Walmart (WMT) 10-Q 8 Dec 09 2010 Q3 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative - Unaudited (USD $)
In Millions, except Per Share data	3 Months Ended Oct. 31, 2009	3 Months Ended Oct. 31, 2008	9 Months Ended Oct. 31, 2009	9 Months Ended Oct. 31, 2008
Revenues:
Net sales	$98,667	$97,619	$292,220	$293,207
Membership and other income	744	726	2,343	2,420
Revenues, Total	99,411	98,345	294,563	295,627
Costs and expenses:
Cost of sales	73,805	73,621	219,346	222,111
Operating, selling, general and administrative expenses	20,013	19,432	58,525	57,095
Operating income	5,593	5,292	16,692	16,421
Interest:
Debt	442	464	1,337	1,402
Capital leases	68	73	206	222
Interest income	(35)	(81)	(128)	(216)
Interest, net	475	456	1,415	1,408
Income from continuing operations before income taxes	5,118	4,836	15,277	15,013
Provision for income taxes	1,758	1,690	5,214	5,186
Income from continuing operations	3,360	3,146	10,063	9,827
(Loss) income from discontinued operations, net of tax	(7)	105	(22)	146
Consolidated net income	3,353	3,251	10,041	9,973
Less consolidated net income attributable to noncontrolling interest	(114)	(113)	(338)	(365)
Consolidated net income attributable to Walmart	$3,239	$3,138	$9,703	$9,608
Basic net income per common share:
Basic income per share from continuing operations attributable to Walmart	0.84	0.77	2.5	2.4
Basic income per share from discontinued operations attributable to Walmart	$0	0.03	$0	0.04
Basic net income per share attributable to Walmart	0.84	0.8	2.5	2.44
Diluted net income per common share:
Diluted income per share from continuing operations attributable to Walmart	0.84	0.77	2.5	2.39
Diluted income (loss) per share from discontinued operations attributable to Walmart	$0	0.03	-0.01	0.04
Diluted net income per share attributable to Walmart	0.84	0.8	2.49	2.43
Weighted-average number of common shares:
Basic	3,851	3,931	3,887	3,944
Diluted	3,861	3,944	3,897	3,956
Dividends declared per common share	$0	$0	1.09	0.95

Statement Of Financial Position

Statement Of Financial Position Classified - Unaudited (USD $)
In Millions	9 Months Ended Oct. 31, 2009	9 Months Ended Jan. 31, 2009	9 Months Ended Oct. 31, 2008
Current assets:
Cash and cash equivalents	$6,003	$7,275	$5,920
Receivables	3,776	3,905	3,250
Inventories	38,775	34,511	40,416
Prepaid expenses and other	3,249	3,063	3,245
Current assets of discontinued operations	145	195	262
Total current assets	51,948	48,949	53,093
Property and equipment, at cost:
Property and equipment, at cost	135,152	125,820	125,173
Less accumulated depreciation	(36,716)	(32,964)	(31,467)
Property and equipment, net	98,436	92,856	93,706
Property under capital lease:
Property under capital lease	5,618	5,341	5,420
Less accumulated amortization	(2,833)	(2,544)	(2,581)
Property under capital lease, net	2,785	2,797	2,839
Goodwill	16,162	15,260	15,416
Other assets and deferred charges	3,603	3,567	2,789
Total assets	172,934	163,429	167,843
Current liabilities:
Commercial paper and other short-term borrowings	5,239	1,506	7,932
Accounts payable	30,920	28,849	30,782
Dividends payable	1,021	0	993
Accrued liabilities	16,638	18,112	15,343
Accrued income taxes	810	677	355
Long-term debt due within one year	4,169	5,848	4,753
Obligations under capital leases due within one year	344	315	314
Current liabilities of discontinued operations	38	83	152
Total current liabilities	59,179	55,390	60,624
Long-term debt	34,394	31,349	30,803
Long-term obligations under capital leases	3,207	3,200	3,268
Deferred income taxes and other	6,202	6,014	5,575
Redeemable noncontrolling interest	310	397	0
Commitments and contingencies	-	-	-
Equity:
Common stock and capital in excess of par value	4,134	4,313	4,219
Retained earnings	64,105	63,660	59,809
Accumulated other comprehensive (loss) income	(551)	(2,688)	1,511
Total Walmart shareholders' equity	67,688	65,285	65,539
Noncontrolling interest	1,954	1,794	2,034
Total equity	69,642	67,079	67,573
Total liabilities and equity	$172,934	$163,429	$167,843

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect - Unaudited (USD $)
In Millions	3 Months Ended Oct. 31, 2009	3 Months Ended Oct. 31, 2008	9 Months Ended Oct. 31, 2009		9 Months Ended Oct. 31, 2008
Cash flows from operating activities:
Consolidated net income	$3,353	$3,251	$10,041		$9,973
Loss (income) from discontinued operations, net of tax	7	(105)	22		(146)
Income from continuing operations	3,360	3,146	10,063		9,827
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization			5,255		5,054
Other			225		637
Changes in certain assets and liabilities, net of effects of acquisitions:
Decrease in accounts receivable			540		394
Increase in inventories			(3,415)		(5,655)
Increase in accounts payable			1,028		914
Decrease in accrued liabilities			(1,256)		(745)
Net cash provided by operating activities			12,440		10,426
Cash flows from investing activities:
Payments for property and equipment			(8,885)		(8,174)
Proceeds from disposal of property and equipment			265		779
Proceeds from disposal of certain international operations			0		838
Investment in international operations, net of cash acquired			0		(74)
Other investing activities			(41)		(166)
Net cash used in investing activities			(8,661)		(6,797)
Cash flows from financing activities:
Increase in commercial paper and other short-term borrowings, net			3,475		2,949
Proceeds from issuance of long-term debt			5,465		5,568
Payment of long-term debt			(4,799)		(5,064)
Dividends paid			(3,179)		(2,814)
Purchase of Company stock			(5,105)		(3,521)
Purchase of redeemable noncontrolling interest			(456)		0
Other financing activities			(327)		(165)
Net cash used in financing activities			(4,926)		(3,047)
Effect of exchange rates on cash			(125)		(231)
Net (decrease) increase in cash and cash equivalents			(1,272)		351
Cash and cash equivalents at beginning of year			7,275	[1]	5,569	[1]
Cash and cash equivalents at end of period	$6,003	$5,920	$6,003		$5,920
[1]Includes cash and cash equivalents of discontinued operations of $77 million at January 31, 2008.

1 Basis of Presentation

1 Basis of Presentation
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
1 Basis of Presentation	1 Basis of Presentation The Condensed Consolidated Balance Sheets of Wal-Mart Stores, Inc. and its subsidiaries (Walmart, the Company or we) as of October31, 2009 and 2008, the related Condensed Consolidated Statements of Income for the three- and nine-month periods ended October31, 2009 and 2008, and the related Condensed Consolidated Statements of Cash Flows for the nine-month periods ended October31, 2009 and 2008, are unaudited. The Condensed Consolidated Balance Sheet as of January31, 2009, is derived from the Companys audited Consolidated Balance Sheet at that date. The Companys operations in Argentina, Brazil, Chile, China, Costa Rica, El Salvador, Guatemala, Honduras, India, Japan, Mexico, Nicaragua and the United Kingdom are consolidated using a December31 fiscal year end, generally due to statutory reporting requirements. The Companys operations in Canada and Puerto Rico are consolidated using a January31 fiscal year end. 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 Companys Annual Report to Shareholders for the fiscal year ended January31, 2009. Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report to Shareholders. In connection with the Companys finance transformation project, we reviewed and adjusted the classification of certain revenue and expense items within our Condensed Consolidated Statements of Income for financial reporting purposes. The reclassifications did not impact operating income or consolidated net income attributable to Walmart. The changes were effective February1, 2009 and have been reflected in all prior periods presented.

2 Net Income Per Common Share

2 Net Income Per Common Share
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
2 Net Income Per Common Share	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 outstanding stock options and other share-based awards was 10million shares for the three and nine months ended October31, 2009; and 13million and 12million shares for the three and nine months ended October31, 2008, respectively. The Company had approximately 22million and 1million stock options outstanding at October31, 2009 and 2008, respectively, which were not included in the diluted net income per share 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) gain from discontinued operations, net of tax, are as follows: ThreeMonthsEnded October31, Nine Months Ended October31, (Amounts in millions) 2009 2008 2009 2008 Income from continuing operations $ 3,360 $ 3,146 $ 10,063 $ 9,827 Less consolidated net income attributable to noncontrolling interest (114 ) (113 ) (338 ) (365 ) Income from continuing operations attributable to Walmart 3,246 3,033 9,725 9,462 (Loss) income from discontinued operations, net of tax (7 ) 105 (22 ) 146 Consolidated net income attributable to Walmart $ 3,239 $ 3,138 $ 9,703 $ 9,608 Beginning February1, 2009, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share. The adoption of this policy, as a result of changes in accounting standards, did not have, and is not expected to have, a material impact on basic or diluted earnings per share.

3 Inventories

3 Inventories
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
3 Inventories	3 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. segments merchandise inventories. The Sams Club segments merchandise and merchandise in our distribution warehouses are valued based on the weighted-average cost using the LIFO method. Inventories of foreign operations are primarily valued by the retail method of accounting, using the first-in, first-out (FIFO) method. At October31, 2009 and 2008, our inventories valued at LIFO approximate those inventories as if they were valued at FIFO.

4 Long-Term Debt

4 Long-Term Debt
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
4 Long-Term Debt	4 Long-Term Debt On March27, 2009, the Company issued and sold 1.0 billion of 5.625% Notes Due 2034 at an issue price equal to 98.981% of the notes aggregate principal amount. Interest started accruing on the notes on March27, 2009. The Company will pay interest on the notes on March27 and September27 of each year, commencing on September27, 2009.The notes will mature on March27, 2034. The notes are senior, unsecured obligations of Walmart. On May21, 2009, the Company issued and sold $1.0 billion of 3.20% Notes Due 2014 at an issue price equal to 99.987% of the notes aggregate principal amount. Interest started accruing on the notes on May21, 2009. The Company will pay interest on the notes on May15 and November15 of each year, commencing on November15, 2009.The notes will mature on May15, 2014.The notes are senior, unsecured obligations of Walmart. On July27, 2009, the Company issued and sold $500 million of 6.200% Notes Due 2038 at an issue price equal to 106.001% of the notes aggregate principal amount.Interest started accruing on the notes on April15, 2009. The Company will pay interest on the notes on April15 and October15 of each year, commencing on October15, 2009.The notes will mature on April15, 2038. The notes are senior, unsecured obligations of Walmart. On August6, 2009, the Company issued and sold 83.1 billion of its Japanese Yen BondsThird Series (2009)(the Fixed Rate Bonds) and its 16.9 billion of its Japanese Yen Floating Rate BondsSecond Series (2009)(the Floating Rate Bonds) at an issue price, in the case of each issue of bonds, equal to the face amount of the bonds and used the proceeds to reduce a portion of its outstanding Yen credit facility.The Fixed Rate Bonds bear interest at a rate of 1.49%per annum. The Floating Rate Bonds bear interest at a floating rate of interest equal to an applicable six-month Yen LIBOR for each interest period plus 0.60%, with an initial interest rate of 1.235%. Interest started accruing on the bonds on August6, 2009. The Company will pay interest on the bonds on February6 and August6 of each year, commencing on February6, 2010.The notes will mature on August6, 2014.The notes are senior, unsecured obligations of Walmart. On September21, 2009, the Company issued and sold 1.0 billion of its 4.875% Notes Due 2029 at an issue price equal to 99.074% of the notes aggregate principal amount.Interest started accruing on the notes on September21, 2009. The Company will pay interest on the notes on September21 of each year, commencing on September21, 2010.The notes will mature on September21, 2029.The notes are senior, unsecured obligations of Walmart.

5 Fair Value Measurements

5 Fair Value Measurements
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
5 Fair Value Measurements	5 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 liabilitys 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, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the Company to develop our own assumptions. The disclosure of fair value of certain financial assets and liabilities that are recorded at cost are as follows: Cash and cash equivalents: The carrying amount approximates fair value due to the short maturity of these instruments. Long-term debt: The fair value is based on the Companys current incremental borrowing rate for similar types of borrowing arrangements or, where applicable, quoted market prices. The cost and fair value of our debt as of October31, 2009 is as follows: (Amounts in millions) Cost FairValue Long-term debt $ 38,563 $ 40,490 Additionally, as of October31, 2009 and 2008, 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 Companys 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. As of October31, 2009 and 2008, the notional amounts and fair values of these interest rate swaps are as follows (asset/(liability)): October31, 2009 October31, 2008 (Amounts in millions) NotionalAmount FairValue NotionalAmount FairValue Receive fixed-rate, pay floating-rate interest rate swaps designated as fair value hedges $ 4,445 $ 238 $ 5,195 $ 223 Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as net investment hedges 1,250 177 1,250 240 Receive floating-rate, pay fixed-rate interest rate swaps designated as cash flow hedges 462 (15 ) 462 (10 ) Receive fixed-rate, pay fixed-rate cross-currency interest rate swaps designated as cash flow hedges 2,902 235 Total $ 9,059 $ 635 $ 6,907 $ 453 The fair values above are the estimated amounts the Company would receive or pay upon a termination of the agreements relating to suc

6 Derivative Financial Instrume

6 Derivative Financial Instruments
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
6 Derivative Financial Instruments	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 foreign 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 instrument will change. In a hedging relationship, the change in the value of the derivative is offset to a great extent by the change in the value of the underlying hedged item. Credit risk related to derivatives represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of the Companys derivative financial instruments is used to measure interest to be paid or received and does not represent the Companys exposure due to credit risk. Credit risk is monitored through established approval procedures, including setting concentration limits by counterparty, reviewing credit ratings and requiring collateral (generally cash) from the counterparty when appropriate. The Companys transactions are with counterparties rated A+ or better by nationally recognized credit rating agencies. In connection with various derivative agreements with counterparties, the Company is holding $208 million in cash collateral from these counterparties at October31, 2009. It is our policy to record cash collateral exclusive of any derivative asset, and any collateral holdings are reflected in our 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 purposes of hedging its exposure to interest and foreign exchange rates, the contract terms of a hedge 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 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 (loss) income until the hedged item is recognized in earnings. The ineffective portion of an instruments change in fair value will be immediately recognized in earnings. 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 change. Fair Value Ins

7 Segments

7 Segments
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
7 Segments	7 Segments The Company is engaged in the operations of retail stores located in all 50 states of the United States, our wholly-owned subsidiaries in Argentina, Brazil, Canada, Japan, Puerto Rico and the United Kingdom, our majority-owned subsidiaries in Central America, Chile and Mexico and our joint ventures in China and India and our other controlled subsidiaries in China. The Company defines our segments as those business units whose operating results our chief operating decision maker (CODM) regularly reviews to analyze performance and allocate resources. The Walmart U.S. segment includes the Companys mass merchant concept in the United States operating under the Walmart or Wal-Mart brand, as well as walmart.com. The Sams Club segment includes the warehouse membership clubs in the United States, as well as samsclub.com. The International segment consists of the Companys operations outside of the 50 United States. The amounts under the caption Other in the table below relating to operating income are unallocated corporate overhead items. The Company measures the results of its segments using each segments operating income which includes certain corporate overhead allocations. From time to time, we revise the measurement of each segments operating income, including any corporate overhead allocations, as dictated by the information regularly reviewed by our CODM. When we do so, the segment operating income for each segment affected by the revisions is restated for all periods presented to maintain comparability. Net sales by operating segment were as follows: Three Months Ended October31, Nine Months Ended October31, (Amounts in millions) 2009 2008 2009 2008 Net Sales: Walmart U.S. $ 61,807 $ 61,075 $ 187,260 $ 184,055 International 25,307 24,905 70,535 74,089 Sams Club 11,553 11,639 34,425 35,063 Total Company $ 98,667 $ 97,619 $ 292,220 $ 293,207 Operating income by segment was as follows: ThreeMonthsEnded October31, NineMonthsEnded October31, (Amounts in millions) 2009 2008 2009 2008 Operating Income: Walmart U.S. $ 4,525 $ 4,232 $ 13,890 $ 13,219 International 1,119 1,182 3,142 3,450 Sams Club 395 374 1,207 1,208 Other (446 ) (496 ) (1,547 ) (1,456 ) Operating income $ 5,593 $ 5,292 $ 16,692 $ 16,421 Interest expense, net (475 ) (456 ) (1,415 ) (1,408 ) Income from continuing operations before income taxes $ 5,118 $ 4,836 $ 15,277 $ 15,013 Goodwill is recorded on the Condensed Consolidated Balance Sheets for the operating segments as follows: (Amounts in millions) October31, 2009 October31, 2008 January31, 2009 International $ 15,857 $ 15,111 $ 14,955 Sams Clu

8 Equity and Comprehensive Inco

8 Equity and Comprehensive Income
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
8 Equity and Comprehensive Income	8 Equity and Comprehensive Income The following is a summary of the changes in total equity: 2009 2008 Walmart shareholders equity Noncontrolling interest Total equity Walmart shareholders equity Noncontrolling interest Total equity (Amounts in millions) BalancesJanuary 31, $ 65,285 $ 1,794 $ 67,079 $ 64,608 $ 1,929 $ 66,537 Net income 9,703 320 (1) 10,023 9,608 365 9,973 Components of other comprehensive income, netoftax Foreign currency translation 2,198 8 2,206 (2,353 ) 22 (2,331 ) Other unrealized losses (61 ) (61 ) Cash dividends (4,200 ) (4,200 ) (3,801 ) (3,801 ) Purchase of Company stock (5,241 ) (5,241 ) (3,416 ) (3,416 ) Purchase of redeemable noncontrolling interest (288 ) (288 ) Other equity transactions 292 (168 ) 124 893 (282 ) 611 BalancesOctober 31, $ 67,688 $ 1,954 $ 69,642 $ 65,539 $ 2,034 $ 67,573 (1) Excludes $18 million for the first nine months of fiscal 2010 that is related to the redeemable noncontrolling interest. The components of comprehensive income (loss) for the three and nine months ended October31, 2009 and 2008 were as follows: Three Months Ended October31, Nine Months Ended October31, (Amounts in millions) 2009 2008 2009 2008 Consolidated net income $ 3,353 (1) $ 3,251 $ 10,041 (1) $ 9,973 Other comprehensive income, net of tax Foreign currency translation (336 )(2) (3,302 ) 2,260 (2) (2,331 ) Other unrealized income (losses) 56 (61 ) Comprehensive income (loss) $ 3,073 $ (51 ) $ 12,240 $ 7,642 Less comprehensive income attributable to the noncontrolling interest (67 ) (3) (224 ) (400 ) (3) (387 ) Comprehensive income (loss) attributable to Walmart $ 3,006 $ (275 ) $ 11,840 $ 7,255 (1) Includes $10 million for the third quarter of fiscal 2010 and $18 million for the first nine months of fiscal 2010 that is related to the redeemable noncontrolling interest. (2) Includes ($20) million for the third quarter of fiscal 2010 and $54 million for the first nine months of fiscal 2010 that is related to the redeemable noncontrolling interest. (3) Includes $10 million for the third quarter of fiscal 2010 and ($72) million for the first nine months of fiscal 2010 that is related to the redeemable noncontrolling interest. Accumulated other comprehensive (loss) income is composed of the following: (Amounts in millions)

9 Common Stock Dividends

9 Common Stock Dividends
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
9 Common Stock Dividends	9 Common Stock Dividends On March5, 2009, the Companys Board of Directors approved an increase in the annual dividend for fiscal 2010 to $1.09 per share, an increase of 15% over the dividends paid in fiscal 2009. The annual dividend is payable in four quarterly installments on April6, 2009,June1, 2009,September8, 2009, and January4, 2010 to holders of record on March13,May15,August14 and December11, 2009, respectively. The dividend installments payable on April6, 2009 and June1, 2009 and September8, 2009 were paid as scheduled.

10 Income and Other Taxes

10 Income and Other Taxes
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
10 Income and Other Taxes	10 Income and Other Taxes The Companys effective tax rate was 34.3% for the three months ended October31, 2009, compared to 34.9% for the three months ended October31, 2008. The Company expects the fiscal 2010 annual effective tax rate to be approximately 34-35%. Significant factors that will impact the annual effective tax rate include completion of certain discrete tax matters, changes in managements assessment of certain tax matters and the mix of domestic and international income. In determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate based on forecasted annual income and permanent items, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The impact of significant discrete items is separately recognized in the quarter in which they occur. In the normal course of its business, the Company provides for uncertain tax positions, and the related interest and penalties, and adjusts its unrecognized tax benefits, accrued interest and penalties accordingly. During the third quarter of fiscal 2010, unrecognized tax benefits related to continuing operations and accrued interest increased by $29 million and $15 million, respectively. For the first nine months of fiscal 2010, unrecognized tax benefits related to continuing operations decreased by $53 million and accrued interest and penalties increased by $34 million and $10 million, respectively. As of October31, 2009 the Companys unrecognized tax benefits relating to continuing operations were $964 million, of which $558 million would, if recognized, affect the Companys effective tax rate. During the next twelve months, it is reasonably possible that tax audit resolutions could reduce unrecognized tax benefits by $310 million to $430 million, either because our tax positions are sustained on audit or because the Company agrees to their disallowance. The Company does not expect any such audit resolutions to cause a significant change in its effective tax rate. Additionally, at January31, 2008 the Company had unrecognized tax benefits of up to $1.8 billion which, if recognized, would be recorded as discontinued operations. Of this, $63 million was recognized in discontinued operations during the second quarter of fiscal year 2009 following the resolution of a gain determination on a discontinued operation that was sold in fiscal year 2004. The balance of $1.7 billion at October31, 2009 relates to a worthless stock deduction which the Company has claimed for the Companys fiscal year 2007 disposition of its German operations. The Company believes it is reasonably possible this matter will be resolved within the next twelve months. The Company classifies interest on uncertain tax benefits as interest expense and income tax penalties as operating, selling, general and administrative costs. At October31, 2009, before any tax benefits, the Company had $306 million of accrued interest and penalties on unrecognized tax benefits. The Company is subject to income tax examinations for its U.S. federal income taxes generally for the fiscal year 2009, with fiscal years 2004

11 Legal Proceedings

11 Legal Proceedings
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
11 Legal Proceedings	11 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 Companys condensed consolidated financial statements. For some matters, as discussed below, 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 Companys 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 Companys financial condition or results of operations. Wage-and-Hour Class Actions: The Company is a defendant in various cases containing class-action allegations in which the plaintiffs are current and former hourly associates who allege that the Company committed wage-and-hour violations by failing to provide rest breaks, meal periods, or other benefits, or otherwise by failing to pay them correctly. The complaints generally seek unspecified monetary damages, injunctive relief, or both. The Company cannot reasonably estimate the possible loss or range of loss that may arise from these lawsuits, except where the lawsuit has been settled or otherwise as noted below and described elsewhere in this Form 10-Q. In one of the wage-and-hour lawsuits, Braun/Hummel v. Wal-Mart Stores, Inc., a trial was commenced in September 2006, 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 October13, 2006, the 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 November14, 2007, the trial judge entered a final judgment in the approximate amount of $188 million, which included the jurys back-pay award plus statutory penalties, prejudgment interest and attorneys fees. The Company believes it has substantial factual and legal defenses to the claims at issue, and on December7, 2007, the Company filed its Notice of Appeal. Another of the wage-and-hour lawsuits, Salvas v. Wal-Mart Stores, Inc., is pending in the Superior Court of Middlesex County, Massachusetts. The plaintiffs allege that class members worked off the clock and were not provided meal and rest breaks in accordance with Massachusetts law, and seek compensatory damages, statutory treble damages, interest, costs of court, and attorneys fees. On October19, 2009, the parties entered into a settlement agreement disposing of all claims asserted in the litigation, which is subject to approval by the trial court. If the proposed settlement is approved, the amount to be paid by Wal-Mart will be approximately $40 mill

12 Adoption of New Accounting S

12 Adoption of New Accounting Standards
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
12 Adoption of New Accounting Standards	12 Adoption of New Accounting Standards The Company must, at times, adopt new accounting policies or adjust existing accounting policies to comply with new accounting standards promulgated by the Financial Accounting Standards Board (FASB) or the SEC. The following subcaptions provide a discussion of the Companys adoption of new accounting policies as required by new accounting standards that became effective February1, 2009 or will become effective in future periods. Accounting for Acquisitions The Company accounts for all consolidated acquisitions and business combinations using the purchase method of accounting. As a result of new accounting standards effective February1, 2009, the Company changed some of its accounting for business combinations on February1, 2009. Therefore, certain policies differ when accounting for these acquisitions occurring before and after February1, 2009, as discussed below. Prior to February1, 2009, the Company applied the following policies in accounting for business combinations: acquisition costs were included as part of the business combinations; only the Companys proportionate share in the fair value of assets and liabilities acquired in a partial acquisition (less than 100% control was acquired) was recorded as part of the purchase price; goodwill was only recorded to the extent of the Companys proportionate share in a less than 100% acquired entity; contingent consideration, if any, is recorded as additional purchase price when settled; any adjustments to income tax valuation allowances or uncertain tax positions are recognized as adjustments to the accounting for the business combination; and contingent liabilities acquired are recorded at acquisition if probable and reasonably estimable. Subsequent to February1, 2009, the Company will apply the following policies in accounting for business combinations, when applicable: costs related to an acquisition are expensed as incurred; regardless of the level of ownership acquired, the Company records the full fair value of assets and liabilities acquired as part of the purchase price; goodwill includes any noncontrolling interest portion and is recorded as the excess of the cost of the acquisition over the total fair value of the assets and liabilities acquired and any noncontrolling interest; contingent consideration, if any, is recorded at fair value as part of initial purchase price; any adjustments to income tax valuation allowances or uncertain tax positions after the acquisition date are generally recognized as income tax expense; and contingent liabilities acquired are recorded at fair value. If fair value is not determinable, a reasonably estimable amount is recorded, provided the incurrence of the liability is probable. No acquisitions have occurred subsequent to February1, 2009. However, if any adjustments to income tax valuation allowances and uncertain tax positions that relate to acquisitions prior to February1, 2009 occur within a one year period from the acquisition date due to revised

13 Discontinued Operations

13 Discontinued Operations
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
13 Discontinued Operations	13 Discontinued Operations During fiscal 2009, the Company disposed of Gazeley Limited (Gazeley), an ASDA commercial property development subsidiary in the United Kingdom. Consequently, the results of operations associated with Gazeley are presented as discontinued operations in our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets for all periods presented. The cash flows related to this operation were insignificant for all periods presented. In the third quarter of fiscal 2009, the Company recognized approximately $212 million, after tax, in operating profits and gains from the sale of Gazeley. The transaction continues to remain subject to certain indemnification obligations. The Companys operations in the United Kingdom are consolidated using a December31 fiscal year-end. Since the sale of Gazeley closed in July 2008, the Company recorded the gain to discontinued operations in the third quarter of fiscal 2009. During the third quarter of fiscal 2009, the Company initiated a restructuring program under which the Companys Japanese subsidiary, The Seiyu Ltd., has closed or will close approximately 23 stores and dispose of certain excess properties. This restructuring involves incurring costs associated with lease termination obligations, asset impairment charges and employee separation benefits. The costs associated with this restructuring are presented as discontinued operations in our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets for all periods presented. In the third quarter of fiscal 2009, the Company recognized approximately $107 million, after tax, in restructuring expenses and operating results as discontinued operations. The cash flows and accrued liabilities related to this restructuring were insignificant for all periods presented. The Company recognized approximately $7 million and $22 million, after tax, in operating losses as discontinued operations for the three and nine months ended October31, 2009, respectively. Additional costs will be recorded in future periods for lease termination obligations and employee separation benefits and are not expected to be material.

14 Subsequent Events

14 Subsequent Events
	9 Months Ended Oct. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
14 Subsequent Events	14 Subsequent Events A subsequent event is a significant event or transaction occurring between the balance sheet date and the issue date of the financial statements that could make the financial statements misleading if not recognized or disclosed. Recognized subsequent events consist of those events that provide additional evidence with respect to conditions that existed at the date of the balance sheet and affect the estimates of amounts already recorded in financial statements. If required, the Company adjusts the financial statements for recognized subsequent events. Unrecognized subsequent events consist of those events that provide evidence with respect to conditions that did not exist at the balance sheet date being reported on, but arose subsequent to that date. These events should not result in an adjustment to the financial statements, but are disclosed if material. As of December7, 2009, the date of issuance of the financial statements, we identified the following subsequent event for disclosure in the financial statements: On December 6, 2009, the Companys majority-owned subsidiary in Mexico, Wal-Mart de Mexico (Walmex), announced it has entered into an agreement to acquire 100 percent of the Companys majority-owned subsidiary in Central America from the Company and the minority shareholders of that subsidiary. The effect of this transaction on the consolidated Company will be a purchase of the outstanding noncontrolling interest of our Central American business, with the Companys ownership of Walmex declining slightly. Currently, the Company owns 68% of Walmex and 51% of the Central American business. The transaction is expected to close in the first quarter of fiscal 2010, subject to customary transaction closing conditions.

Document Information

Document Information
	9 Months Ended Oct. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-10-31

Entity Information

Entity Information (USD $)
	9 Months Ended Oct. 31, 2009	Dec. 03, 2009
Entity [Text Block]
Trading Symbol	WMT
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		3,810,171,967