WAL MART STORES INC, 10-Q filed on 12/8/2011
Quarterly Report
Document And Entity Information
9 Months Ended
Oct. 31, 2011
Dec. 6, 2011
Document And Entity Information [Abstract]
Document Type
10-Q
Amendment Flag
FALSE
Document Period End Date
Oct. 31, 2011
Document Fiscal Year Focus
2012
Document Fiscal Period Focus
Q3
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
3,424,697,366
Condensed Consolidated Statements Of Income (Unaudited)(USD $)
In Millions, except Per Share data
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Revenues:
Net sales
$109,516
$101,239
$321,569
$303,352
Membership and other income
710
713
2,212
2,137
Total revenues
110,226
101,952
323,781
305,489
Costs and expenses:
Cost of sales
82,591
75,819
242,538
227,875
Operating, selling, general and administrative expenses
21,757
20,522
63,086
60,076
Operating income
5,878
5,611
18,157
17,538
Interest:
Debt
528
500
1,544
1,432
Capital leases
72
69
218
201
Interest income
(65)
(53)
(131)
(161)
Interest, net
535
516
1,631
1,472
Income from continuing operations before income taxes
5,343
5,095
16,526
16,066
Provision for income taxes
1,842
1,505
5,510
5,285
Income from continuing operations
3,501
3,590
11,016
10,781
Loss from discontinued operations, net of tax
(8)
(36)
Consolidated net income
3,4931
3,5901
10,9802
10,7812
Less consolidated net income attributable to noncontrolling interest
(157)1
(154)1
(444)2
(448)2
Consolidated net income attributable to Walmart
$3,336
$3,436
$10,536
$10,333
Basic net income per common share:
Basic income per common share from continuing operations attributable to Walmart
$0.97
$0.95
$3.04
$2.80
Basic loss per common share from discontinued operations attributable to Walmart
$(0.01)
Basic net income per common share attributable to Walmart
$0.97
$0.95
$3.03
$2.80
Diluted net income per common share:
Diluted income per common share from continuing operations attributable to Walmart
$0.97
$0.95
$3.03
$2.79
Diluted loss per common share from discontinued operations attributable to Walmart
$(0.01)
$(0.01)
Diluted net income per common share attributable to Walmart
$0.96
$0.95
$3.02
$2.79
Weighted-average common shares outstanding:
Basic
3,445
3,617
3,473
3,692
Diluted
3,458
3,631
3,487
3,706
Dividends declared per common share
$1.46
$1.21
Condensed Consolidated Balance Sheets (Unaudited)(USD $)
In Millions
Oct. 31, 2011
Jan. 31, 2011
Oct. 31, 2010
Current assets:
Cash and cash equivalents
$7,063
$7,395
$10,616
Receivables, net
4,757
5,089
4,374
Inventories
44,135
36,318
41,059
Prepaid expenses and other
3,227
2,960
3,382
Current assets of discontinued operations
89
131
137
Total current assets
59,271
51,893
59,568
Property and equipment:
Property and equipment
151,638
148,584
145,669
Less accumulated depreciation
(43,909)
(43,486)
(41,857)
Property and equipment, net
107,729
105,098
103,812
Property under capital leases:
Property under capital leases
5,860
5,905
5,847
Less accumulated amortization
(3,197)
(3,125)
(3,117)
Property under capital leases, net
2,663
2,780
2,730
Goodwill
20,409
16,763
16,586
Other assets and deferred charges
4,967
4,129
4,194
Total assets
195,039
180,663
186,890
Current liabilities:
Short-term borrowings
9,594
1,031
7,352
Accounts payable
37,350
33,557
36,208
Dividends payable
1,305
1,191
Accrued liabilities
16,890
18,701
17,518
Accrued income taxes
382
157
518
Long-term debt due within one year
1,470
4,655
5,196
Obligations under capital leases due within one year
321
336
347
Current liabilities of discontinued operations
27
47
77
Total current liabilities
67,339
58,484
68,407
Long-term debt
44,872
40,692
40,803
Long-term obligations under capital leases
2,979
3,150
3,096
Deferred income taxes and other
8,085
6,682
6,197
Redeemable noncontrolling interest
373
408
367
Commitments and contingencies
Equity:
Common stock and capital in excess of par value
3,769
3,929
3,969
Retained earnings
64,769
63,967
61,451
Accumulated other comprehensive income (loss)
(1,375)
646
105
Total Walmart shareholders' equity
67,163
68,542
65,525
Noncontrolling interest
4,228
2,705
2,495
Total equity
71,391
71,247
68,020
Total liabilities and equity
$195,039
$180,663
$186,890
Condensed Consolidated Statement 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)
10,536
10,536
404
10,940
Other comprehensive income
(2,021)
(2,021)
(663)
(2,684)
Cash dividends declared (1.46 per share)
(5,105)
(5,105)
(5,105)
Purchase of Company stock (in shares)
(90)
Purchase of Company stock
(9)
(175)
(4,646)
(4,830)
(4,830)
Noncontrolling interest from acquisitions
1,988
1,988
Other, in shares
11
Other
1
23
17
41
(206)
(165)
Balances at Oct. 31, 2011
$344
$3,425
$64,769
$(1,375)
$67,163
$4,228
$71,391
Balances, in shares at Oct. 31, 2011
3,437
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited) (Parenthetical)
9 Months Ended
Oct.31,
2011
2010
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited) [Abstract]
Cash dividends declared, per share
$1.46
$1.21
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)(USD $)
In Millions
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Consolidated net income
$3,4931
$3,5901
$10,9802
$10,7812
Other comprehensive income
Currency translation
(3,546)3
1,4173
(2,646)4
4734
Net change in fair value of derivatives
15
(81)
(98)
(106)
Total comprehensive income
(38)
4,926
8,236
11,148
Less amounts attributable to the noncontrolling interest:
Consolidated net income
(157)1
(154)1
(444)2
(448)2
Currency translation
8703
(132)3
7234
(192)4
Amounts attributable to the noncontrolling interest
713
(286)
279
(640)
Comprehensive income attributable to Walmart
$675
$4,640
$8,515
$10,508
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)(USD $)
In Millions
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) [Abstract]
Consolidated net income, redeemable noncontrolling interest
$11
$4
$40
$6
Foreign currency translation, redeemable noncontrolling interest
$(64)
$42
$(60)
$71
Condensed Consolidated Statements Of Cash Flows (Unaudited)(USD $)
In Millions
9 Months Ended
Oct.31,
2011
2010
Cash flows from operating activities:
Consolidated net income
$10,9801
$10,7811
Loss from discontinued operations, net of tax
36
Income from continuing operations
11,016
10,781
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization
6,067
5,635
Other operating activities
1,367
851
Changes in certain assets and liabilities, net of effects of acquisitions:
Accounts receivable
499
(90)
Inventories
(7,271)
(7,996)
Accounts payable
3,331
5,363
Accrued liabilities
(2,095)
(2,279)
Net cash provided by operating activities
12,914
12,265
Cash flows from investing activities:
Payments for property and equipment
(9,543)
(9,319)
Proceeds from the disposal of property and equipment
354
242
Investments and business acquisitions, net of cash acquired
(3,537)
(132)
Other investing activities
(88)
(80)
Net cash used in investing activities
(12,814)
(9,289)
Cash flows from financing activities:
Net change in short-term borrowings
8,558
6,820
Proceeds from issuance of long-term debt
5,008
11,383
Payments of long-term debt
(4,265)
(3,577)
Dividends paid
(3,800)
(3,361)
Purchase of Company stock
(4,957)
(10,972)
Other financing activities
(828)
(623)
Net cash used in financing activities
(284)
(330)
Effect of exchange rates on cash and cash equivalents
(148)
63
Net increase (decrease) in cash and cash equivalents
(332)
2,709
Cash and cash equivalents at beginning of year
7,395
7,907
Cash and cash equivalents at end of period
$7,063
$10,616
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" or the "Company") 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. The condensed consolidated financial statements and notes thereto are presented in accordance with accounting principles generally accepted in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2011. Therefore, the interim condensed consolidated financial statements should be read in conjunction with that Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period's presentation and did not have an impact on net income.

The Company's condensed consolidated financial statements are based on a fiscal year ending on January 31 for its U.S. and Canada operations and December 31 for all other operations.

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 number of outstanding common shares. Diluted income per common share from continuing operations 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 Company had approximately 9 million and 11 million stock options outstanding at October 31, 2011 and 2010, respectively, which were not included in the diluted income per common share from continuing operations attributable to Walmart calculation because their effect would be antidilutive.

The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted income per common share from continuing operations attributable to Walmart:

 

                                 
     Three Months Ended
October 31,
    Nine Months Ended
October 31,
 
(Amounts in millions, except per share data)    2011     2010     2011     2010  

Numerator:

                                

Income from continuing operations

   $ 3,501      $ 3,590      $ 11,016      $ 10,781   

Less consolidated net income attributable to noncontrolling interest

     (157     (154     (444     (448
    

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Walmart

   $ 3,344      $ 3,436      $ 10,572      $ 10,333   
    

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

                                

Weighted-average common shares outstanding, basic

     3,445        3,617        3,473        3,692   

Dilutive impact of stock options and other share-based awards

     13        14        14        14   
    

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, diluted

     3,458        3,631        3,487        3,706   
    

 

 

   

 

 

   

 

 

   

 

 

 

Net income per common share from continuing operations attributable to Walmart:

                                

Basic

   $ 0.97      $ 0.95      $ 3.04      $ 2.80   

Diluted

     0.97        0.95        3.03        2.79   
Receivables
Receivables

Note 3. Receivables

Receivables primarily consist of amounts due from:

 

   

insurance companies—resulting from pharmacy sales;

 

   

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

 

   

suppliers—for marketing or incentive programs;

 

   

consumer financing programs (in certain international operations); and

 

   

real estate transactions.

Walmart International offers a limited amount of consumer credit products, principally through its operations in Chile, Canada and Mexico. The balance of these receivables was $972.6 million, net of reserve for doubtful accounts of $105.3 million at October 31, 2011, compared to a receivable balance of $570.6 million, net of reserve for doubtful accounts of $94.2 million at October 31, 2010. These balances are included in receivables, net on the accompanying Condensed Consolidated Balance Sheets.

 

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 October 31, 2011 and 2010, the Company's inventories valued at LIFO approximate those inventories as if they were valued at FIFO.

Debt
Debt

Note 5. Debt

Information on significant long-term debt issued during the first nine months 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

               $ 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, with the first interest payment having commenced on October 15, 2011. Unless previously purchased and cancelled, the Company will repay the notes of each series at 100% of the principal amount, together with accrued and unpaid interest thereon, at maturity. The notes of each series are senior, unsecured obligations of the Company.

In June 2011, the Company renewed and extended its existing 364-day revolving credit facility (the "364-day Facility") and its five-year credit facility (the "5-year Facility"), both of which are used to support its commercial paper program. The size of the 364-day Facility was increased from $9.0 billion to $10.0 billion, while the 5-year Facility was increased from $4.3 billion to $6.3 billion. At the same time, the Company also renewed an existing stand-by letter of credit facility used to support various potential and actual obligations. The size of the stand-by letter of credit facility remains unchanged at $2.2 billion. Undrawn and drawn fees remained constant or, in some cases, declined from the prior year. The 364-day Facility and the 5-year Facility remained undrawn as of October 31, 2011.

Derivative Financial Instruments
Derivative Financial Instruments

Note 6. 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 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 if its 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 $430 million in cash collateral from these counterparties at October 31, 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 such, 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 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 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 a 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 either the current portion of long-term debt or long-term debt, as applicable, 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 a 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 October 31, 2011 and January 31, 2011. The Company also has ¥275 billion and ¥437 billion of outstanding debt that is designated as a hedge of the Company's net investment in Japan at October 31, 2011 and January 31, 2011, respectively. 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 April 2012 to January 2039.

Cash Flow Instruments

The Company is a 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 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 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 in the accompanying 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 October 31, 2011 and January 31, 2011, the Company's financial instruments were classified as follows in the accompanying Condensed Consolidated Balance Sheets:

 

     October 31, 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:

                 

Prepaid expenses and other

   $ 3       $ —         $ —         $ —         $ —         $ —     

Other assets and deferred charges

     210         291         105         267         233         238   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Asset subtotals

   $ 213       $ 291       $ 105       $ 267       $ 233       $ 238   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Long-term debt due within one year

   $ 3       $ —         $ —         $ —         $ —         $ —     

Long-term debt

     210         —           —           267         —           —     

Deferred income taxes and other

     —           —           81         —           —           18   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liability subtotals

   $ 213       $ —         $ 81       $ 267       $ —         $ 18   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
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 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 October 31, 2011 and January 31, 2011 are as follows:

 

     October 31, 2011      January 31, 2011  
(Amounts in millions)    Carrying Value      Fair Value      Carrying Value      Fair Value  

Long-term debt, including amounts due within one year

   $ 46,342       $ 52,681       $ 45,347       $ 47,012   

Additionally, as of October 31, 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 October 31, 2011 and January 31, 2011, the notional amounts and fair values of these interest rate swaps are as follows (asset/(liability)):

 

     October 31, 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       $ 213      $ 4,445       $ 267   

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

     1,250         291        1,250         233   

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

     1,240         (17     1,182         (18

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

     2,994         41        2,902         238   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 9,429       $ 528      $ 9,779       $ 720   
  

 

 

    

 

 

   

 

 

    

 

 

 

 

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

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 nine months ended October 31, 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

     (1,923     —          —          (1,923

Net change in fair value of derivatives

     —          (98     —          (98
  

 

 

   

 

 

   

 

 

   

 

 

 

Balances—October 31, 2011

   $ (697   $ (38   $ (640   $ (1,375
  

 

 

   

 

 

   

 

 

   

 

 

 

The currency translation adjustment includes a net translation loss of $1.2 billion at October 31, 2011 related to net investment hedges of the Company's operations in the United Kingdom and Japan. During the nine months ended October 31, 2011, the Company reclassified $(24) million from accumulated other comprehensive income (loss) to earnings from the remeasurements of non-U.S.-denominated debt.

Share Repurchases
Share Repurchases

Note 9. Share Repurchases

From time to time, the Company has repurchased shares of its common stock under a $15.0 billion share repurchase program authorized by the Board of Directors on June 3, 2010 and announced on June 4, 2010. On June 2, 2011, the Company's Board of Directors replaced that share repurchase program, which had approximately $2.1 billion of remaining authorization for share repurchase as of that date, with a new $15.0 billion share repurchase program, announced on June 3, 2011. As a result, the Company terminated and will make no further share repurchases under the program announced on June 4, 2010. Consistent with the replaced share repurchase program, the new program has no expiration date or other restriction limiting the period over which the Company can make share repurchases and will expire only when and if the Company has repurchased $15.0 billion of its shares under the newly authorized program or it earlier terminates or is replaced by a newly authorized program. Any repurchased shares are constructively retired and returned to an unissued status.

The Company considers several factors in determining when to execute the share repurchases, including, among other things, its current cash needs, its capacity for leverage, its cost of borrowings and the market price of its common stock. Cash paid for share repurchases during the nine months ended October 31, 2011 and 2010 were as follows:

 

Share Repurchases

(Amounts in millions, except per share data)

   Total Number of
Shares  Repurchased
     Average Price Paid per Share      Total Investment  

Nine months ended October 31, 2011

     92.4       $ 53.61       $ 4,957   

Nine months ended October 31, 2010

     209.3       $ 52.44       $ 10,972   
Legal Proceedings
Legal Proceedings

Note 10. Legal Proceedings

The Company is involved in a number of legal proceedings. The Company has made accruals with respect to these matters, where appropriate, which are reflected in the Company's condensed consolidated financial statements. For some matters, 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, 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. On June 10, 2011, the Superior Court of Appeals 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 and remanding it back to the trial court for a downward adjustment. On July 10, 2011, the Company filed an Application for Rehearing En Banc with regard to the portions of the opinion that held in favor of the plaintiffs, which was denied on August 11, 2011. On September 9, 2011, the Company filed a Petition for Allowance of Appeal with the Pennsylvania Supreme Court. The plaintiffs filed a response on September 23, 2011, and the Company filed a reply brief on September 30, 2011. 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 statewide class of current and former female associates at the Company's retail facilities in California. On October 28, 2011, the plaintiffs' attorneys filed a complaint in the United States District Court for the Northern District of Texas entitled Odle v. Wal-Mart Stores, Inc., asserting that the Company had engaged in a pattern and practice of discriminating against women in promotions, training, and job assignments, and proposing a class of current and former female associates at Texas retail facilities. While management cannot predict the ultimate outcome of these matters, management does not believe the outcome will have a material effect on the Company's financial condition or results of operations.

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 and the U.S. Environmental Protection Agency 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 11. Acquisitions

Certain acquisitions completed or in process during the nine-month period are as follows:

Massmart Holdings Limited ("Massmart"): In June 2011, the Company completed a tender offer for approximately 51% ownership in Massmart, a South African retailer with approximately 290 stores in 13 sub-Saharan African countries. The purchase price for approximately 51% of Massmart was approximately ZAR 16.9 billion ($2.5 billion). The assets acquired were approximately $6.4 billion, including approximately $3.5 billion in goodwill; liabilities assumed were approximately $1.9 billion; and the non-controlling interest was approximately $2.0 billion. As of October 31, 2011, the allocation of the Massmart purchase price to the fair value of the assets acquired and liabilities assumed is preliminary. The Company began consolidating Massmart's results in its fiscal 2012 third quarter reporting period.

Netto Food Stores Limited ("Netto"): In April 2011, the Company completed the regulatory approved acquisition of 147 Netto stores from Dansk Supermarked in the United Kingdom and the Company plans to convert these stores to the ASDA brand by the end of fiscal 2012. The final purchase price for the acquisition was approximately £750 million ($1.2 billion). The assets acquired were approximately $1.3 billion, including approximately $748 million in goodwill, and liabilities assumed were approximately $103 million. As of October 31, 2011, the allocation of the Netto purchase price to the fair value of the assets acquired and liabilities assumed is preliminary.

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. The parties are now in the process of completing the local registrations for the Trustmart stores and expect to complete the sale of the remaining equity interest in Trustmart as soon as practicable following that process.

Segments
Segments

Note 12. 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, sub-Saharan Africa and the United Kingdom. The Company's operations are conducted in three 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.

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

 

     Three Months Ended
October 31,
     Nine Months Ended
October 31,
 
     2011      2010      2011      2010  

Net sales:

           

Walmart U.S.

   $ 63,835       $ 62,178       $ 191,397       $ 189,156   

Walmart International

     32,383         26,919         90,387         77,850   

Sam's Club

     13,298         12,142         39,785         36,346   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Company

   $ 109,516       $ 101,239       $ 321,569       $ 303,352   
  

 

 

    

 

 

    

 

 

    

 

 

 

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. When the Company does so, the prior period amounts for segment operating income are reclassified to conform to the current period's presentation.

 

Operating income by segment and interest expense, net are as follows (amounts in millions):

 

     Three Months Ended
October 31,
    Nine Months Ended
October 31,
 
     2011     2010     2011     2010  

Segment operating income:

        

Walmart U.S.

   $ 4,627      $ 4,402      $ 14,262      $ 13,898   

Walmart International

     1,397        1,223        3,908        3,605   

Sam's Club

     390        367        1,341        1,224   

Other unallocated

     (536     (381     (1,354     (1,189
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

   $ 5,878      $ 5,611      $ 18,157      $ 17,538   

Interest expense, net

     (535     (516     (1,631     (1,472
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

   $ 5,343      $ 5,095      $ 16,526      $ 16,066   
  

 

 

   

 

 

   

 

 

   

 

 

 
Common Stock Dividends
Common Stock Dividends

Note 13. 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 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 installments payable on April 4, 2011, June 6, 2011 and September 6, 2011 were paid as scheduled.

Net Income Per Common Share (Tables)
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share
                                 
     Three Months Ended
October 31,
    Nine Months Ended
October 31,
 
(Amounts in millions, except per share data)    2011     2010     2011     2010  

Numerator:

                                

Income from continuing operations

   $ 3,501      $ 3,590      $ 11,016      $ 10,781   

Less consolidated net income attributable to noncontrolling interest

     (157     (154     (444     (448
    

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Walmart

   $ 3,344      $ 3,436      $ 10,572      $ 10,333   
    

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

                                

Weighted-average common shares outstanding, basic

     3,445        3,617        3,473        3,692   

Dilutive impact of stock options and other share-based awards

     13        14        14        14   
    

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, diluted

     3,458        3,631        3,487        3,706   
    

 

 

   

 

 

   

 

 

   

 

 

 

Net income per common share from continuing operations attributable to Walmart:

                                

Basic

   $ 0.97      $ 0.95      $ 3.04      $ 2.80   

Diluted

     0.97        0.95        3.03        2.79   
Debt (Tables)
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

               $ 5,000  
              

 

 

 
Derivative Financial Instruments (Tables)
Balance Sheet Classification Of Financial Instruments
     October 31, 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:

                 

Prepaid expenses and other

   $ 3       $ —         $ —         $ —         $ —         $ —     

Other assets and deferred charges

     210         291         105         267         233         238   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Asset subtotals

   $ 213       $ 291       $ 105       $ 267       $ 233       $ 238   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Long-term debt due within one year

   $ 3       $ —         $ —         $ —         $ —         $ —     

Long-term debt

     210         —           —           267         —           —     

Deferred income taxes and other

     —           —           81         —           —           18   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liability subtotals

   $ 213       $ —         $ 81       $ 267       $ —         $ 18   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Fair Value Measurements (Tables)
     October 31, 2011      January 31, 2011  
(Amounts in millions)    Carrying Value      Fair Value      Carrying Value      Fair Value  

Long-term debt, including amounts due within one year

   $ 46,342       $ 52,681       $ 45,347       $ 47,012   
     October 31, 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       $ 213      $ 4,445       $ 267   

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

     1,250         291        1,250         233   

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

     1,240         (17     1,182         (18

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

     2,994         41        2,902         238   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 9,429       $ 528      $ 9,779       $ 720   
  

 

 

    

 

 

   

 

 

    

 

 

 
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

     (1,923     —          —          (1,923

Net change in fair value of derivatives

     —          (98     —          (98
  

 

 

   

 

 

   

 

 

   

 

 

 

Balances—October 31, 2011

   $ (697   $ (38   $ (640   $ (1,375
  

 

 

   

 

 

   

 

 

   

 

 

 
Share Repurchases (Tables)
Schedule Of Company's Share Repurchases

Share Repurchases

(Amounts in millions, except per share data)

   Total Number of
Shares  Repurchased
     Average Price Paid per Share      Total Investment  

Nine months ended October 31, 2011

     92.4       $ 53.61       $ 4,957   

Nine months ended October 31, 2010

     209.3       $ 52.44       $ 10,972   
Segments (Tables)
     Three Months Ended
October 31,
     Nine Months Ended
October 31,
 
     2011      2010      2011      2010  

Net sales:

           

Walmart U.S.

   $ 63,835       $ 62,178       $ 191,397       $ 189,156   

Walmart International

     32,383         26,919         90,387         77,850   

Sam's Club

     13,298         12,142         39,785         36,346   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Company

   $ 109,516       $ 101,239       $ 321,569       $ 303,352   
  

 

 

    

 

 

    

 

 

    

 

 

 
     Three Months Ended
October 31,
    Nine Months Ended
October 31,
 
     2011     2010     2011     2010  

Segment operating income:

        

Walmart U.S.

   $ 4,627      $ 4,402      $ 14,262      $ 13,898   

Walmart International

     1,397        1,223        3,908        3,605   

Sam's Club

     390        367        1,341        1,224   

Other unallocated

     (536     (381     (1,354     (1,189
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

   $ 5,878      $ 5,611      $ 18,157      $ 17,538   

Interest expense, net

     (535     (516     (1,631     (1,472
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

   $ 5,343      $ 5,095      $ 16,526      $ 16,066   
  

 

 

   

 

 

   

 

 

   

 

 

 
Common Stock Dividends (Tables)
Common Stock Dividends, Record Date And Payable Date
    

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, except Per Share data
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Net Income Per Common Share [Abstract]
Antidilutive stock options and share-based awards excluded from computation of diluted net income per common share
9
11
Income from continuing operations
$3,501
$3,590
$11,016
$10,781
Less consolidated net income attributable to noncontrolling interest
(157)1
(154)1
(444)2
(448)2
Income from continuing operations attributable to Walmart
$3,344
$3,436
$10,572
$10,333
Weighted-average common shares outstanding, basic
3,445
3,617
3,473
3,692
Dilutive impact of stock options and other share-based awards
13
14
14
14
Weighted-average common shares outstanding, diluted
3,458
3,631
3,487
3,706
Basic
$0.97
$0.95
$3.04
$2.80
Diluted
$0.97
$0.95
$3.03
$2.79
Receivables (Details)(USD $)
In Millions
Oct. 31, 2011
Oct. 31, 2010
Receivables [Abstract]
Receivables, net of reserve for doubtful accounts
$972.6
$570.6
Reserve for doubtful accounts
$105.3
$94.2
Debt (Narrative) (Details)(USD $)
In Billions, unless otherwise specified
9 Months Ended
Oct. 31, 2011
Debt Instrument [Line Items]
Aggregate net proceeds from note issuances
$4.9
Date of first repayment of long-term debt
2011-10-15
Repayment of debt, percentage of principal amount under normal conditions
100.00%
364 Days Facility [Member] |
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility
10.0
364 Days Facility [Member] |
Revolving Credit Facility [Member] |
As Previously Reported [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility
9.0
5-Year Facility [Member] |
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility
6.3
5-Year Facility [Member] |
Revolving Credit Facility [Member] |
As Previously Reported [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility
4.3
Letter Of Credit [Member] |
As Previously Reported [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility
$2.2
Debt (Long-Term Debt Issuances) (Details)(USD $)
9 Months Ended
Oct. 31, 2011
Debt Instrument [Line Items]
Long-term debt, Principal Amount
$5,000,000,000
1.625% Debt Due April 15, 2014 [Member]
Debt Instrument [Line Items]
Long-term debt, Issue Date
2011-04-18
Long-term debt, Maturity Date
Apr. 15, 2014
Long-term debt, Interest Rate
1.625%
Long-term debt, Principal Amount
1,000,000,000
2.800% Debt Due April 15, 2016 [Member]
Debt Instrument [Line Items]
Long-term debt, Issue Date
2011-04-18
Long-term debt, Maturity Date
Apr. 15, 2016
Long-term debt, Interest Rate
2.80%
Long-term debt, Principal Amount
1,000,000,000
4.250% Debt Due April 15, 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, Issue Date
2011-04-18
Long-term debt, Maturity Date
Apr. 15, 2021
Long-term debt, Interest Rate
4.25%
Long-term debt, Principal Amount
1,000,000,000
5.625% Debt Due April 15, 2041 [Member]
Debt Instrument [Line Items]
Long-term debt, Issue Date
2011-04-18
Long-term debt, Maturity Date
Apr. 15, 2041
Long-term debt, Interest Rate
5.625%
Long-term debt, Principal Amount
$2,000,000,000
Derivative Financial Instruments (Narrative) (Details)
9 Months Ended
Oct.31,
Oct. 31, 2011
USD ($)
Oct. 31, 2011
JPY ()
Jan. 31, 2011
JPY ()
Oct. 31, 2011
Netting and Collateral [Member]
USD ($)
2011
Non-U.S. Denominated Debt [Member]
Net Investment Instruments [Member]
2011
Non-U.S. Denominated Debt [Member]
Cash Flow Instruments [Member]
2011
Fair Value Instruments [Member]
2011
Net Investment Instruments [Member]
2011
Cash Flow Instruments [Member]
Oct. 31, 2011
GBP [Member]
GBP ()
Jan. 31, 2011
GBP [Member]
GBP ()
Derivative [Line Items]
Cash collateral held from counterparties
$430,000,000
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
275,000,000,000
437,000,000,000
Instrument maturity date range start
2012-04
2029-09
2012-04
2023-10
2013-08
Instrument maturity date range end
2039-01
2034-03
2014-05
2030-02
2015-07
Derivative Financial Instruments (Balance Sheet Classification Of Financial Instruments) (Details)(USD $)
In Millions
Oct. 31, 2011
Jan. 31, 2011
Oct. 31, 2010
Derivative [Line Items]
Other assets and deferred charges
$4,967
$4,129
$4,194
Long-term debt due within one year
1,470
4,655
5,196
Long-term debt
44,872
40,692
40,803
Deferred income taxes and other
8,085
6,682
6,197
Fair Value Instruments [Member]
Derivative [Line Items]
Prepaid expenses and other
3
Other assets and deferred charges
210
267
Asset subtotals
213
267
Long-term debt due within one year
3
Long-term debt
210
267
Liability subtotals
213
267
Net Investment Instruments [Member]
Derivative [Line Items]
Other assets and deferred charges
291
233
Asset subtotals
291
233
Cash Flow Instruments [Member]
Derivative [Line Items]
Other assets and deferred charges
105
238
Asset subtotals
105
238
Deferred income taxes and other
81
18
Liability subtotals
$81
$18
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt) (Details)(USD $)
In Millions
Oct. 31, 2011
Jan. 31, 2011
Fair Value Measurements [Abstract]
Long-term debt, including amounts due within one year, Carrying Value
$46,342
$45,347
Long-term debt, including amounts due within one year, Fair Value
$52,681
$47,012
Fair Value Measurements (Notional Amounts And Fair Values Of Interest Rate Swaps) (Details)(USD $)
In Millions
Oct. 31, 2011
Jan. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
$9,429
$9,779
Fair Value Hedges [Member] |
Fixed-Rate Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
3,945
4,445
Fair Value Hedges [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
213
267
Net Investment Hedges [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 Hedges [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
291
233
Cash Flow Hedges [Member] |
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
2,994
2,902
Cash Flow Hedges [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
41
238
Cash Flow Hedges [Member] |
Floating-Rate Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount
1,240
1,182
Cash Flow Hedges [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
(17)
(18)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
$528
$720
Accumulated Other Comprehensive Income (Loss) (Details)(USD $)
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
2011
Currency Translation And Other [Member]
2011
Derivative Instruments [Member]
Oct. 31, 2011
Minimum Pension Liability [Member]
Jan. 31, 2011
Minimum Pension Liability [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances - February 1, 2011
$646,000,000
$1,226,000,000
$60,000,000
$(640,000,000)
$(640,000,000)
Currency translation adjustment
(1,923,000,000)
(1,923,000,000)
Net change in fair value of derivatives
15,000,000
(81,000,000)
(98,000,000)
(106,000,000)
(98,000,000)
Balances - October 31, 2011
(1,375,000,000)
105,000,000
(1,375,000,000)
105,000,000
(697,000,000)
(38,000,000)
(640,000,000)
(640,000,000)
Net translation loss related to net investment hedges
1,200,000,000
1,200,000,000
Accumulated comprehensive income (loss) to earnings from remeasurements of non U.S-denominated debt
$(24,000,000)
$(24,000,000)
Share Repurchases (Narrative) (Details)(USD $)
In Billions
0 Months Ended
Jun. 2, 2011
0 Months Ended
Jun. 3, 2010
2010 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount
$15.0
Share repurchase program, remaining authorized repurchase amount
2.1
2011 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount
$15.0
Share Repurchases (Schedule Of Company's Share Repurchases) (Details)(USD $)
In Millions, except Per Share data
9 Months Ended
Oct.31,
2011
2010
Share Repurchases [Abstract]
Total Number of Shares Repurchased
92.4
209.3
Average Price Paid per Share
$53.61
$52.44
Total Investment
$4,957
$10,972
Legal Proceedings (Details)(USD $)
In Millions, unless otherwise specified
9 Months Ended
Oct. 31, 2011
0 Months Ended
Nov. 14, 2007
Braun/Hummel Lawsuit [Member]
0 Months Ended
Oct. 13, 2006
Braun/Hummel Lawsuit [Member]
Loss Contingencies [Line Items]
Jury award
$78
Litigation settlement, gross
$188
Rate of post-judgment interest accrual
6.00%
Acquisitions (Narrative) (Details)
Jun. 30, 2011
Sub-Saharan African [Member]
Massmart Holdings Limited [Member]
stores
countries
Feb. 28, 2007
Initial Interest [Member]
Bounteous Company Limited [Member]
USD ($)
Feb. 28, 2007
Additional Consideration [Member]
Bounteous Company Limited [Member]
USD ($)
Apr. 30, 2011
Netto Food Stores Limited [Member]
USD ($)
stores
Apr. 30, 2011
Netto Food Stores Limited [Member]
GBP ()
1 Months Ended
Jun. 30, 2011
Massmart Holdings Limited [Member]
USD ($)
Jun. 30, 2011
Massmart Holdings Limited [Member]
ZAR (R)
Feb. 28, 2007
Bounteous Company Limited [Member]
Business Acquisition [Line Items]
Ownership percentage
51.00%
35.00%
Cost of acquisition
$264,000,000
$376,000,000
Additional percentage of voting interests acquired through share-repurchase program
30.00%
Purchase price
1,200,000,000
750,000,000
2,500,000,000
16,900,000,000
Assets acquired
1,300,000,000
6,400,000,000
Goodwill
748,000,000
3,500,000,000
Liabilities assumed
103,000,000
1,900,000,000
Non-controlling interest
$2,000,000,000
Number of stores
290
147
147
Number of countries with operations
13
Segments (Segment Net Sales) (Details)(USD $)
In Millions
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Segment Reporting Information [Line Items]
Net sales
$109,516
$101,239
$321,569
$303,352
Walmart U.S. [Member]
Segment Reporting Information [Line Items]
Net sales
63,835
62,178
191,397
189,156
Walmart International [Member]
Segment Reporting Information [Line Items]
Net sales
32,383
26,919
90,387
77,850
Sam's Club [Member]
Segment Reporting Information [Line Items]
Net sales
$13,298
$12,142
$39,785
$36,346
Segments (Segment Operating Income, Income Expense, Net And Income From Continuing Operations Before Income Taxes) (Details)(USD $)
In Millions
3 Months Ended
Oct.31,
9 Months Ended
Oct.31,
2011
2010
2011
2010
Segment Reporting Information [Line Items]
Operating income
$5,878
$5,611
$18,157
$17,538
Interest expense, net
(535)
(516)
(1,631)
(1,472)
Income from continuing operations before income taxes
5,343
5,095
16,526
16,066
Walmart U.S. [Member]
Segment Reporting Information [Line Items]
Operating income
4,627
4,402
14,262
13,898
Walmart International [Member]
Segment Reporting Information [Line Items]
Operating income
1,397
1,223
3,908
3,605
Sam's Club [Member]
Segment Reporting Information [Line Items]
Operating income
390
367
1,341
1,224
Other unallocated [Member]
Segment Reporting Information [Line Items]
Operating income
$(536)
$(381)
$(1,354)
$(1,189)
Common Stock Dividends (Narrative) (Details)
9 Months Ended
Oct.31,
2011
2010
Common Stock Dividends [Abstract]
Annual dividend approved by Board of Directors for 2012
$1.46
$1.21
Percent increase over 2011 dividend
21.00%
Common Stock Dividends (Common Stock Dividends, Record Date And Payable Date) (Details)
3 Months Ended
Oct. 31, 2011
3 Months Ended
Jul. 31, 2011
3 Months Ended
Apr. 30, 2011
9 Months Ended
Oct. 31, 2011
Common Stock Dividends [Abstract]
Dividends Payable, Date Of Record, Month, Day And Year
Aug. 12, 2011
May 13, 2011
Mar. 11, 2011
Dec. 09, 2011
Dividends Payable, Date To Be Paid, Month, Day And Year
Sep. 06, 2011
Jun. 06, 2011
Apr. 04, 2011
Jan. 03, 2012