Wednesday, August 26, 2020
Understanding What Fluid Dynamics is Liquid elements is the investigation of the development of liquids, including their communications as two liquids come into contact with one another. In this unique situation, the term liquid alludes to either fluid or gases. It is a plainly visible, factual way to deal with dissecting these communications at a huge scope, seeing the liquids as a continuum of issue and for the most part disregarding the way that the fluid or gas is made out of individual iotas. Liquid elements is one of the two fundamental parts of liquid mechanics, with the other branch beingÃ¢ fluid statics,Ã¢ the investigation of liquids very still. (Maybe as anyone might expect, liquid statics might be thought of as somewhat less energizing more often than not than liquid elements.) Key Concepts of Fluid Dynamics Each control includes ideas that are pivotal to seeing how it works. Here are a portion of the fundamental ones that youll go over when attempting to comprehend liquid elements. Fundamental Fluid Principles The liquid ideas that apply in liquid statics likewise become possibly the most important factor when examining liquid that is moving. Practically the soonest idea in liquid mechanics is that of lightness, found in antiquated Greece by Archimedes. As liquids stream, the thickness and weight of the liquids are likewise urgent to seeing how they will associate. The viscosityÃ¢ determines how safe the fluid is to change, so is additionally basic in examining the development of the fluid. Here are a portion of the factors that surface in these examinations: Mass viscosity:Ã Ã ¼Density:Ã Ã Kinematic viscosity:Ã¢ Ã® ½ Ã ¼/Ã Stream Since liquid elements includes the investigation of the movement of liquid, one of the primary ideas that must be comprehended is the means by which physicists evaluate that development. The term that physicists use to depict the physical properties of the development of fluid is stream. Stream portrays a wide scope of smooth motion, such blowing through the air, moving through a channel, or running along a surface. The progression of a liquid is grouped in a wide range of ways, in light of the different properties of the stream. Consistent versus Shaky Flow In the event that the development of liquid doesn't change after some time, it is viewed as a consistent stream. This is dictated by a circumstance where all properties of the stream stay consistent as for time or on the other hand can be discussed by saying that the time-subordinates of the stream field evaporate. (Look at analytics for increasingly about getting subordinates.) A consistent state flowÃ¢ is even less time-subordinate since the entirety of the liquid properties (not simply the stream properties) stay steady at each point inside the liquid. So in the event that you had a consistent stream, yet the properties of the liquid itself changed eventually (conceivably as a result of a boundary causing time-subordinate waves in certain pieces of the liquid), at that point you would have a consistent stream that is definitely not a consistent state stream. All consistent state streams are instances of consistent streams, though.Ã A current streaming at a consistent rate through a straight channel would be a case of a consistent state stream (and furthermore a consistent flow).Ã¢ On the off chance that the stream itself has properties that change after some time, at that point it is called a shaky stream or a transient stream. Downpour streaming into a canal during a tempest is a case of insecure stream. When in doubt, consistent streams make for simpler issues to manage than temperamental streams, which is the thing that one would expect given that the time-subordinate changes to the stream dont must be considered, and things that change after some time are commonly going to make things increasingly entangled. Laminar Flow versus Fierce Flow A smooth progression of fluid is said to have laminar stream. Stream that contains apparently disordered, non-straight movement is said to have tempestuous stream. By definition, a tempestuous stream is a sort of precarious flow.Ã¢ The two sorts of streams may contain whirlpools, vortices, and different kinds of distribution, however the a greater amount of such practices that exist the more probable the stream is to be delegated turbulent.Ã¢ The qualification between whether a stream is laminar or violent is generally identified with the Reynolds number (Re). The Reynolds number was first determined in 1951 by physicist George Gabriel Stokes, yet it is named after the nineteenth century researcher Osborne Reynolds. The Reynolds number is reliant not just on the points of interest of the liquid itself yet additionally on the states of its stream, inferred as the proportion of inertial powers to gooey powers in the accompanying way:Ã¢ Re Inertial power/Viscous powers Re (Ã V dV/dx)/(Ã ¼ d2V/dx2) The term dV/dx is the slope of the speed (or first subordinate of the speed), which is corresponding to the speed (V) isolated by L, speaking to a size of length, coming about in dV/dx V/L. The subsequent subordinate is to such an extent that d2V/dx2 V/L2. Subbing these in for the first and second subordinates results in: Re (Ã V/L)/(Ã ¼ V/L2) Re Ã (Ã¯ V L)/Ã ¼ You can likewise partition through by the length scale L, bringing about a Reynolds number for every foot, assigned as Re f V/Ã Ã® ½. A low Reynolds number demonstrates smooth, laminar stream. A high Reynolds number shows a stream that will exhibit whirlpools and vortices and will for the most part be increasingly violent. Funnel Flow versus Open-Channel Flow Funnel stream speaks to a stream that is in contact with inflexible limits on all sides, for example, water traveling through a channel (consequently the name pipe stream) or air traveling through an air conduit. Open-divert stream depicts stream in different circumstances where there is in any event one free surface that isn't in contact with an unbending limit. (In specialized terms, the free surface has 0 equal sheer pressure.) Cases of open-channel stream incorporate water traveling through a waterway, floods, water streaming during precipitation, flowing ebbs and flows, and water system trenches. In these cases, the outside of the streaming water, where the water is in contact with the air, speaks to the free surface of the stream. Streams in a funnel are driven by either weight or gravity, yet streams in open-channel circumstances are driven exclusively by gravity. City water frameworks regularly use water towers to exploit this, so the rise distinction of the water in the pinnacle (theÃ¢ hydrodynamic head)Ã¢ creates a weight differential, which is then balanced with mechanical siphons to get water to the areas in the framework where they are needed.Ã¢ Compressible versus Incompressible Gases are commonly rewarded as compressible liquids in light of the fact that the volume that contains them can be decreased. An air pipe can be diminished considerably the size and still convey a similar measure of gas at a similar rate. Indeed, even as the gas moves through the air channel, a few areas will have higher densities than different districts. When in doubt, being incompressible implies that the thickness of any district of the liquid doesn't change as an element of time as it travels through the stream. Fluids can likewise be packed, obviously, yet theres all the more a confinement on the measure of pressure that can be made. Thus, fluids are regularly displayed as though they were incompressible. Bernoullis Principle Bernoullis guideline is another key component of liquid elements, distributed in Daniel Bernoullis 1738 bookÃ Hydrodynamica. Basically, it relates the speed up in a fluid to a decline in weight or likely energy.Ã For incompressible liquids, this can be portrayed utilizing what is known as Bernoullis condition: (v2/2) gz p/Ã steady Where g is the quickening because of gravity, Ã is the weight all through the liquid,Ã¢ v is the liquid stream speed at a given point, z is the height by then, and p is the weight by then. Since this is steady inside a liquid, this implies these conditions can relate any two focuses, 1 and 2, with the accompanying condition: (v12/2) gz1 p1/Ã (v22/2) gz2 p2/Ã The connection among weight and possible vitality of a fluid dependent on rise is likewise related through Pascals Law. Utilizations of Fluid Dynamics 66% of the Earths surface is water and the planet is encircled by layers of air, so we are truly encircled consistently by liquids ... quite often moving. Pondering it for a piece, this makes it quite evident that there would be a great deal of cooperations of moving liquids for us to contemplate and see experimentally. That is the place liquid elements comes in, obviously, so theres no lack of fields that apply ideas from liquid elements. This rundown isn't at all thorough, yet gives a decent diagram of manners by which liquid elements appear in the investigation of material science over a scope of specializations: Oceanography, Meteorology,Ã¢ Climate Science - Since the environment is displayed as liquids, the investigation of air scienceÃ¢ and sea flows, vital for comprehension and anticipating climate examples and atmosphere patterns, depends intensely on liquid dynamics.Aeronautics - The material science of liquid elements includes examining the progression of air to make drag and lift, which thusly produce the powers that permit heavier-than-air flight.Geology Geophysics - Plate tectonics includes considering the movement of the warmed issue inside the fluid center of the Earth.Hematology Hemodynamics - The natural investigation of blood incorporates the investigation of its dissemination through veins, and the blood course can be demonstrated utilizing the strategies for liquid dynamics.Plasma Physics - Though neither a fluid nor a gas, plasma frequently carries on in manners that are like liquids, so can likewise be displayed utilizing liquid dynamics.Astrophysics CosmologyÃ¢ -The proce dure of heavenly advancement includes the difference in stars after some time, which can be comprehended by concentrating how the plasma that makes the stars streams
Saturday, August 22, 2020
Ã To have a visual report on an association, one organization was picked as Interport Global Logistics Pvt. Ltd. The visit caused on to investigate the companyÃ¢â¬â¢s different angles. PROFILE One of the most expert arrangement suppliers in the coordinations business IGL has made some amazing progress since its initiation. Built up in 1991 by current Chairman and Managing Director Mr. Hoax Bendre for the most part to oblige nearby transportation administrations IGL bit by bit extended to incorporate basic administrations like Warehousing, Stevedoring, Custom Broking, Forwarding, Project Cargo Handling, NVOCC, 3PL coordinations and Export/Import solidification. Today, IGL has set up workplaces in significant urban communities and ports in India with warehousing offices and transport gear to deal with any payload freely. The organization likewise approaches significant global ports through its branch workplaces. Proceeding with its custom of development and greatness, IGL procured cargo sending NVOCC Company in May 2000, therefore reinforcing its center capabilities. The Company is currently an enlisted multimodal administrator, working under own Bill of Lading, IATA, FMC OTI License holder and Custom House Clearing Agent. IGL Bill of Lading is guaranteed with the British Marine Luxembourg SA Marine and Transport Intermodal Cover. IGL is authorize with the lofty ISO 9000:2000, ISO 14001:2004, ISO 18000:2007 Certification. Crucial Our central goal is to give conservative and productive calculated administrations to our customers helping their business to turn out to be progressively gainful and serious in the worldwide commercial center. IGL is one of the main specialist co-ops for complete coordinations necessities in India. Our entryway to-entryway administrations are accessible at load ports and release ports. VISION To give expertly oversaw dependable Ã¢â¬Å"One Stop, Door-to-Door Global Logistics SolutionsÃ¢â¬ with responsibility, devotion and guarantee to keep up and improve the nature of administrations at reasonable costs.Ã¢ values Customer Focus We tune in and foresee your requirements We are anything but difficult to work with We convey on our dedication and endeavor to surpass desire Ethics and Integrity We put stock in being straightforward and honest consistently We are focused on the preparation and advancement of our kin We ingrain trust and steadfastness from our providers Quality and Innova tion We focus on all out quality in everything we do We are continually enhancing with new thoughts and innovation We have an arrangement of constant survey How would we be able to help? We will underestimate nothing! We have faith in giving a devoted client support administrator who will turn out to be completely familiar with every one of your needs and who will work intimately with you in distinguishing open doors for additional cost reserve funds. We will embrace a consultative methodology of tuning in to you so as to completely comprehend your business prerequisites before recognizing the arrangement that is directly for your business. Our administrations and evaluating structure depend on advancement and on the reasonable and impartial appraisal of the market. CORPORATE TEAM Very much experienced and qualified youthful officials prepared to work nonstop and accessible for their customers. Activity administrators posted at Ports/CFS are knowledgeable with port and custom strategies. Our prosperity is our TEAMWORK. The group involves prepared experts who are profoundly talented in the field of correspondence, documentation, activities the board, send out pressing, transportation, stock/flexibly chain the executives and task the executives. They esteem difficult work, commitment and trustworthiness in all jobs that needs to be done. These characteristics, joined with forward-thinking information on the past, current and potential calculated issues puts the organization in a best situation to furnish the customer with the best coordinations arrangements in the Indian market. Our business relates the world over empower us to weave a worldwide system that coordinates with our guarantee to convey your products successfully on time unfailingly. Our customer base incorporates a wide range of characters from the business world going from little exporters and merchants to enormous Multinational Corporations moving significant volumes of cargo around the world. Association CHART . FROM THE MANAGERÃ¢â¬â¢S DESK The directors have an exceptionally uplifting mentality towards the point and government assistance of the organization, they share their considerations Ã¢â¬ Ã¢â¬Å"Our representatives are our greatest quality in conveying ideal answers for our customers. Ã¢â¬ Ã¢â¬Å"Having entered the twentieth year of activities, IGL has made considerable progress since its commencement in 1991 and now viewed as one of the most expert coordinations arrangement suppliers in the business. We address difficulties head on with our one of a kind expert abilities, collaboration, difficult work, versatility and creative systems while keeping up an inspirational disposition all through and following the prescribed procedures. Therefore we have situated ourselves as a forceful and dynamic Ã¢â¬Å"total coordinations arrangements entryway to-entryway administration providerÃ¢â¬ with an overall inclusion. While budgetary arranging and cost control has consistently been foremost to present day business the executives, numerous significant business choices should be surveyed and examined as far as coordinations. In this manner, our main goal has consistently been to give prudent and effective all out coordinations administrations to our customers to empower them to make their items increasingly gainful and serious in the savagely serious worldwide commercial center. We will keep on playing to our qualities and work with you to guarantee that we keep on serving our customers inventively and adequately to manufacture long haul connections. Furthermore, at last, we need our speculators to be secure in the information that their venture is in a sound organization that sticks to the most significant levels of money related and corporate administration and conveys a sensible pace of profit for capital utilized. Ã¢â¬ OUR PRINCIPLES INDEPENDENCE: IGL is a firmly held, autonomous association that puts together its set of accepted rules with respect to the conventional estimations of an Indian family. In setting our points and desire for the future, the overseeing group at IGL accepts that common trust must exist between our customers, staff and accomplices to guarantee achievement. It is with this idea that the individuals in charge feel guaranteed of having built up steady, stable establishment for what's to come. Uniformity: To accomplish its aspirations, the Company has discovered that equity in all regards must win all through the organization so staff, our most significant resource, can act uninhibitedly with trust in their own capacity. Obligation: The motivation behind our gathering is for arranged, continued development inside the acknowledged parameters of moral business bringing about a drawn out relationship with our customers and the prosperity of our staff and accomplices. Center SERVICES Freight Forwarding IGL has an entrenched worldwide cargo and exchange organize, offering a solitary source answer for oversee and transport cargo. With a broad group of specialists administering activities, IGL offers the best-fit modified arrangements with its unmatched access to a huge operator system of air, sea, rail or street transport offices. All of which furnishes its clients with quicker and more extensive access to imperative markets all around. WhatÃ¢â¬â¢s more is that, with the huge volumes it handles, IGL is additionally ready to offer to clients very serious cargo rates over various areas. Our Unique Selling Prepositions are: Single Negotiable Documents. Our own Custom Clearance License register in all ports, ICDÃ¢â¬â¢s and air terminals. Entryway to-Door Service to any overall goal. Capacity to offer tweaked arrangements dependent on singular client prerequisites. Scope of administrations that spread each part of flexibly chain arrangement. Wide worldwide system of accomplices to assist payload development. Brilliant associations with delivery lines to accomplish need dispatching. Documentation Support System. Nearness in co-related exercises by accomplice organizations, I. e. Delivery, Warehousing, Custom Clearance, Project Forwarding. 24Ã£â"7 IVRS, on line Cargo Tracking System and SMS administration Domestic and International Moving Services The development family thing is key to the migration procedure. Coordinating the move into a complete migration bundle can assist with decreasing in general expenses through reserve funds on impermanent living and capacity game plans. IGL experts will work with you to plan a total way to-entryway moving support of help you and your moving representatives. IGL Ã¢â¬Ës proficient moving specialists, pressing teams and move chiefs will handhold your moving workers through the move procedure to guarantee that every strategic thought are wanted to flawlessness to guarantee an effective and smooth migration. IGL will organize all cargo and transportation of family products. IGL will help orchestrate all important administrative work and customs documentation to completely set up the family unit merchandise move for transportation. The IGL move administrator will give exhortation on any traditions limitations as a major aspect of the universal move. The point of the administration is to give a degree of care that guarantees your migrating representatives and their family unit things show up securely at their new area on schedule. Our Professional Moving administrations include: Pre-Move Survey and discussion Export/Import Documentation bolster Professional pressing of family unit products in the home Transportation of family merchandise Customs freedom Delivery of family products at goal Comprehensive All Risks Transit Protection NETWORK INTERNATIONAL INDIA
Thursday, August 13, 2020
READING PATHWAYS Colson Whitehead Reading Pathways is a regular Book Riot feature in which we suggest a three-book reading sequence for becoming acquainted with certain authors. Check out previous entries on Toni Morrison, Charles Dickens, John Steinbeck John Irving, David Foster Wallace, and others. __________________________ There are many ways in which being a book nerd is different than being a rock nerd, but this is the most significant; book nerds love it when someone they were in on early becomes more widely known. For some reason, reading taste is validated by this where music taste is somehow threatened by it. (I feel a future post burbling) Anyway, I was on the Colson Whitehead bandwagon from the beginning. I read The Intuitionist shortly after it came out in 1999 and wolfed down each subsequent novel immediately after release. So it is with the unearned pride of a fan that Ive watched Zone One become something of an event this fall. But, the zealous early convert has a particular reaction to eventual success; we want all the late-comers to go back and read our authorâs backlist. (Truth be told, wed prefer it if you would read the extant body of work before earning the right to read the buzz book.) Luckily, the Whitehead corpus is a manageable six novels, so you can earn your bone fides relatively easily. In a bit of a departure for Reading Pathways, here is a recommended sequence for all six. __________________________ Sag Harbor (2009) Whiteheadâs fifth novel is his most biographical by far and on the surface the least demanding. On one level this is a relatively straight-forward coming of age novel, but you can see some of Whiteheadâs central concerns throughout: popular culture, alienation, self-creation, myth, and race. The protagonist, a teenage son of an upper-middle class black family that summers on Long Island, is an embryonic version of the rest of Whiteheadâs protagonistsobservant, lonely, yearning, and unsure of his place in the wider world. Apex Hides the Hurt (2006) From what I can tell, Apex Hides the Hurt was Whiteheadâs least commercially successful novel, or at least itâs the one least-mentioned these days. Where Sag Harbor clearly takes place in our world and The Intuitionist and Zone One clearly take place in alternate versions of our world, itâs hard to know what world we are in here. The nameless protagonist is a branding expert hired by a small town to help them rename and re-image their flagging community. Itâs just askew enough that it feels like it is not our world, but at the same time too close to be something else; itâs a kind of uncanny valley of literary realism. One of the other characteristics of the early convert is that we want to reclaim neglected works, trumpeting their over-looked value or misunderstood projects. I definitely feel this way about Apex Hides the Hurt. John Henry Days (2001) John Henry Days is a natural choice to be the middle term in this sequence. First, it has a storyline set in both the real world and one set in the mythic past (a re-telling of the John Henry story). Second, it is overtly about memory, cultural representation, media, and identity. The protagonist of the ârealâ storyline is a junket-cruising hack journalist who begins to feel some existential vertigo while covering the unveiling of a commemorative John Henry stamp. The trajectory of the novel moves from being grounded in a mediated, compromised, vacuous reality to a rich, mythic, and a somewhat paradoxically more authentic counter-reality. This real/unreal duality is a hallmark of Whiteheadâs work, and John Henry Days gives us the clearest image of it. From here, we move away from reality-centered novels to those that exists primarily in fantasy worlds. The Intuitionist (1999) I have a hard time avoiding a first-mover bias with The Intuitionist; Iâve read every subsequent Whitehead novel with the memory of the first foremost in my mind. Lila Mae Watson is an âintuitionist,â a practitioner of a school of elevator inspection that relies on feel and gut-instinct to diagnose faulty elevators. Already a suspect practice, intuitionism comes under fresh attack after an elevator that Watson inspected fails in spectacular fashion. As she begins to investigate the origins of her beliefs, she uncovers a secret that could change the world. I know this seems really plot-heavy, but what I love about The Intuitionist is that the premise seems like ready-made metaphor, but itâs puzzlingly unclear what it might be a metaphor. This also makes it possible that is is not a metaphor for anything and all. The engaged reader has to chose a side, either empiricism or intuitionism, on the novel itself. Whitehead, in what is a thorough-going characteristic, is quite conte nt to let the novel be ambiguous and respects the reader enough to leave well enough alone. Preamble to The Colossus of New York (2003) New York City is in the background of the novels to this point, but in Zone One it takes a step forward. So while this essay collection doesnât really fit into a fiction sequence, a look at at least the preamble of this collection offers a primer for Whiteheadâs sense of New York. I donât know how much of Whiteheadâs interest in being a part and yet apart comes from living most of his life in and around New York, but as a New Yorker, I can say that he captures the strange connection/alienation of what it means to live in this place. Is New York a metaphor for life, or could life be a metaphor for New York? Zone One (2011) Itâs been interesting to watch the conversation around Zone One focus on how a literary writer is turning to genre. These folks clearly havenât read the Whitehead back catalog; heâs been bobbing and weaving around genre since the beginning. Zone One is the fullest, most integrated expression of Whiteheadâs artistic concerns: Is the survivor-protagonist of a zombie infestation ordinary or extraordinary? Is the loss of our familiar world to be mourned or welcomed? Is fiction about plot or observation? Must one chose either the upper or lower brow? Is the imaginary a viable alternative to the real? __________________________ It occurs to me know that you could just as easily read this sequence in reverse, disassembling the totality of his vision in Zone One. Either way, welcome aboard the Whitehead bandwagon. __________________________ Jeff ONeal is the editor of Book Riot. Follow him on Twitter: @readingape Sign up to Unusual Suspects to receive news and recommendations for mystery/thriller readers. Thank you for signing up! Keep an eye on your inbox.
Saturday, May 23, 2020
Sample details Pages: 7 Words: 2101 Downloads: 5 Date added: 2019/07/01 Category Finance Essay Level High school Tags: Income Inequality Essay Did you like this example? Introduction In the United States, income inequality, or the uneven distribution of revenue, wages, salaries, and earnings, continues to grow rapidly. Income inequality is widening the gap between the wealthy and everyone else. Distribution of income has been established as a key determinant of social mobility. DonÃ¢â¬â¢t waste time! Our writers will create an original "The Growth of Income Inequality in the United States" essay for you Create order Social mobility is defined as the movement of peoples between social classes in a society. Social classes most directly affect education, opportunity, and income. The income gap has grown increasingly since the 1960s, and the differing percentiles of income reflect racial and ethnic inequalities in the United States. In this paper, I will argue that John Rawlss second principle of justice is the right principle for approaching income inequality because it both instills values of justice as a function of government and combats social immobility in disenfranchised communities. Utilizing this principle, income should be redistributed with the intent of benefiting the worse off in society in order to provide citizens with fair equality of occupational opportunity and promote social mobility. Prominent experts on the topic of income inequality include Emmanuel Saez, Thomas Piketty, and Raj Chetty. Raj Chetty, leader of the Equality of Opportunity Project, utilized anonymised tax records to produce data sets proving wide societal disparities in intergenerational mobility. Lower levels of mobility are seen most clearly in disenfranchised communities. In proving that United States citizens are met with often insurmountable obstacles when attempting to rise above their parents in income and opportunity, Chetty challenges the widespread infatuation with the American Dream. Similarly, Emmanuel Saez and Thomas Piketty have published reports claiming that top marginal tax rates could be raised 50 to 70 percent without posing any threat to economic growth. These numbers offer a preventable solution for income inequality in the United States by means of taxation and subsequent redistribution of income. The lack of negative economic consequences associated with high taxation provides support for the ability of the government to mitigate the damages of intergenerational social immobility through redistribution. John Rawlss Second Principle of Justice Regarding equality of opportunity in a nation, many policy proposals reflect values of John Rawlss modern political philosophies. In A Theory of Justice, Rawls establishes two principles of justice. Most relevant to the discussion of income inequality is the second principle of justice, which states that social and economic inequalities must satisfy two conditions: (1) they are to be attached to offices and positions open to all under conditions of fair equality of opportunity and (2) they are to be to the greatest benefit of the least-advantaged members of society. In the first part of the second principle, Rawls asserts that people should be governed in a system that provides fair equality of opportunity, thus people of equal talent and willingness should not be restricted by the class they were born into. Fair equality of opportunity addresses the fact that the majority of peoples incomes are determined by the occupational opportunities and connections they are presented with as a result of their social class. This principle acknowledges inevitable income gaps but allows for these income gaps only if they are a result of equivalent discrepancies in talent or motivation rather than the inequality of opportunity regarding access to occupations and careers. The second part of the second principle, also known as the difference principle, implies that society should function to benefit primarily the worse off. In this assertion, Rawls allows for gaps in income so long as said gaps serve to ultimately benefit those in the lowest class. Income gaps should not exist if they are solely in place to exploit the lower classes. They must only exist to function in favor of those who would benefit the most. As an example, it would be morally permissible to allow for income gaps if they served to motivate the worse off to work harder in order to increase their income. As applied to income inequality and social mobility, the policy implications of Rawlss second principle of justice would call for the redistribution of income only to the extent of allowing each citizen fair opportunities and a morally acceptable standard of living. Moreover, these policies would reflect heavily the suggestions made by economists such as Chetty. In his work, Chetty identifies five determinants of social mobility: segregation, income inequality, school, social capital, and family structure. Policy regarding these five factors should promote fair equality of opportunity and also aim to better the worse off without calling for absolute equality of income among all citizens. Policies to rectify social immobility due to income inequality could expand upon the Earned Income Tax Credit (EITC), or a refundable tax credit given to low to medium wage workers. Tax credits such as this one work to transfer the income of the top bracketed income earners to those in the lower classes while still preventing a completely even distribution of income. In re-allocating income to the worse off, disenfranchised communities suffering from social immobility can then utilize the larger income to build better education and social structures conducive to higher rates of mobility. This would assist in the development of socially mobile communities, which would allow for improvements concerning fair equality of opportunity in future generations. As a result of fair equality of opportunity, fewer community members would suffer from lack of resources in education and occupation. Rather than remaining stagnant due to the social lottery, or the socioeconomic circumstances into whic h a person is born, community members could be granted resources based on natural talent and hard work. John Rawlss second principle as the right principle for approaching income inequality In the United States, income should be redistributed according to Rawlss second principle of justice. This principle grants the government the ability to ensure fair equality of opportunity and therefore promotes social mobility through the distribution of income tax credits and cash transfers to the worse off. Rawlss second theory of justice is directly countered by Robert Nozick in Anarchy, State, and Utopia. Nozick claims that no centralized group should be entitled to control the distribution of income. Moreover, he warns that no redistribution can be established or continuously enforced without directly interfering with peoples lives and choices as to their own voluntary transactions, or the willing and consensual trade of goods or services between a buyer and a seller. He claims that consumers hold significant power in determining the price point of goods and services. Therefore, the distribution of income as related to consumption in the United States is enabled and endorsed by citizens through their voluntary transactions. The liberty-limiting redistribution of income interferes with citizens just entitlement to their acquisitions. It should, therefore, be impermissible to allow the government to control the distribution of income if said distribution is a product of voluntary trans actions. I argue that Nozicks argument against income redistribution is invalid due to the requirements Nozick establishes in order for people to be justly entitled to their holdings. Nozick states that in order for a person to be entitled to a holding, the person must have (1) acquired the holding in accordance with the principle of justice in acquisition and (2) acquired the holding in accordance with the principle of justice in transfer. The principles of justice in acquisition and transfer specify that any holding obtained through fraudulence, enslavement, or forced exclusion from competition in exchanges cannot be considered a just holding. In examining the place of justice in entitlement to holdings, it is asserted that the fact that a thiefs victims voluntarily could have presented him with gifts does not entitle the thief to his ill-gotten gains. Justice in holdings is historical; it depends upon what actually has happened (Nozick 153). Imperative to voluntary transactions is the eval uation of who confirms the voluntary consent of both parties in a transfer of goods. Historically and currently, those in majority positions of power are granted the ability to establish whether or not the worse off consent to market practices and subsequent income distributions. Following the establishment of justice in acquisitions and transfers is the assertion that injustices in holdings must be rectified. While Nozick opposes Rawlss goal of redistribution, Nozicks concern with the rectification of injustices directly agrees with Rawlss second principle of justice. Historically, income has not been distributed fairly or justly in regards to fair equality of opportunity. Fair equality of opportunity falls in line with Nozicks justice of acquisition and transfer, as both argue that people are not entitled to goods (i.e. income) if said goods were not acquired in a system which promoted and ensured fair equality of opportunity. If justice in holdings is an issue of historical fairness, it is clear that the United States has not recovered from a history of prolonged oppression and enslavement. The modern inequality can be seen clearly in the research of Chetty and Saez, which depicts the notable lack of social mobility for African Americans and other racial minorities in the United States. According to both Nozick and Rawls, the just action would be to require the rectification of past injustices. While Rawls explicitly states that this unfairness of equality of opportunity can be alleviated by means of income redistribution, Nozick does not offer a solution concerning both how to rectify past injustices and who to hold accountable or place in charge of said rectification. While Nozick and Rawls differ in the reasoning for a redistribution of income, both provide theories of justice that could utilize redistribution as a policy implementation. Rawls calls for this redistribution on the basis of the governments contractual obligation to operate on the virtue of justice. Rawls believes this redistribution would be effective in eliminating the morally arbitrary social lottery. Moreover, Nozick would not agree that income inequalities must be in place only to benefit the worse off, but would instead allow mitigations of income inequality with the intent of rectification. Rawls and Nozick also differ in their plans for the longevity of redistribution, as Rawls argues for the governments continuous responsibility to redistribute income and ensure justice. Nozick would view such interventions as a threat to peoples rights and would allow for the least possible intervention only in cases of rectification. Nozick utilizes the case of famous basketball player Wilt Chamberlain to elaborate on the importance of voluntary transactions. He describes a scenario in which people buy basketball tickets and drop an extra twenty-five cents into a box upon their admission with the knowledge that those twenty-five cents would be directly transferred to Wilt Chamberlain. If Wilt Chamberlain ends his basketball season with 250,000 dollars, his income is significantly larger than those around him. Nozick claims that this income inequality is fair because consumers chose to voluntarily transfer their money to Wilt Chamberlains income and thus agreed to an uneven distribution of income. In this scenario, the income of Wilt Chamberlain is permissible in regards to the principles of justice of acquisition and transfer. While the concept of consensual voluntary transfers is comprehensive in theory, the transparency and simplicity of the Wilt Chamberlain example rarely occurs in real life. This theory extends to assume that the worse off fall in the lowest income bracket because they consent to their incomes through their transactions. This disregards the role of social immobility and restricted equality of opportunity as a determinant of income distribution. Rawlss view of income redistribution acknowledges the complexity and depth of income inequality, while Nozicks Wilt Chamberlain example simplifies income redistribution in order to assert that government involvement in redistribution limits personal freedoms. Conclusion Supported by the economic research of Chetty, Piketty, and Saez, Rawlss second principle of justice provides a compelling argument in favor of the redistribution of income. Rawls allows for redistribution of income with the goal of achieving a fair equality of opportunity to all citizens. Moreover, he allows for inequalities in distribution only if said inequalities would benefit the worse off in a society. The second principle of justice, contrary to views such as Nozicks, does not infringe on personal freedoms but instead works to ensure that income is acquired and transferred by just means. This principle stands in favor of Nozick by addressing the need for rectification of historical injustices in acquisition and transfer while also expanding on Nozicks need for income redistribution only for the purpose of rectification. Rawls asserts that income should be distributed justly not only for the sake of rectification but for the goal of justice in governance. Due to its ability to f ully address issues of inequality and social immobility as well as defend the governments position in ensuring economic justice, Rawlss second principle of justice is the right principle for addressing income inequality in the United States.
Tuesday, May 12, 2020
Native American music has many different musical styles. Within every Native American tribe there is a variety of musical styles and instruments. In response to the research that I have conducted, there are three main musical styles that are going to be my point of focus. The Sioux Grass Dance, the Zuni Lullaby, and the Iroquois Quiver Dance are the principal methods which contribute to Native American music. nbsp;nbsp;nbsp;nbsp;nbsp; The Sioux Grass Dance is considered to be the most popular style of Native American Music. As one dances to this music, they follow a pattern known as Ã¢â¬Å"toe-heel.Ã¢â¬ This consists of the individual placing the left foot in front of the right and repeating with the other foot. Each male dancer makes manyÃ¢â¬ ¦show more contentÃ¢â¬ ¦The Zuni Lullaby illustrates a contrast with Plains singing to assist in confirming that there is not an individual style to Native American music. Through the Native American styles of music, repetition becomes a prominent feature. This is not because the Native Americans canÃ¢â¬â¢t find words to fit into the music, but because repetitions with slight variations are often too insignificant for outside listeners to notice. In the Iroquois Quiver Dance the first thing to strike the ear is what is often known as a Ã¢â¬Å"call and responseÃ¢â¬ form. One singer announces a phrase of Ã¢â¬Å"lexical text,Ã¢â¬ known as the call, the other singer answers him in a vocal pattern. This continues throughout the song. In illustrating many of the musical styles among Native American music, this has another name known as the Ã¢â¬Å"WarriorÃ¢â¬â¢s Stomp Dance.Ã¢â¬ The voices in the Iroquois Quiver Dance are relatively relaxed compared with that of the Plains singing. nbsp;nbsp;nbsp;nbsp;nbsp; Instruments used to portray these various styles of music were often drums of all shapes and sizes, rattles, and often tambourines or bells with other percussion instruments. The drums were constructed by using such materials as clay, iron, wood or aluminum with heads of buckskin, chamois, or rubber. These drums were typically played with a single drumstick, holding a steady pattern of four beats. Also, in addition to these instruments there were wind instruments.Show MoreRelatedMusic And Community : Native American Music1199 Words Ã |Ã 5 PagesCALIFORNIA STATE UNIVERSITY Northridge Music and Community: Native American Music A paper submitted in partial satisfaction of the Requirements for MUS 309, Lecturer: Ã¢â¬Å"GeeÃ¢â¬ Rabe By Abhimanyu Ranjit Lalchandani Spring 2015 Introduction This paper will demonstrate the various analysis of the Native America music and some details about history of Native American Music and themes which represents the religion and music. It also gives importanceÃ¢â¬â¢s to the music which are used based on the eventsRead MoreMusic Of Native American Culture879 Words Ã |Ã 4 Pages Music is big part of Native American Culture. It is used in many different ways, such as expressing oneÃ¢â¬â¢s feelings or through the use of self-expression. There are unique collection of instruments that are played in ceremonial events, recreation, and even through healing. Some of these instruments are drums, flutes, rattles, and other percussion instruments. The voice is also used quite a lot and may even be the most important one because it is the backbone of music made in Native American CulturesRead MoreNative American Music Essay1034 Words Ã |Ã 5 PagesNative American Music In chapter ten, author Bruno Nettle takes the reader to the town of Browning, Montana, where he is about to witness a modern Native American ceremony. As he observes, he notices that only one-half of the people there are actual Native Americans. The rest are are white tourists and innocent observers just like himself. Eventually, somewhere around eighteen singing groups appear from different tribes and reservations. They will be summoning the dancers into what isRead MoreNative American Musical Instruments And Music980 Words Ã |Ã 4 PagesNative American Musical Instruments are about natives getting together and playing there instruments. They play them on holidays and birthdays, also they play whenever they want entertainment. ItÃ¢â¬â¢s a tradition for them. Their instruments are not metal like ours, so it doesn t sound like ours either. Their instruments have a whole different tune and sound. Native Americans love to play their instruments. Its one of their favorite thing s to do. I am writing about Native American musical instrumentsRead MoreNative Peoples: Learning About The Extensive Native American Culture691 Words Ã |Ã 3 PagesNative Peoples Magazine, which was published in the year 1987, is an American Indian magazine that is distributed bi-monthly with the cost of $19.95 for 6 issues or $36.00 for 12 issues. The goal of this magazine is to reach out to people all around the world. Native Peoples Magazine portrays the arts and lifestyles, Native American artists, cooks, fashion designers, and their culture. The magazine can be used as a travel guide for many people. According to the Mailing List Finder of Native PeoplesRead MoreA Social Study: Finding People Through A Lens2248 Words Ã |Ã 9 PagesThe idea of American Romanticism originated in the early 19th century. It encompassed the revolutionary spirit America was beginning to embody, and sought to break rigid societal norms of conformity by emphasizing the individuals importance, fuele d by emotion as movement, in connecting to the world in which one lived. The movement utilized various facets of art to form an identity, which produced an overwhelming appeal to an American society with contradicting mindsets prevalent in trying to formRead MoreNative American Arts756 Words Ã |Ã 3 PagesNative Americans treasure one thing in their culture the most; the arts. Native American art is the works created by the natives of North America. Art can come in many forms, but are most present in the visual arts and melodic arts, which can then fall under several categories. Art is considered a symbol of Native American heritage and the overall culture of world art. It has been a major part of their lives for thousands of years. The Native American arts serve the purpose of self-expression, whichRead MoreNative American Instruments Essay879 Words Ã |Ã 4 PagesNative American Musical Intruments are about natives getting together and playing there instruments. They play them on holidays and birthdays, also they play whenever they want entertainment. ItÃ¢â¬â¢s a tradition for them. There instruments are not metal like ours so it doesn t sound like ours either. There instruments have a whole different tune and sound. Native americans love to play there instruments. Its one of their favorite things to do. I am writing about Native american musical instrumentsRead MoreThe Native American Culture Of Native Americans1335 Words Ã |Ã 6 Pagesfestivals and music, and Native American is no exception. First, the native music related many aspects such as ritual, life and work. They like to combine music with dance, and the Native American music always created rich percussion instruments. For example, the hand drum, log drum, water drum and rattle, etc. Powwow is an important festival and ritual for the Native American, and it is a symbol for the tradition culture of Native Indians. Powwow, is a social gathering by the Native American tribes, andRead MoreNati ve American Tradition Culture Of Native Indians1338 Words Ã |Ã 6 Pagesfestivals and music, and Native American is no exception. First, the native music related many aspects such as ritual, life and work. They like to combine music with dance, and the Native American music always created rich percussion instruments. For example, the hand drum, log drum, water drum and rattle, etc. The Powwow is an important festival and ritual for the Native American, and it is a symbol of the tradition culture of Native Indians. Powwow, is a social gathering by the Native American tribes
Wednesday, May 6, 2020
string(147) " should be read in conjunction with our Consolidated Financial Statements as of January 31, 2010, and the year then ended, and accompanying notes\." EXECUTIVE OFFICERS Eduardo Castro-Wright Vice Chairman, Wal-Mart Stores, Inc. M. Susan Chambers Executive Vice President, Global People Brian C. We will write a custom essay sample on Wal Mart Annual Report Analysis or any similar topic only for you Order Now Cornell Executive Vice President, President and Chief Executive Officer, SamÃ¢â¬â¢s Club 2 010 Financial Report 15 Five-Year Financial Summary 16 ManagementÃ¢â¬â¢s Discussion and Analysis of Financial Condition and Results of Operations 30 Consolidated Statements of Income 31 Consolidated Balance Sheets 32 Consolidated Statements of ShareholdersÃ¢â¬â¢ 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 ManagementÃ¢â¬â¢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 Directors 56 Corporate and Stock Information Leslie A. Dach Executive Vice President, Corporate Affairs and Government Relations Michael T. Duke Presid ent 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. SamÃ¢â¬â¢s Club Gross pro? t margin Operating, selling, general and administrative expenses, 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 SamÃ¢â¬â¢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 Financial Position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leases Total Walmart shareholdersÃ¢â¬â¢ equity $ (1) In connection with the companyÃ¢â¬â¢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 mon ths. 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 yearsÃ¢â¬â¢ 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 ManagementÃ¢â¬â¢s Discussion and Analysis of Financial Condition and Results of Operations Overview Wal-Mart Stores, Inc. (Ã¢â¬Å"Walmart,Ã¢â¬ the Ã¢â¬Å"companyÃ¢â¬ or Ã¢â¬Å"weÃ¢â¬ ) 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 (Ã¢â¬Å"EDLPÃ¢â¬ ), 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 SamÃ¢â¬â¢s Club is to provide exceptional value on brand name merchandise at Ã¢â¬Å"members onlyÃ¢â¬ 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. You read "Wal Mart Annual Report Analysis" in category "Essay examples" Our operations comprise three business segments: Walmart U. S. , International and SamÃ¢â¬â¢s Club. The Walmart U. S. segment includes the companyÃ¢â¬â¢s mass merchant concept in the United States, operating under the Ã¢â¬Å"WalmartÃ¢â¬ or Ã¢â¬Å"Wal-MartÃ¢â¬ brand, as well as walmart. com. The International segment consists of the companyÃ¢â¬â¢s operations outside of the 50 United States. The SamÃ¢â¬â¢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. SamÃ¢â¬â¢s Club 11. 5% International 24. 7% Throughout this ManagementÃ¢â¬â¢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 segmentÃ¢â¬â¢s operating income which includes certain corporate overhead allocations. From time to time, we revise the measurement of each segmentÃ¢â¬â¢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 companyÃ¢â¬â¢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 excluded 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, WalmartÃ¢â¬â¢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 conv ersion 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 Ã¢â¬Å"same-storeÃ¢â¬ sales by others within the retail industry. The method of calculating comparable store sales varies across the retail industry. 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 segmentÃ¢â¬â¢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 periodÃ¢â¬â¢s currency excha nge rates and the comparable prior year periodÃ¢â¬â¢s currency exchange rates, respectively. We use this method for all countries where the functional currency is not U. S. denominated. Walmart U. S. 63. 8% 16 Walmart 2010 Annual Report 107077_L01_FIN. ndd 16 4/6/10 8:25:50 PM ManagementÃ¢â¬â¢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 Ã¢â¬Å"associatesÃ¢â¬ ). 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 availability, 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 Ã¢â¬Å"Item 1A. Risk FactorsÃ¢â¬ in our Annual Report on Form 10-K for the ? scal year ended January 31, 2010. Company Performance Metrics The companyÃ¢â¬â¢s performance metrics emphasize three priorities for improving shareholder value: growth, leverage and returns. The companyÃ¢â¬â¢s priority of growth focuses on sales growth; the priority of leverage encompasses the companyÃ¢â¬â¢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 (Ã¢â¬Å"operating expensesÃ¢â¬ ) at a slower rate than the growth of our net sales; and the priority of returns focuses on how ef? iently the company employs our assets through return on investment (Ã¢â¬Å"ROIÃ¢â¬ ) 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 sale s Percent of total Net sales Percent of total Walmart U. S. International SamÃ¢â¬â¢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 (Ã¢â¬Å"DSÃ¢â¬ ) 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 bi llion unfavorable currency exchange rate impact. Despite the unfavorable impact of currency exchanges rates, the International segmentÃ¢â¬â¢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 segmentÃ¢â¬â¢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 ? sc al 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. SamÃ¢â¬â¢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) SamÃ¢â¬â¢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 ManagementÃ¢â¬â¢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 SamÃ¢â¬â¢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 SECÃ¢â¬â¢s rules. We consider return on assets (Ã¢â¬Å"ROAÃ¢â¬ ) 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 i nterest 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 operating 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 SamÃ¢â¬â¢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 SamÃ¢â¬â¢s Club segments fell short of this objective due to increases in operatin g 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 companyÃ¢â¬â¢s ROI. As a result, the method used by management to calculate 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 a nd 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 ManagementÃ¢â¬â¢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) Ã¢â¬â Average accounts payable (2) Ã¢â¬â Average accrued liabilities (2) + Rent x 8 $166,900 38,359 29,650 18,423 14,464 $162,891 33,317 29,597 16,919 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, $19 5 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 ManagementÃ¢â¬â¢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 forth a reconciliation of free cash ? w, a nonGAAP ? nancial measure, to net cash provided by operating activities of continuing operati ons, 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 SECÃ¢â¬â¢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 companyÃ¢â¬â¢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 fac t 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 companyÃ¢â¬â¢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 January 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: Ã¢â¬ ¢ In ? scal 2010, the company announced several organizational changes, including the closure of 10 SamÃ¢â¬â¢s Clubs, designed to strengthen and streamline our operations. As a result, we recorded $260 million in pre-tax restructuring charges. Ã¢â¬ ¢ 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. Ã¢â¬ ¢ 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. Ã¢â¬ ¢ In ? scal 2008, we reduced our accrued liabilities for our general liability and workerÃ¢â¬â¢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 ManagementÃ¢â¬â¢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 expansi on activities and the acquisition of DS 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 segmentÃ¢â¬â¢s net sales in the future. Our gross pro? t, as a percentage of net sales, (our Ã¢â¬Å"gross pro? t marginÃ¢â¬ ) 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 SamÃ¢â¬â¢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 SamÃ¢â¬â¢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 relating 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 well ness 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 ManagementÃ¢â¬â¢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 both 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 payme nts 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 % Change 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 segmentÃ¢â¬â¢s net sales primarily resulted from our expansion activities and the inclusion of the results of DS, 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 segmentÃ¢â¬â¢s net 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 segmentÃ¢â¬â¢s net sales primarily resulted from our expansion activities and the inclusion of the results of DS, acquired in January 2009, offset by the unfavorable impact of changes in currency exchange rates of $9. 8 billion. In ? scal 2010, the International segmentÃ¢â¬â¢s gross pro? t margin i ncreased 0. 2 percentage points compared to the prior year. The increase was primarily driven by currency exchange rate ? uctuations and the inclusion of DS. In ? scal 2009, the International segmentÃ¢â¬â¢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 expenses, 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 DS, 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 segmentÃ¢â¬â¢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 ManagementÃ¢â¬â¢s Discussion and Analysis of Financial Condition and Results of Operations SamÃ¢â¬â¢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 Counts 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 SamÃ¢â¬â¢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 po ints 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 prior year due primarily to a pre-tax charge of $174 million related to the restructuring of SamÃ¢â¬â¢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 capita l management. Working Capital Current liabilities exceeded current assets at January 31, 2010, by $7. 2 billion, an increase of $789 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 ManagementÃ¢â¬â¢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 d ebt. 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 exist ing 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 SamÃ¢â¬â¢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 expenditures: Rating Agency Commercial Paper Standard PoorÃ¢â¬â¢s MoodyÃ¢â¬â¢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 shareholdersÃ¢â¬â¢ equity. Our ratio of debt to our total capitalization decreased in ? scal 2010 primarily due to a decrease in short-term borrowings. We 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 o ther 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 companyÃ¢â¬â¢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 ManagementÃ¢â¬â¢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 expiration 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 authorizations 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 con tracts 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 How to cite Wal Mart Annual Report Analysis, Essay examples