10 different companies selected to watch with relation to their stock Coursework

10 different companies selected to watch with relation to their stock prices - Coursework Example Each of these stocks are a part of the banking sector. Seven of the stocks are companies based in America. Two are based in the UK, and one is based in Canada. The objective of this project is to pick stocks which will rise in value during the length of this project, which spanned from April 16 to May 14. Additionally, an analyses of the banking sector in the UK and the United States is explained, because the environmental and exogenous issues which surrounding the banking sector will impact if the stocks will rise or fall during the time period. What was found was that the banking stocks lost much of their value during the time period, with two exceptions, both of which were smaller banks. Introduction Stock prices are inevitably affected by different events in the world. In this case, we are entering a period of instability in Europe, as well as recovering from a global recession which was largely caused by the meltdown of the large banks in the UK and especially the United States. Because of this recession, the UK has been forced to implement austerity measures which, among other things, cuts financial resources to its largest banks. Because these financial resources were important to these banks, in that it helped the banks recover from the recession and lend money, it stands to reason that the largest banks might be affected. Moreover, in the United States, the banks are going through a transition period with greater regulation. That said, a recent scandal involving JP Morgan Chase, which lost $2 billion in trading losses, show that the Wall Street banks might still be engaging in risky behaviour. Because of these factors, the stocks in our portfolio lost money, so the objective was not met, in that the objective was to pick stocks which would rise in value. This paper will explain how much the $10,000,000 fund was worth, week by week, and how much it was finally worth, along with explanations as to why the stocks performed the way that they did. Also incl uded is a comparison of our stocks with stocks from the Dow Jones average and the automotive sector. The automotive sector’s performance was similar to the banking performance, which denotes that stocks, in general, are having a rough go. Stock Fund Creation Overview of Sector Because the banks which have been selected are banks based both in the UK (HSBC and Barclays) and the United States (every other bank on the list except the Bank of Canada), the main thrust of this analysis will involve the banking sectors in these two countries. United Kingdom As noted above, HSBC and Barclays is based in the UK. The UK’s banking sector is having a difficult time right now because of the austerity measures that the UK has implemented, which has caused Moody’s to downgrade the rating of 12 UK financial institutions (US Banks Downgraded as Confidence Slumps). To understand why this downgrade might

Questioning Assignment Example | Topics and Well Written Essays - 1000 words

Questioning - Assignment Example In any case, the ultimate aim of a question is to collect information from another person or to test the knowledge of another person. In academic world, questions have more importance than anything else. In fact according to the modern educational philosophies, the teacher should ask questions to the students and the students should give answers to that. When the student fails to answer the question, the teacher should guide him to find out the answer. Curiosity is necessary for the students to learn a topic well. In order to develop curiosity, the teacher should ask interesting questions to the students. These questions should be asked in particular patter; easy to difficult. Initial questions should be easy so that the student may answer it easily. However the last questions should be difficult so that the students fail to answer it. In other words, the teacher should create a scenario in which the students were guides from a known situation to an unknown situation. Only in such an unknown situation, the students develop interest or curiosity in the topic and will attend the class properly. Questions are asked i n classes in order to: To develop interest and motivate students to become actively involved in lessons; To evaluate students’ preparation and check on homework or seatwork completion; To develop critical thinking skills and inquiring attitudes; To review and summarize previous lessons; To nurture insights by exposing new relationships; To assess achievement of instructional goals and objectives; To stimulate students to pursue knowledge on their own (Cotton, n. d. p.1). The teacher normally asks two types of questions to the students; high and low level questions. Low level questions are intended to test the knowledge level of the students whereas the high level questions may test the understanding level of the students. For example, who is the president of America is a low order question which tests only the

Catholic Rosary Practical And Pious Religion Essay

Catholic Rosary Practical And Pious Religion Essay Introduction Throughout history numerous devices have been created and used for the purpose of counting. Within the field of mathematics the abacus and its beads was of great importance because of its ability to maintain a numerical tally. Religions have since adapted this method to items more applicable to the faith due to the repetition of prayers. For example within Islam, beads are used to count the ninety nine names of Allah, and Buddhists also use beads to recite 1,000s of mantras.  [1]  However, beads are a merely a compliment to the ritual it is used in. A religious sect within Christianity have not only used beads to count but termed the object the same name as the ritual practice it is used in. General Description Within the Christian faith, Catholics use a rosary as a means of devotion to Mary, who is known as the Mother of Jesus.  [2]  The word rosary can be used within two contexts: a physical set of beads and the ritual of devotion. The beads are used as a method to track the prayers completed during the practice. The rosary when referring to the material object is a string composed of five sets of ten beads, each separated by one large bead respectively.  [3]  The string is held together with a circular image, which is similar to that of a necklace. The image has two large and three smaller beads along with a pendant attached  [4]  (Appendix A). Rosaries come in all shapes and sizes, in various colours and can be made from anything from wood to plastic. The term rosary, when referred to in the context of the ritual, consists of the repetition of three main prayers along with the statement of beliefs in the beginning.  [5]  This practice can be completed by anyone, at any t ime, regardless of whether in a group or praying by ones self. The rosary can be viewed as a non-discriminatory practice wherein people from all faiths can partake in it. It can also be said in any location, but preferably in a Catholic place of worship, the church. Technical Description The descriptions mentioned above are but an outline for what the physical rosary is, as well as the Catholic practice of the rosary. Further details will now be given in order to develop a better understanding of the rosary as exemplified within both of its contexts. In terms of the physical object, the pendant attached to the beads is better known as a crucifix, a term Catholics use symbolizing an article in the form of a cross depicting Jesus death  [6]  . In addition the circular image is one of Mary, it joins the five sets of ten beads to the separated five other beads and crucifix. This image embodies the fact that the rosary as devotion, was first offered to Mary. The traditional material used to manufacture rosaries is olive wood, which is said to have been the wood of the cross that Jesus was hung on.  [7]  However, due to modern adaptations rosaries are now are made from various materials. The Catholic practice of the rosary begins with the sign of the cross. This symbolic custom is one that commences every ritual within the Catholic faith.  [8]  The action occurring is simply using ones hands to touch the forehead, then the heart, and each shoulder, left to right respectively in order to make a cross. After completing this action, practitioners complete a set of preliminary prayers starting with the Catholic prayer titled the Apostles Creed (Appendix B). The words contained within this prayer express the faith of the practitioner and the main system of beliefs for Catholics.  [9]  This would then lead to the praying of the Our Father (Appendix B), followed by three Hail Marys (Appendix B) and ending with a Glory Be to the Father (Appendix B). This would mark the ending of the preliminary portion and lead to a meditation which changed depending on the day the rosary was said. After this begins another Our Father, but this time with ten Hail Marys, followed by y et another Glory Be to the Father. This sequence of prayers starting with the meditation and ending with the Glory Be to the Father is referred to as one decade.  [10]  There are a total of five decades within one rosary, but four different versions of the rosary. As previously mentioned, the meditations of the rosary change depending on the day of the week it is said. There are four different versions referred to by Catholics as mysteries, including: Joyful (Monday and Saturday), Sorrowful (Tuesday and Friday), Glorious (Wednesday and Sunday) and Luminous (Thursday)  [11]  (Appendix B). Each mystery has five meditations on specific events pertaining to the theme. Each of these five meditations is reflected on while praying the rosary. Location within the Religion Within Catholicism, the rosary is considered to be a symbolic item as well as an informal practice. The first appearance of the physical set of beads is early within the religion and can be seen in various images depicting early practitioners. The ritual itself is viewed as secondary means of devotion (primary being sacraments and liturgy) that can be completed at ones own will.  [12]  Though the act of praying the rosary is not formal in the sense that it is not a requirement, it serves as a meditative method of prayer for those seeking a deeper spiritual faith. Historical Information and ties to Doctrines The praying of the rosary traces its origins to the Book of Psalms contained within the Bible. Catholics refer to Psalms as songs of praise to God.  [13]  During the early days of the Catholicism, many lay people wanted to partake in the praying of the Psalms but could not commit all 150 to memory, thus a substitute was created. There is evidence in the early sixteenth century of a book titled the Chiropsalterium, which instructed practitioners to use their hands as a mnemonic device when praying.  [14]  This also incorporated 150 repetitions of the Our Fathers as substitutions for the psalms. The Our Father is said to be the most perfect of all prayers, since it was composed for our needs by our Lord himself as stated by John S. Johnson.  [15]  He goes on further to state that within the Gospel of Matthew in the Catholic Bible, Jesus declares that this is the method in which one should pray to God.  [16]  Catholics today take these words with a few alterations and co nsider it the Lords Prayer. These 150 repetitions were later divided into three sets of 50, a fact attesting to the rosarys adaptability.  [17]  During this time, the popularity of the famous prayer, the Hail Mary grew, and was added as an alternative to some of the many Our Fathers owing to its simplicity. The initial wording of the Hail Mary comes from the Gospel of Luke when Mary is first greeted by the angel Gabriel along with the greeting Elizabeth gives to her cousin Mary.  [18]  The rest of the text was contributed to various other leaders within the faith to create the prayer that is commonly used today. With the majority of the rosary as repetitions of the Hail Mary, it was then associated with devotion to Mary. This is where the term rosary comes from. The Latin word rosarium, meaning rose garden was evident in early images of Mary.  [19]  The word rosary simply stemmed from there. The addition of the Glory Be to the Father occurred over time by various leaders as the ritual grew in accept ance throughout the faith. This prayer is shorter than the other two but is filled with praise and worship type phrases. Deep roots are found pertaining to the theme of the Holy Trinity, denoting the expression of how three persons exist in one God.  [20]   As Catholicism grew in numbers, so did the need for meditations pertaining to Jesus life. It was out of convenience that each of the three sets of 50 was then further cut down to groups of 10, with each mystery having five important events relating to a respective theme.  [21]  It is St. Dominic, who during the fifteenth century, is attributed to the founding of what is now referred to as the Rosary. According to tradition, Mary is said to have appeared to him and told him to spread the word contained within the Psalter.  [22]  This then formalized to the three mysteries with five decades in each. In 2002, the fourth mystery was added by the Pope completing what is now known as the Catholic Rosary.  [23]   Analysis Praying by hand distinguished the Catholic rosary from other forms of popular devotion. Even with the absence of the string of beads, ones ten fingers could easily serve as a counter and reminder that when meditating the whole body and mind should be focused on the mysteries. The essence behind repetition is to ingrain the message behind the words into ones mind in order to make application easier. Though the practice of the rosary appears repetitive by nature, it is important to look at the big picture. The ritual is said to be a method of prayer offered to Mary. Why then are the mysteries pertaining to the life of Jesus? One might answer that the Christianity is rooted in Jesus, thus all element must relate to him. Mary is viewed as a means to Jesus and her importance within the rosary has decreased significantly since its initial development.  [24]   Another issue to be raised is the fact that the Catholic Church prides itself on its traditions. The roots of the Rosary relate to The 150 Psalms contained within the Bible, yet the modern rosary appears to have no relation to that whatsoever. The answer to this can simply be attributed to the fact that the rosary is an informal practice and has adapted through time.  [25]  The mysteries of the rosary play a larger role when compared to the Psalms. Conclusion Though the history of beads serves as a useful method of counting, Catholicism has adapted its utility into a practice and object that provide far greater service to practitioners within the faith. The rosary as discussed earlier plays a vital role in methods of devotion to both Jesus and Mary. The physical beads of the rosary serve as a practical counter during prayers. The actual custom of praying the rosary is completed in order to build a stronger relationship with God or to be pious. Appendix Ahttp://upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Rosary.svg/424px-Rosary.svg.png Source: Microsoft ClipArt Appendix B Apostles Creed I believe in God the Father, Almighty, Creator of heaven and earth: And in Jesus Christ, his only begotten Son, our Lord: Who was conceived by the Holy Spirit, born of the Virgin Mary: Suffered under Pontius Pilate; was crucified, dead and buried: He descended into hell: The third day he rose again from the dead: He ascended into heaven, and sits at the right hand of God the Father Almighty: From thence he shall come to judge the quick and the dead: I believe in the Holy Spirit: I believe in the holy Catholic Church: the communion of saints, the forgiveness of sins: The resurrection of the body: And the life everlasting. Amen. Our Father Our Father, Who art in heaven Hallowed be Thy Name; Thy kingdom come, Thy will be done, on earth as it is in heaven. Give us this day our daily bread, and forgive us our trespasses, as we forgive those who trespass against us; and lead us not into temptation, but deliver us from evil. Amen. Hail Mary Hail Mary, full of grace. Our Lord is with thee. Blessed art thou among women, and blessed is the fruit of thy womb, Jesus. Holy Mary, Mother of God, pray for us sinners, now and at the hour of our death. Amen. Glory Be to the Father Glory be to the Father, and to the Son, and to the Holy Spirit. As it was in the beginning, is now, and ever shall be, world without end. Amen. Mysteries of the Rosary The Five Joyful Mysteries The Annunciation The Visitation The Birth of Our Lord The Presentation of Our Lord The Finding of Our Lord in the Temple The Five Sorrowful Mysteries The Agony in the Garden The Scourging at the Pillar The Crowning with Thorns The Carrying of the Cross The Crucifixion The Five Glorious Mysteries The Resurrection The Ascension The Coming of the Holy Spirit The Assumption of our Blessed Mother into Heaven The Coronation of our Blessed Mother The Five Luminous Mysteries   The Baptism in the Jordan The Wedding at Cana The Proclamation of the Kingdom The Transfiguration The Institution of the Eucharist

Consumer Good and Evil :: essays research papers

Consumer Good and Evil   Ã‚  Ã‚  Ã‚  Ã‚  What is the difference between good and evil? What is good? What is evil? These are questions we humans ask ourselves at least once in our short lives. Is good right? Is Evil wrong? We waste out lives pondering these meaningful questions. I believe the definition of good and evil can be defined by the economic services offered to the public. For example the difference between Charitable Crusaders* and Stuff Mart*, Mom and Pap’s cafà ©* and McDoogles*, Joe’s barbershop and Bidel Basson Hair salons*, I believe good and evil, right and wrong, are evident through these stores and businesses.   Ã‚  Ã‚  Ã‚  Ã‚   Charitable Crusaders is an independents organization similar to a thrift store. This organization cares for the people they serve. In the month of December they raise a lot of money so they can afford to sell their items cheaper. Charitable Crusaders cares, unlike Stuff-Mart, who is stingy and only care for the profit. They care nothing for the people they serve or the people that they employ. Stuff-Mart is the definition of evil because of its greedy and uncaring ways. Because of Stuff-Mart’s practices, people have to spend more money and life is just overall harder. Charitable Crusaders is good and right because they love the people that they serve. They strive to make the world a better place. Unfortunately, unlike fairytales, the evil wins over good. Stuff-Mart is shopped at more because the quality is better and more survives are available, at a fe e. Charitable Crusaders, being a nonprofit organization, cannot compete with Stuff-Mart and lives off do nations. In this case, evil triumphs over the good in the form of profits and overall consumerism. I believe that, sometimes, this is how life works out.   Ã‚  Ã‚  Ã‚  Ã‚  McDoogles is the spawn of all evil in the restaurant world. It was crated to be a prostitute: fast, cheep, and easy! But in the process of being so has stopped caring about the people it was serving. Their food is high in fat, unhealthy and has contributed greatly to the obesity that is becoming rampant in America. Because of its cheap prices it is more readily available than other restraints. If McDoogles is the spawn of all evil then Mom and Pap’s cafà © is all that is good and right in the world. These small restaurants are privately owned and well-taken care off. In this respect, the people who own them care more about the people that they serve.

Wal Mart Annual Report Analysis

EXECUTIVE OFFICERS Eduardo Castro-Wright Vice Chairman, Wal-Mart Stores, Inc. M. Susan Chambers Executive Vice President, Global People Brian C. Cornell Executive Vice President, President and Chief Executive Officer, Sam’s Club 2 010 Financial Report 15 Five-Year Financial Summary 16 Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Consolidated Statements of Income 31 Consolidated Balance Sheets 32 Consolidated Statements of Shareholders’ Equity 33 Consolidated Statements of Cash Flows 34 Notes to Consolidated Financial Statements 52 Report of Independent Registered Public Accounting Firm 3 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Thomas M. Schoewe Executive Vice President and Chief Financial Officer 54 Management’s Report to Our Shareholders 55 Fiscal 2010 End-of-Year Store Count H. Lee Scott, Jr. Chairman of the Executive Committee of the Board of Directo rs 56 Corporate and Stock Information Leslie A. Dach Executive Vice President, Corporate Affairs and Government Relations Michael T. Duke President and Chief Executive Officer Rollin L. Ford Executive Vice President, Chief Information Officer Thomas D. Hyde Executive Vice President, Legal, Ethics, nd Corporate Secretary C. Douglas McMillon Executive Vice President, President and Chief Executive Officer, Walmart International S. Robson Walton Chairman of the Board of Directors Steven P. Whaley Senior Vice President and Controller 14 Walmart 2010 Annual Report 107077_L01_FIN_02. indd 14 4/6/10 12:10:45 AM 2010 FINANCIAL REVIEW Five-Year Financial Summary (Amounts in millions except per share and unit count data) As of and for the Fiscal Years Ended January 31, 2010 2009 2008 2007 2006 (1) Operating Results Net sales Net sales increase Comparable store sales in the United States (2) Walmart U. S.Sam’s Club Gross pro? t margin Operating, selling, general and administrative expens es, as a percentage of net sales Operating income Income from continuing operations attributable to Walmart Per share of common stock: Income from continuing operations attributable to Walmart, diluted Dividends $405,046 1. 0% -0. 8% -0. 7% -1. 4% 24. 8% $401,087 7. 3% 3. 5% 3. 2% 4. 9% 24. 2% $373,821 8. 4% 1. 6% 1. 0% 4. 9% 24. 0% $344,759 11. 6% 2. 0% 1. 9% 2. 5% 23. 4% $308,945 9. 8% 3. 4% 3. 0% 5. 0% 23. 1% 19. 7% $ 23,950 14,414 19. 3% $ 22,798 13,254 19. 0% $ 21,952 12,863 18. 5% $ 20,497 12,189 18. 0% $ 18,693 1,386 3. 72 1. 09 $3. 35 0. 95 $3. 16 0. 88 $2. 92 0. 67 $2. 72 0. 60 $ 33,160 102,307 170,706 36,401 70,749 $ 34,511 95,653 163,429 34,549 65,285 $ 35,159 96,867 163,514 33,402 64,608 $ 33,667 88,287 151,587 30,735 61,573 $ 31,910 77,863 138,793 30,096 53,171 Unit Counts Walmart U. S. Segment International Segment Sam’s Club Segment 3,708 4,112 596 3,656 3,605 602 3,550 3,098 591 3,443 2,734 579 3,289 2,158 567 Total units 8,416 7,863 7,239 6,756 6,014 Financia l Position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leasesTotal Walmart shareholders’ equity $ (1) In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. Although the reclassi? cations impacted net sales, gross margin and operating, selling, general and administrative expenses, they did not impact operating income or income from continuing operations attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected for ? scal years 2010, 2009 and 2008. 2) Comparable store and club sales include fuel. For ? scal 2006, we considered comparable sales to be sales at stores and clubs that were open as of February 1st of the prior ? scal year and which had not been converted, expanded or relocated since that date. Fiscal 2008 and ? scal 2007 comparable sales includes all stores and clubs that have been open for at least the previous 12 months. Additionally, for those ? scal years, stores and clubs that are relocated, expanded or converted are excluded from comparable sales for the ? rst 12 months following the relocation, expansion or conversion.Fiscal 2010 and 2009 comparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Fiscal 2008 and prior ? scal years’ comparable sales do not re? ect reclassi? cations effective February 1, 2009, as noted above. Walmart 2010 Annual Report 15 107077_L01_FIN_02. indd 15 4/6/10 12:10:45 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Wal-Mart Stores, Inc. (â€Å"Walmart,† the â€Å"company† or â€Å"we†) operates retail stores in various formats around the world and is committed to saving people money so they can live better.We earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at every day low prices (â€Å"EDLP†), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is our pricing philosophy under which we price items at a low price every day so that our customers trust that our prices will not change under frequent promotional activity. Our focus for Sam’s Club is to provide exceptional value on brand name merchandise at â€Å"members only† prices for both business and personal use.Internationally, we operate with similar philosophies. Our ? scal year ends on January 31 for our U. S. , Canada and Puerto Rico operations. Our ? scal year ends on December 31 for all other operations. We intend for this discussion to provide the reader with information that will assist in understanding our ? nancial statements, the changes in certain key items in those ? nancial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our ? nancial statements.We also discuss certain performance metrics that management uses to assess our performance. The discussion also provides information about the ? nancial results of the various segments of our business to provide a better understanding of how those segments and their results affect the ? nancial condition and results of operations of the company as a whole. This discussion should be read in conjunction with our Consolidated Financial Statements as of January 31, 2010, and the year then ended, and accompanying notes. Our operations comprise three business segments: Walmart U.S. , International and Sam’s Club. The Walmart U. S. segment includes the company’s mass merchant concept in the United States, operating under the â€Å"Walmart† or â€Å"Wal-Mart† brand, as well a s walmart. com. The International segment consists of the company’s operations outside of the 50 United States. The Sam’s Club segment includes the warehouse membership clubs in the United States, as well as samsclub. com. Sales By Segment Net sales in ? scal 2010 were a record $405. 0 billion, up 1. 0% from ? scal 2009. Sam’s Club 11. 5% International 24. 7%Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations, we discuss segment operating income and comparable store sales. 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, we revise the measurement of each segment’s operating income, including any corporate overhead allocations, as dictated by the information regularly reviewed by our chief operating decision maker.When we do so, the segment operating income for each segment affected by the revisions is restated for all periods presented to maintain comparability. In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. The reclassi? cations did not impact operating income or consolidated net income attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected in all periods presented.Comparable store sales is a measure which indicates the performance of our existing U. S. stores and clubs by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. In ? scal 2008, our method of calculating comparable store sales included all stores and clubs that were open for at least the previous 12 months. Additionally, stores and clubs that were relocated, expanded or converted were exclud ed from comparable store sales for the ? rst 12 months following the relocation, expansion or conversion. During ? scal year 2008, the company reviewed its de? ition of comparable store sales for consistency with other retailers. As a result of that review, since February 1, 2008, Walmart’s de? nition of comparable store sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Changes in format continue to be excluded from comparable store sales when the conversion is accompanied by a relocation or expansion that results in a change in square footage of more than ? ve percent. Since the impact of this revision is inconsequential, the company will not restate comparable store sales results for previously reported years.Comparable store sales are also referred to as â€Å"same-store† sales by others within the retail industry. The method of calculating comparable store sales varies across the retail indus try. As a result, our calculation of comparable store sales is not necessarily comparable to similarly titled measures reported by other companies. In discussions of our consolidated results and the operating results of our International segment, we sometimes refer to the impact of changes in currency exchange rates. When we refer to changes in currency exchange rates or currency exchange rate ? ctuations, we are referring to the differences between the currency exchange rates we use to convert the International segment’s operating results from local currencies into U. S. dollars for reporting purposes. The impacts of currency exchange rate ? uctuations are typically calculated as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior year period’s currency exchange rates, respectively. We use this method for all countries where the functional currency is not U. S. denominated. Walmar t U. S. 63. 8% 16 Walmart 2010 Annual Report 107077_L01_FIN. ndd 16 4/6/10 8:25:50 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations The Retail Industry We operate in the highly competitive retail industry in both the United States and the countries we serve internationally. We face strong sales competition from other discount, department, drug, variety and specialty stores, warehouse clubs, and supermarkets, many of which are national, regional or international chains, as well as internet-based retailers and catalog businesses. We compete with a number of companies for prime retail site locations, as well as in attracting and retaining quality employees whom we call â€Å"associates†). We, along with other retail companies, are in? uenced by a number of factors including, but not limited to: general economic conditions, cost of goods, consumer disposable income, consumer debt levels and buying patterns, consumer credit availabili ty, interest rates, customer preferences, unemployment, labor costs, in? ation, de? ation, currency exchange ? uctuations, fuel and energy prices, weather patterns, climate change, catastrophic events, competitive pressures and insurance costs. Further information on risks to our company can be located in â€Å"Item 1A.Risk Factors† in our Annual Report on Form 10-K for the ? scal year ended January 31, 2010. Company Performance Metrics The company’s performance metrics emphasize three priorities for improving shareholder value: growth, leverage and returns. The company’s priority of growth focuses on sales growth; the priority of leverage encompasses the company’s metric to increase our operating income at a faster rate than the growth in net sales by growing our operating, selling, general and administrative expenses (â€Å"operating expenses†) at a slower rate than the growth of our net sales; and the priority of returns focuses on how ef? ientl y the company employs our assets through return on investment (â€Å"ROI†) and how effectively the company manages working capital through free cash ? ow. Growth Net Sales Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Percent increase Net sales Percent of total 2008 Percent increase Net sales Percent of total Net sales Percent of total Walmart U. S. International Sam’s Club $258,229 100,107 46,710 63. 8% 24. 7% 11. 5% 1. 1% 1. 3% -0. 4% $255,348 98,840 46,899 63. 7% 24. 6% 11. 7% 6. 9% 9. 1% 5. 8% $238,915 90,570 44,336 63. 9% 24. 2% 11. 9% Net Sales $405,046 00. 0% 1. 0% $401,087 100. 0% 7. 3% $373,821 100. 0% O ur net sales increased by 1. 0% and 7. 3% in ? scal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global expansion activities and the acquisition of our Chilean subsidiary, Distribucion y Servicio (â€Å"D&S†) in January 2009 , offset primarily by a $9. 8 billion unfavorable currency exchange rate impact in our International segment and price de? ation in certain merchandise categories in our Walmart U. S. segment. Net sales in ? cal 2009 increased due to our global expansion activities and comparable store sales increases, offset by a $2. 3 billion unfavorable currency exchange rate impact. Despite the unfavorable impact of currency exchanges rates, the International segment’s net sales as a percentage of total company net sales increased in ? scal 2010 and 2009, respectively. Volatility in currency exchange rates may continue to impact the International segment’s net sales in the future. Comparable Store Sales Comparable store sales is a measure which indicates the performance of our existing U. S. tores by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. Comparable store sales in the United States decreased 0. 8% in ? scal 2010 and increased 3. 5% in ? scal 2009. Although customer traf? c increased in ? scal 2010, comparable store sales in the United States were lower than ? scal 2009 due to de? ation in certain merchandise categories and lower fuel prices. Comparable store sales in the United States in ? scal 2009 were higher than ? scal 2008 due to an increase in customer traf? c, as well as an increase in average transaction size per customer.As we continue to add new stores in the United States, we do so with an understanding that additional stores may take sales away from existing units. We estimate the negative impact on comparable store sales as a result of opening new stores was approximately 0. 6% in ? scal 2010 and 1. 1% in ? scal 2009. With our planned slower new store growth, we expect the impact of new stores on comparable store sales to stabilize over time. Fiscal Years Ended January 31, 2010 2009 2008 Walmart U. S. Sam’s Club (1) -0. 7% -1. 4% 3. 2% 4. 9% 1. 0% 4. 9% Total U . S. -0. 8% 3. 5% 1. 6% (1) Sam’s Club comparable club sales include fuel.Fuel sales had a negative impact of 2. 1 percentage points in ? scal year 2010, and positive impact of 1. 2 and 0. 7 percentage points in ? scal years 2009 and 2008, respectively, on comparable club sales. Walmart 2010 Annual Report 17 107077_L01_FIN_02. indd 17 4/6/10 12:10:46 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Leverage Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Operating income Percent of total Percent increase Operating income 2008 Percent of total Percent increase Operating income Percent of total Walmart U.S. International Sam’s Club Other $19,522 5,033 1,512 (2,117) 81. 5% 21. 0% 6. 3% -8. 8% 5. 2% 1. 9% -8. 1% -9. 9% $18,562 4,940 1,646 (2,350) 81. 4% 21. 7% 7. 2% -10. 3% 6. 8% 4. 6% -0. 1% 30. 3% $17,383 4,725 1,648 (1,804) 79. 2% 21. 5% 7. 5% -8. 2% Total operating income $23,950 100. 0% 5. 1% $22,798 100. 0% 3. 9% $21,952 100. 0% We believe growing operating income at a faster rate than net sales growth is a meaningful measure because it indicates how effectively we manage costs and leverage operating expenses. Our objective is to grow operating expenses at a slower rate than net sales. nd ending total assets of continuing operations plus accumulated depreciation and amortization less accounts payable and accrued liabilities for that period, plus a rent factor equal to the rent for the ? scal year multiplied by a factor of eight. Operating Expenses In ? scal 2010, operating expenses increased 2. 7% when compared to ? scal 2009, while net sales increased 1. 0% over the same period. Operating expenses grew at a faster rate than net sales due to higher health bene? t costs, restructuring charges and higher advertising expenses. In ? scal 2009, operating expenses increased 9. % compared to ? scal 2008 while net sales increased 7. 3% over the same period. Operating expenses grew at a faster rate than net sales in ? scal 2009 primarily due to higher utility costs, legal matters, higher health bene? t costs and increased corporate expenses. ROI is considered a non-GAAP ? nancial measure under the SEC’s rules. We consider return on assets (â€Å"ROA†) to be the ? nancial measure computed in accordance with GAAP that is the most directly comparable ? nancial measure to ROI as we calculate that ? nancial measure. ROI differs from ROA (which is income from continuing operations for the ? cal year divided by average total assets of continuing operations for the period) because ROI: adjusts operating income to exclude certain expense items and adds interest income; adjusts total assets from continuing operations for the impact of accumulated depreciation and amortization, accounts payable and accrued liabilities; and incorporates a factor of rent to arrive at total invested capital. Operating Income For ? scal 2010, we met our objective of growing operat ing income at a faster rate than net sales. Our operating income increased by 5. 1% when compared to ? cal 2009, while net sales increased by 1. 0% over the same period. Our Walmart U. S. and International segments met this objective. Our Sam’s Club segment fell short of this objective primarily due to a $174 million charge to restructure its operations, including the closure of 10 clubs. For ? scal 2009, we did not meet our objective because our operating income increased by 3. 9% when compared to ? scal 2008, while net sales increased by 7. 3% over the same period. The Walmart U. S. and Sam’s Club segments fell short of this objective due to increases in operating expenses.The International segment fell short of this objective due to accruals for certain legal matters and ? uctuations in currency exchange rates. Although ROI is a standard ? nancial metric, numerous methods exist for calculating a company’s ROI. As a result, the method used by management to cal culate ROI may differ from the methods other companies use to calculate their ROI. We urge you to understand the methods used by another company to calculate its ROI before comparing our ROI to that of such other company. Wal-Mart Stores, Inc. Operating Income (Amounts in millions) 24,000 Returns Return on Investment Management believes return on investment is a meaningful metric to share with investors because it helps investors assess how effectively Walmart is employing its assets. Trends in ROI can ? uctuate over time as management balances long-term potential strategic initiatives with any possible short-term impacts. ROI was 19. 3 percent for both ? scal years ended January 31, 2010 and 2009. $18,000 Wal-Mart Stores, Inc. operating income increased 5. 1% in ? scal 2010, driven by a 5. 2% increase in Walmart U. S. $12,000 $ 6,000 We de? e ROI as adjusted operating income (operating income plus interest income, depreciation and amortization and rent expense) for the ? scal year divided by average invested capital during that period. We consider average invested capital to be the average of our beginning 0 08 09 10 Fiscal Years 18 Walmart 2010 Annual Report 107077_L01_FIN. indd 18 4/6/10 10:19:20 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations The calculation of ROI along with a reconciliation to the calculation of ROA, the most comparable GAAP ? nancial measurement, is as follows: For the Years Ended January 31, Dollar amounts in millions) 2010 2009 Numerator Operating income (1) + Interest income (1) + Depreciation and amortization (1) + Rent (1) $ 23,950 181 7,157 1,808 $ 22,798 284 6,739 1,751 = Adjusted operating income $ 33,096 $ 31,572 Denominator Average total assets of continuing operations (2) + Average accumulated depreciation and amortization (2) – Average accounts payable (2) – Average accrued liabilities (2) + Rent x 8 $166,900 38,359 29,650 18,423 14,464 $162,891 33,317 29,597 16,9 19 14,008 = Average invested capital $171,650 $163,700 CALCULATION OF RETURN ON INVESTMENT Return on investment (ROI) 19. 3% 19. 3%CALCULATION OF RETURN ON ASSETS Numerator Income from continuing operations (1) $ 14,927 $ 13,753 Denominator Average total assets of continuing operations (2) $166,900 $162,891 Return on assets (ROA) 8. 9% 8. 4% As of January 31, 2010 Certain Balance Sheet Data (1) Total assets of continuing operations Accumulated depreciation and amortization Accounts payable Accrued liabilities 2009 2008 $170,566 41,210 30,451 18,734 $163,234 35,508 28,849 18,112 $162,547 31,125 30,344 15,725 (1) Based on continuing operations only and therefore excludes the impact of closing 23 stores and the divesture of other properties of The Seiyu, Ltd. now Walmart Japan) pursuant to a restructuring program adopted during the third quarter of ? scal 2009. All of these activities have been disclosed as discontinued operations. Total assets as of January 31, 2010, 2009 and 2008 in the table above exclude assets of discontinued operations that are re? ected in the Consolidated Balance Sheets of $140 million, $195 million and $967 million, respectively. (2) The average is based on the addition of the account balance at the end of the current period to the account balance at the end of the prior period and dividing by 2. Walmart 2010 Annual Report 19 107077_L01_FIN_02. indd 19 /6/10 12:10:47 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Free Cash Flow We de? ne free cash ? ow as net cash provided by operating activities of continuing operations in a period minus payments for property and equipment made in that period. We generated positive free cash ? ow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increase in our free cash ? ow is primarily the result of improved operating results and inventory management. The following table sets fort h a reconciliation of free cash ? w, a nonGAAP ? nancial measure, to net cash provided by operating activities of continuing operations, a GAAP measure, which we believe to be the GAAP ? nancial measure most directly comparable to free cash ? ow, as well as information regarding net cash used in investing activities and net cash used in ? nancing activities. Fiscal Years Ended January 31, (Amounts in millions) Free cash ? ow is considered a non-GAAP ? nancial measure under the SEC’s rules. Management believes, however, that free cash ? ow, which measures our ability to generate additional cash from our business operations, is an important ? ancial measure for use in evaluating the company’s ? nancial performance. Free cash ? ow should be considered in addition to, rather than as a substitute for, income from continuing operations as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our de? nition of free cash ? ow is limited, in that it does not represent residual cash ? ows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions.Therefore, we believe it is important to view free cash ? ow as a measure that provides supplemental information to our entire statement of cash ? ows. Although other companies report their free cash ? ow, numerous methods may exist for calculating a company’s free cash ? ow. As a result, the method used by our management to calculate free cash ? ow may differ from the methods other companies use to calculate their free cash ? ow. We urge you to understand the methods used by another company to calculate its free cash ? ow before comparing our free cash ? ow to that of such other company.We generated positive free cash flow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended Jan uary 31, 2010, 2009 and 2008, respectively. The increase in our free cash flow is primarily the result of improved operating results and inventory management. Net cash provided by operating activities Payments for property and equipment Free cash ? ow Net cash used in investing activities Net cash used in ?nancing activities 2010 $26,249 (12,184) $ 14,065 2009 2008 $ 23,147 $ 20,642 (11,499) (14,937) $ 11,648 $ 5,705 $(11,620) $(10,742) $(15,670) $(14,191) $ (9,918) $ (7,422)Results of Operations The following discussion of our Results of Operations is based on our continuing operations and excludes any results or discussion of our discontinued operations. Unusual or infrequent items that impacted our income from continuing operations during the ? scal years ended 2010, 2009 and 2008 were as follows: †¢ In ? scal 2010, the company announced several organizational changes, including the closure of 10 Sam’s Clubs, designed to strengthen and streamline our operations. As a result, we recorded $260 million in pre-tax restructuring charges. †¢ In ? cal 2010, we recorded $372 million in net tax bene? ts primarily from the repatriation of certain non-U. S. earnings that increased U. S. foreign tax credits. †¢ In ? scal 2009, the company settled 63 wage-and-hour class action lawsuits. As a result of the settlement, the company recorded a pre-tax charge of approximately $382 million during the fourth quarter of ? scal 2009. †¢ In ? scal 2008, we reduced our accrued liabilities for our general liability and worker’s compensation claims. As a result, operating expenses were reduced by a pre-tax amount of $298 million. 20 Walmart 2010 Annual Report 07077_L01_FIN. indd 20 4/7/10 12:14:15 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations Fiscal Year Net Sales (1) % Change from Prior Fiscal Year 2010 2009 2008 $405,046 401,087 373,821 1. 0% 7. 3% 8. 4% Operating Income (1) Operating Income as a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2) $23,950 22,798 21,952 5. 9% 5. 7% 5. 9% -0. 8% 3. 5% 1. 6% 8,416 7,863 7,239 952,204 918,008 867,448 (1) Amounts in millions (2) Amounts in thousands Our consolidated net sales increased by 1. 0% and 7. 3% in ? cal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global expansion activities and the acquisition of D&S in January 2009, offset primarily by a $9. 8 billion unfavorable currency exchange rate impact in our International segment and price de? ation in certain merchandise categories in our Walmart U. S. segment. Net sales in ? scal 2009 increased due to our global store expansion activities, comparable store sales increases, offset by a $2. 3 billion unfavorable currency exchange rate impact.Volatility in currency exchange rates may continue to impact the International segme nt’s net sales in the future. Our gross pro? t, as a percentage of net sales, (our â€Å"gross pro? t margin†) was 24. 8%, 24. 2% and 24. 0% in ? scal 2010, 2009 and 2008, respectively. Our Walmart U. S. and International segment sales yield higher gross pro? t margins than our Sam’s Club segment. In ? scal 2010, gross pro? t margin increased primarily due to the continued focus on enhanced merchandising strategies and better inventory management in our Walmart U. S. and Sam’s Club segments. The gross pro? margin increase in ? scal 2009 compared to ? scal 2008 was primarily due to lower inventory shrinkage and less markdown activity as a result of more effective merchandising in the Walmart U. S. segment. Operating expenses, as a percentage of net sales, were 19. 7%, 19. 3% and 19. 0% for ? scal 2010, 2009 and 2008, respectively. In ? scal 2010, operating expenses increased primarily due to higher health bene? t costs, a pre-tax charge of $260 million rel ating to the restructuring of U. S. operations and higher advertising expenses. In ? scal 2009, operating expenses increased rimarily due to higher utility costs, a pre-tax charge of approximately $382 million resulting from the settlement of 63 wage-and-hour class action lawsuits, higher health bene? t costs and increased corporate expenses compared to ? scal 2008. Our effective income tax rate was 32. 4% for ? scal year 2010 and 34. 2% for ? scal years 2009 and 2008. The ? scal 2010 effective tax rate decreased compared to ? scal 2009 due to $372 million in net tax bene? ts that primarily resulted from the repatriation of certain non-U. S. earnings that increased our utilization of U. S. foreign tax credits.As a result of the factors discussed above, we reported $14. 9 billion, $13. 8 billion and $13. 3 billion of income from continuing operations for the ? scal years ended January 31, 2010, 2009 and 2008, respectively. Walmart U. S. Segment Fiscal Year Net Sales (1) % Change from Prior Fiscal Year 2010 2009 2008 $258,229 255,348 238,915 1. 1% 6. 9% 5. 6% Operating Income (1) Operating Income as a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2) $19,522 18,562 17,383 7. 6% 7. 3% 7. 3% -0. 7% 3. 2% 1. 0% 3,708 3,656 3,550 602,908 589,299 566,629 (1) Amounts in millions (2) Amounts in thousands The segment net sales growth in ? cal 2010 resulted from an increase in customer traf? c and strength in our grocery and health and wellness categories, as well as our continued expansion activities. In ? scal 2009, the segment net sales growth resulted from a comparable store sales increase of 3. 2%, in addition to our expansion activities. Strength in the grocery, health and wellness and entertainment categories, as well as strong seasonal sales throughout the year also contributed to the ? scal 2009 net sales increase. The segment net sales growth in fiscal 2010 resulted from an increase in customer traffic and strength in our grocery and health and ellness categories, as well as our continued expansion activities. Walmart 2010 Annual Report 21 107077_L01_FIN. indd 107077_L01_FIN. indd 21 4/6/10 8:25:51 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Comparable store sales were lower in ? scal 2010, despite increased customer traf? c, due to a decrease in average transaction size per customer driven by price de? ation in certain merchandise categories. Comparable store sales were higher in ? scal 2009 due to an increase in customer traf? c, as well as an increase in average transaction size per customer. In ? scal 2010, gross pro? margin increased 0. 7 percentage points compared to the prior year due to more effective merchandising, better inventory management and lower inventory shrinkage. In ? scal 2009, gross pro? t margin increased 0. 4 percentage points compared to the prior year primarily due to decreased markdown activity and lower inventory shrinkage. The improvements in b oth years were attributable to merchandising initiatives that have improved space allocation, enhanced our price leadership and increased supply chain ef? ciencies. Segment operating expenses, as a percentage of segment net sales, increased by 0. 4 percentage points in ? cal 2010 compared to ? scal 2009 due to lower segment net sales increases compared to the prior year, higher health bene? t costs, higher advertising expenses and a pre-tax charge of $73 million relating to the restructuring of Walmart U. S. operations. Segment operating expenses, as a percentage of segment net sales, increased 0. 4 percentage points in ? scal 2009 compared to the prior year due to hurricane-related expenses, higher bonus payments for store associates, higher utility costs and an increase in health bene? t costs. International Segment Net Sales (1) 2010 2009 2008 Operating Income (1) Operating Income a s a Percentage f Net Sales Unit Counts Square Footage (2 ) $100,107 98,840 90,570 Fiscal Year % Ch ange from Prior Fiscal Year 1. 3% 9. 1% 17. 8% $5,033 4,940 4,725 5. 0% 5. 0% 5. 2% 4,112 3,605 3,098 269,894 248,803 222,583 (1) Amounts in millions (2) Amounts in thousands At January 31, 2010, our International segment was comprised of our wholly-owned subsidiaries operating in Argentina, Brazil, Canada, Japan, Puerto Rico and the United Kingdom, our majority-owned subsidiaries operating in ? ve countries in Central America, and in Chile and Mexico, our joint ventures in India and China and our other controlled subsidiaries in China.The ? scal 2010 increase in the International segment’s net sales primarily resulted from our expansion activities and the inclusion of the results of D&S, acquired in January 2009, offset by the unfavorable impact of changes in currency exchange rates of $9. 8 billion. For additional information regarding our acquisitions, refer to Note 9 to the Consolidated Financial Statements. The ? scal 2009 increase in the International segment’s n et sales was primarily due to net sales growth from existing units and our international expansion program, offset by the unfavorable impact of changes in currency exchange rates of $2. billion. The fiscal 2010 increase in the International segment’s net sales primarily resulted from our expansion activities and the inclusion of the results of D&S, acquired in January 2009, offset by the unfavorable impact of changes in currency exchange rates of $9. 8 billion. In ? scal 2010, the International segment’s gross pro? t margin increased 0. 2 percentage points compared to the prior year. The increase was primarily driven by currency exchange rate ? uctuations and the inclusion of D&S. In ? scal 2009, the International segment’s gross pro? t margin decreased 0. percentage points compared to the prior year. The decrease was primarily driven by growth in lower margin fuel sales in the United Kingdom and the transition to EDLP as a strategy in Japan. Segment operating e xpenses, as a percentage of segment net sales, increased 0. 3 percentage points in ? scal 2010 compared to the prior year primarily as a result of the inclusion of D&S, acquired in January 2009. Segment operating expenses, as a percentage of segment net sales, in ? scal 2009 were consistent with ? scal 2008. In ? scal 2010, currency exchange rate changes unfavorably impacted operating income by $540 million.In ? scal 2009, currency exchange rate changes unfavorably impacted operating income by $266 million. Volatility in currency exchange rates may continue to impact the International segment’s operating results in the future. 22 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 22 4/6/10 8:25:51 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Sam’s Club Segment Fiscal Year Net Sales (1) % Change from Prior Fiscal Year Operating Income (1) Operating Income a s a Percentage of Net Sales Comp Sales Unit C ounts Square Footage (2 ) $46,710 46,899 44,336 0. 4% 5. 8% 6. 6% $1,512 1,646 1,648 3. 2% 3. 5% 3. 7% -1. 4% 4. 9% 4. 9% 596 602 591 79,401 79,906 78,236 2010 2009 2008 (1) Amounts in millions (2) Amounts in thousands The decrease in net sales for the Sam’s Club segment in ? scal 2010 primarily resulted from lower fuel prices compared to the previous ? scal year. In ? scal 2009, the segment net sales growth resulted from a comparable club sales increase, including fuel, of 4. 9% and continued club expansion activities. Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2010 when compared to ? scal 2009.Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2009 when compared to ? scal 2008. Liquidity and Capital Resources Comparable club sales decreased during ? scal 2010 due to the negative impact of 2. 1 percentage points from lower fuel prices when compared to the previous ? scal year, partially offset by sales increases in fresh food, consumables and certain health and wellness categories. In ? scal 2009, comparable club sales increased due to growth in food, pharmacy, electronics and certain consumables categories, as well as an increase in both member traf? and average transaction size per member. Fuel sales had a positive impact of 1. 2 percentage points in ? scal 2009 on comparable club sales. Gross pro? t margin increased 0. 6 percentage points during ? scal 2010 compared to the prior year due to continued strength in sales of consumable, fresh food and other food-related categories. Gross pro? t margin increased 0. 1 percentage points during ? scal 2009 compared to the prior year due to strong sales in fresh food and other food-related categories, consumable categories and the positive impact of a higher fuel gross pro? t rate.Segment operating expenses, as a percentage of segment net sales, increased 0. 8 percentage points in ? scal 2010 compared to the p rior year due primarily to a pre-tax charge of $174 million related to the restructuring of Sam’s Club operations, including the closure of 10 clubs. Segment operating expenses, as a percentage of segment net sales, increased 0. 2 percentage points in ? scal 2009 compared to the prior year. In ? scal 2009, operating expense increases were impacted by higher utility and health bene? t costs and hurricane-related expenses. Cash flows provided by operating activities upply us with a significant source of liquidity. We use these cash flows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash flow funds the dividends on our common stock and share repurchases. Cash ? ows provided by operating activities supply us with a signi? cant source of liquidity. We use these cash ? ows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash ? w funds the dividends on our common stock and share repurchases. Fiscal Years Ended January 31, (Amounts in millions) 2010 Net cash provided by operating activities Payments for property and equipment Free cash ? ow 2009 2008 $ 26,249 $ 23,147 $ 20,642 (12,184) (11,499) (14,937) $ 14,065 $ 11,648 $ 5,705 Net cash used in investing activities Net cash used in ?nancing activities $(11,620) $(10,742) $(15,670) $(14,191) $ (9,918) $ (7,422) Cash ? ow provided by operating activities was $26. 2 billion, $23. 1 billion and $20. 6 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increases in cash ? ws provided by operating activities for each ? scal year were primarily attributable to an increase in income from continuing operations and improved working capital management. Working Capital Current liabilities exceeded current assets at January 31, 2010, by $7. 2 billion, an increase of $7 89 million from January 31, 2009. Our ratio of current assets to current liabilities was 0. 9 at January 31, 2010 and 2009. We generally have a working capital de? cit due to our ef? cient use of cash in funding operations and in providing returns to shareholders in the form of stock repurchases and payment of dividends.Walmart 2010 Annual Report 23 107077_L01_FIN. indd 107077_L01_FIN. indd 23 4/7/10 1:06:36 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Capital Resources During ? scal 2010, we issued $5. 5 billion of long-term debt. The net proceeds from the issuance of such long-term debt were used for general corporate purposes. During ? scal 2009, we issued $6. 6 billion of long-term debt. Those net proceeds were used to repay outstanding commercial paper indebtedness and for other general corporate purposes. Management believes that cash ? ws from continuing operations and proceeds from the issuance of short-term borrowings will be suf? cient to ? nance seasonal buildups in merchandise inventories and meet other cash requirements. If our operating cash ? ows are not suf? cient to pay dividends and to fund our capital expenditures, we anticipate funding any shortfall in these expenditures with a combination of short-term borrowings and long-term debt. We plan to re? nance existing long-term debt as it matures and may desire to obtain additional long-term ? nancing for other corporate purposes. We anticipate no dif? culty in obtaining long-term ? ancing in view of our credit ratings and favorable experiences in the debt market in the recent past. The following table details the ratings of the credit rating agencies that rated our outstanding indebtedness at January 31, 2010. The rating agency ratings are not recommendations to buy, sell or hold our commercial paper or debt securities. Each rating may be subject to revision or withdrawal at any time by the assigning rating organization and should be evaluated independently of any other rating. Global Expansion Activities Cash paid for property and equipment was $12. 2 billion, $11. 5 billion and $14. billion during the ? scal years ended January 31, 2010, 2009 and 2008, respectively. These expenditures primarily relate to new store growth, as well as remodeling costs for existing stores. We expect to incur capital expenditures of approximately $13. 0 billion to $15. 0 billion in ? scal 2011. We plan to ? nance this expansion and any acquisitions of other operations that we may make during ? scal 2011 primarily from cash ? ows from operations. Fiscal 2011 capital expenditures will include the addition of the following new, relocated and expanded units in the U. S. : Fiscal Year 2011 Projected Unit Growth Walmart U.S. Segment Sam’s Club Segment 145-160 5-10 150-170 Total U. S. Additionally, the International segment expects to add more than 600 units during ? scal year 2011. The following represents an allocation of our capital expe nditures: Rating Agency Commercial Paper Standard & Poor’s Moody’s Investors Service Fitch Ratings DBRS Limited Long-term Debt A-1+ P-1 F1+ R-1(middle) AA Aa2 AA AA To monitor our credit ratings and our capacity for long-term ? nancing, we consider various qualitative and quantitative factors. We monitor the ratio of our debt to our total capitalization as support for our long-term ? nancing decisions.At January 31, 2010 and January 31, 2009, the ratio of our debt to total capitalization was 36. 9% and 39. 3%, respectively. For the purpose of this calculation, debt is de? ned as the sum of short-term borrowings, long-term debt due within one year, obligations under capital leases due in one year, long-term debt and long-term obligations under capital leases. Total capitalization is de? ned as debt plus total Walmart shareholders’ equity. Our ratio of debt to our total capitalization decreased in ? scal 2010 primarily due to a decrease in short-term borrowings. W e expect to incur capital expenditures of approximately $13. 0 billion to $15. billion in fiscal 2011. We plan to finance this expansion and any acquisitions of other operations that we may make during fiscal 2011 primarily from cash flows from operations. Allocation of Capital Expenditures Projected Capital Expenditures New stores, including expansions and relocations Remodels Information systems, distribution and other Total U. S. International Total Capital Expenditures Actual Fiscal Year 2011 Fiscal Year Fiscal Year 2010 2009 31% 15% 29% 17% 34% 10% 21% 23% 20% 67% 69% 64% 33% 31% 36% 100% 100% 100% Common Stock Dividends We paid dividends of $1. 09 per share in ? scal 2010, representing a 15% increase over ? cal 2009. The ? scal 2009 dividend of $0. 95 per share represented an 8% increase over ? scal 2008. We have increased our dividend every year since the ? rst dividend was declared in March 1974. On March 4, 2010, the company’s Board of Directors approved an increase in the annual dividend for ? scal 2011 to $1. 21 per share, an increase of 11% over the dividends paid in ? scal 2010. The annual dividend will be paid in four quarterly installments on April 5, 2010, June 1, 2010, September 7, 2010 and January 3, 2011 to holders of record on March 12, May 14, August 13 and December 10, 2010, respectively. 4 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 24 4/6/10 8:25:52 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Company Share Repurchase Program From time to time, we have repurchased shares of our common stock under a $15. 0 billion share repurchase program authorized by our Board of Directors on June 4, 2009 and announced on June 5, 2009, which replaced and terminated a $15. 0 billion share repurchase program approved by our Board of Directors on May 31, 2007 and announced on June 1, 2007.As was the case with the replaced share repurchase program, the new program has no exp iration date or other restrictions limiting the period over which we can make our share repurchases, and will expire only when and if we have repurchased $15. 0 billion of our shares under the program or we terminate or replace the program. Any repurchased shares are constructively retired and returned to unissued status. We spent $7. 3 billion, $3. 5 billion and $7. 7 billion in share repurchases during ? scal year 2010, 2009 and 2008, respectively.We consider several factors in determining when to execute the share repurchases, including among other things, our current cash needs, our capacity for leverage, our cost of borrowings and the market price of our common stock. As of January 31, 2010, the program had approximately $9. 2 billion remaining authorization for share repurchases. Contractual Obligations and Other Commercial Commitments The following table sets forth certain information concerning our obligations and commitments to make contractual future payments, such as debt and lease agreements, and contingent commitments:Payments Due During Fiscal Years Ending January 31, (Amounts in millions) Recorded contractual obligations: Long-term debt Short-term borrowings Capital lease obligations Unrecorded contractual obligations: Non-cancelable operating leases Interest on long-term debt Trade letters of credit Purchase obligations Total commercial commitments Additionally, the company has approximately $11. 2 billion in undrawn lines of credit and standby letters of credit which, if drawn upon, would be included in the liabilities section of the Consolidated Balance Sheets.Purchase obligations include legally binding contracts such as ? rm commitments for inventory and utility purchases, as well as commitments to make capital expenditures, software acquisition/license commitments and legally binding service contracts. Purchase orders for the purchase of inventory and other services are not included in the table above. Purchase orders represent authorizati ons to purchase rather than binding agreements. For the purposes of this table, contractual obligations for purchase of goods or services are de? ned as agreements that are enforceable and legally binding and that specify all signi? ant terms, including: ? xed or minimum quantities to be purchased; ? xed, minimum or variable price provisions; and the approximate timing of the transaction. Our purchase orders are based on our current inventory needs and are ful? lled by our suppliers within short time periods. We also enter into contracts for outsourced services; however, the obligations under these contracts are not signi? cant and the contracts generally contain clauses allowing for cancellation without signi? cant penalty. Total 2011 2012-2013 2014-2015 Thereafter $37,281 523 5,584 $ 4,050

Evaluation †produce proposals for the possible re-branding of my school Essay

My design brief was to produce proposals for the possible re-branding of my school. When doing this I researched what the faculties wanted and needed and so I designed a questionnaire to gather the information I required. I also researched different graphic designers, their work and various design movements throughout history such as Abram Games who is a British mid-twentieth century designer and official war artist during world war two. His style of design is very patriotic as in most of his work he uses red, white and blue; the colours of the union jack. He incorporates them very well and subtlety. I like his work because it’s very classic, memorable and simple. His work is landmark. I did this because it gave me inspiration, an influence and it offered a look at how previous designers worked. I did web searches on the images connected to different faculties and just asked people what images came to mind when I said a faculty name this provided me with many logo ideas. In addition I looked at existing logo designs in books wherein designers explored many different techniques, which I could use in my designs. I had many specifications that determined what my final design would look like. * Such as my target group, which was the staff, pupils and parents because of this I had to select designs that satisfy and do not displease them. * In my specification I had a running theme or image that I worked around; a smart, scholastic, classic yet modern image and I tried to portray this in my designs. I had a variety of different design ideas and when deciding on my final design I had many factors, which would govern what I would choose. For example how complicated the designs were, or how much colour was used. Such as when I had a large design dominated by black, I could not use this because of the expenses and issues that may arise with such a vast amount of ink. I don’t think I did much planning that ensured success and a quality product but I did research different colours on the colour wheel and their effects and what they represent. In this project I don’t think I used many new tools or materials however I did use Photoshop, Microsoft Publisher, Paint, the internet, printers, scanners and general sketching that was stressed as important by my teacher and did prove so. I did not fully answer my design brief as I was not on schedule but I did produce some sort of proposal. I have not shown my logo to the head of faculty but overall I feel it is a strong and bold logo, which is pleasing to the eye. The considerations I had were.