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7 Accumulated Other Comprehensive Income
Amounts included in accumulated other comprehensive income (loss) for the company’s derivative instruments and minimum pension liabilities are
recorded net of the related income tax effects. The following table provides further detail regarding changes in the composition of accumulated other
comprehensive income (loss) for the fiscal years ended January 31, 2010, 2009 and 2008:
Currency Derivative Minimum
(Amounts in millions) Translation Instruments Pension Liability Total
Balances at February 1, 2007 $ 2,875 $ — $(367) $ 2,508
Currency translation adjustment 1,218 — — 1,218
Subsidiary minimum pension liability — — 138 138
Balances at February 1, 2008 $ 4,093 $ — $(229) $ 3,864
Currency translation adjustment (6,489) — — (6,489)
Net change in fair value of derivatives — (17) — (17)
Subsidiary minimum pension liability — — (46) (46)
Balances at February 1, 2009 $(2,396) $(17) $(275) $(2,688)
Currency translation adjustment 2,744 — — 2,744
Net change in fair value of derivatives — 94 — 94
Subsidiary minimum pension liability — — (220) (220)
Balances at January 31, 2010 $ 348 $ 77 $(495) $ (70)
The currency translation adjustment includes a net translation loss of $545 million, a gain of $1.2 billion and a loss of $9 million at January 31,
2010, 2009 and 2008, respectively, related to net investment hedges of our operations in the United Kingdom and Japan. For fiscal 2010, we
reclassified $83 million from accumulated other comprehensive loss to earnings to offset currency translation losses on the re-measurement of
non-U.S. denominated debt.
Notes to Consolidated Financial Statements
Walmart 2010 Annual Report 41
8 Income Taxes
A summary of the provision for income taxes is as follows:
Fiscal Years Ended January 31,
(Amounts in millions) 2010 2009 2008
Current:
U.S. federal $5,798 $4,771 $5,145
U.S. state and local 599 564 524
International 1,246 1,229 1,228
Total current tax provision 7,643 6,564 6,897
Deferred:
U.S. federal (449) 614 12
U.S. state and local 78 41 6
International (133) (74) (26)
Total deferred tax provision (504) 581 (8)
Total provision for income taxes $7,139 $7,145 $6,889
Income from Continuing Operations
The components of income from continuing operations before income
taxes are as follows:
Fiscal Years Ended January 31,
(Amounts in millions) 2010 2009 2008
U.S. $17,652 $16,239 $15,820
International 4,414 4,659 4,338
Total income from continuing
operations before income taxes $22,066 $20,898 $20,158