Walmart 2014 Annual Report Download - page 48

Share Repurchase Program
From time to time, the Company repurchases shares of its common stock
under share repurchase programs authorized by the Board of Directors.
On June 6, 2013, the Company’s Board of Directors replaced the previous
$15.0 billion share repurchase program, which had approximately
$712 million of remaining authorization for share repurchases as of that
date, with a new $15.0 billion share repurchase program, which was
announced on June 7, 2013. As was the case with the replaced share
repurchase program, the current share repurchase program has no
expiration date or other restrictions limiting the period over which the
Company can make share repurchases. At January 31, 2014, authorization
for $11.3 billion of share repurchases remained under the current share
repurchase program. Any repurchased shares are constructively retired
and returned to an unissued status.
The Company considers several factors in determining when to execute
share repurchases, including, among other things, current cash needs,
capacity for leverage, cost of borrowings and the market price of its
common stock. The following table provides, on a settlement date
basis, the number of shares repurchased, average price paid per share
and total cash paid for share repurchases for scal 2014, 2013 and 2012:
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2014 2013 2012
Total number of shares repurchased 89.1 113.2 115.3
Average price paid per share $74.99 $67.15 $54.64
Total cash paid for share repurchases $6,683 $7,600 $6,298
4 Accumulated Other Comprehensive Income (Loss)
Eective scal 2014, the Company adopted accounting guidance that requires, on a prospective basis, separate disclosure of signicant items
reclassied out of accumulated other comprehensive income (loss) by component. The following table provides the scal 2014, 2013 and 2012
changes in the composition of total accumulated other comprehensive income (loss), including the amounts reclassied out of accumulated other
comprehensive income (loss) by component for scal 2014:
Currency Translation Derivative Minimum
(Amounts in millions and net of income taxes) and Other Instruments Pension Liability Total
Balances as of January 31, 2011 $ 1,226 $ 60 $(640) $ 646
Other comprehensive income (loss) (2,032) (67) 43 (2,056)
Balances as of January 31, 2012 (806) (7) (597) (1,410)
Other comprehensive income (loss) 853 136 (166) 823
Balances as of January 31, 2013 47 129 (763) (587)
Other comprehensive income (loss) before reclassifications (2,769) 194 149 (2,426)
Amounts reclassified from accumulated other comprehensive income (loss) — 13 4 17
Balances as of January 31, 2014 $(2,722) $336 $(610) $(2,996)
Amounts reclassied from accumulated other comprehensive income (loss) for derivative instruments are generally included in interest, net, in the
Company’s Consolidated Statements of Income, and the amounts related to the minimum pension liability are included in operating, selling, general
and administrative expenses in the Company’s Consolidated Statements of Income.
The Company’s unrealized net gains and losses on net investment hedges, included in the currency translation and other category of accumulated
other comprehensive income (loss), were not signicant as of January 31, 2014 or January 31, 2013.
5 Accrued Liabilities
The Company’s accrued liabilities consist of the following:
As of January 31,
(Amounts in millions) 2014 2013
Accrued wages and benets
(1)
$ 4,652 $ 5,059
Self-insurance
(2)
3,477 3,373
Accrued taxes
(3)
2,554 2,851
Other
(4)
8,110 7,525
Total accrued liabilities $18,793 $18,808
(1) Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans.
(2) Self-insurance consists of all insurance-related liabilities, such as workers’ compensation, general liability, vehicle liability, property liability and employee-related
health care benefits.
(3) Accrued taxes include accrued payroll, value added, sales and miscellaneous other taxes.
(4) Other accrued liabilities consist of various items such as maintenance, utilities, advertising and interest.
46 Walmart 2014 Annual Report
Notes to Consolidated Financial Statements