for the Northern District of California, asserting that the Company had engaged in a pattern and practice of discriminating against women in promotions, pay, training and job assignments, and seeking, among other things, injunctive relief, front pay, back pay, punitive damages and attorneys' fees. On June 21, 2004, the district court issued an order granting in part and denying in part the plaintiffs' motion for class certification. As defined by the district court, the class included "[a]ll women employed at any Wal-Mart domestic retail store at any time since December 26, 1998, who have been or may be subjected to Wal-Mart's challenged pay and management track promotions policies and practices." The Company appealed the order to the Ninth Circuit Court of Appeals and subsequently to the United States Supreme Court. On June 20, 2011, the Supreme Court issued an opinion decertifying the class and remanding the case to the district court. On October 27, 2011, the plaintiffs' attorneys filed an amended complaint proposing a class of current and former female associates at the Company's California retail facilities, and the Company filed a motion to dismiss on January 13, 2012. On September 21, 2012, the court denied the motion. The plaintiffs filed a motion for class certification on April 15, 2013. On August 2, 2013, the court denied the motion. On August 16, 2013, the plaintiffs filed a petition for permission to appeal that ruling to the U.S. Court of Appeals for the Ninth Circuit. On November 18, 2013, the Ninth Circuit denied that petition.
On October 28, 2011, the attorneys for the plaintiffs in the Dukes case filed a similar complaint in the United States District Court for the Northern District of Texas entitled Odle v. Wal-Mart Stores, Inc., proposing a class of current and former female associates employed in any Walmart region that includes stores located in the state of Texas. On October 15, 2012, the court in the Odle case granted the Company's motion to dismiss, dismissing with prejudice the plaintiffs' class-action allegations and the individual claims of the lead plaintiff, Stephanie Odle. On March 19, 2013, the U.S. Court of Appeals for the Fifth Circuit denied the plaintiffs' petition for permission to appeal. On October 2, 2012, the plaintiffs' attorneys filed another similar complaint in the United States District Court for the Middle District of Tennessee entitled Phipps v. Wal-Mart Stores, Inc., proposing a class of current and former female associates employed in "Region 43, centered in Middle and Western Tennessee." On February 20, 2013, the court in the Phipps case granted the Company's motion to dismiss, dismissing with prejudice the plaintiffs' class-action allegations. On September 11, 2013, the U.S. Court of Appeals for the Sixth Circuit granted the plaintiffs' petition for permission to appeal that ruling. On October 4, 2012, the plaintiffs' attorneys filed another similar complaint in the United States District Court for the Southern District of Florida entitled Love v. Wal-Mart Stores, Inc., proposing a class of current and former female associates employed in certain designated stores and clubs in regions centered in the state of Florida. On September 23, 2013, the court in the Love case granted the Company's motion to dismiss, dismissing with prejudice the plaintiffs' class-action allegations. Finally, on February 20, 2013, the plaintiffs' attorneys filed another similar complaint in the United States District Court for the Western District of Wisconsin entitled Ladik v. Wal-Mart Stores, Inc., proposing a class of current and former female associates employed in "Region 14, which includes Wal-Mart retail stores located in parts of Wisconsin, Illinois, Indiana and Michigan." On May 24, 2013, the court in the Ladik case granted the Company's motion to dismiss, dismissing with prejudice the plaintiffs' class-action allegations. On June 13, 2013, the U.S. Court of Appeals for the Seventh Circuit denied the plaintiffs' petition for permission to appeal. Management does not believe any possible loss or the range of any possible loss that may be incurred in connection with these matters will be material to the Company's financial condition or results of operations.
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 fiscal 2014 and 2013, the Company incurred expenses of approximately $282 million and $157 million, respectively, related to these matters. Of these expenses, approximately $173 million and $100 million, respectively, represent costs incurred for the ongoing inquiries and investigations and $109 million and $57 million, respectively, relate to the Company's global compliance program and organizational enhancements. 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.
Commitments
Commitments Disclosure
Note 11. Commitments
The Company has long-term leases for stores and equipment. Rentals (including amounts applicable to taxes, insurance, maintenance, other operating expenses and contingent rentals) under operating leases and other short-term rental arrangements were $2.8 billion, $2.6 billion and $2.4 billion in fiscal 2014, 2013 and 2012, respectively.
Aggregate minimum annual rentals at January 31, 2014, under non-cancelable leases are as follows:
(Amounts in millions)
 
 
 
 
Fiscal Year
 
Operating Leases
 
Capital Leases
2015
 
$
1,734

 
$
586

2016
 
1,632

 
558

2017
 
1,462

 
519

2018
 
1,314

 
479

2019
 
1,192

 
438

Thereafter
 
9,836

 
3,711

Total minimum rentals
 
$
17,170

 
$
6,291

Less estimated executory costs
 
 
 
60

       Net minimum lease payments
 
 
 
6,231

Less imputed interest
 
 
 
3,134

Present value of minimum lease payments
 
 
 
$
3,097


Certain of the Company's leases provide for the payment of contingent rentals based on a percentage of sales. Such contingent rentals were immaterial for fiscal 2014, 2013 and 2012. Substantially all of the Company's store leases have renewal options, some of which may trigger an escalation in rentals.
The Company has future lease commitments for land and buildings for approximately 317 future locations. These lease commitments have lease terms ranging from 4 to 40 years and provide for certain minimum rentals. If executed, payments under operating leases would increase by $49 million for fiscal 2015, based on current cost estimates.
In connection with certain long-term debt issuances, the Company could be liable for early termination payments if certain unlikely events were to occur. At January 31, 2014, the aggregate termination payment would have been $74 million. The arrangement pursuant to which this payment could be made will expire in fiscal 2019.
Segments
Segments
Note 14. 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.
Information for the Company's segments, as well as the reconciliation to income from continuing operations before income taxes, is provided in the following table:
(Amounts in millions)
 
Walmart U.S.
 
Walmart International
 
Sam's Club
 
Corporate and Support
 
Consolidated
Fiscal Year Ended January 31, 2014
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
279,406

 
$
136,513

 
$
57,157

 
$
—

 
$
473,076

Operating income (loss)
 
22,351

 
5,454

 
1,975

 
(2,908
)
 
26,872

Interest expense, net
 
 
 
 
 
 
 
 
 
(2,216
)
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
$
24,656

Total assets
 
$
98,745

 
$
85,370

 
$
14,053

 
$
6,583

 
$
204,751

Depreciation and amortization
 
4,660

 
2,658

 
645

 
907

 
8,870

Capital Expenditures
 
6,378

 
4,463

 
1,071

 
1,203

 
13,115

 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2013
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
274,433

 
$
134,748

 
$
56,423

 
$
—

 
$
465,604

Operating income (loss)
 
21,491

 
6,617

 
1,960

 
(2,343
)
 
27,725

Interest Expense, net
 


 


 


 


 
(2,063
)
Income from continuing operations before income taxes
 


 


 


 


 
$
25,662

Total assets
 
$
96,234

 
$
85,695

 
$
13,479

 
$
7,697

 
$
203,105

Depreciation and amortization
 
4,586

 
2,605

 
617

 
670

 
8,478

Capital Expenditures
 
5,994

 
4,640

 
868

 
1,396

 
12,898

 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2012
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
264,186

 
$
125,435

 
$
53,795

 
$
—

 
$
443,416

Operating income (loss)
 
20,381

 
6,113

 
1,844

 
(1,847
)
 
26,491

Interest Expense, net
 


 


 


 


 
(2,159
)
Income from continuing operations before income taxes
 


 





 


 
$
24,332

Total assets
 
$
93,143

 
$
81,289

 
$
12,824

 
$
6,150

 
$
193,406

Depreciation and amortization
 
4,557

 
2,438

 
595

 
540

 
8,130

Capital Expenditures
 
6,226

 
5,274

 
823

 
1,187

 
13,510


Total revenues, consisting of net sales and membership and other income, and long-lived assets, consisting primarily of property and equipment, net, aggregated by the Company's U.S. and non-U.S. operations for fiscal 2014, 2013 and 2012, are as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Total revenues
 
 
 
 
 
U.S. operations
$
338,681

 
$
332,788

 
$
319,800

Non-U.S. operations
137,613

 
135,863

 
126,709

Total revenues
$
476,294

 
$
468,651

 
$
446,509

 
 
 
 
 
 
Long-lived assets
 
 
 
 
 
U.S. operations
$
79,644

 
$
77,692

 
$
75,881

Non-U.S. operations
38,263

 
38,989

 
36,443

Total long-lived assets
$
117,907

 
$
116,681

 
$
112,324

No individual country outside of the U.S. had total revenues or long-lived assets that were material to the consolidated totals. Additionally, the Company did not generate material total revenues from any single customer.
Subsequent Event
Subsequent Events
Note 15. Subsequent Event
Dividends Declared
On February 20, 2014, the Board of Directors approved the fiscal 2015 annual dividend at $1.92 per share, an increase compared to the fiscal 2014 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
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited)
Quarterly Financial Information (Unaudited)
Note 16. Quarterly Financial Data (Unaudited)
 
 
 
Fiscal Year Ended January 31, 2014
(Amounts in millions, except per share data)
 
Q1
 
Q2
 
Q3
 
Q4
 
Total
Total revenues
 
$
114,071

 
$
116,829

 
$
115,688

 
$
129,706

 
$
476,294

Net sales
 
113,313

 
116,101

 
114,876

 
128,786

 
473,076

Cost of sales
 
85,991

 
87,420

 
86,687

 
97,971

 
358,069

Income from continuing operations
 
3,932

 
4,205

 
3,870

 
4,544

 
16,551

Consolidated net income
 
3,944

 
4,216

 
3,885

 
4,650

 
16,695

Consolidated net income attributable to Walmart
 
3,784

 
4,069

 
3,738

 
4,431

 
16,022

 
 
 
 
 
 
 
 
 
 
 
Basic net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Basic income per common share from continuing operations attributable to Walmart
 
1.14

 
1.24

 
1.14

 
1.35

 
4.87

Basic income (loss) per common share from discontinued operations attributable to Walmart
 
0.01

 
—

 
0.01

 
0.02

 
0.03

Basic net income per common share attributable to Walmart
 
1.15

 
1.24

 
1.15

 
1.37

 
4.90

 
 
 
 
 
 
 
 
 
 
 
Diluted net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Diluted income per common share from continuing operations attributable to Walmart
 
1.14

 
1.23

 
1.14

 
1.34

 
4.85

Diluted income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
0.01

 
—

 
0.02

 
0.03

Diluted net income per common share attributable to Walmart
 
1.14

 
1.24

 
1.14

 
1.36

 
4.88

 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2013
 
 
Q1
 
Q2
 
Q3
 
Q4
 
Total
Total revenues
 
$
112,901

 
$
114,174

 
$
113,800

 
$
127,776

 
$
468,651

Net sales
 
112,155

 
113,412

 
113,077

 
126,960

 
465,604

Cost of sales
 
85,145

 
85,611

 
85,470

 
96,071

 
352,297

Income from continuing operations
 
3,882

 
4,150

 
3,809

 
5,863

 
17,704

Consolidated net income
 
3,893

 
4,162

 
3,825

 
5,876

 
17,756

Consolidated net income attributable to Walmart
 
3,741

 
4,017

 
3,635

 
5,606

 
16,999

 
 
 
 
 
 
 
 
 
 
 
Basic net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Basic income per common share from continuing operations attributable to Walmart
 
1.10

 
1.18

 
1.08

 
1.68

 
5.03

Basic income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
0.01

 
—

 
—

 
0.01

Basic net income per common share attributable to Walmart
 
1.10

 
1.19

 
1.08

 
1.68

 
5.04

 
 
 
 
 
 
 
 
 
 
 
Diluted net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Diluted income per common share from continuing operations attributable to Walmart
 
1.09

 
1.18

 
1.07

 
1.67

 
5.01

Diluted income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
—

 
0.01

 
—

 
0.01

Diluted net income per common share attributable to Walmart
 
1.09

 
1.18

 
1.08

 
1.67

 
5.02

(1)
The sum of quarterly income per common share attributable to Walmart data may not agree to annual amounts due to rounding.
Summary of Significant Accounting Policies (Policies)
General 
General
Wal-Mart Stores, Inc. ("Walmart" or the "Company") operates retail stores in various formats under 71 banners around the world, aggregated into three reportable segments: Walmart U.S., Walmart International and Sam's Club. Walmart is committed to saving people money so they can live better. Walmart earns the trust of its customers every day by providing a broad assortment of quality merchandise and services at everyday low prices ("EDLP"), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is the Company's pricing philosophy under which it prices items at a low price every day so its customers trust that its prices will not change under frequent promotional activity.
Principles of Consolidation 
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Walmart and its subsidiaries as of and for the fiscal years ended January 31, 2014 ("fiscal 2014"), January 31, 2013 ("fiscal 2013") and January 31, 2012 ("fiscal 2012"). All material intercompany accounts and transactions have been eliminated in consolidation. Investments in unconsolidated affiliates, which are 50% or less owned and do not otherwise meet consolidation requirements, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements.
The Company's 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 January 2014 that materially affected the Consolidated Financial Statements.
In fiscal 2014, the Company corrected certain amounts pertaining to previous fiscal years as management determined they were not material, individually or in the aggregate, to any of the periods presented in the Company's Consolidated Financial Statements.
Use of Estimates 
Use of Estimates
The Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles. Those principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Cash and Cash Equivalents 
Cash and Cash Equivalents
The Company considers investments with a maturity when purchased of three months or less to be cash equivalents. All credit card, debit card and electronic benefits transfer transactions that process in less than seven days are classified as cash and cash equivalents. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $1.6 billion and $1.3 billion at January 31, 2014 and 2013, respectively. In addition, cash and cash equivalents included restricted cash of $654 million and $715 million at January 31, 2014 and 2013, respectively, which was primarily related to cash collateral holdings from various counterparties, as required by certain derivative and trust agreements.
The Company's cash balances are held in various locations around the world. Of the Company's $7.3 billion and $7.8 billion of cash and cash equivalents at January 31, 2014 and 2013, respectively, $5.8 billion and $5.2 billion, respectively, were held outside of the U.S. and were generally utilized to support liquidity needs in the Company's non-U.S. operations.
The Company employs financing strategies (e.g., global funding structures) in an effort to ensure that cash can be made available in the country in which it is needed with the minimum cost possible. Management does not believe it will be necessary to repatriate cash and cash equivalents held outside of the U.S. and anticipates its domestic liquidity needs will be met through other funding sources (ongoing cash flows generated from operations, external borrowings or both). Accordingly, management intends, with only certain exceptions, to continue to indefinitely reinvest the Company's cash and cash equivalents held outside of the U.S. in its foreign operations. When the income earned (either from operations or through global funding structures) and indefinitely reinvested outside of the U.S. is taxed at local country tax rates, which are generally lower than the U.S. statutory rate, the Company realizes an effective tax rate benefit. If the Company's intentions with respect to reinvestment were to change, most of the amounts held within the Company's foreign operations could be repatriated to the U.S., although any repatriation under current U.S. tax laws would be subject to U.S. federal income taxes, less applicable foreign tax credits. As of January 31, 2014 and 2013, cash and cash equivalents of approximately $1.9 billion may not be freely transferable to the U.S. due to local laws or other restrictions. Management does not expect local laws, other limitations or potential taxes on anticipated future repatriations of cash amounts held outside of the U.S. to have a material effect on the Company's overall liquidity, financial condition or results of operations.
Receivables 
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 $1.3 billion, net of a reserve for doubtful accounts of $119 million at January 31, 2014, compared to a receivable balance of $1.2 billion, net of a reserve for doubtful accounts of $115 million at January 31, 2013. These balances are included in receivables, net, in the Company's Consolidated Balance Sheets.
Inventories 
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 January 31, 2014 and January 31, 2013, the Company's inventories valued at LIFO approximate those inventories as if they were valued at FIFO.
Property and Equipment 
Property and Equipment
Property and equipment are stated at cost. Gains or losses on disposition are recognized as earned or incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. The following table summarizes the Company's property and equipment balances and includes the estimated useful lives that are generally used to depreciate the assets on a straight-line basis:
 
 
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
Estimated Useful Lives
 
2014
 
2013
Land
 
N/A
 
$
26,184

 
$
25,612

Buildings and improvements
 
3-40 years
 
95,488

 
90,686

Fixtures and equipment
 
3-25 years
 
42,971

 
40,903

Transportation equipment
 
3-15 years
 
2,785

 
2,796

Construction in progress
 
N/A
 
5,661

 
5,828

Property and equipment
 
 
 
$
173,089

 
$
165,825

Accumulated depreciation
 
 
 
(57,725
)
 
(51,896
)
Property and equipment, net
 
 
 
$
115,364

 
$
113,929


Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the remaining expected lease term. Depreciation expense for property and equipment, including amortization of property under capital leases, for fiscal 2014, 2013 and 2012 was $8.8 billion, $8.4 billion and $8.1 billion, respectively. Interest costs capitalized on construction projects were $78 million, $74 million and $60 million in fiscal 2014, 2013 and 2012, respectively.
Long-Lived Assets 
Long-Lived Assets
Long-lived assets are stated at cost. Management reviews long-lived assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows, which is at the individual store or club level or, in certain circumstances, a market group of stores. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets' useful lives based on updated projections. If the evaluation indicates that the carrying amount of the assets may not be recoverable, any potential impairment is measured based upon the fair value of the related asset or asset group as determined by an appropriate market appraisal or other valuation technique. Impairment charges of long-lived assets for fiscal 2014, 2013 and 2012 were not significant.
Goodwill and Other Acquired Intangible Assets 
Goodwill and Other Acquired Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is allocated to the appropriate reporting unit when acquired. Other acquired intangible assets are stated at the fair value acquired as determined by a valuation technique commensurate with the intended use of the related asset. Goodwill and indefinite-lived intangible assets are not amortized; rather, they are evaluated for impairment annually and whenever events or changes in circumstances indicate that the value of the asset may be impaired. Definite-lived intangible assets are considered long-lived assets and are amortized on a straight-line basis over the periods that expected economic benefits will be provided.
Goodwill is evaluated for impairment using either a qualitative or quantitative approach for each of the Company's reporting units. Generally, a qualitative assessment is first performed to determine whether a quantitative goodwill impairment test is necessary. If management determines, after performing an assessment based on the qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, or that a fair value of the reporting unit substantially in excess of the carrying amount cannot be assured, then a quantitative goodwill impairment test would be required. The quantitative test for goodwill impairment is performed by determining the fair value of the related reporting units. Fair value is measured based on the discounted cash flow method and relative market-based approaches.
For the reporting units that were tested using only the qualitative assessment, management determined that the fair value of each reporting unit is more likely than not greater than the carrying amount and, as a result, quantitative analyses were not required. For the reporting units tested using a quantitative impairment test, management determined the fair value of each reporting unit is greater than the carrying amount. Accordingly, the Company has not recorded any impairment charges related to goodwill.
The following table reflects goodwill activity, by reportable segment, for fiscal 2014 and 2013:
(Amounts in millions)
 
Walmart U.S.
 
Walmart
International
 
Sam's Club
 
Total
Balances as of February 1, 2012
 
$
439

 
$
19,899

 
$
313

 
$
20,651

Changes in currency translation and other
 
—

 
(65
)
 
—

 
(65
)
Purchase accounting adjustments for prior fiscal year acquisitions(1)
 
4

 
(532
)
 
—

 
(528
)
Acquisitions(2)
 
—

 
439

 
—

 
439

Balances as of January 31, 2013
 
443

 
19,741

 
313

 
20,497

Changes in currency translation and other
 
—

 
(1,000
)
 
—

 
(1,000
)
Acquisitions(2)
 
8

 
5

 
—

 
13

Balances as of January 31, 2014
 
$
451

 
$
18,746

 
$
313

 
$
19,510


(1)
Fiscal 2013 purchase accounting adjustments primarily relate to the finalization of the purchase price allocation for the fiscal 2012 acquisition of Massmart.
(2)
Goodwill recorded for fiscal 2014 and 2013 acquisitions relates to several acquisitions that are not significant, individually or in the aggregate, to the Company's Consolidated Financial Statements.
Indefinite-lived intangible assets are included in other assets and deferred charges in the Company's Consolidated Balance Sheets. These assets are evaluated for impairment based on their fair values using valuation techniques which are updated annually based on the most recent variables and assumptions. There were no impairment charges related to indefinite-lived intangible assets recorded for fiscal 2014, 2013 and 2012.
Self-Insurance Reserves 
Self-Insurance Reserves
The Company uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including, but not limited to, workers' compensation, general liability, vehicle liability, property and the Company's obligation for employee-related health care benefits. Liabilities relating to these claims associated with these risks are estimated by considering historical claims experience, frequency, severity, demographic factors and other actuarial assumptions, including incurred but not reported claims. In estimating its liability for such claims, the Company periodically analyzes its historical trends, including loss development, and applies appropriate loss development factors to the incurred costs associated with the claims. The Company also maintains stop-loss insurance coverage for workers' compensation and general liability of $5 million and $15 million, respectively, per occurrence, to limit exposure to certain risks.
Income Taxes 
Income Taxes
Income taxes are accounted for under the balance sheet method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("temporary differences"). Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date.
Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent that a portion is not more likely than not to be realized. Many factors are considered when assessing whether it is more likely than not that the deferred tax assets will be realized, including recent cumulative earnings, expectations of future taxable income, carryforward periods, and other relevant quantitative and qualitative factors. The recoverability of the deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income rely heavily on estimates.
In determining the provision for income taxes, an annual effective income tax rate is used based on annual income, permanent differences between book and tax income, and statutory income tax rates. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur.
The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company records interest and penalties related to unrecognized tax benefits in interest expense and operating, selling, general and administrative expenses, respectively, in the Company's Consolidated Statements of Income. Refer to Note 9 for additional income tax disclosures.
Revenue Recognition 
Revenue Recognition    
Sales
The Company recognizes sales revenue, net of sales taxes and estimated sales returns, at the time it sells merchandise to the customer.
Membership Fee Revenue
The Company recognizes membership fee revenue both in the United States and internationally over the term of the membership, which is typically 12 months. The following table summarizes membership fee activity for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2014
 
2013
 
2012
Deferred membership fee revenue, beginning of year
 
$
575

 
$
559

 
$
542

Cash received from members
 
1,249

 
1,133

 
1,111

Membership fee revenue recognized
 
(1,183
)
 
(1,117
)
 
(1,094
)
Deferred membership fee revenue, end of year
 
$
641

 
$
575

 
$
559


Membership fee revenue is included in membership and other income in the Company's Consolidated Statements of Income. The deferred membership fee is included in accrued liabilities in the Company's Consolidated Balance Sheets.
Shopping Cards
Customer purchases of shopping cards are not recognized as revenue until the card is redeemed and the customer purchases merchandise using the shopping card. Shopping cards in the U.S. do not carry an expiration date; therefore, customers and members can redeem their shopping cards for merchandise indefinitely. Shopping cards in certain foreign countries where the Company does business may have expiration dates. A certain amount of shopping cards, both with and without expiration dates, will not be redeemed. Management estimates unredeemed shopping cards and recognizes revenue for these amounts over shopping card historical usage periods based on historical redemption rates. Management periodically reviews and updates its estimates of usage periods and redemption rates.
Financial and Other Services
The Company recognizes revenue from service transactions at the time the service is performed. Generally, revenue from services is classified as a component of net sales in the Company's Consolidated Statements of Income.
Cost of Sales 
Cost of Sales
Cost of sales includes actual product cost, the cost of transportation to the Company's distribution facilities, stores and clubs from suppliers, the cost of transportation from the Company's distribution facilities to the stores, clubs and customers and the cost of warehousing for the Sam's Club segment and import distribution centers. Cost of sales is reduced by supplier payments that are not a reimbursement of specific, incremental and identifiable costs.
Payments From Suppliers 
Payments from Suppliers
The Company receives consideration from suppliers for various programs, primarily volume incentives, warehouse allowances and reimbursements for specific programs such as markdowns, margin protection, advertising and supplier-specific fixtures. Payments from suppliers are accounted for as a reduction of cost of sales and are recognized in the Company's Consolidated Statements of Income when the related inventory is sold, except when the payment is a reimbursement of specific, incremental and identifiable costs.
Operating, Selling, General and Administrative Expenses 
Operating, Selling, General and Administrative Expenses
Operating, selling, general and administrative expenses include all operating costs of the Company, except cost of sales, as described above. As a result, the majority of the cost of warehousing and occupancy for the Walmart U.S. and Walmart International segments' distribution facilities is included in operating, selling, general and administrative expenses. Because the Company does not include most of the cost of its Walmart U.S. and Walmart International segments' distribution facilities in cost of sales, its gross profit and gross profit as a percentage of net sales ("gross profit margin") may not be comparable to those of other retailers that may include all costs related to their distribution facilities in cost of sales and in the calculation of gross profit.
Advertising Costs 
Advertising Costs
Advertising costs are expensed as incurred and were $2.4 billion for fiscal 2014 and $2.3 billion for both fiscal 2013 and 2012. Advertising costs consist primarily of print, television and digital advertisements and are recorded in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income. Reimbursements from suppliers that are for specific, incremental and identifiable advertising costs are recognized as a reduction of advertising expenses in operating, selling, general and administrative expenses.
Leases 
Leases
The Company estimates the expected term of a lease by assuming the exercise of renewal options where an economic penalty exists that would preclude the abandonment of the lease at the end of the initial non-cancelable term and the exercise of such renewal is at the sole discretion of the Company. The expected term is used in the determination of whether a store or club lease is a capital or operating lease and in the calculation of straight-line rent expense. Additionally, the useful life of leasehold improvements is limited by the expected lease term or the economic life of the asset, whichever is shorter. If significant expenditures are made for leasehold improvements late in the expected term of a lease and renewal is reasonably assured, the useful life of the leasehold improvement is limited to the end of the renewal period or economic life of the asset, whichever is shorter.
Rent abatements and escalations are considered in the calculation of minimum lease payments in the Company's capital lease tests and in determining straight-line rent expense for operating leases.
Pre-Opening Costs 
Pre-Opening Costs
The cost of start-up activities, including organization costs, related to new store openings, store remodels, relocations, expansions and conversions are expensed as incurred and included in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income. Pre-opening costs totaled $338 million, $316 million and $308 million for fiscal 2014, 2013 and 2012, respectively.
Currency Translation 
Currency Translation
The assets and liabilities of all international subsidiaries are translated from the respective local currency to the U.S. dollar using exchange rates at the balance sheet date. Related translation adjustments are recorded as a component of accumulated other comprehensive income (loss). The income statements of international subsidiaries are translated from the respective local currencies to the U.S. dollar using average exchange rates for the period covered by the income statements.
Reclassifications 
Reclassifications
Certain reclassifications have been made to previous fiscal year amounts and balances to conform to the presentation in the current fiscal year. These reclassifications did not impact consolidated operating income or net income. Additionally, certain segment asset and expense allocations have been reclassified among segments in the current period. See Note 14 for further discussion of the Company's segments.
Summary of Significant Accounting Policies (Tables)
Property and Equipment 
The following table summarizes the Company's property and equipment balances and includes the estimated useful lives that are generally used to depreciate the assets on a straight-line basis:
 
 
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
Estimated Useful Lives
 
2014
 
2013
Land
 
N/A
 
$
26,184

 
$
25,612

Buildings and improvements
 
3-40 years
 
95,488

 
90,686

Fixtures and equipment
 
3-25 years
 
42,971

 
40,903

Transportation equipment
 
3-15 years
 
2,785

 
2,796

Construction in progress
 
N/A
 
5,661

 
5,828

Property and equipment
 
 
 
$
173,089

 
$
165,825

Accumulated depreciation
 
 
 
(57,725
)
 
(51,896
)
Property and equipment, net
 
 
 
$
115,364

 
$
113,929

Goodwill by Segment 
The following table reflects goodwill activity, by reportable segment, for fiscal 2014 and 2013:
(Amounts in millions)
 
Walmart U.S.
 
Walmart
International
 
Sam's Club
 
Total
Balances as of February 1, 2012
 
$
439

 
$
19,899

 
$
313

 
$
20,651

Changes in currency translation and other
 
—

 
(65
)
 
—

 
(65
)
Purchase accounting adjustments for prior fiscal year acquisitions(1)
 
4

 
(532
)
 
—

 
(528
)
Acquisitions(2)
 
—

 
439

 
—

 
439

Balances as of January 31, 2013
 
443

 
19,741

 
313

 
20,497

Changes in currency translation and other
 
—

 
(1,000
)
 
—

 
(1,000
)
Acquisitions(2)
 
8

 
5

 
—

 
13

Balances as of January 31, 2014
 
$
451

 
$
18,746

 
$
313

 
$
19,510

Membership Fee Revenue 
The following table summarizes membership fee activity for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2014
 
2013
 
2012
Deferred membership fee revenue, beginning of year
 
$
575

 
$
559

 
$
542

Cash received from members
 
1,249

 
1,133

 
1,111

Membership fee revenue recognized
 
(1,183
)
 
(1,117
)
 
(1,094
)
Deferred membership fee revenue, end of year
 
$
641

 
$
575

 
$
559

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:
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2014
 
2013
 
2012
Numerator
 
 
 
 
 
 
Income from continuing operations
 
$
16,551

 
$
17,704

 
$
16,408

Less income from continuing operations attributable to noncontrolling interest
 
(633
)
 
(741
)
 
(674
)
Income from continuing operations attributable to Walmart
 
$
15,918

 
$
16,963

 
$
15,734

 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
Weighted-average common shares outstanding, basic
 
3,269

 
3,374

 
3,460

Dilutive impact of stock options and other share-based awards
 
14

 
15

 
14

Weighted-average common shares outstanding, diluted
 
3,283

 
3,389

 
3,474

 
 
 
 
 
 
 
Income per common share from continuing operations attributable to Walmart
 
 
 
 
 
 
Basic
 
$
4.87

 
$
5.03

 
$
4.55

Diluted
 
4.85

 
5.01

 
4.53

Shareholder's Equity (Tables)
Schedule of Share-Based Compensation Expense by Award Type 
The following table summarizes the Company's share-based compensation expense by award type:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Restricted stock and performance share awards
$
141

 
$
152

 
$
142

Restricted stock rights
224

 
195

 
184

Stock options
23

 
31

 
29

Share-based compensation expense
$
388

 
$
378

 
$
355

Summary of Stock Option Award Activity 
The following table shows the activity for each award type during fiscal 2014:
 
 
Restricted Stock and Performance Share Awards(2)
 
Restricted Stock Rights
 
Stock Options(1)
(Shares in thousands)
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
 
Shares
 
Weighted-
Average
Exercise Price
Per Share
Outstanding at February 1, 2013
 
12,598

 
$
57.37

 
17,839

 
$
49.79

 
10,240

 
$
47.58

Granted
 
3,688

 
76.05

 
5,095

 
77.75

 
1,846

 
56.63

Vested/exercised
 
(2,445
)
 
55.31

 
(3,998
)
 
55.33

 
(3,421
)
 
48.88

Forfeited or expired
 
(3,890
)
 
61.32

 
(1,151
)
 
60.38

 
(415
)
 
59.43

Outstanding at January 31, 2014
 
9,951

 
$
63.26

 
17,785

 
$
55.87

 
8,250

 
$
48.47

Exercisable at January 31, 2014
 
 
 
 
 
 
 
 
 
3,119

 
$
48.45

Schedule of Performance Share Awards and Restricted Stock Rights 
The following table includes additional information related to restricted stock and performance share awards and restricted stock rights: 
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Fair value of restricted stock and performance share awards vested
$
116

 
$
155

 
$
134

Fair value of restricted stock rights vested
189

 
168

 
178

Schedule of Additional Information Related to Stock Options 
The following table includes additional information related to stock option awards: 
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Fair value of stock options vested
$
16

 
$
33

 
$
50

Proceeds from stock options exercised
108

 
320

 
420

Intrinsic value of stock options exercised
99

 
207

 
91

Weighted-Average Assumptions to Estimate Fair Value 
The following table provides the weighted-average assumptions used to estimate the fair values of the Company's stock options granted in fiscal 2014, 2013 and 2012:
 
Fiscal Years Ended January 31,
 
2014
 
2013
 
2012
Dividend yield(1)
2.5
%
 
2.8
%
 
2.9
%
Volatility(2)
15.2
%
 
16.2
%
 
17.6
%
Risk-free interest rate(3)
0.4
%
 
0.6
%
 
1.3
%
Expected life in years(4)
3.3

 
3.0

 
3.0

Weighted-average fair value of options granted
$
15.27

 
$
10.57

 
$
9.61

(1)
Expected dividend yield is based on the anticipated dividends over the vesting period.
(2)
Expected volatility is based on historical volatility of the Company's stock.
(3)
Risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant.
(4)
Expected life in years is based on historical exercise and expiration activity of grants with similar vesting periods.
Schedule of Company's Share Repurchases 
 
 
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
 
2014
 
2013
 
2012
Total number of shares repurchased
 
89.1

 
113.2

 
115.3

Average price paid per share
 
$
74.99

 
$
67.15

 
$
54.64

Total cash paid for share repurchases
 
$
6,683

 
$
7,600

 
$
6,298

Accumulated Other Comprehensive Income (Loss) (Tables)
Composition Of Accumulated Other Comprehensive Income (Loss)
The following table provides the fiscal 2014, 2013 and 2012 changes in the composition of total accumulated other comprehensive income (loss), including the amounts reclassified out of accumulated other comprehensive income (loss) by component for fiscal 2014:
 
 
Currency Translation
and Other
 
Derivative
Instruments
 
Minimum Pension
Liability
 
Total
(Amounts in millions and net of income taxes)
 
 
 
 
 
 
 
 
Balances as of January 31, 2011
 
$
1,226

 
$
60

 
$
(640
)
 
$
646

Other comprehensive income (loss)
 
(2,032
)
 
(67
)
 
43

 
(2,056
)
Balances as of January 31, 2012
 
(806
)
 
(7
)
 
(597
)
 
(1,410
)
Other comprehensive income (loss)
 
853

 
136

 
(166
)
 
823

Balances as of January 31, 2013
 
47

 
129

 
(763
)
 
(587
)
Other comprehensive income (loss) before reclassifications
 
(2,769
)
 
194

 
149

 
(2,426
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

 
13

 
4

 
17

Balances as of January 31, 2014
 
$
(2,722
)
 
$
336

 
$
(610
)
 
$
(2,996
)
Accrued Liabilities (Tables)
Schedule of Accrued Liabilities [Table Text Block]
The Company's accrued liabilities consist of the following:
 
 
As of January 31,
(Amounts in millions)
 
2014
 
2013
Accrued wages and benefits(1)
 
$
4,652

 
$
5,059

Self-insurance(2)
 
3,477

 
3,373

Accrued taxes(3)
 
2,554

 
2,851

Other(4)
 
8,110

 
7,525

Total accrued liabilities
 
$
18,793

 
$
18,808

Short-term Borrowings and Long-term Debt (Tables)
Schedule of Short-term Debt 
The following table includes additional information related to the Company's short-term borrowings for fiscal 2014, 2013 and 2012:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2014
 
2013
 
2012
Maximum amount outstanding at any month-end
 
$
13,318

 
$
8,740

 
$
9,594

Average daily short-term borrowings
 
8,971

 
6,007

 
6,040

Weighted-average interest rate
 
0.1
%
 
0.1
%
 
0.1
%
Schedule of Line of Credit Facilities 
The lines of credit, including drawn and undrawn amounts, are summarized in the following table:
 
 
Fiscal Years Ended January 31,
 
 
2014
 
2013
(Amounts in millions)
 
Available
 
Drawn
 
Undrawn
 
Available
 
Drawn
 
Undrawn
Five-year credit facility(1)
 
$
6,000

 
$
—

 
$
6,000

 
$
6,258

 
$
—

 
$
6,258

364-day revolving credit facility(2)
 
9,400

 
—

 
9,400

 
10,000

 
—

 
10,000

Stand-by letters of credit(3)
 
1,883

 
1,836

 
47

 
1,871

 
1,868

 
3

Total
 
$
17,283

 
$
1,836

 
$
15,447

 
$
18,129

 
$
1,868

 
$
16,261

(1)
In June 2013, the Company renewed and extended its existing five-year credit facility, which is used to support its commercial paper program.
(2)
In June 2013, the Company renewed and extended its existing 364-day revolving credit facility, which is used to support its commercial paper program.
(3)
In June 2013, the Company renewed the stand-by letters of credit, which are used to support various potential and actual obligations.
Schedule of Long-term Debt Instruments 
The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
 
 
 
 
January 31, 2014
 
January 31, 2013
(Amounts in millions)
 
Maturity Dates
By Fiscal Year
 
Amount
 
Average Rate(1)
 
Amount
 
Average Rate(1)
Unsecured debt
 
 
 

 

 

 

Fixed
 
2015-2044
 
$
35,500

 
4.3%
 
$
32,476

 
4.6%
Variable
 
2015
 
500

 
5.4%
 
500

 
5.5%
Total U.S. dollar denominated
 
 
 
36,000

 

 
32,976

 

Fixed
 
2030
 
1,356

 
4.9%
 
1,358

 
4.9%
Variable
 
 
 
—

 

 
—

 

Total Euro denominated
 
 
 
1,356

 

 
1,358

 

Fixed
 
2031-2039
 
5,770

 
5.3%
 
5,550

 
5.3%
Variable
 
 
 
—

 

 
—

 

Total Sterling denominated
 
 
 
5,770

 

 
5,550

 

Fixed
 
2015-2021
 
1,490

 
1.3%
 
1,942

 
1.4%
Variable
 
2015-2016
 
457

 
0.7%
 
1,056

 
0.7%
Total Yen denominated
 
 
 
1,947

 

 
2,998

 

Total unsecured debt
 
 
 
45,073

 

 
42,882

 

Total other debt (in USD)(2)
 
2015-2044
 
801

 

 
1,099

 

Total debt
 
 
 
45,874

 

 
43,981

 

Less amounts due within one year
 
 
 
(4,103
)
 

 
(5,587
)
 

Long-term debt
 
 
 
$
41,771

 

 
$
38,394

 

(1)
The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8.
(2)
A portion of other debt at January 31, 2014 and 2013 includes secured debt in the amount of $572 million and $627 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $471 million and $599 million, respectively.
Schedule of Maturities of Long-term Debt 
Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions)
Annual
Fiscal Year
Maturity
2015
$
4,103

2016
4,480

2017
2,396

2018
1,107

2019
3,531

Thereafter
30,257

Total
$
45,874

Schedule Of Debt Issuances 
Information on significant long-term debt issued during fiscal 2014, is as follows: 
Issue Date
 
Maturity Date
 
Interest Rate
 
Principal Amount
April 11, 2013
 
April 11, 2016
 
0.600%
 
$
1,000

April 11, 2013
 
April 11, 2018
 
1.125%
 
1,250

April 11, 2013
 
April 11, 2023
 
2.550%
 
1,750

April 11, 2013
 
April 11, 2043
 
4.000%
 
1,000

October 2, 2013
 
December 15, 2018
 
1.950%
 
1,000

October 2, 2013
 
October 2, 2043
 
4.750%
 
750

Total
 
 
 
 
 
$
6,750

Fair Value Measurements (Tables)
Notional Amounts And Fair Values Of Interest Rate Swaps 
As of January 31, 2014 and 2013, the notional amounts and fair values of these derivatives were as follows:
 
January 31, 2014
 
January 31, 2013
(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
$
1,000

 
$
5

 
$
3,445

 
$
60

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

 
97

 
1,250

 
223

Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as cash flow hedges
3,004

 
453

 
2,944

 
230

Receive variable-rate, pay fixed-rate interest rate swaps designated as cash flow hedges
457

 
(2
)
 
1,056

 
(8
)
Receive variable-rate, pay fixed-rate forward starting interest rate swaps designated as cash flow hedges
2,500

 
166

 
5,000

 
10

Total
$
8,211

 
$
719

 
$
13,695

 
$
515

Carrying Value and Fair Value of Debt 
The carrying value and fair value of the Company's long-term debt as of January 31, 2014 and 2013, was as follows: 
 
 
January 31, 2014
 
January 31, 2013
(Amounts in millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt, including amounts due within one year
 
$
45,874

 
$
50,757

 
$
43,981

 
$
50,664

Derivative Financial Instruments (Tables)
Schedule of Derivative Instruments
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 Consolidated Balance Sheets:
 
January 31, 2014
 
January 31, 2013
(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

 
$
—

 
$
—

 
$
29

 
$
—

 
$
—

Other assets and deferred charges
—

 
97

 
619

 
31

 
223

 
327

Derivative asset subtotals
$
5

 
$
97

 
$
619

 
$
60

 
$
223

 
$
327

 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
4

Deferred income taxes and other
—

 
—

 
1

 
—

 
—

 
91

Derivative liability subtotals
$
—

 
$
—

 
$
2

 
$
—

 
$
—

 
$
95

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

 
$
973

 
$
—

 
$
—

 
$
818

 
$
—

Long-term debt
—

 
5,095

 
—

 
—

 
6,145

 
—

Nonderivative hedge liability subtotals
$
—

 
$
6,068

 
$
—

 
$
—

 
$
6,963

 
$
—

Taxes (Tables)
Schedule of Income from Continuing Operations before Income Tax 
The components of income from continuing operations before income taxes are as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
U.S.
$
19,412

 
$
19,352

 
$
18,685

Non-U.S.
5,244

 
6,310

 
5,647

Total income from continuing operations before income taxes
$
24,656

 
$
25,662

 
$
24,332

Schedule of Components of Income Tax Expense 
A summary of the provision for income taxes is as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Current:

 

 

U.S. federal
$
6,377

 
$
5,611

 
$
4,596

U.S. state and local
719

 
622

 
743

International
1,523

 
1,743

 
1,383

Total current tax provision
8,619

 
7,976

 
6,722

Deferred:

 

 

U.S. federal
(72
)
 
38

 
1,444

U.S. state and local
37

 
(8
)
 
57

International
(479
)
 
(48
)
 
(299
)
Total deferred tax expense (benefit)
(514
)
 
(18
)
 
1,202

Total provision for income taxes
$
8,105

 
$
7,958

 
$
7,924

Schedule of Effective Income Tax Rate Reconciliation 
A reconciliation of the significant differences between the U.S. statutory tax rate and the effective income tax rate on pretax income from continuing operations is as follows:
 
Fiscal Years Ended January 31,
 
2014
 
2013
 
2012
U.S. statutory tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
U.S. state income taxes, net of federal income tax benefit
2.0
 %
 
1.7
 %
 
2.0
 %
Income taxed outside the U.S.
(2.8
)%
 
(2.6
)%
 
(2.8
)%
Net impact of repatriated international earnings
(1.4
)%
 
(2.5
)%
 
(0.3
)%
Other, net
0.1
 %
 
(0.6
)%
 
(1.3
)%
Effective income tax rate
32.9
 %
 
31.0
 %
 
32.6
 %
Schedule of Deferred Tax Assets and Liabilities 
The significant components of the Company's deferred tax account balances are as follows:
 
 
January 31,
(Amounts in millions)
 
2014
 
2013
Deferred tax assets:
 

 

Loss and tax credit carryforwards
 
$
3,566

 
$
3,525

Accrued liabilities
 
2,986

 
2,683

Share-based compensation
 
126

 
204

Other
 
1,573

 
1,500

Total deferred tax assets
 
8,251

 
7,912

Valuation allowances
 
(1,801
)
 
(2,225
)
Deferred tax assets, net of valuation allowance
 
6,450

 
5,687

Deferred tax liabilities:
 

 

Property and equipment
 
6,295

 
5,830

Inventories
 
1,641

 
1,912

Other
 
1,827

 
1,157

Total deferred tax liabilities
 
9,763

 
8,899

Net deferred tax liabilities
 
$
3,313

 
$
3,212

Schedule of Deferred Taxes Classification in Consolidated Balance Sheets 
The deferred taxes are classified as follows in the Company's Consolidated Balance Sheets:
  
 
January 31,
(Amounts in millions)
 
2014
 
2013
Balance Sheet classification:
 
 
 
 
Assets:
 
 
 
 
Prepaid expenses and other
 
$
822

 
$
520

Other assets and deferred charges
 
1,151

 
757

Asset subtotals
 
1,973

 
1,277

Liabilities:
 
 
 
 
Accrued liabilities
 
176

 
116

Deferred income taxes and other
 
5,110

 
4,373

Liability subtotals
 
5,286

 
4,489

Net deferred tax liabilities
 
$
3,313

 
$
3,212

Summary of Income Tax Contingencies 
A reconciliation of unrecognized tax benefits from continuing operations was as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Unrecognized tax benefits, beginning of year
$
818

 
$
611

 
$
795

Increases related to prior year tax positions
41

 
88

 
87

Decreases related to prior year tax positions
(112
)
 
(232
)
 
(162
)
Increases related to current year tax positions
133

 
431

 
56

Settlements during the period
(117
)
 
(80
)
 
(161
)
Lapse in statutes of limitations
—

 
—

 
(4
)
Unrecognized tax benefits, end of year
$
763

 
$
818

 
$
611

Commitments (Tables)
Aggregate Minimum Rentals Under Non-Cancelable Leases
Aggregate minimum annual rentals at January 31, 2014, under non-cancelable leases are as follows:
(Amounts in millions)
 
 
 
 
Fiscal Year
 
Operating Leases
 
Capital Leases
2015
 
$
1,734

 
$
586

2016
 
1,632

 
558

2017
 
1,462

 
519

2018
 
1,314

 
479

2019
 
1,192

 
438

Thereafter
 
9,836

 
3,711

Total minimum rentals
 
$
17,170

 
$
6,291

Less estimated executory costs
 
 
 
60

       Net minimum lease payments
 
 
 
6,231

Less imputed interest
 
 
 
3,134

Present value of minimum lease payments
 
 
 
$
3,097

Segments (Tables)
Segment Net Sales, Operating Income, Interest Expense, Net, and Income From Continuing Operations Before Income Taxes 
Information for the Company's segments, as well as the reconciliation to income from continuing operations before income taxes, is provided in the following table:
(Amounts in millions)
 
Walmart U.S.
 
Walmart International
 
Sam's Club
 
Corporate and Support
 
Consolidated
Fiscal Year Ended January 31, 2014
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
279,406

 
$
136,513

 
$
57,157

 
$
—

 
$
473,076

Operating income (loss)
 
22,351

 
5,454

 
1,975

 
(2,908
)
 
26,872

Interest expense, net
 
 
 
 
 
 
 
 
 
(2,216
)
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
$
24,656

Total assets
 
$
98,745

 
$
85,370

 
$
14,053

 
$
6,583

 
$
204,751

Depreciation and amortization
 
4,660

 
2,658

 
645

 
907

 
8,870

Capital Expenditures
 
6,378

 
4,463

 
1,071

 
1,203

 
13,115

 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2013
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
274,433

 
$
134,748

 
$
56,423

 
$
—

 
$
465,604

Operating income (loss)
 
21,491

 
6,617

 
1,960

 
(2,343
)
 
27,725

Interest Expense, net
 


 


 


 


 
(2,063
)
Income from continuing operations before income taxes
 


 


 


 


 
$
25,662

Total assets
 
$
96,234

 
$
85,695

 
$
13,479

 
$
7,697

 
$
203,105

Depreciation and amortization
 
4,586

 
2,605

 
617

 
670

 
8,478

Capital Expenditures
 
5,994

 
4,640

 
868

 
1,396

 
12,898

 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2012
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
264,186

 
$
125,435

 
$
53,795

 
$
—

 
$
443,416

Operating income (loss)
 
20,381

 
6,113

 
1,844

 
(1,847
)
 
26,491

Interest Expense, net
 


 


 


 


 
(2,159
)
Income from continuing operations before income taxes
 


 





 


 
$
24,332

Total assets
 
$
93,143

 
$
81,289

 
$
12,824

 
$
6,150

 
$
193,406

Depreciation and amortization
 
4,557

 
2,438

 
595

 
540

 
8,130

Capital Expenditures
 
6,226

 
5,274

 
823

 
1,187

 
13,510

Segment Revenue and Long-lived Assets 
Total revenues, consisting of net sales and membership and other income, and long-lived assets, consisting primarily of property and equipment, net, aggregated by the Company's U.S. and non-U.S. operations for fiscal 2014, 2013 and 2012, are as follows:
 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
Total revenues
 
 
 
 
 
U.S. operations
$
338,681

 
$
332,788

 
$
319,800

Non-U.S. operations
137,613

 
135,863

 
126,709

Total revenues
$
476,294

 
$
468,651

 
$
446,509

 
 
 
 
 
 
Long-lived assets
 
 
 
 
 
U.S. operations
$
79,644

 
$
77,692

 
$
75,881

Non-U.S. operations
38,263

 
38,989

 
36,443

Total long-lived assets
$
117,907

 
$
116,681

 
$
112,324

No individual country outside of the U.S. had total revenues or long-lived assets that were material to the consolidated totals. Additionally, the Company did not generate material total revenues from any single customer.
Subsequent Events (Tables)
Schedule of dividends payable
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
Quarterly Financial Information Disclosure (Tables)
Schedule of Quarterly Financial Information
 
 
 
Fiscal Year Ended January 31, 2014
(Amounts in millions, except per share data)
 
Q1
 
Q2
 
Q3
 
Q4
 
Total
Total revenues
 
$
114,071

 
$
116,829

 
$
115,688

 
$
129,706

 
$
476,294

Net sales
 
113,313

 
116,101

 
114,876

 
128,786

 
473,076

Cost of sales
 
85,991

 
87,420

 
86,687

 
97,971

 
358,069

Income from continuing operations
 
3,932

 
4,205

 
3,870

 
4,544

 
16,551

Consolidated net income
 
3,944

 
4,216

 
3,885

 
4,650

 
16,695

Consolidated net income attributable to Walmart
 
3,784

 
4,069

 
3,738

 
4,431

 
16,022

 
 
 
 
 
 
 
 
 
 
 
Basic net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Basic income per common share from continuing operations attributable to Walmart
 
1.14

 
1.24

 
1.14

 
1.35

 
4.87

Basic income (loss) per common share from discontinued operations attributable to Walmart
 
0.01

 
—

 
0.01

 
0.02

 
0.03

Basic net income per common share attributable to Walmart
 
1.15

 
1.24

 
1.15

 
1.37

 
4.90

 
 
 
 
 
 
 
 
 
 
 
Diluted net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Diluted income per common share from continuing operations attributable to Walmart
 
1.14

 
1.23

 
1.14

 
1.34

 
4.85

Diluted income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
0.01

 
—

 
0.02

 
0.03

Diluted net income per common share attributable to Walmart
 
1.14

 
1.24

 
1.14

 
1.36

 
4.88

 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended January 31, 2013
 
 
Q1
 
Q2
 
Q3
 
Q4
 
Total
Total revenues
 
$
112,901

 
$
114,174

 
$
113,800

 
$
127,776

 
$
468,651

Net sales
 
112,155

 
113,412

 
113,077

 
126,960

 
465,604

Cost of sales
 
85,145

 
85,611

 
85,470

 
96,071

 
352,297

Income from continuing operations
 
3,882

 
4,150

 
3,809

 
5,863

 
17,704

Consolidated net income
 
3,893

 
4,162

 
3,825

 
5,876

 
17,756

Consolidated net income attributable to Walmart
 
3,741

 
4,017

 
3,635

 
5,606

 
16,999

 
 
 
 
 
 
 
 
 
 
 
Basic net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Basic income per common share from continuing operations attributable to Walmart
 
1.10

 
1.18

 
1.08

 
1.68

 
5.03

Basic income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
0.01

 
—

 
—

 
0.01

Basic net income per common share attributable to Walmart
 
1.10

 
1.19

 
1.08

 
1.68

 
5.04

 
 
 
 
 
 
 
 
 
 
 
Diluted net income per common share(1):
 
 
 
 
 
 
 
 
 
 
Diluted income per common share from continuing operations attributable to Walmart
 
1.09

 
1.18

 
1.07

 
1.67

 
5.01

Diluted income (loss) per common share from discontinued operations attributable to Walmart
 
—

 
—

 
0.01

 
—

 
0.01

Diluted net income per common share attributable to Walmart
 
1.09

 
1.18

 
1.08

 
1.67

 
5.02

(1)
The sum of quarterly income per common share attributable to Walmart data may not agree to annual amounts due to rounding.
Summary of Significant Accounting Policies (Details) (USD $)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Jan. 31, 2011
Entity Location [Line Items]
 
 
 
 
Amounts Due from Banks
$ 1,600,000,000 
$ 1,300,000,000 
 
 
Restricted Cash
654,000,000 
715,000,000 
 
 
Cash and cash equivalents
7,281,000,000 
7,781,000,000 
6,550,000,000 
7,395,000,000 
Cash Held in Foreign Countries
5,800,000,000 
5,200,000,000 
 
 
Nonrepatriable Cash and Cash Equivalents
1,900,000,000 
1,900,000,000 
 
 
Financing Receivable, Net
1,300,000,000 
1,200,000,000 
 
 
Financing Receivable, Allowance for Credit Losses
119,000,000 
115,000,000 
 
 
Depreciation Expense, Including Amortization of Property Under Capital Leases
8,800,000,000 
8,400,000,000 
8,100,000,000 
 
Capitalized Interest on Construction Projects
78,000,000 
74,000,000 
60,000,000 
 
Workers' Compensation Self Insurance Limits
5,000,000 
 
 
 
General Liability Self-Insurance Limits
15,000,000 
 
 
 
Advertising Costs
2,400,000,000 
2,300,000,000 
2,300,000,000 
 
Pre-Opening Costs
$ 338,000,000 
$ 316,000,000 
$ 308,000,000 
 
Summary of Significant Accounting Policies (Schedule of Plant, Property and Equipment) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2014
Land [Member]
Jan. 31, 2013
Land [Member]
Jan. 31, 2014
Building and Building Improvements [Member]
Jan. 31, 2013
Building and Building Improvements [Member]
Jan. 31, 2014
Building and Building Improvements [Member]
Maximum [Member]
Jan. 31, 2014
Building and Building Improvements [Member]
Minimum [Member]
Jan. 31, 2014
Fixtures And Equipment [Member]
Jan. 31, 2013
Fixtures And Equipment [Member]
Jan. 31, 2014
Fixtures And Equipment [Member]
Maximum [Member]
Jan. 31, 2014
Fixtures And Equipment [Member]
Minimum [Member]
Jan. 31, 2014
Transportation Equipment [Member]
Jan. 31, 2013
Transportation Equipment [Member]
Jan. 31, 2014
Transportation Equipment [Member]
Maximum [Member]
Jan. 31, 2014
Transportation Equipment [Member]
Minimum [Member]
Jan. 31, 2014
Construction in Progress [Member]
Jan. 31, 2013
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment, Useful Life
 
 
 
 
 
 
40 years 
3 years 
 
 
25 years 
3 years 
 
 
15 years 
3 years 
 
 
Property and equipment
$ 173,089 
$ 165,825 
$ 26,184 
$ 25,612 
$ 95,488 
$ 90,686 
 
 
$ 42,971 
$ 40,903 
 
 
$ 2,785 
$ 2,796 
 
 
$ 5,661 
$ 5,828 
Accumulated Depreciation
57,725 
51,896 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment, Net
$ 115,364 
$ 113,929 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Significant Accounting Policies (Schedule of Goodwill and Acquired Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Goodwill [Line Items]
 
 
 
Goodwill
$ 19,510 
$ 20,497 
$ 20,651 
Changes in Currency Translation and Other
(1,000)
(65)
 
Purchase Accounting Adjustments for Prior Year Fiscal Acquisitions
 
(528)1
 
Acquisitions
13 2
439 2
 
Walmart U.S.
 
 
 
Goodwill [Line Items]
 
 
 
Goodwill
451 
443 
439 
Changes in Currency Translation and Other
0 
0 
 
Purchase Accounting Adjustments for Prior Year Fiscal Acquisitions
 
4 1
 
Acquisitions
8 2
0 2
 
Walmart International
 
 
 
Goodwill [Line Items]
 
 
 
Goodwill
18,746 
19,741 
19,899 
Changes in Currency Translation and Other
(1,000)
(65)
 
Purchase Accounting Adjustments for Prior Year Fiscal Acquisitions
 
(532)1
 
Acquisitions
5 2
439 2
 
Sam's Club
 
 
 
Goodwill [Line Items]
 
 
 
Goodwill
313 
313 
313 
Changes in Currency Translation and Other
0 
0 
 
Purchase Accounting Adjustments for Prior Year Fiscal Acquisitions
 
0 1
 
Acquisitions
$ 0 2
$ 0 2
 
Summary of Significant Accounting Policies (Schedule of Deferred Membership Fee Revenue) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Jan. 31, 2011
Summary of Significant Accounting Policies (Schedule of Deferred Membership Fee Revenue) [Abstract]
 
 
 
 
Deferred Membership Fee Revenue
$ 641 
$ 575 
$ 559 
$ 542 
Cash Received From Members
1,249 
1,133 
1,111 
 
Membership Fee Revenue Recognized
$ 1,183 
$ 1,117 
$ 1,094 
 
Net Income Per Common Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Jan. 31, 2014
Oct. 31, 2013
Jul. 31, 2013
Apr. 30, 2013
Jan. 31, 2013
Oct. 31, 2012
Jul. 31, 2012
Apr. 30, 2012
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Net Income Per Common Share [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$ 4,544 
$ 3,870 
$ 4,205 
$ 3,932 
$ 5,863 
$ 3,809 
$ 4,150 
$ 3,882 
$ 16,551 
$ 17,704 
$ 16,408 
Income (loss) from continuing operations attributable to noncontrolling interest
 
 
 
 
 
 
 
 
(633)
(741)
(674)
Income (loss) from continuing operations attributable to Walmart
 
 
 
 
 
 
 
 
$ 15,918 
$ 16,963 
$ 15,734 
Weighted-average common shares outstanding, basic
 
 
 
 
 
 
 
 
3,269 
3,374 
3,460 
Dilutive impact of stock options and other share-based awards
 
 
 
 
 
 
 
 
14 
15 
14 
Weighted-average common shares outstanding, diluted
 
 
 
 
 
 
 
 
3,283 
3,389 
3,474 
Basic income per common share from continuing operations attributable to Walmart
$ 1.35 
$ 1.14 
$ 1.24 
$ 1.14 
$ 1.68 
$ 1.08 
$ 1.18 
$ 1.10 
$ 4.87 
$ 5.03 
$ 4.55 
Diluted income per common share from continuing operations attributable to Walmart
$ 1.34 
$ 1.14 
$ 1.23 
$ 1.14 
$ 1.67 
$ 1.07 
$ 1.18 
$ 1.09 
$ 4.85 
$ 5.01 
$ 4.53 
Shareholder's Equity (Details) (USD $)
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Jun. 4, 2010
Jan. 31, 2014
Restricted Stock And Performance Share Awards [Member]
Jan. 31, 2013
Restricted Stock And Performance Share Awards [Member]
Jan. 31, 2012
Restricted Stock And Performance Share Awards [Member]
Jan. 31, 2014
Restricted Stock And Performance Share Awards [Member]
Minimum [Member]
Jan. 31, 2014
Restricted Stock And Performance Share Awards [Member]
Maximum [Member]
Jan. 31, 2014
Restricted Stock [Member]
Jan. 31, 2013
Restricted Stock [Member]
Jan. 31, 2012
Restricted Stock [Member]
Jan. 31, 2014
Restricted Stock [Member]
Minimum [Member]
Jan. 31, 2014
Restricted Stock [Member]
Maximum [Member]
Jan. 31, 2014
Equity Option [Member]
Jan. 31, 2013
Equity Option [Member]
Jan. 31, 2012
Equity Option [Member]
Jan. 31, 2014
Colleague Share Ownership Plan [Member]
Jan. 31, 2014
Colleague Share Ownership Plan [Member]
Minimum [Member]
Jan. 31, 2014
Colleague Share Ownership Plan [Member]
Maximum [Member]
Jan. 31, 2014
Sharesave Plan [Member]
Jun. 6, 2013
2011 Share Repurchase Program [Member]
Jun. 6, 2013
2013 Share Repurchase Program [Member]
Jan. 31, 2014
2013 Share Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation Expense
$ 388,000,000 
$ 378,000,000 
$ 355,000,000 
 
$ 141,000,000 
$ 152,000,000 
$ 142,000,000 
 
 
$ 224,000,000 
$ 195,000,000 
$ 184,000,000 
 
 
$ 23,000,000 
$ 31,000,000 
$ 29,000,000 
 
 
 
 
 
 
 
Tax Benefit Recognized from Share-Based Compensation
145,000,000 
142,000,000 
134,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares Registered Under the Securities Exchange Act of 1933
49,000,000 
 
 
210,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Awards Range
 
 
 
 
 
 
 
0.00% 
150.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Award Vesting Period
 
 
 
 
 
 
 
3 years 
5 years 
 
 
 
3 years 
5 years 
5 years 
 
 
 
3 years 
6 years 
3 years 
 
 
 
Restricted Stock Vesting Terms - Three Years
 
 
 
 
 
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted Stock Vesting Terms - 5 Years
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Discount For Dividend Yield
10.30% 
12.20% 
11.70% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Options Contract Terms
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Colleague Share Ownership Plan Exercise Terms
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 months 
 
 
6 months 
 
 
 
Sharesave Plan Grant Terms
80.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Shares Outstanding
 
 
 
 
9,951,000 1
12,598,000 1
 
 
 
17,785,000 
17,839,000 
 
 
 
8,250,000 2
10,240,000 2
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Weighted Average Price per Share
 
 
 
 
$ 63.26 1
$ 57.37 1
 
 
 
$ 55.87 
$ 49.79 
 
 
 
$ 48.47 2
$ 47.58 2
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Shares Granted
 
 
 
 
3,688,000 1
 
 
 
 
5,095,000 
 
 
 
 
1,846,000 2
 
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Granted - Weighted Average Price per Share
 
 
 
 
$ 76.05 1
 
 
 
 
$ 77.75 
 
 
 
 
$ 56.63 2
 
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Shares Vested/Exercised
 
 
 
 
(2,445,000)1
 
 
 
 
(3,998,000)
 
 
 
 
(3,421,000)2
 
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Vested/Exercised
 
 
 
 
$ 55.31 1
 
 
 
 
$ 55.33 
 
 
 
 
$ 48.88 2
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period
 
 
 
 
(3,890,000)1
 
 
 
 
(1,151,000)
 
 
 
 
(415,000)2
 
 
 
 
 
 
 
 
 
Restricted Stock Awards, Restricted Stock Rights and Stock Options Forfeited/Expired
 
 
 
 
$ 61.32 1
 
 
 
 
$ 60.38 
 
 
 
 
$ 59.43 2
 
 
 
 
 
 
 
 
 
Stock Options Exercisable - Shares
3,119,000 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Options Exercisable - Weighted Average Price per Share
$ 48.45 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized Compensation Costs on Restricted Stock Awards, Restricted Stock Rights and Stock Options
 
 
 
 
200,000,000 
497,000,000 
26,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized Compensation Costs on Restricted Stock Awards, Restricted Stock Rights and Stock Options - Weighted Average Period
 
 
 
 
2 years 
2 years 1 month 6 days 
2 years 9 months 18 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Remaining Life for Stock Options Outstanding
5 years 9 months 18 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Remaining Life for Stock Options Exercisable
 
2 years 2 months 12 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate Intrinsic Value of Stock Options Outstanding and Exercisable
209,000,000 
82,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Restricted Stock, Performance Share Awards and Restricted Stock Rights Vested
 
 
 
 
116,000,000 
155,000,000 
134,000,000 
 
 
189,000,000 
168,000,000 
178,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Stock Options Vested
16,000,000 
33,000,000 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from Stock Options Exercised
108,000,000 
320,000,000 
420,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intrinsic Value of Stock Options Exercised
99,000,000 
207,000,000 
91,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Stock Options Granted - Dividend Yield
2.50% 3
2.80% 3
2.90% 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Stock Options Granted - Volatility
15.20% 4
16.20% 4
17.60% 4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Stock Options Granted - Risk-free Interest Rate
0.40% 5
0.60% 5
1.30% 5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Stock Options Granted - Expected Life in Years
3 years 3 months 18 days 6
3 years 6
3 years 6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Fair Value of Options Granted
$ 15.27 
$ 10.57 
$ 9.61 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share Repurchase Program, Authorized Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15,000,000,000 
15,000,000,000 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
712,000,000 
 
11,300,000,000 
Total Number of Shares Repurchased
89,100,000 
113,200,000 
115,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Price Paid per Share
$ 74.99 
$ 67.15 
$ 54.64 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Cash Paid for Share Repurchases
$ 6,683,000,000 
$ 7,600,000,000 
$ 6,298,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
$ (2,409)
$ 823 
$ (2,056)
Balances - Beginning of Period
(587)
(1,410)
646 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(2,426)
 
 
Reclassification From Accumulated Other Comprehensive Income Current Period Net of Tax
17 
 
 
Balances - End of Period
(2,996)
(587)
(1,410)
Currency Translation And Other [Member]
 
 
 
Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
 
853 
(2,032)
Balances - Beginning of Period
47 
(806)
1,226 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(2,769)
 
 
Reclassification From Accumulated Other Comprehensive Income Current Period Net of Tax
0 
 
 
Balances - End of Period
(2,722)
47 
(806)
Derivative Instruments [Member]
 
 
 
Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
 
136 
(67)
Balances - Beginning of Period
129 
(7)
60 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
194 
 
 
Reclassification From Accumulated Other Comprehensive Income Current Period Net of Tax
13 
 
 
Balances - End of Period
336 
129 
(7)
Minimum Pension Liability [Member]
 
 
 
Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
 
(166)
43 
Balances - Beginning of Period
(763)
(597)
(640)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
149 
 
 
Reclassification From Accumulated Other Comprehensive Income Current Period Net of Tax
4 
 
 
Balances - End of Period
$ (610)
$ (763)
$ (597)
Accrued Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Accrued Liabilities [Abstract]
 
 
Accrued Wages and Benefits
$ 4,652 1
$ 5,059 1
Self Insurance
3,477 2
3,373 2
Accrued Taxes
2,554 3
2,851 3
Other Accrued Liabilities
8,110 4
7,525 4
Accrued liabilities
$ 18,793 
$ 18,808 
Short-term Borrowings and Long-term Debt (Narrative) (Details) (USD $)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Debt Instrument [Line Items]
 
 
Short-term borrowings
$ 7,670,000,000 
$ 6,805,000,000 
Number Of Financial Institutions Committing To Lend Funds Under Lines Of Credit
24 
27 
Line of Credit Facility, Amount Outstanding
17,300,000,000 
18,100,000,000 
Letters of Credit Outstanding, Amount
2,800,000,000 
2,700,000,000 
Proceeds from Issuance of Debt
6,700,000,000 
 
Principal Amount
6,750,000,000 
 
Date of First Required Payment
Oct. 11, 2013 
 
Percentage of Principal Amount Redeemed
100.00% 
 
0.600% Debt due April 11, 2016
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Apr. 11, 2013 
 
Maturity Date
Apr. 11, 2016 
 
Interest Rate
0.60% 
 
Principal Amount
1,000,000,000 
 
1.125% Debt due April 11, 2018
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Apr. 11, 2013 
 
Maturity Date
Apr. 11, 2018 
 
Interest Rate
1.125% 
 
Principal Amount
1,250,000,000 
 
2.550% Debt due April 11, 2023
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Apr. 11, 2013 
 
Maturity Date
Apr. 11, 2023 
 
Early Redemption Date
Jan. 11, 2023 
 
Interest Rate
2.55% 
 
Principal Amount
1,750,000,000 
 
4.000% Debt due April 11, 2043
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Apr. 11, 2013 
 
Maturity Date
Apr. 11, 2043 
 
Early Redemption Date
Oct. 11, 2042 
 
Interest Rate
4.00% 
 
Principal Amount
1,000,000,000 
 
1.950% Debt due December 15, 2018
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Oct. 02, 2013 
 
Maturity Date
Dec. 15, 2018 
 
Interest Rate
1.95% 
 
Principal Amount
1,000,000,000 
 
Date of First Required Payment
Jun. 15, 2014 
 
4.750% Debt due October 2, 2043
 
 
Debt Instrument [Line Items]
 
 
Issue Date
Oct. 02, 2013 
 
Maturity Date
Oct. 02, 2043 
 
Early Redemption Date
Apr. 02, 2043 
 
Interest Rate
4.75% 
 
Principal Amount
750,000,000 
 
Date of First Required Payment
Apr. 02, 2014 
 
April 11, 2013 Debt Issuance
 
 
Debt Instrument [Line Items]
 
 
Proceeds from Issuance of Debt
5,000,000,000 
 
October 2, 2013 Debt Issuance
 
 
Debt Instrument [Line Items]
 
 
Proceeds from Issuance of Debt
1,700,000,000 
 
Walmart International
 
 
Debt Instrument [Line Items]
 
 
Proceeds from Issuance of Debt
400,000,000 
 
Put Option [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt with Embeddable Put Options
$ 500,000,000 
 
Short-term Borrowings and Long-term Debt (Schedule of Short Term Borrowings) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Short-term Debt [Line Items]
 
 
 
Maximum Amount Outstanding at any Month-end
$ 13,318 
$ 8,740 
$ 9,594 
Average Daily Short-term Borrowings
$ 8,971 
$ 6,007 
$ 6,040 
Weighted Average Interest Rate
0.10% 
0.10% 
0.10% 
Short-term Borrowings and Long-term Debt (Schedule of Lines of Credit) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Maximum Borrowing Capacity
$ 17,283 
$ 18,129 
Line of Credit Facility, Amount Outstanding
17,300 
18,100 
Five Year Facility [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Maximum Borrowing Capacity
6,000 1
6,258 1
Line of Credit Facility, Amount Outstanding
0 1
0 1
Line of Credit Facility, Remaining Borrowing Capacity
6,000 1
6,258 1
Three Hundred And Sixty Four Day Facility [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Maximum Borrowing Capacity
9,400 2
10,000 2
Line of Credit Facility, Amount Outstanding
0 2
0 2
Line of Credit Facility, Remaining Borrowing Capacity
9,400 2
10,000 2
Standby Letters of Credit [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Maximum Borrowing Capacity
1,883 3
1,871 3
Line of Credit Facility, Amount Outstanding
1,836 3
1,868 3
Line of Credit Facility, Remaining Borrowing Capacity
47 3
3 3
Drawn Amount [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Amount Outstanding
1,836 
1,868 
Undrawn Amount [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Line of Credit Facility, Remaining Borrowing Capacity
$ 15,447 
$ 16,261 
Short-term Borrowings and Long-term Debt (Schedule of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2015 
 
Debt Instrument, Maturity Date Range, End
Jan. 31, 2044 
 
Long-term Debt
$ 45,874 
$ 43,981 
Long-term debt due within one year
(4,103)
(5,587)
Long-term Debt
41,771 
38,394 
Secured Long-term Debt, Noncurrent
572 
627 
Carrying Value Of Property Collateralizing Long Term Debt
471 
599 
Denominated U S Dollar Fixed - Maturity 2015-2020 [Domain]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2015 
 
Debt Instrument, Maturity Date Range, End
Jan. 31, 2044 
 
Denominated U.S. Dollar Fixed - Maturity 2015-2044
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
35,500 
32,476 
Debt Weighted Average Interest Rate Fixed
4.30% 1
4.60% 1
Denominated U.S. Dollar Variable
 
 
Debt Instrument [Line Items]
 
 
Maturity Date
Jan. 31, 2015 
 
Long-term Debt
500 
500 
Debt Weighted Average Interest Rate Variable
5.40% 1
5.50% 1
Total U.S. Dollar Denominated
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
36,000 
32,976 
Denominated Euro Fixed
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2030 
 
Long-term Debt
1,356 
1,358 
Debt Weighted Average Interest Rate Fixed
4.90% 1
4.90% 1
Denominated Euro Variable
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
0 
0 
Total Euro Denominated
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
1,356 
1,358 
Denominated Sterling Fixed
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2031 
 
Debt Instrument, Maturity Date Range, End
Jan. 31, 2039 
 
Long-term Debt
5,770 
5,550 
Debt Weighted Average Interest Rate Fixed
5.30% 1
5.30% 1
Denominated Sterling Variable
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
0 
0 
Total Sterling Denominated
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
5,770 
5,550 
Denominated Yen Fixed
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2015 
 
Debt Instrument, Maturity Date Range, End
Jan. 31, 2021 
 
Long-term Debt
1,490 
1,942 
Debt Weighted Average Interest Rate Fixed
1.30% 1
1.40% 1
Denominated Yen Variable
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Maturity Date Range, Start
Jan. 31, 2015 
 
Debt Instrument, Maturity Date Range, End
Jan. 31, 2016 
 
Long-term Debt
457 
1,056 
Debt Weighted Average Interest Rate Variable
0.70% 1
0.70% 1
Total Yen Denominated
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
1,947 
2,998 
Total Unsecured Debt
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
45,073 
42,882 
Total Other Debt
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 801 2
$ 1,099 2
Short-term Borrowings and Long-term Debt (Long Term Debt Schedule of Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Debt Instrument [Line Items]
 
 
Long-term Debt Maturities - Fiscal Year 2015
$ 4,103 
 
Long-term Debt Maturities - Fiscal Year 2016
4,480 
 
Long-term Debt Maturities - Fiscal Year 2017
2,396 
 
Long-term Debt Maturities - 2018
1,107 
 
Long-term Debt Maturities - 2019
3,531 
 
Long-term Debt Maturities - Thereafter
30,257 
 
Long-term Debt
$ 45,874 
$ 43,981 
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt (Debt Issuances) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Debt Instrument [Line Items]
 
Principal Amount
$ 6,750 
0.600% Debt due April 11, 2016
 
Debt Instrument [Line Items]
 
Issue Date
Apr. 11, 2013 
Maturity Date
Apr. 11, 2016 
Interest Rate
0.60% 
Principal Amount
1,000 
1.125% Debt due April 11, 2018
 
Debt Instrument [Line Items]
 
Issue Date
Apr. 11, 2013 
Maturity Date
Apr. 11, 2018 
Interest Rate
1.125% 
Principal Amount
1,250 
2.550% Debt due April 11, 2023
 
Debt Instrument [Line Items]
 
Issue Date
Apr. 11, 2013 
Maturity Date
Apr. 11, 2023 
Interest Rate
2.55% 
Principal Amount
1,750 
4.000% Debt due April 11, 2043
 
Debt Instrument [Line Items]
 
Issue Date
Apr. 11, 2013 
Maturity Date
Apr. 11, 2043 
Interest Rate
4.00% 
Principal Amount
1,000 
1.950% Debt due December 15, 2018
 
Debt Instrument [Line Items]
 
Issue Date
Oct. 02, 2013 
Maturity Date
Dec. 15, 2018 
Interest Rate
1.95% 
Principal Amount
1,000 
4.750% Debt due October 2, 2043
 
Debt Instrument [Line Items]
 
Issue Date
Oct. 02, 2013 
Maturity Date
Oct. 02, 2043 
Interest Rate
4.75% 
Principal Amount
$ 750 
Fair Value Measurements (Notional Amounts And Fair Values Of Interest Rate Swaps) (Details) (Recurring [Member], USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Notional Amount
$ 8,211 
$ 13,695 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair Value
719 
515 
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
1,000 
3,445 
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
5 
60 
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
97 
223 
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
3,004 
2,944 
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
453 
230 
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
457 
1,056 
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
(2)
(8)
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
2,500 
5,000 
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
$ 166 
$ 10 
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt, including amounts due within one year
$ 45,874 
$ 43,981 
Carrying (Reported) Amount, Fair Value Disclosure [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt, including amounts due within one year
45,874 
43,981 
Fair Value, Fair Value Disclosure [Member] |
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
$ 50,757 
$ 50,664 
Derivative Financial Instruments (Narrative) (Details)
12 Months Ended 12 Months Ended 12 Months Ended
Jan. 31, 2014
USD ($)
Jan. 31, 2013
GBP (£)
Jan. 31, 2014
Cash Flow Hedging [Member]
USD ($)
Jan. 31, 2014
Fair Value Hedging [Member]
Jan. 31, 2014
Net Investment Hedging [Member]
Jan. 31, 2014
Net Investment Hedging [Member]
United Kingdom and Japan [Member]
Jan. 31, 2014
Net Investment Hedging [Member]
UNITED KINGDOM
GBP (£)
Jan. 31, 2014
Net Investment Hedging [Member]
JAPAN
JPY (¥)
Jan. 31, 2013
Net Investment Hedging [Member]
JAPAN
JPY (¥)
Jan. 31, 2014
Cash Flow Hedging [Member]
Jan. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Jan. 31, 2014
Cash Flow Hedging [Member]
Cross Currency Interest Rate Contract [Member]
Jan. 31, 2014
Netting and Collateral [Member]
USD ($)
Jan. 31, 2013
Netting and Collateral [Member]
USD ($)
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Collateral Held from Counterparties
 
 
 
 
 
 
 
 
 
 
 
 
$ 641,000,000 
$ 413,000,000 
Threshold of derivative liability position requiring cash collateral
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment maturity date range start
 
 
 
Feb. 28, 2014 
Oct. 30, 2023 
Aug. 31, 2014 
 
 
 
 
Aug. 31, 2014 
Sep. 30, 2029 
 
 
Investment maturity date range end
 
 
 
May 31, 2014 
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 
275,000,000,000 
 
 
 
 
 
Forward Starting Interest Rate Swap Number of Years Hedging Minimum
10 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Starting Interest Rate Swap Number of Years Hedging Maximum
30 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Starting Interest Rate Swap Termination Date
 
 
 
 
 
 
 
 
 
Oct. 31, 2014 
 
 
 
 
Notional Amount
 
 
2,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
Cash payment for terminated derivatives
 
 
74,000,000 
 
 
 
 
 
 
 
 
 
 
 
Deferred (Gain) Loss on Discontinuation of Cash Flow Hedge
 
 
$ 74,000,000 
 
 
 
 
 
 
 
 
 
 
 
Derivative Financial Instruments (Balance Sheet Classification Of Financial Instruments) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Fair Value Hedging [Member]
 
 
Derivative [Line Items]
 
 
Derivative Assets
$ 5 
$ 60 
Fair Value Hedging [Member] |
Prepaid Expenses and Other
 
 
Derivative [Line Items]
 
 
Derivative Assets
5 
29 
Fair Value Hedging [Member] |
Other Assets and Deferred Charges
 
 
Derivative [Line Items]
 
 
Derivative Assets
 
31 
Net Investment Hedging [Member]
 
 
Derivative [Line Items]
 
 
Derivative Assets
97 
223 
Nonderivative Hedging Instruments
6,068 
6,963 
Net Investment Hedging [Member] |
Other Assets and Deferred Charges
 
 
Derivative [Line Items]
 
 
Derivative Assets
97 
223 
Net Investment Hedging [Member] |
Long Term Debt Due Within One Year
 
 
Derivative [Line Items]
 
 
Nonderivative Hedging Instruments
973 
818 
Net Investment Hedging [Member] |
Long-term Debt
 
 
Derivative [Line Items]
 
 
Nonderivative Hedging Instruments
5,095 
6,145 
Cash Flow Hedging [Member]
 
 
Derivative [Line Items]
 
 
Derivative Assets
619 
327 
Derivative Liabilities
2 
95 
Cash Flow Hedging [Member] |
Other Assets and Deferred Charges
 
 
Derivative [Line Items]
 
 
Derivative Assets
619 
327 
Cash Flow Hedging [Member] |
Accrued Liabilities
 
 
Derivative [Line Items]
 
 
Derivative Liabilities
1 
4 
Cash Flow Hedging [Member] |
Deferred Income Taxes and Other
 
 
Derivative [Line Items]
 
 
Derivative Liabilities
$ 1 
$ 91 
Taxes (Narrative) (Details) (USD $)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Jan. 31, 2011
Taxes [Line Items]
 
 
 
 
Deferred Tax Liabilities, Undistributed Foreign Earnings
$ 21,400,000,000 
$ 19,200,000,000 
 
 
Operating Loss And Capital Loss Carryforwards
6,100,000,000 
 
 
 
Operating Loss and Capital Loss Carryforwards Expiring By 2024
3,600,000,000 
 
 
 
Foreign Tax Credit Carryforwards Expiring By 2024
1,800,000,000 
 
 
 
Deferred Tax Assets, Valuation Allowance
1,801,000,000 
2,225,000,000 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
(400,000,000)
 
 
 
Unrecognized Tax Benefits
763,000,000 
818,000,000 
611,000,000 
795,000,000 
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
698,000,000 
741,000,000 
 
 
Unrecognized Tax Benefits, Interest on Income Taxes Expense
(7,000,000)
2,000,000 
(19,000,000)
 
Unrecognized Tax Benefits, Interest on Income Taxes Accrued
40,000,000 
139,000,000 
 
 
Minimum [Member]
 
 
 
 
Taxes [Line Items]
 
 
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
(50,000,000)
 
 
 
Maximum [Member]
 
 
 
 
Taxes [Line Items]
 
 
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
$ (250,000,000)
 
 
 
Taxes (Schedule of Income from Continuing Operations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Taxes [Line Items]
 
 
 
Income from continuing operations before income taxes
$ 24,656 
$ 25,662 
$ 24,332 
Us Domestic [Member]
 
 
 
Taxes [Line Items]
 
 
 
Income from continuing operations before income taxes
19,412 
19,352 
18,685 
Walmart International
 
 
 
Taxes [Line Items]
 
 
 
Income from continuing operations before income taxes
$ 5,244 
$ 6,310 
$ 5,647 
Taxes (Summary of Provision for Income Taxes) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Taxes (Summary for Provision of Income Taxes) [Abstract]
 
 
 
Current Federal Tax Expense (Benefit)
$ 6,377 
$ 5,611 
$ 4,596 
Current State and Local Tax Expense (Benefit)
719 
622 
743 
Current Foreign Tax Expense (Benefit)
1,523 
1,743 
1,383 
Current
8,619 
7,976 
6,722 
Deferred Federal Income Tax Expense (Benefit)
(72)
38 
1,444 
Deferred State and Local Income Tax Expense (Benefit)
37 
(8)
57 
Deferred Foreign Income Tax Expense (Benefit)
(479)
(48)
(299)
Deferred
(514)
(18)
1,202 
Provision for income taxes
$ 8,105 
$ 7,958 
$ 7,924 
Taxes (Effective Income Tax Rate Reconciliation) (Details)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Income Tax Disclosure [Abstract]
 
 
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent
35.00% 
35.00% 
35.00% 
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent
2.00% 
1.70% 
2.00% 
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent
(2.80%)
(2.60%)
(2.80%)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent
(1.40%)
(2.50%)
(0.30%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent
0.10% 
(0.60%)
(1.30%)
Effective Income Tax Rate Reconciliation, Percent
32.90% 
31.00% 
32.60% 
Taxes (Components of Deferred Tax Balances) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Income Tax Disclosure [Abstract]
 
 
Deferred Tax Assets - Loss And Tax Credit Carryforwards
$ 3,566 
$ 3,525 
Deferred Tax Assets - Accrued Liabilities
2,986 
2,683 
Deferred Tax Assets - Share-based Compensation
126 
204 
Deferred Tax Assets - Other
1,573 
1,500 
Deferred Tax Assets, Gross
8,251 
7,912 
Deferred Tax Assets, Valuation Allowance
(1,801)
(2,225)
Deferred Tax Assets, Net of Valuation Allowance
6,450 
5,687 
Deferred Tax Liabilities - Property, Plant and Equipment
6,295 
5,830 
Deferred Tax Liabilities - Inventories
1,641 
1,912 
Deferred Tax Liabilities - Other
1,827 
1,157 
Total Deferred Tax Liabilities
9,763 
8,899 
Net Deferred Tax Liabilities
$ 3,313 
$ 3,212 
Taxes (Deferred Tax Balance Sheet Classification) (Details) (USD $)
In Millions, unless otherwise specified
Jan. 31, 2014
Jan. 31, 2013
Taxes (Deferred Tax Balance Sheet Classification) [Abstract]
 
 
Deferred Taxes On Prepaid Expenses And Other
$ 822 
$ 520 
Deferred Taxes On Other Assets And Deferred Charges
1,151 
757 
Deferred Tax Assets, Net of Valuation Allowance, Current
1,973 
1,277 
Deferred Taxes On Accrued Liabilities
176 
116 
Deferred Income Taxes And Other
5,110 
4,373 
Liability Subtotals
5,286 
4,489 
Net Deferred Tax Liabilities
$ 3,313 
$ 3,212 
Taxes (Unrecognized Tax Positions) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Jan. 31, 2011
Income Tax Contingency [Line Items]
 
 
 
 
Unrecognized Tax Benefits
$ 763 
$ 818 
$ 611 
$ 795 
Unrecognized Tax Benefits - Increases Related to Prior Year Tax Positions
41 
88 
87 
 
Unrecognized Tax Benefits - Decreases Related to Prior Year Tax Positions
(112)
(232)
(162)
 
Unrecognized Tax Benefits - Increases Related to Current Year Tax Positions
133 
431 
56 
 
Unrecognized Tax Benefits - Settlements During the Period
(117)
(80)
(161)
 
Unrecognized Tax Benefits - Lapse in Statutes of Limitations
$ 0 
$ 0 
$ (4)
 
Contingencies (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2012
Jan. 31, 2014
Nov. 14, 2007
Braun Hummel lawsuit
Oct. 13, 2006
Braun Hummel lawsuit
Jul. 31, 2012
Compliance Programs and Organizational Enhancements [Member]
Jan. 31, 2014
Compliance Programs and Organizational Enhancements [Member]
Jul. 31, 2012
Inquiry and Investigation Expense [Member]
Jan. 31, 2014
Inquiry and Investigation Expense [Member]
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
Loss contingency, loss in period
 
 
 
$ 78 
 
 
 
 
Litigation settlement, gross
 
 
188 
 
 
 
 
 
Rate of post-judgment interest accrual
 
 
6.00% 
 
 
 
 
 
Foreign Corrupt Practices Act related expenses
$ 157 
$ 282 
 
 
$ 57 
$ 109 
$ 100 
$ 173 
Commitments (Details) (USD $)
12 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Commitments Disclosure [Abstract]
 
 
 
Operating Leases, Rent Expense
$ 2,800,000,000 
$ 2,600,000,000 
$ 2,400,000,000 
Operating Leases, Future Minimum Payments Due - 2015
1,734,000,000 
 
 
Capital Leases, Future Minimum Payments Due - 2015
586,000,000 
 
 
Operating Leases, Future Minimum Payments Due - 2016
1,632,000,000 
 
 
Capital Leases, Future Minimum Payments Due - 2016
558,000,000 
 
 
Operating Leases, Future Minimum Payments Due - 2017
1,462,000,000 
 
 
Capital Leases, Future Minimum Payments Due - 2017
519,000,000 
 
 
Operating Leases, Future Minimum Payments Due - 2018
1,314,000,000 
 
 
Capital Leases, Future Minimum Payments Due - 2018
479,000,000 
 
 
Operating Leases, Future Minimum Payments Due - 2019
1,192,000,000 
 
 
Capital Leases, Future Minimum Payments Due - 2019
438,000,000 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
9,836,000,000 
 
 
Capital Leases, Future Minimum Payments Due Thereafter
3,711,000,000 
 
 
Operating Leases, Total Minimum Rentals
17,170,000,000 
 
 
Capital Leases, Total Minimum Rentals
6,291,000,000 
 
 
Estimated Executory Costs
60,000,000 
 
 
Net Minimum Lease Payments
6,231,000,000 
 
 
Imputed Interest
3,134,000,000 
 
 
Capital Lease Obligations
3,097,000,000 
 
 
Number of Future Lease Commitments
317 
 
 
Potential Payment Increase for Future Lease Commitments
49,000,000 
 
 
Potential Aggregate Termination Payment
$ 74,000,000 
 
 
Commitments (Aggregate Minimum Annual Rentals Under Non-Cancelable Leases) (Details)
12 Months Ended
Jan. 31, 2014
Minimum [Member]
 
Commitments [Line Items]
 
Commitment On Lease Years
4 
Maximum [Member]
 
Commitments [Line Items]
 
Commitment On Lease Years
40 
Segment Net Sales (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jan. 31, 2014
Oct. 31, 2013
Jul. 31, 2013
Apr. 30, 2013
Jan. 31, 2013
Oct. 31, 2012
Jul. 31, 2012
Apr. 30, 2012
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 128,786 
$ 114,876 
$ 116,101 
$ 113,313 
$ 126,960 
$ 113,077 
$ 113,412 
$ 112,155 
$ 473,076 
$ 465,604 
$ 443,416 
Operating Income (Loss)
 
 
 
 
 
 
 
 
26,872 
27,725 
26,491 
Interest Income (Expense), Net
 
 
 
 
 
 
 
 
(2,216)
(2,063)
(2,159)
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
24,656 
25,662 
24,332 
Assets
204,751 
 
 
 
203,105 
 
 
 
204,751 
203,105 
193,406 
Depreciation and Amortization
 
 
 
 
 
 
 
 
8,870 
8,478 
8,130 
Capital Expenditures
 
 
 
 
 
 
 
 
13,115 
12,898 
13,510 
Walmart U.S.
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
279,406 
274,433 
264,186 
Operating Income (Loss)
 
 
 
 
 
 
 
 
22,351 
21,491 
20,381 
Interest Expense
 
 
 
 
 
 
 
 
 
   
   
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
   
   
Assets
98,745 
 
 
 
96,234 
 
 
 
98,745 
96,234 
93,143 
Depreciation and Amortization
 
 
 
 
 
 
 
 
4,660 
4,586 
4,557 
Capital Expenditures
 
 
 
 
 
 
 
 
6,378 
5,994 
6,226 
Walmart International
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
136,513 
134,748 
125,435 
Operating Income (Loss)
 
 
 
 
 
 
 
 
5,454 
6,617 
6,113 
Interest Expense
 
 
 
 
 
 
 
 
 
   
   
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
   
   
Assets
85,370 
 
 
 
85,695 
 
 
 
85,370 
85,695 
81,289 
Depreciation and Amortization
 
 
 
 
 
 
 
 
2,658 
2,605 
2,438 
Capital Expenditures
 
 
 
 
 
 
 
 
4,463 
4,640 
5,274 
Sam's Club
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
57,157 
56,423 
53,795 
Operating Income (Loss)
 
 
 
 
 
 
 
 
1,975 
1,960 
1,844 
Interest Expense
 
 
 
 
 
 
 
 
 
   
   
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
   
   
Assets
14,053 
 
 
 
13,479 
 
 
 
14,053 
13,479 
12,824 
Depreciation and Amortization
 
 
 
 
 
 
 
 
645 
617 
595 
Capital Expenditures
 
 
 
 
 
 
 
 
1,071 
868 
823 
Corporate and support
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Operating Income (Loss)
 
 
 
 
 
 
 
 
(2,908)
(2,343)
(1,847)
Interest Expense
 
 
 
 
 
 
 
 
 
   
   
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
   
   
Assets
6,583 
 
 
 
7,697 
 
 
 
6,583 
7,697 
6,150 
Depreciation and Amortization
 
 
 
 
 
 
 
 
907 
670 
540 
Capital Expenditures
 
 
 
 
 
 
 
 
$ 1,203 
$ 1,396 
$ 1,187 
Segment Revenue and Long-Lived Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jan. 31, 2014
Oct. 31, 2013
Jul. 31, 2013
Apr. 30, 2013
Jan. 31, 2013
Oct. 31, 2012
Jul. 31, 2012
Apr. 30, 2012
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
$ 129,706 
$ 115,688 
$ 116,829 
$ 114,071 
$ 127,776 
$ 113,800 
$ 114,174 
$ 112,901 
$ 476,294 
$ 468,651 
$ 446,509 
Long Lived Assets
117,907 
 
 
 
116,681 
 
 
 
117,907 
116,681 
112,324 
UNITED STATES
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
338,681 
332,788 
319,800 
Long-Lived Assets
79,644 
 
 
 
77,692 
 
 
 
79,644 
77,692 
75,881 
Walmart International
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
137,613 
135,863 
126,709 
Long-Lived Assets
$ 38,263 
 
 
 
$ 38,989 
 
 
 
$ 38,263 
$ 38,989 
$ 36,443 
Subsequent Event (Details)
12 Months Ended 0 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Feb. 20, 2014
Subsequent Event [Member]
Feb. 21, 2013
Subsequent Event [Member]
Subsequent Event [Line Items]
 
 
 
 
 
Dividends declared per common share
$ 1.88 
$ 1.59 
$ 1.46 
$ 1.92 
 
Quarterly Installments of Dividend Payments
 
 
 
 
$ 0.48 
Quarterly Financial Data (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Jan. 31, 2014
Oct. 31, 2013
Jul. 31, 2013
Apr. 30, 2013
Jan. 31, 2013
Oct. 31, 2012
Jul. 31, 2012
Apr. 30, 2012
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2012
Quarterly Financial Information (Unaudited) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
$ 129,706 
$ 115,688 
$ 116,829 
$ 114,071 
$ 127,776 
$ 113,800 
$ 114,174 
$ 112,901 
$ 476,294 
$ 468,651 
$ 446,509 
Net sales
128,786 
114,876 
116,101 
113,313 
126,960 
113,077 
113,412 
112,155 
473,076 
465,604 
443,416 
Cost of sales
97,971 
86,687 
87,420 
85,991 
96,071 
85,470 
85,611 
85,145 
358,069 
352,297 
334,993 
Income from continuing operations
4,544 
3,870 
4,205 
3,932 
5,863 
3,809 
4,150 
3,882 
16,551 
17,704 
16,408 
Consolidated net income
4,650 
3,885 
4,216 
3,944 
5,876 
3,825 
4,162 
3,893 
16,695 
17,756 
16,387 
Net Income (Loss) Attributable to Parent
$ 4,431 
$ 3,738 
$ 4,069 
$ 3,784 
$ 5,606 
$ 3,635 
$ 4,017 
$ 3,741 
$ 16,022 
$ 16,999 
$ 15,699 
Basic income per common share from continuing operations attributable to Walmart
$ 1.35 
$ 1.14 
$ 1.24 
$ 1.14 
$ 1.68 
$ 1.08 
$ 1.18 
$ 1.10 
$ 4.87 
$ 5.03 
$ 4.55 
Basic income per common share from discontinued operations attributable to Walmart
$ 0.02 
$ 0.01 
$ 0.00 
$ 0.01 
$ 0.00 
$ 0.00 
$ 0.01 
$ 0.00 
$ 0.03 
$ 0.01 
$ (0.01)
Basic net income per common share attributable to Walmart
$ 1.37 
$ 1.15 
$ 1.24 
$ 1.15 
$ 1.68 
$ 1.08 
$ 1.19 
$ 1.10 
$ 4.90 
$ 5.04 
$ 4.54 
Diluted income per common share from continuing operations attributable to Walmart
$ 1.34 
$ 1.14 
$ 1.23 
$ 1.14 
$ 1.67 
$ 1.07 
$ 1.18 
$ 1.09 
$ 4.85 
$ 5.01 
$ 4.53 
Diluted income (loss) per common share from discontinued operations attributable to Walmart
$ 0.02 
$ 0.00 
$ 0.01 
$ 0.00 
$ 0.00 
$ 0.01 
$ 0.00 
$ 0.00 
$ 0.03 
$ 0.01 
$ (0.01)
Diluted net income per common share attributable to Walmart
$ 1.36 
$ 1.14 
$ 1.24 
$ 1.14 
$ 1.67 
$ 1.08 
$ 1.18 
$ 1.09 
$ 4.88 
$ 5.02 
$ 4.52