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Wal-Mart 2007 Annual Report 49
4 Accumulated Other Comprehensive Income
Comprehensive income is net income plus certain other items that are recorded directly to shareholders’ equity. Amounts included in
accumulated other comprehensive income for the Company’s derivative instruments and minimum pension liabilities are recorded net
of the related income tax effects. The following table gives further detail regarding changes in the composition of accumulated other
comprehensive income during fiscal 2007, 2006 and 2005 (in millions):
Foreign Currency Derivative Minimum
Translation Instruments Pension Liability Total
Balance at January 31, 2004 $ 1,044 $ (3) $ (190) $ 851
Foreign currency translation adjustment 1,938 1,938
Change in fair value of hedge instruments (43) (43)
Reclassi cation to earnings 41 41
Subsidiary minimum pension liability (93) (93)
Balance at January 31, 2005 $ 2,982 $ (5) $ (283) $ 2,694
Foreign currency translation adjustment (1,691) (1,691)
Change in fair value of hedge instruments (31) (31)
Reclassi cation to earnings 30 30
Subsidiary minimum pension liability 51 51
Balance at January 31, 2006 $ 1,291 $ (6) $(232) $ 1,053
Foreign currency translation adjustment 1,584 1,584
Change in fair value of hedge instruments 123 123
Reclassi cation to earnings (117) (117)
Subsidiary minimum pension liability (15) (15)
Adjustment for initial application of SFAS 158, net of tax (120) (120)
Balance at January 31, 2007 $2,875 $ – $(367) $ 2,508
Notes to Consolidated Financial Statements
The foreign currency translation amount includes translation gains of $143 million, $521 million, and $292 million at January 31, 2007, 2006 and
2005, respectively, related to net investment hedges of our operations in the United Kingdom and Japan.
In conjunction with the disposition of our operations in South Korea and Germany, the Company reclassi ed $603 million from foreign currency
translation amounts included in accumulated other comprehensive income into discontinued operations within our Consolidated Statements of
Income for  scal year 2007.