WAL MART STORES INC, 10-Q filed on 6/3/2011
Quarterly Report
Document and Entity Information
3 Months Ended
Apr. 30, 2011
May 31, 2011
Document and Entity Information
Document Type
10-Q†
Amendment Flag
FALSE†
Document Period End Date
Apr. 30, 2011†
Document Fiscal Year Focus
2012†
Document Fiscal Period Focus
Q1†
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†
Entity Common Stock, Shares Outstanding
3,472,560,467†
Condensed Consolidated Statements of Income (Unaudited)†(USD $)
In Millions, except Per Share data
3 Months Ended
Apr.†30,
2011
2010
Revenues:
Net sales
$†103,415†
$†99,097†
Membership and other income
774†
714†
Revenues, total
104,189†
99,811†
Costs and expenses:
Cost of sales
78,177†
74,618†
Operating, selling, general and administrative expenses
20,116†
19,456†
Operating income
5,896†
5,737†
Interest:
Debt
491†
455†
Capital leases
71†
67†
Interest income
(44)
(51)
Interest, net
518†
471†
Income from continuing operations before income taxes
5,378†
5,266†
Provision for income taxes
1,800†
1,822†
Income from continuing operations
3,578†
3,444†
Loss from discontinued operations, net of tax
(28)
Consolidated net income
3,550†1
3,444†1
Less consolidated net income attributable to noncontrolling interest
(151)1
(143)1
Consolidated net income attributable to Walmart
$†3,399†
$†3,301†
Basic net income per common share:
Basic income per common share from continuing operations attributable to Walmart
$†0.98†
$†0.88†
Basic loss per common share from discontinued operations attributable to Walmart
$†(0.01)
Basic net income per common share attributable to Walmart
$†0.97†
$†0.88†
Diluted net income per common share:
Diluted income per common share from continuing operations attributable to Walmart
$†0.98†
$†0.87†
Diluted loss per common share from discontinued operations attributable to Walmart
$†(0.01)
Diluted net income per common share attributable to Walmart
$†0.97†
$†0.87†
Weighted-average number of common shares:
Basic
3,497†
3,765†
Diluted
3,513†
3,781†
Dividends declared per common share
$†1.46†
$†1.21†
Condensed Consolidated Balance Sheets (Unaudited)†(USD $)
In Millions
3 Months Ended
Apr. 30, 2011
3 Months Ended
Jan. 31, 2011
3 Months Ended
Apr. 30, 2010
Current assets:
Cash and cash equivalents
$†9,400†
$†7,395†
$†8,516†
Receivables, net
4,785†
5,089†
4,235†
Inventories
38,335†
36,318†
35,021†
Prepaid expenses and other
3,330†
2,960†
3,445†
Current assets of discontinued operations
108†
131†
129†
Total current assets
55,958†
51,893†
51,346†
Property and equipment:
Property and equipment
151,766†
148,584†
139,811†
Less accumulated depreciation
(45,473)
(43,486)
(39,602)
Property and equipment, net
106,293†
105,098†
100,209†
Property under capital leases:
Property under capital leases
6,064†
5,905†
5,713†
Less accumulated amortization
(3,213)
(3,125)
(2,994)
Property under capital leases, net
2,851†
2,780†
2,719†
Goodwill
16,895†
16,763†
15,859†
Other assets and deferred charges
4,068†
4,129†
3,910†
Total assets
186,065†
180,663†
174,043†
Current liabilities:
Short-term borrowings
3,451†
1,031†
4,812†
Accounts payable
34,321†
33,557†
31,372†
Dividends payable
3,828†
3,546†
Accrued liabilities
15,962†
18,701†
15,617†
Accrued income taxes
927†
157†
2,704†
Long-term debt due within one year
3,173†
4,655†
6,012†
Obligations under capital leases due within one year
345†
336†
353†
Current liabilities of discontinued operations
44†
47†
74†
Total current liabilities
62,051†
58,484†
64,490†
Long-term debt
45,486†
40,692†
32,668†
Long-term obligations under capital leases
3,211†
3,150†
3,112†
Deferred income taxes and other
6,902†
6,682†
5,152†
Redeemable noncontrolling interest
423†
408†
325†
Commitments and contingencies
Equity:
Common stock and capital in excess of par value
3,798†
3,929†
4,059†
Retained earnings
60,330†
63,967†
62,180†
Accumulated other comprehensive income (loss)
878†
646†
(216)
Total Walmart shareholders' equity
65,006†
68,542†
66,023†
Noncontrolling interest
2,986†
2,705†
2,273†
Total equity
67,992†
71,247†
68,296†
Total liabilities and equity
$†186,065†
$†180,663†
$†174,043†
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)†(USD $)
In Millions
Common Stock [Member]
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Total Walmart Shareholders' Equity [Member]
Noncontrolling Interest [Member]
Total
Balances at Jan. 31, 2011
$†352†
$†3,577†
$†63,967†
$†646†
$†68,542†
$†2,705†
$†71,247†
Balances, in shares at Jan. 31, 2011
3,516†
Consolidated net income (excludes redeemable noncontrolling interest)
3,399†
3,399†
134†
3,533†
Other comprehensive income
232†
232†
102†
334†
Cash dividends ($1.46 per share)
(5,094)
(5,094)
(5,094)
Purchase of Company stock (in shares)
(37)
Purchase of Company stock
(33)
(70)
(1,940)
(2,043)
(2,043)
Other
(28)
(2)
(30)
45†
15†
Balances at Apr. 30, 2011
$†319†
$†3,479†
$†60,330†
$†878†
$†65,006†
$†2,986†
$†67,992†
Balances, in shares at Apr. 30, 2011
3,479†
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical)
3 Months Ended
Apr.†30,
2011
2010
Condensed Consolidated Statements of Shareholders' Equity
Cash dividends, per share
$†1.46†
$†1.21†
Comprehensive Income (Unaudited)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Comprehensive Income
Consolidated net income
$†3,550†1
$†3,444†1
Other comprehensive income
Currency translation
495†2
(48)2
Net change in fair value of derivatives
(178)
83†
Total comprehensive income
3,867†
3,479†
Less amounts attributable to the noncontrolling interest:
Consolidated net income
(151)1
(143)1
Currency translation
(85)2
(181)2
Amounts attributable to the noncontrolling interest
(236)
(324)
Comprehensive income attributable to Walmart
$†3,631†
$†3,155†
Comprehensive Income (Unaudited) (Parenthetical)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Comprehensive Income
Consolidated net income, redeemable noncontrolling interest
$†17†
$†3†
Foreign currency translation, redeemable noncontrolling interest
$†(17)
$†26†
Condensed Consolidated Statements of Cash Flows (Unaudited)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Cash flows from operating activities:
Consolidated net income
$†3,550†1
$†3,444†1
Loss from discontinued operations, net of tax
28†
Income from continuing operations
3,578†
3,444†
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization
1,985†
1,864†
Other operating activities
(209)
(696)
Changes in certain assets and liabilities, net of effects of acquisitions:
Accounts receivable
341†
(97)
Inventories
(1,713)
(2,195)
Accounts payable
205†
392†
Accrued liabilities
(2,213)
(1,739)
Net cash provided by operating activities
1,974†
973†
Cash flows from investing activities:
Payments for property and equipment
(2,389)
(2,563)
Proceeds from disposal of property and equipment
94†
123†
Other investing activities
426†
204†
Net cash used in investing activities
(1,869)
(2,236)
Cash flows from financing activities:
Net change in short-term borrowings
2,428†
4,299†
Proceeds from issuance of long-term debt
4,921†
1,971†
Payments of long-term debt
(2,057)
(37)
Dividends paid
(1,274)
(1,136)
Purchase of Company stock
(2,129)
(2,967)
Other financing activities
(223)
(294)
Net cash used in financing activities
1,666†
1,836†
Effect of exchange rates on cash and cash equivalents
234†
36†
Net increase in cash and cash equivalents
2,005†
609†
Cash and cash equivalents at beginning of year
7,395†
7,907†
Cash and cash equivalents at end of period
$†9,400†
$†8,516†
Basis of Presentation
Basis of Presentation

Note 1. Basis of Presentation

The condensed consolidated financial statements of Wal-Mart Stores, Inc. and its subsidiaries ("Walmart," the "Company" or "we") included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes thereto are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and do not contain certain information included in the Company's Annual Report to Shareholders for the fiscal year ended January 31, 2011. Therefore, the interim condensed consolidated financial statements should be read in conjunction with that Annual Report to Shareholders. Certain prior year amounts have been reclassified to conform to the current year presentation.

Net Income Per Common Share
Net Income Per Common Share

Note 2. Net Income Per Common Share

Basic net income per common share attributable to Walmart is based on the weighted-average number of outstanding common shares. Diluted net income per common share attributable to Walmart is based on the weighted-average number of outstanding common shares adjusted for the dilutive effect of stock options and other share-based awards. The dilutive effect of share-based awards was 16 million shares for the three months ended April 30, 2011 and 2010, respectively. The Company had approximately 4 million and 5 million stock options outstanding at April 30, 2011 and 2010, respectively, which were not included in the diluted net income per common share attributable to Walmart calculation because their effect would be antidilutive.

For purposes of determining consolidated net income per common share attributable to Walmart, income from continuing operations attributable to Walmart and the loss from discontinued operations, net of tax, for the three months ended April 30, 2011 and 2010 are as follows:

 

     Three Months Ended
April 30,
 

(Amounts in millions)

   2011     2010  

Income from continuing operations

   $ 3,578      $ 3,444   

Less consolidated net income attributable to noncontrolling interest

     (151     (143
                

Income from continuing operations attributable to Walmart

     3,427        3,301   

Loss from discontinued operations, net of tax

     (28     —     
                

Consolidated net income attributable to Walmart

   $ 3,399      $ 3,301   
                
Receivables
Receivables

Note 3. Receivables

Receivables consist primarily of amounts due from:

 

   

insurance companies resulting from our pharmacy sales;

 

   

banks for customer credit card, debit card and electronic bank transfers that take in excess of seven days to process;

 

   

suppliers for marketing or incentive programs;

 

   

consumer financing programs in certain of our international subsidiaries; and

 

   

real estate transactions.

Our Walmart International segment offers a limited amount of consumer credit products, principally through our subsidiaries in Chile, Canada and Mexico. At April 30, 2011, the balance of these receivables was $726 million, net of its reserve for doubtful accounts of $76 million, compared to a receivable balance of $440 million, net of its reserve for doubtful accounts of $29 million at April 30, 2010. These balances are included in receivables, net on the accompanying Condensed Consolidated Balance Sheet.

Inventories
Inventories

Note 4. 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 merchandise inventories. The retail method of accounting results in inventory being valued at the lower of cost or market since permanent markdowns are currently taken as a reduction of the retail value of inventory.The Sam's Club segment's merchandise is valued based on the weighted-average cost using the LIFO method. Inventories for the Walmart International operations are primarily valued by the retail method of accounting and are stated using the first-in, first-out ("FIFO") method. At April 30, 2011 and 2010, the Company's inventories valued at LIFO approximate those inventories as if they were valued at FIFO.

Long-term Debt
Long-term Debt

Note 5. Long-term Debt

Information on new long-term debt issuances during the first quarter of fiscal 2012 is as follows (amounts in millions):

 

                     

Issue Date

 

Maturity Date

   Interest Rate     Principal
Amount
 

April 18, 2011

  April 15, 2014      1.625%     $1,000   

April 18, 2011

  April 15, 2016      2.800%       1,000   

April 18, 2011

  April 15, 2021      4.250%       1,000   

April 18, 2011

  April 15, 2041      5.625%       2,000   
                      

Total Issuances

               $5,000   
                      

The aggregate net proceeds from these note issuances were approximately $4.9 billion. The notes of each series require semi-annual interest payments on April 15 and October 15 of each year, commencing on October 15, 2011. Unless previously purchased and cancelled, the Company will repay the notes of each series at 100% of their principal amount, together with accrued and unpaid interest thereon, at their maturity. The notes of each series are senior, unsecured obligations of the Company.

Fair Value Measurements
Fair Value Measurements

Note 6. 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 orderly 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 a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

 

   

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 in which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The disclosure of fair value of certain financial assets and liabilities that are recorded at cost is as follows:

Cash and cash equivalents: The carrying value approximates fair value due to the short maturity of these instruments.

Short-term debt: The carrying value approximates fair value due to the short maturity of these instruments.

Long-term debt: The fair value is based on the Company's current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, quoted market prices. The carrying value and fair value of the Company's long-term debt as of April 30, 2011 and January 31, 2011 are as follows:

 

     April 30, 2011      January 31, 2011  

(Amounts in millions)

   Carrying Value      Fair Value      Carrying Value      Fair Value  

Long-term debt, including amounts due within one year

   $ 48,659       $ 50,717       $ 45,347       $ 47,012   

 

Additionally, as of April 30, 2011 and January 31, 2011, the Company held certain derivative asset and liability positions that are required to be measured at fair value on a recurring basis. The majority of the Company's derivative instruments relate to interest rate swaps. The fair values of these interest rate swaps have been measured in accordance with Level 2 inputs of the fair value hierarchy, using the income approach. As of April 30, 2011 and January 31, 2011, the notional amounts and fair values of these interest rate swaps are as follows (asset/(liability)):

 

     April 30, 2011     January 31, 2011  

(Amounts in millions)

   Notional
Amount
     Fair
Value
    Notional
Amount
     Fair
Value
 

Receive fixed-rate, pay floating-rate interest rate swaps designated as fair value hedges

   $ 3,945       $ 249      $ 4,445       $ 267   

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

     1,250         165        1,250         233   

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

     1,193         (18     1,182         (18

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

     3,150         241        2,902         238   
                                  

Total

   $ 9,538       $ 637      $ 9,779       $ 720   
                                  

The fair values above are the estimated amounts the Company would receive or pay upon a termination of the agreements relating to such instruments as of the reporting dates.

Derivative Financial Instruments
Derivative Financial Instruments

Note 7. 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 floating-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 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 if their derivative liability position exceeds certain thresholds.

The Company's transactions are with counterparties rated "A" or better by nationally recognized credit rating agencies. In connection with various derivative agreements with counterparties, the Company held $505 million in cash collateral from these counterparties at April 30, 2011. It is the Company's policy to record cash collateral exclusive of any derivative asset, and any collateral holdings are reflected in its accrued liabilities as amounts due to the counterparties. Furthermore, as part of the master netting arrangements with these counterparties, the Company is also required to post collateral if the derivative liability position exceeds $150 million. The Company has no outstanding collateral postings and in the event of providing cash collateral, the Company would record the posting as a receivable exclusive of any derivative liability.

When the Company uses derivative financial instruments for the purpose of hedging its exposure to interest and currency exchange rate risks, the contract 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 a hedge, 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. The ineffective portion of an instrument's change in fair value will be immediately recognized in earnings during the period. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of the change.

Fair Value Instruments

The Company is party to receive fixed-rate, pay floating-rate interest rate swaps to hedge the fair value of fixed-rate debt. Under certain swap agreements, the Company pays floating-rate interest and receives fixed-rate interest payments periodically over the life of the instruments. 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 floating-interest rate payments are designated as fair value hedges. As the specific terms and notional amounts of the derivative instruments match those of the instruments being hedged, the derivative instruments were assumed to be perfectly effective hedges, and all changes in the fair value of the hedges were recorded in long-term debt and accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets with no net impact on the Condensed Consolidated Statements of Income. These fair value instruments will mature on dates ranging from April 2012 to May 2014.

 

Net Investment Instruments

The Company is party to cross-currency interest rate swaps that hedge its net investment in the United Kingdom. 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 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 approximately £3.0 billion of outstanding debt that is designated as a hedge of the Company's net investment in the United Kingdom as of April 30, 2011 and January 31, 2011. The Company also has outstanding ¥437 billion of debt that is designated as a hedge of the Company's net investment in Japan at April 30, 2011 and January 31, 2011. Any translation of non-U.S. denominated debt is recorded in accumulated other comprehensive income (loss), offsetting the currency translation adjustment that is also recorded in accumulated other comprehensive income (loss). These instruments will mature on dates ranging from May 2011 to January 2039.

Cash Flow Instruments

The Company is party to receive floating-rate, pay fixed-rate interest rate swaps 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. Changes in the non-U.S. benchmark interest rate result in reclassification of amounts from accumulated other comprehensive income (loss) to earnings to offset the floating-rate interest expense. These cash flow instruments will mature on dates ranging from August 2013 to July 2015.

The Company is also 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 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. Changes in the currency exchange rate result in reclassification of amounts from accumulated other comprehensive income (loss) to earnings to offset the re-measurement gain or loss on the non-U.S. denominated debt. These cash flow instruments will mature on dates ranging from September 2029 to March 2034. Any ineffectiveness related to these instruments has been and is expected to be immaterial to the Company's financial condition or results of operations.

Financial Statement Presentation

Hedging instruments with an unrealized gain are recorded on the Condensed Consolidated Balance Sheets as either a current or a non-current asset, based on maturity date, and those hedging instruments with an unrealized loss are recorded as either a current or a non-current liability, based on maturity date.

As of April 30, 2011 and January 31, 2011, the Company's financial instruments were classified as follows in the accompanying Condensed Consolidated Balance Sheets:

 

     April 30, 2011      January 31, 2011  

(Amounts in millions)

   Fair Value
Instruments
     Net Investment
Instruments
     Cash Flow
Instruments
     Fair Value
Instruments
     Net Investment
Instruments
     Cash Flow
Instruments
 

Balance Sheet Classification:

                 

Other assets and deferred charges

   $ 249       $ 165       $ 241       $ 267       $ 233       $ 238   
                                                     

Asset subtotals

   $ 249       $ 165       $ 241       $ 267       $ 233       $ 238   
                                                     

Long-term debt

   $ 249       $ —         $ —         $ 267       $ —         $ —     

Deferred income taxes and other

     —           —           18         —           —           18   
                                                     

Liability subtotals

   $ 249       $ —         $ 18       $ 267       $ —         $ 18   
                                                     
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)

Note 8. Accumulated Other Comprehensive Income (Loss)

Amounts included in accumulated other comprehensive income (loss) for the Company's derivative instruments and minimum pension liabilities are recorded net of their related income tax effect. The following table provides further detail regarding changes in the composition of accumulated other comprehensive income (loss) for the three months ended April 30, 2011:

 

(Amounts in millions)    Currency Translation
and Other
     Derivative
Instruments
    Minimum
Pension Liability
    Total  

Balances - February 1, 2011

   $ 1,226       $ 60      $ (640   $ 646   

Currency translation adjustment

     410         —          —          410   

Net change in fair value of derivatives

     —           (178     —          (178
                                 

Balances - April 30, 2011

   $ 1,636       $ (118   $ (640   $ 878   
                                 

 

The currency translation adjustment includes a net translation loss of $1.3 billion at April 30, 2011 related to net investment hedges of the Company's operations in the United Kingdom and Japan.

Legal Proceedings
Legal Proceedings

Note 9. 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, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have 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. The matters, or groups of related matters, discussed below, if decided adversely to or settled by the Company, individually or in the aggregate, unless stated otherwise, may result in 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. The Company believes it has substantial factual and legal defenses to the claims at issue, and 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 Superior Court of Appeals on August 19, 2009. The parties are currently awaiting a decision from the appellate court.

Gender Discrimination Class Action: The Company is a defendant in Dukes v. Wal-Mart Stores, Inc., a class-action lawsuit commenced in June 2001 in the United States District Court for the Northern District of California. The complaint alleges that the Company has engaged in a pattern and practice of discriminating against women in promotions, pay, training and job assignments. The complaint seeks, 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. The class, which was certified by the district court for purposes of liability, injunctive and declaratory relief, punitive damages and lost pay, subject to certain exceptions, includes all women employed at any Wal-Mart domestic retail store at any time since December 26, 1998, who have been or may be subjected to the pay and management track promotions policies and practices challenged by the plaintiffs.

On August 31, 2004, the United States Court of Appeals for the Ninth Circuit granted the Company's petition for discretionary review of the ruling. On February 6, 2007, a divided three-judge panel of the court of appeals issued a decision affirming the district court's certification order. On February 20, 2007, the Company filed a petition asking that the decision be reconsidered by a larger panel of the court. On December 11, 2007, the three-judge panel withdrew its opinion of February 6, 2007, and issued a revised opinion. As a result, the Company's Petition for Rehearing En Banc was denied as moot. The Company filed a new Petition for Rehearing En Banc on January 8, 2008. On February 13, 2009, the court of appeals issued an Order granting the Petition. On April 26, 2010, the Ninth Circuit issued a divided (6-5) opinion affirming certain portions of the district court's ruling and reversing other portions. On August 25, 2010, the Company filed a petition for a writ of certiorari to the United States Supreme Court seeking review of the Ninth Circuit's decision. On December 6, 2010, the Supreme Court granted the Company's petition for writ of certiorari. The Company filed its Brief for Petitioner on January 20, 2011; the Brief for Respondents was filed on February 22, 2011; and oral argument was held on March 29, 2011.

If the Company is not successful in its appeal of class certification, or an appellate court issues a ruling that allows for the certification of a class or classes with a different size or scope, and if there is a subsequent adverse verdict on the merits from which there is no successful appeal, or in the event of a negotiated settlement of the litigation, the resulting liability could be material to the Company's financial condition or results of operations. The plaintiffs also seek punitive damages which, if awarded, could result in the payment of additional amounts material to the Company's financial condition or results of operations. However, because of the uncertainty of the outcome of the appeal, because of the uncertainty of the balance of the proceedings contemplated by the district court, and because the Company's liability, if any, arising from the litigation, including the size of any damages awarded if plaintiffs are successful in the litigation or any negotiated settlement, could vary widely, the Company cannot reasonably estimate the possible loss or range of loss that may arise from the litigation.

Hazardous Materials Investigations: On November 8, 2005, the Company received a grand jury subpoena from the United States Attorney's Office for the Central District of California, seeking documents and information relating to the Company's receipt, transportation, handling, identification, recycling, treatment, storage and disposal of certain merchandise that constitutes hazardous materials or hazardous waste. The Company has been informed by the U.S. Attorney's Office for the Central District of California that it is a target of a criminal investigation into potential violations of the Resource Conservation and Recovery Act ("RCRA"), the Clean Water Act and the Hazardous Materials Transportation Statute. This U.S. Attorney's Office contends, among other things, that the use of Company trucks to transport certain returned merchandise from the Company's stores to its return centers is prohibited by RCRA because those materials may be considered hazardous waste. The government alleges that, to comply with RCRA, the Company must ship from the store certain materials as "hazardous waste" directly to a certified disposal facility using a certified hazardous waste carrier. The U.S. Attorney's Office in the Northern District of California subsequently joined in this investigation. The Company contends that the practice of transporting returned merchandise to its return centers for subsequent disposition, including disposal by certified facilities, is compliant with applicable laws and regulations. While management cannot predict the ultimate outcome of this matter, management does not believe the outcome will have a material effect on the Company's financial condition or results of operations.

Acquisitions
Acquisitions

Note 10. Acquisitions

Bounteous Company Limited ("BCL"): In February 2007, the Company purchased an initial 35% interest in BCL, which operates in China under the Trust-Mart banner. The Company paid $264 million for its initial 35% interest and, as additional consideration, paid $376 million to extinguish a third-party loan issued to the selling BCL shareholders that was secured by the pledge of the remaining equity of BCL. Concurrent with its initial investment in BCL, the Company entered into a Shareholders' Agreement, which provides the Company with voting rights associated with a portion of the common stock of BCL securing the loan, amounting to an additional 30% of the aggregate outstanding shares. Pursuant to the Share Purchase Agreement, the Company was committed to purchase the remaining interest in BCL on or before November 26, 2010, subject to certain conditions. The Company and the selling shareholder have mutually agreed to extend the closing, while certain conditions of the contract are being completed. In April 2011, the Company obtained antitrust clearance and now expects to finalize the other regulatory approvals and complete the transaction by the end of fiscal year 2012.

Netto: In April 2011, the Company completed the acquisition of 147 Netto stores from Dansk Supermarked in the United Kingdom, and the transition is under way to convert these stores to the ASDA brand. The Company expects to complete the in-store conversions this year. The purchase price for the acquisition was £778 million ($1.3 billion). The Netto transaction and its results will impact the Company's results of operations beginning in the second quarter of fiscal 2012.

Massmart: On November 29, 2010, the Company announced an offer to purchase 51% of Massmart, for approximately ZAR 17 billion ($2.3 billion). Massmart operates approximately 290 units under several wholesale and retail banners in South Africa and 13 other sub-Saharan African countries. On May 31, 2011, the South African Competition Tribunal approved the merger subject to certain post-closing conditions. The Company expects the transaction to close during the second quarter of fiscal 2012.

Segments
Segments

Note 11. Segments

The Company is engaged in the operations of retail stores located in all 50 states of the United States and Puerto Rico, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom. The Company's operations are conducted in three reportable segments: the Walmart U.S. segment, the Walmart International segment, and the Sam's Club segment. The Company defines its segments as those business units whose operating 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 revenue for each of these individual products and services.

The Walmart U.S. segment includes the Company's mass merchant concept in the United States and Puerto Rico operating primarily 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 United States and Puerto Rico. The Sam's Club segment includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The amounts under the caption "Other" in the Operating Income table below primarily represent unallocated corporate overhead items.

 

The Company measures the results of its segments using, among other measures, each segment's 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 dictated by the information regularly reviewed by its CODM.

Net sales by operating segment were as follows (amounts in millions):

 

     Three Months Ended
April 30,
 
     2011      2010  

Net sales:

     

Walmart U.S.

   $ 62,669       $ 62,324   

Walmart International

     27,905         25,030   

Sam's Club

     12,841         11,743   
                 

Total Company

   $ 103,415       $ 99,097   

Operating income by segment was as follows (amounts in millions):

 

     Three Months Ended
April  30,
 
     2011     2010  

Segment operating income:

    

Walmart U.S.

   $ 4,650      $ 4,615   

Walmart International

     1,096        1,083   

Sam's Club

     459        429   

Other

     (309     (390
                

Operating income

   $ 5,896      $ 5,737   

Interest expense, net

     (518     (471
                

Income from continuing operations before income taxes

   $ 5,378      $ 5,266   
                
Common Stock Dividends
Common Stock Dividends

Note 12. Common Stock Dividends

On March 3, 2011, the Company's Board of Directors declared an annual dividend for fiscal 2012 of $1.46 per share, an increase of 21% over the per share dividends paid in fiscal 2011. For the fiscal year ending January 31, 2012, the annual dividend will be paid in four quarterly installments according to the following record and payable dates:

 

Record Date

  

Payable Date

March 11, 2011    April 4, 2011
May 13, 2011    June 6, 2011
August 12, 2011    September 6, 2011
December 9, 2011    January 3, 2012

The dividend installment payable on April 4, 2011 was paid as scheduled.

Net Income Per Common Share (Tables)
Summary of Net Income
     Three Months Ended
April 30,
 

(Amounts in millions)

   2011     2010  

Income from continuing operations

   $ 3,578      $ 3,444   

Less consolidated net income attributable to noncontrolling interest

     (151     (143
                

Income from continuing operations attributable to Walmart

     3,427        3,301   

Loss from discontinued operations, net of tax

     (28     —     
                

Consolidated net income attributable to Walmart

   $ 3,399      $ 3,301   
                
Long-term Debt (Tables)
New Long-term Debt Issuances
                     

Issue Date

 

Maturity Date

   Interest Rate     Principal
Amount
 

April 18, 2011

  April 15, 2014      1.625%     $1,000   

April 18, 2011

  April 15, 2016      2.800%       1,000   

April 18, 2011

  April 15, 2021      4.250%       1,000   

April 18, 2011

  April 15, 2041      5.625%       2,000   
                      

Total Issuances

               $5,000   
                      
Fair Value Measurements (Tables)
     April 30, 2011      January 31, 2011  

(Amounts in millions)

   Carrying Value      Fair Value      Carrying Value      Fair Value  

Long-term debt, including amounts due within one year

   $ 48,659       $ 50,717       $ 45,347       $ 47,012   
     April 30, 2011     January 31, 2011  

(Amounts in millions)

   Notional
Amount
     Fair
Value
    Notional
Amount
     Fair
Value
 

Receive fixed-rate, pay floating-rate interest rate swaps designated as fair value hedges

   $ 3,945       $ 249      $ 4,445       $ 267   

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

     1,250         165        1,250         233   

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

     1,193         (18     1,182         (18

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

     3,150         241        2,902         238   
                                  

Total

   $ 9,538       $ 637      $ 9,779       $ 720   
                                  
Derivative Financial Instruments (Tables)
Balance Sheet Classification of Financial Instruments
     April 30, 2011      January 31, 2011  

(Amounts in millions)

   Fair Value
Instruments
     Net Investment
Instruments
     Cash Flow
Instruments
     Fair Value
Instruments
     Net Investment
Instruments
     Cash Flow
Instruments
 

Balance Sheet Classification:

                 

Other assets and deferred charges

   $ 249       $ 165       $ 241       $ 267       $ 233       $ 238   
                                                     

Asset subtotals

   $ 249       $ 165       $ 241       $ 267       $ 233       $ 238   
                                                     

Long-term debt

   $ 249       $ —         $ —         $ 267       $ —         $ —     

Deferred income taxes and other

     —           —           18         —           —           18   
                                                     

Liability subtotals

   $ 249       $ —         $ 18       $ 267       $ —         $ 18   
                                                     
Accumulated Other Comprehensive Income (Loss) (Tables)
Composition of Accumulated Other Comprehensive Income (Loss)
(Amounts in millions)    Currency Translation
and Other
     Derivative
Instruments
    Minimum
Pension Liability
    Total  

Balances - February 1, 2011

   $ 1,226       $ 60      $ (640   $ 646   

Currency translation adjustment

     410         —          —          410   

Net change in fair value of derivatives

     —           (178     —          (178
                                 

Balances - April 30, 2011

   $ 1,636       $ (118   $ (640   $ 878   
                                 
Segments (Tables)
     Three Months Ended
April 30,
 
     2011      2010  

Net sales:

     

Walmart U.S.

   $ 62,669       $ 62,324   

Walmart International

     27,905         25,030   

Sam's Club

     12,841         11,743   
                 

Total Company

   $ 103,415       $ 99,097   
     Three Months Ended
April  30,
 
     2011     2010  

Segment operating income:

    

Walmart U.S.

   $ 4,650      $ 4,615   

Walmart International

     1,096        1,083   

Sam's Club

     459        429   

Other

     (309     (390
                

Operating income

   $ 5,896      $ 5,737   

Interest expense, net

     (518     (471
                

Income from continuing operations before income taxes

   $ 5,378      $ 5,266   
                
Common Stock Dividends (Tables)
Common Stock Dividends, Date of Declaration and Date of Payment

Record Date

  

Payable Date

March 11, 2011    April 4, 2011
May 13, 2011    June 6, 2011
August 12, 2011    September 6, 2011
December 9, 2011    January 3, 2012
Net Income Per Common Share (Details)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Net Income Per Common Share
Dilutive effect of outstanding stock options and other share-based awards
16†
16†
Anti-dilutive stock options and share-based awards excluded from computation of diluted net income per common share
4†
5†
Income from continuing operations
$†3,578†
$†3,444†
Less consolidated net income attributable to noncontrolling interest
(151)1
(143)1
Income from continuing operations attributable to Walmart
3,427†
3,301†
Loss from discontinued operations, net of tax
(28)
Consolidated net income attributable to Walmart
$†3,399†
$†3,301†
Receivables (Details)†(USD $)
In Millions
Apr. 30, 2011
Apr. 30, 2010
Receivables
Receivables net of reserve for doubtful accounts
$†726†
$†440†
Reserve for doubtful accounts
$†76†
$†29†
Long-term Debt (Narrative) (Details)†(USD $)
In Billions, unless otherwise specified
3 Months Ended
Apr. 30, 2011
Long-term Debt
Aggregate net proceeds from note issuance
$†4.9†
Date of first repayment of long-term debt
October 15, 2011†
Repayment of debt, percentage of principal amount under normal conditions
100.00%†
Long-term Debt (New Long-term Debt Issuances) (Details)†(USD $)
In Millions, unless otherwise specified
3 Months Ended
Apr. 30, 2011
Long-term debt, Principal Amount
$†5,000†
1.625% Debt due April 15, 2014 [Member]
Long-term debt, Issue Date
April 18, 2011†
Long-term debt, Maturity Date
Apr. 15, 2014†
Long-term debt, Interest Rate
1.625%†
Long-term debt, Principal Amount
1,000†
2.800% Debt due April 15, 2016 [Member]
Long-term debt, Issue Date
April 18, 2011†
Long-term debt, Maturity Date
Apr. 15, 2016†
Long-term debt, Interest Rate
2.80%†
Long-term debt, Principal Amount
1,000†
4.250% Debt due April 15, 2021 [Member]
Long-term debt, Issue Date
April 18, 2011†
Long-term debt, Maturity Date
Apr. 15, 2021†
Long-term debt, Interest Rate
4.25%†
Long-term debt, Principal Amount
1,000†
5.625% Debt due April 15, 2041 [Member]
Long-term debt, Issue Date
April 18, 2011†
Long-term debt, Maturity Date
Apr. 15, 2041†
Long-term debt, Interest Rate
5.625%†
Long-term debt, Principal Amount
$†2,000†
Fair Value Measurements (Carrying Value and Fair Value of Long-term Debt) (Details)†(USD $)
In Millions
Apr. 30, 2011
Jan. 31, 2011
Fair Value Measurements
Long-term debt, including amounts due within one year, Carrying Value
$†48,659†
$†45,347†
Long-term debt, including amounts due within one year, Fair Value
$†50,717†
$†47,012†
Fair Value Measurements (Notional Amounts and Fair Values of Interest Rate Swaps) (Details)†(USD $)
In Millions
Apr. 30, 2011
Jan. 31, 2011
Notional Amount
$†9,538†
$†9,779†
Fair Value Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Floating-Rate Interest Rate Swaps [Member]
Notional Amount
3,945†
4,445†
Fair Value Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Floating-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value
249†
267†
Net Investment Hedging [Member] |
Cross-Currency Interest Rate Contract [Member] |
Fixed-Rate Interest Rate Swaps [Member]
Notional Amount
1,250†
1,250†
Net Investment Hedging [Member] |
Cross-Currency Interest Rate Contract [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value
165†
233†
Cash Flow Hedging [Member] |
Cross-Currency Interest Rate Contract [Member] |
Fixed-Rate Interest Rate Swaps [Member]
Notional Amount
3,150†
2,902†
Cash Flow Hedging [Member] |
Cross-Currency Interest Rate Contract [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value
241†
238†
Cash Flow Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Floating-Rate Interest Rate Swaps [Member]
Notional Amount
1,193†
1,182†
Cash Flow Hedging [Member] |
Fixed-Rate Interest Rate Swaps [Member] |
Floating-Rate Interest Rate Swaps [Member] |
Fair Value, Inputs, Level 2 [Member]
Fair Value
(18)
(18)
Fair Value, Inputs, Level 2 [Member]
Fair Value
$†637†
$†720†
Derivative Financial Instruments (Narrative) (Details)
3 Months Ended
Apr.†30,
Apr. 30, 2011
USD ($)
Apr. 30, 2011
JPY (•)
Jan. 31, 2011
JPY (•)
2011
Non-U.S. Denominated Debt [Member]
Net Investment Instrument [Member]
2011
Non-U.S. Denominated Debt [Member]
Cash Flow Instruments [Member]
2011
Fair Value Instruments [Member]
2011
Net Investment Instrument [Member]
2011
Cash Flow Instruments [Member]
Apr. 30, 2011
GBP [Member]
GBP (£)
Jan. 31, 2011
GBP [Member]
GBP (£)
Cash collateral held from counterparties
$†505,000,000†
Threshold of derivative liability position requiring cash collateral
150,000,000†
Debt designated as United Kingdom net investment hedge
3,000,000,000†
3,000,000,000†
Debt designated as Japanese net investment hedge
•†437,000,000,000†
•†437,000,000,000†
Instrument maturity date range start
May 2011†
September 2029†
April 2012†
October 2023†
August 2013†
Instrument maturity date range end
January 2039†
March 2034†
May 2014†
February 2030†
July 2015†
Derivative Financial Instruments (Balance Sheet Classification of Financial Instruments) (Details)†(USD $)
In Millions
Apr. 30, 2011
Jan. 31, 2011
Apr. 30, 2010
Other assets and deferred charges
$†4,068†
$†4,129†
$†3,910†
Long-term debt
45,486†
40,692†
32,668†
Deferred income taxes and other
6,902†
6,682†
5,152†
Fair Value Instruments [Member]
Other assets and deferred charges
249†
267†
Asset subtotals
249†
267†
Long-term debt
249†
267†
Deferred income taxes and other
Liability subtotals
249†
267†
Net Investment Instrument [Member]
Other assets and deferred charges
165†
233†
Asset subtotals
165†
233†
Long-term debt
Deferred income taxes and other
Liability subtotals
Cash Flow Instruments [Member]
Other assets and deferred charges
241†
238†
Asset subtotals
241†
238†
Long-term debt
Deferred income taxes and other
18†
18†
Liability subtotals
$†18†
$†18†
Accumulated Other Comprehensive Income (Loss) (Composition of Accumulated Other Comprehensive Income (Loss)) (Details)†(USD $)
3 Months Ended
Apr.†30,
2011
2010
Balances - February 1, 2011
$†646,000,000†
Currency translation adjustment
410,000,000†
Net change in fair value of derivatives
(178,000,000)
83,000,000†
Balances - April 30, 2011
878,000,000†
(216,000,000)
Net translation gain (loss) related to net investment hedges
(1,300,000,000)
Currency Translation [Member]
Balances - February 1, 2011
1,226,000,000†
Currency translation adjustment
410,000,000†
Net change in fair value of derivatives
Balances - April 30, 2011
1,636,000,000†
Derivative Instruments [Member]
Balances - February 1, 2011
60,000,000†
Currency translation adjustment
Net change in fair value of derivatives
(178,000,000)
Balances - April 30, 2011
(118,000,000)
Minimum Pension Liability [Member]
Balances - February 1, 2011
(640,000,000)
Currency translation adjustment
Net change in fair value of derivatives
Balances - April 30, 2011
$†(640,000,000)
Legal Proceedings (Details)†(USD $)
In Millions
3 Months Ended
Apr. 30, 2011
0 Months Ended
Nov. 14, 2007
Braun/Hummel Lawsuit [Member]
0 Months Ended
Oct. 13, 2006
Braun/Hummel Lawsuit [Member]
Jury award
$†78†
Litigation settlement, gross
$†188†
Rate of Post-Judgment Interest Accrual
six percent per annum†
Acquisitions (Narrative) (Details)
In Millions, unless otherwise specified
Apr. 30, 2011
Stores in South Africa [Member]
Massmart Holdings Ltd [Member]
3 Months Ended
Apr. 30, 2011
Stores in Sub-Saharan African Countries [Member]
Massmart Holdings Ltd [Member]
Feb. 28, 2007
Initial Interest [Member]
Bounteous Company Limited [Member]
USD ($)
Feb. 28, 2007
Additional Consideration [Member]
Bounteous Company Limited [Member]
USD ($)
Feb. 28, 2007
Bounteous Company Limited [Member]
Apr. 30, 2011
Netto Food Stores Limited [Member]
USD ($)
Apr. 30, 2011
Netto Food Stores Limited [Member]
GBP (£)
Nov. 29, 2010
Massmart Holdings Ltd [Member]
ZAR (R)
Nov. 29, 2010
Massmart Holdings Ltd [Member]
USD ($)
Ownership percentage
35.00%†
51.00%†
51.00%†
Cost of acquisition
$†264†
$†376†
Additional percentage of voting interests acquired through share-repurchase program
30.00%†
Stores acquired from entity
147†
147†
Estimated purchase price for shares
$†1,300†
£†778†
R†17,000†
$†2,300†
Number of stores operated by entity
290†
Number of countries with operations
13†
Segments (Reconciliation of Revenue from Segments to Consolidated) (Details)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Net sales
$†103,415†
$†99,097†
Walmart U.S. [Member]
Net sales
62,669†
62,324†
Walmart International [Member]
Net sales
27,905†
25,030†
Sam's Club [Member]
Net sales
$†12,841†
$†11,743†
Segments (Reconciliation to Consolidated Income from Continuing Operations Before Income Taxes) (Details)†(USD $)
In Millions
3 Months Ended
Apr.†30,
2011
2010
Operating income (loss)
$†5,896†
$†5,737†
Interest expense, net
(518)
(471)
Income from continuing operations before income taxes
5,378†
5,266†
Walmart U.S. [Member]
Operating income (loss)
4,650†
4,615†
Walmart International [Member]
Operating income (loss)
1,096†
1,083†
Sam's Club [Member]
Operating income (loss)
459†
429†
Other [Member]
Operating income (loss)
$†(309)
$†(390)
Common Stock Dividends (Narrative) (Details)
3 Months Ended
Apr.†30,
2011
2010
Common Stock Dividends
Annual dividend approved by Board of Directors for 2012
$†1.46†
$†1.21†
Percent increase over 2011 dividend
21.00%†
Installments of annual dividend expected to be paid in fiscal 2012
4†
Common Stock Dividends (Common Stock Dividends, Date of Declaration and Date of Payment) (Details)
3 Months Ended
Jan. 31, 2012
3 Months Ended
Oct. 31, 2011
3 Months Ended
Jul. 31, 2011
3 Months Ended
Apr. 30, 2011
Common Stock Dividends
Record Date
Dec. 09, 2011†
Aug. 12, 2011†
May 13, 2011†
Mar. 11, 2011†
Payable Date
Jan. 03, 2012†
Sep. 06, 2011†
Jun. 06, 2011†
Apr. 04, 2011†