Causes And Main Characteristics Of Down Syndrome - 2113 Words

PROJECT 2 1) CAUSES AND MAIN CHARACTERISTICS OF DOWN SYNDROME Human cells normally contain 23 pairs of chromosomes one in each pair comes from the father and the mother. Down syndrome results when abnormal cell division involving chromosome 21 occurs. These cell division abnormalities result in extra genetic material from chromosome 21 which is responsible for the characteristics features and development problems of Down syndrome. Trisomy 21 – about 95% of the time Down Syndrome is caused by Trisomy 21, where the child has three copies of Chromosome 21 (instead of the usual two copies) in all cells. This is caused by abnormal cell division during the development of the sperm cell or the egg cell (Flood, 2013) 2) LEARNING PROFILE OF CHILDREN WITH DOWN SYNDROME: All people with Down syndrome are not equally delayed in all areas but they do experience some delay in their development. They can make progress in one area and slow down in another. The areas of weakness can be speech and language delay, numbers, visual impairments, short term memory, movement control (motor skills) Difficulty in processing and retaining information presented orally. 3) FACTORS OF POSITIVE INTEREST The learning profile of James will interact with his own family learning traits together with the care and education and his social interactions with family and friends. James would need a visual teaching approach, using concrete and practical materials. A work station may be helpful where he couldShow MoreRelatedThe Earliest Depictions Of A Person With Down Syndrome1037 Words   |  5 Pagesa person with Down syndrome was dated in 1515 in a Flemish painting. Doctor John Langdon Down described Down syndrome as a disorder in 1866, however he misunderstood on how the syndrome first came about. The cause to Down syndrome was discovered recently in 1959 as being the common cause of cognitive impairments. All individuals who contain down syndrome show symptoms of mild to moderate learning disability, distinctive facial features, and hypotonic in early infancy. Down syndrome often associatesRead MoreCharacteristics Of A Chromosomal Disorder Essay955 Words   |  4 Pageschromosomes; this is known as an aneuploidy (Porth, 2015). The most common chromosomal disorder is Down syndrome of which there are three types: complete trisomy 21, translocation, and mosaicism (Porth, 2015). Since its first identification in 1866, researchers have become more knowledgeable about the etiology of Down syndrome. When one studies etiology, pathogenesis, and clinical manifestations of Down syndrome, he or she will begin to understand multiple chromosomal disorders. Typically, the nucleusRead More Down Syndrome Essay1083 Words   |  5 PagesDown Syndrome   Ã‚  Ã‚  Ã‚  Ã‚  Have you ever been in a situation where you were confronted by a child who has Down Syndrome and were unsure of how to act around that child? Im sure many of us have experienced the awkwardness that accompanies such a situation. Many people feel guilt or pity for these children, I believe these reactions result from a lack of knowledge about the condition. Which is why I have chosen this topic.   Ã‚  Ã‚  Ã‚  Ã‚  Down Syndrome is a condition that cannot be physically passed on from oneRead MoreFragile X Syndrome Essay1159 Words   |  5 Pages p404). Mental retardation can be caused by a certain birth defect due to a traumatic event during the mother’s pregnancy, or mental retardation can also be inherited. The most common inherited form of mental retardation is Fragile X Syndrome. Fragile X Syndrome was identified in the year 1991. This disability affects more males than females. Approximately 1 in 4,000 males are affected, however only 1 in 8,000 females are affected (Lombroso, 2003). Fragile X generates in the FMR1 gene. FragileRead MoreSymptoms And Symptoms Of Cushing s Syndrome1680 Words   |  7 PagesAbstract Cushing’s syndrome is an endocrine disorder resulting from excess levels of cortisol in the blood. The etiology can be exogenous or endogenous, which can be further broken down into adrenocorticotropic hormone (ACTH) dependent and independent. The pathogenesis of Cushing’s syndrome depends on the cause, and generally results in the disruption of the normal functioning of the hypothalamic-pituitary-adrenal (HPA) axis. Cushing’s syndrome is characterized by a variety of signs and symptomsRead MoreA Brief Note On Alzheimer s Disease ( Ad ) Essay1606 Words   |  7 Pagesneurodegenerative disease that cause the deterioration of higher mental functions, this includes the deterioration of memory, cognitive tasks, and eventually motor and sensory skills. However, motor and sensory skills decrease much later in the development of AD. This is because AD is a hierarchical deterioration, attacking the first the complex functions before moving on to the simpler ones (Gà © linas et al., 1999). Because of this, AD is one of the most frequent causes of dementia, about 70% of dementiaRead MoreEssay on Understanding Persons with Intellectual Disabilities1518 Words   |  7 Pagesthrough 2008 school year 56 percent autism students graduated with a regular high school diploma (Lewis, 2011). Therefore, in this essay the definition, characteristics, and causes of intellectual disability, traumatic brain injury, autism, severe disabilities, and deaf-blindness will be discussed. The first definition, characteristic and cause discussed are intellectual disability. Intellectual disability is when the intellectual functioning and adaptive behavior is limited significantly. ThisRead MoreA Brief Note On Children With Down s Syndrome1627 Words   |  7 PagesShanleigh Blackburn – 670207 Paediatrics Assignment: Down’s Syndrome I believe that children with Down’s Syndrome can benefit greatly from Physiotherapy, due to the physical impairments often associated with their condition. What is Down’s Syndrome?: Down’s Syndrome is a genetic condition affecting one in every 1000 births world wide. It is estimated that 700 babies are born with Down’s Syndrome annually. (Robertson, 2016) Typically, there are 23 pairs of chromosomes in a normal, healthy humanRead More Special Education Essay1616 Words   |  7 Pagesexpect to serve students with disabilities. It is important to understand the different types of disabilities, the characteristics of these disabilities, and causes; in order to ensure the success of students. This paper will define severe disabilities, mental retardation, traumatic brain injury, autism, and deaf-blindness. In addition, this paper will address the characteristics and causes of each disability. Definition of Severe Disabilities There are many different definitions used to define theRead MoreEssay about Down Syndrome1383 Words   |  6 Pages Down syndrome Down syndrome takes its name from Dr. Langdon Down. He was the first person to describe the syndrome in 1866. The earliest recorded incident of someone having Down syndrome dates back to an altar piece painted in a church in Aachen, Germany in 1504. Although the syndrome is named after Dr Langdon Down, he did not understand the condition, as we know it today. The syndrome was referred to as having mongolism. This was because people who have Down syndrome have similar physical characteristics

Adam Smith And Karl Marx - 973 Words

Adam Smith and Karl Marx were two economic philosophers who each introduced revolutionary ideas concerning economic systems, and their effect upon social progress and prosperity. Smith proposed an economic system, known as capitalism, in which a laborer s wage is wholly relative to their contribution to increasing the means of production; productivity is capitalism s main objective, as it inevitably results in increased profit and revenue. Conversely, Marx proposed an economic system, known as communism, which advocates for the equal distribution of wealth among the owners of the means of production, and their laborers, in an effort to stimulate fair and sustainable wages. A hypothetical situation arises in which, Western nations show interest in the valuable natural resources of a Pacific island, inhabited by people who have already established their own economic system and patriarchal social norms. Concerning the economic welfare of the inhabitants, the potential value of the resources, and the wealth of the newly discovered nation, Marx and Smith would respond to the situation with the same conclusion: the inhabitants should not allow Western nations to access and capitalize upon their natural resources. Although both philosophers agree about discouraging external influences upon the island s economic structure, the motivating factors behind each s decisions differ. Smith would discourage external influences in favor of the inhabitants capitalizing upon their naturalShow MoreRelatedKarl Marx And Adam Smith Essay1639 Words   |  7 PagesPresence of the Theories of Karl Marx Adam Smith Within the Canadian Economy Written by: Jason Kothary, Zach Shafi, Sam Girma Kevin Sallaku Research: Ryan Salehi, Zack Izzeddin, David Moffett, Cameron Bernardo, Harrison Toms, Taha Mahmood, Anthony Alexiou, Jason Kothary, Zach Shafi, Sam Girma Kevin Sallaku Canada’s economy is one that exhibits a multitude of characteristics that adhere to the capitalist and socialist constructs of a mixed system. In order to clearly define and analyze theRead MoreAdam Smith And Karl Marx1055 Words   |  5 PagesDerek Ding Economy Ms. Walsh Period D Adam Smith and Karl Marx Adam Smith and Karl Marx are famous for their influential and prominent theories about economics. Two difference thoughts indeed are contributions that can change the world. 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Adam Smith and Karl Marx Contemporary economics are best explained by comparing two foundational thinkers that have contributed to the better understanding of liberalism, one being its proponent Adam Smith and the other being its most significant critic, Karl Marx. Both thinkers are profoundly important in locating and investigating the roots of neoliberalism as well as exploring alternatives ways to challenge neoliberal economics in the face of its post-cold war expansion as the inevitable andRead MoreAdam Smith And Karl Marx1924 Words   |  8 Pagesshould be achieved Latin America. Adam Smith and Karl Marx are examples of the main two views. Adam Smith, a Scottish Philosopher, was a critique of controlled markets and supported the idea that consumers should be able to engage in a free market in order to achieve overall self- profit. As a believer in capitalism, Smith also viewed private property and overall self- interest as positives. 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This is not to say that I do not agree with some of the precepts of pure Communism, but like the old adage says, Communism looks good on paper, but in practice, it is completely ineffective. Historically, this form of government does not tend to succeed because of many factors. Some of these include basic economic differences, individualism

Wal Mart Annual Report Analysis free essay sample

Eduardo Castro-Wright Vice Chairman, Wal-Mart Stores, Inc. M. Susan Chambers Executive Vice President, Global People Brian C. Cornell Executive Vice President, President and Chief Executive Officer, Sam’s Club 2 010 Financial Report 15 Five-Year Financial Summary 16 Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Consolidated Statements of Income 31 Consolidated Balance Sheets 32 Consolidated Statements of Shareholders’ Equity 33 Consolidated Statements of Cash Flows 34 Notes to Consolidated Financial Statements 52 Report of Independent Registered Public Accounting Firm 3 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Thomas M. Schoewe Executive Vice President and Chief Financial Officer 54 Management’s Report to Our Shareholders 55 Fiscal 2010 End-of-Year Store Count H. Lee Scott, Jr. Chairman of the Executive Committee of the Board of Directors 56 Corporate and Stock Information Leslie A. Dach Executive Vice President, Corporate Affairs and Government Relations Michael T. Duke President and Chief Executive Officer Rollin L. Ford Executive Vice President, Chief Information Officer Thomas D. Hyde Executive Vice President, Legal, Ethics, nd Corporate Secretary C. Douglas McMillon Executive Vice President, President and Chief Executive Officer, Walmart International S. Robson Walton Chairman of the Board of Directors Steven P. Whaley Senior Vice President and Controller 14 Walmart 2010 Annual Report 107077_L01_FIN_02. indd 14 4/6/10 12:10:45 AM 2010 FINANCIAL REVIEW Five-Year Financial Summary (Amounts in millions except per share and unit count data) As of and for the Fiscal Years Ended January 31, 2010 2009 2008 2007 2006 (1) Operating Results Net sales Net sales increase Comparable store sales in the United States (2) Walmart U. S. Sam’s Club Gross pro? t margin Operating, selling, general and administrative 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 Sam’s Club Segment 3,708 4,112 596 3,656 3,605 602 3,550 3, 098 591 3,443 2,734 579 3,289 2,158 567 Total units 8,416 7,863 7,239 6,756 6,014 Financial Position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leases Total Walmart shareholders’ equity $ (1) In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. Although the reclassi? cations impacted net sales, gross margin and operating, selling, general and administrative expenses, they did not impact operating income or income from continuing operations attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected for ? scal years 2010, 2009 and 2008. 2) Comparable store and club sales include fuel. For ? scal 2006, we considered comparable sales to be sales at stores and clubs that were open as of February 1st of the prior ? scal year and which had not been converted, expanded or relocated since that date. Fiscal 2008 and ? scal 2007 comparable sales includes all stores and clubs that have been open for at least the previous 12 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 years’ comparable sales do not re? ect reclassi? cations effective February 1, 2009, as noted above. Walmart 2010 Annual Report 15 107077_L01_FIN_02. indd 15 4/6/10 12:10:45 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Wal-Mart Stores, Inc. (â€Å"Walmart,† the â€Å"company† or â€Å"we†) operates retail stores in various formats around the world and is committed to saving people money so they can live better. We earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at every day low prices (â€Å"EDLP†), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is our pricing philosophy under which we price items at a low price every day so that our customers trust that our prices will not change under frequent promotional activity. Our focus for Sam’s Club is to provide exceptional value on brand name merchandise at â€Å"members only† prices for both business and personal use. Internationally, we operate with similar philosophies. Our ? scal year ends on January 31 for our U. S. , Canada and Puerto Rico operations. Our ? scal year ends on December 31 for all other operations. We intend for this discussion to provide the reader with information that will assist in understanding our ? nancial statements, the changes in certain key items in those ? nancial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our ? nancial statements. We also discuss certain performance metrics that management uses to assess our performance. The discussion also provides information about the ? nancial results of the various segments of our business to provide a better understanding of how those segments and their results affect the ? nancial condition and results of operations of the company as a whole. This discussion should be read in conjunction with our Consolidated Financial Statements as of January 31, 2010, and the year then ended, and accompanying notes. Our operations comprise three business segments: Walmart U. S. , International and Sam’s Club. The Walmart U. S. segment includes the company’s mass merchant concept in the United States, operating under the â€Å"Walmart† or â€Å"Wal-Mart† brand, as well as walmart. com. The International segment consists of the company’s operations outside of the 50 United States. The Sam’s Club segment includes the warehouse membership clubs in the United States, as well as samsclub. com. Sales By Segment Net sales in ? scal 2010 were a record $405. 0 billion, up 1. 0% from ? scal 2009. Sam’s Club 11. 5% International 24. 7% Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations, we discuss segment operating income and comparable store sales. The company measures the results of its segments using, among other measures, each segment’s operating income which includes certain corporate overhead allocations. From time to time, we revise the measurement of each segment’s operating income, including any corporate overhead allocations, as dictated by the information regularly reviewed by our chief operating decision maker. When we do so, the segment operating income for each segment affected by the revisions is restated for all periods presented to maintain comparability. In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. The reclassi? cations did not impact operating income or consolidated net income attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected in all periods presented. Comparable store sales is a measure which indicates the performance of our existing U. S. stores and clubs by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. In ? scal 2008, our method of calculating comparable store sales included all stores and clubs that were open for at least the previous 12 months. Additionally, stores and clubs that were relocated, expanded or converted were 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, Walmart’s de? nition of comparable store sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Changes in format continue to be excluded from comparable store sales when the 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 â€Å"same-store† 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 segment’s operating results from local currencies into U. S. dollars for reporting purposes. The impacts of currency exchange rate ? uctuations are typically calculated as the difference between current period activity translated using the current period’s currency excha nge rates and the comparable prior year period’s currency exchange rates, respectively. We use this method for all countries where the functional currency is not U. S. denominated. Walmart U. S. 63. 8% 16 Walmart 2010 Annual Report 107077_L01_FIN. ndd 16 4/6/10 8:25:50 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations The Retail Industry We operate in the highly competitive retail industry in both the United States and the countries we serve internationally. We face strong sales competition from other discount, department, drug, variety and specialty stores, warehouse clubs, and supermarkets, many of which are national, regional or international chains, as well as internet-based retailers and catalog businesses. We compete with a number of companies for prime retail site locations, as well as in attracting and retaining quality employees whom we call â€Å"associates†). We, along with other retail companies, are in? uenced by a number of factors including, but not limited to: general economic conditions, cost of goods, consumer disposable income, consumer debt levels and buying patterns, consumer credit 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 â€Å"Item 1A. Risk Factors† in our Annual Report on Form 10-K for the ? scal year ended January 31, 2010. Company Performance Metrics The company’s performance metrics emphasize three priorities for improving shareholder value: growth, leverage and returns. The company’s priority of growth focuses on sales growth; the priority of leverage encompasses the company’s metric to increase our operating income at a faster rate than the growth in net sales by growing our operating, selling, general and administrative expenses (â€Å"operating expenses†) at a slower rate than the growth of our net sales; and the priority of returns focuses on how ef? iently the company employs our assets through return on investment (â€Å"ROI†) and how effectively the company manages working capital through free cash ? ow. Growth Net Sales Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Percent increase Net sales Percent of total 2008 Percent increase Net sale s Percent of total Net sales Percent of total Walmart U. S. International Sam’s Club $258,229 100,107 46,710 63. 8% 24. 7% 11. 5% 1. 1% 1. 3% -0. 4% $255,348 98,840 46,899 63. 7% 24. 6% 11. 7% 6. 9% 9. 1% 5. 8% $238,915 90,570 44,336 63. 9% 24. 2% 11. 9% Net Sales $405,046 00. 0% 1. 0% $401,087 100. 0% 7. 3% $373,821 100. 0% O ur net sales increased by 1. 0% and 7. 3% in ? scal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global expansion activities and the acquisition of our Chilean subsidiary, Distribucion y Servicio (â€Å"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 ? 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 segment’s net sales as a percentage of total company net sales increased in ? scal 2010 and 2009, respectively. Volatility in currency exchange rates may continue to impact the International segment’s net sales in the future. Comparable Store Sales Comparable store sales is a measure which indicates the performance of our existing U. S. tores by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. Comparable store sales in the United States decreased 0. 8% in ? scal 2010 and increased 3. 5% in ? scal 2009. Although customer traf? c increased in ? scal 2010, comparable store sales in the United States were lower than ? scal 2009 due to de? ation in certain merchandise categories and lower fuel prices. Comparable store sales in the United States in ? scal 2009 were higher than ? 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. Sam’s Club (1) -0. 7% -1. 4% 3. 2% 4. 9% 1. 0% 4. 9% Total U. S. -0. 8% 3. 5% 1. 6% (1) Sam’s Club comparable club sales include fuel. Fuel sales had a negative impact of 2. 1 percentage points in ? scal year 2010, and positive impact of 1. 2 and 0. 7 percentage points in ? scal years 2009 and 2008, respectively, on comparable club sales. Walmart 2010 Annual Report 17 107077_L01_FIN_02. indd 17 4/6/10 12:10:46 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Leverage Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Operating income Percent of total Percent increase Operating income 2008 Percent of total Percent increase Operating income Percent of total Walmart U. S. International Sam’s Club Other $19,522 5,033 1,512 (2,117) 81. 5% 21. 0% 6. 3% -8. 8% 5. 2% 1. 9% -8. 1% -9. 9% $18,562 4,940 1,646 (2,350) 81. 4% 21. 7% 7. 2% -10. 3% 6. 8% 4. 6% -0. 1% 30. 3% $17,383 4,725 1,648 (1,804) 79. 2% 21. 5% 7. 5% -8. 2% Total operating income $23,950 100. 0% 5. 1% $22,798 100. 0% 3. 9% $21,952 100. 0% We believe growing operating income at a faster rate than net sales growth is a meaningful measure because it indicates how effectively we manage costs and leverage operating expenses. Our objective is to grow operating expenses at a slower rate than net sales. nd ending total assets of continuing operations plus accumulated depreciation and amortization less accounts payable and accrued liabilities for that period, plus a rent factor equal to the rent for the ? scal year multiplied by a factor of eight. Operating Expenses In ? scal 2010, operating expenses increased 2. 7% when compared to ? scal 2009, while net sales increased 1. 0% over the same period. Operating expenses grew at a faster rate than net sales due to higher health bene? t costs, restructuring charges and higher advertising expenses. In ? scal 2009, operating expenses increased 9. % compared to ? scal 2008 while net sales increased 7. 3% over the same period. Operating expenses grew at a faster rate than net sales in ? scal 2009 primarily due to higher utility costs, legal matters, higher health bene? t costs and increased corporate expenses. ROI is considered a non-GAAP ? nancial measure under the SEC’s rules. We consider return on assets (â€Å"ROA†) to be the ? nancial measure computed in accordance with GAAP that is the most directly comparable ? nancial measure to ROI as we calculate that ? nancial measure. ROI differs from ROA (which is income from continuing operations for the ? cal year divided by average total assets of continuing operations for the period) because ROI: adjusts operating income to exclude certain expense items and adds 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 Sam’s Club segment fell short of this objective primarily due to a $174 million charge to restructure its operations, including the closure of 10 clubs. For ? scal 2009, we did not meet our objective because our operating income increased by 3. 9% when compared to ? scal 2008, while net sales increased by 7. 3% over the same period. The Walmart U. S. and Sam’s Club segments fell short of this objective due to increases in 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 company’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 Management’s Discussion and Analysis of Financial Condition and Results of Operations The calculation of ROI along with a reconciliation to the calculation of ROA, the most comparable GAAP ? nancial measurement, is as follows: For the Years Ended January 31, Dollar amounts in millions) 2010 2009 Numerator Operating income (1) + Interest income (1) + Depreciation and amortization (1) + Rent (1) $ 23,950 181 7,157 1,808 $ 22,798 284 6,739 1,751 = Adjusted operating income $ 33,096 $ 31,572 Denominator Average total assets of continuing operations (2) + Average accumulated depreciation and amortization (2) Average accounts payable (2) Average accrued liabilities (2) + Rent x 8 $166,900 38,359 29,650 18,423 14,464 $162,891 33,317 29,597 16,919 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations Free Cash Flow We de? ne free cash ? ow as net cash provided by operating activities of continuing operations in a period minus payments for property and equipment made in that period. We generated positive free cash ? ow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increase in our free cash ? ow is primarily the result of improved operating results and inventory management. The following table sets 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 SEC’s rules. Management believes, however, that free cash ? ow, which measures our ability to generate additional cash from our business operations, is an important ? ancial measure for use in evaluating the company’s ? nancial performance. Free cash ? ow should be considered in addition to, rather than as a substitute for, income from continuing operations as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our de? nition of free cash ? ow is limited, in that it does not represent residual cash ? ows available for discretionary expenditures due to the 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 company’s free cash ? ow. As a result, the method used by our management to calculate free cash ? ow may differ from the methods other companies use to calculate their free cash ? ow. We urge you to understand the methods used by another company to calculate its free cash ? ow before comparing our free cash ? ow to that of such other company. We generated positive free cash flow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended 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: †¢ In ? scal 2010, the company announced several organizational changes, including the closure of 10 Sam’s Clubs, designed to strengthen and streamline our operations. As a result, we recorded $260 million in pre-tax restructuring charges. †¢ In ? cal 2010, we recorded $372 million in net tax bene? ts primarily from the repatriation of certain non-U. S. earnings that increased U. S. foreign tax credits. †¢ In ? scal 2009, the company settled 63 wage-and-hour class action lawsuits. As a result of the settlement, the company recorded a pre-tax charge of approximately $382 million during the fourth quarter of ? scal 2009. †¢ In ? scal 2008, we reduced our accrued liabilities for our general liability and worker’s compensation claims. As a result, operating expenses were reduced by a pre-tax amount of $298 million. 20 Walmart 2010 Annual Report 07077_L01_FIN. indd 20 4/7/10 12:14:15 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations Fiscal Year Net Sales (1) % Change from Prior Fiscal Year 2010 2009 2008 $405,046 401,087 373,821 1. 0% 7. 3% 8. 4% Operating Income (1) Operating Income as a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2) $23,950 22,798 21,952 5. 9% 5. 7% 5. 9% -0. 8% 3. 5% 1. 6% 8,416 7,863 7,239 952,204 918,008 867,448 (1) Amounts in millions (2) Amounts in thousands Our consolidated net sales increased by 1. 0% and 7. 3% in ? cal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global 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 segment’s net sales in the future. Our gross pro? t, as a percentage of net sales, (our â€Å"gross pro? t margin†) was 24. 8%, 24. 2% and 24. 0% in ? scal 2010, 2009 and 2008, respectively. Our Walmart U. S. and International segment sales yield higher gross pro? t margins than our Sam’s Club segment. In ? scal 2010, gross pro? t margin increased primarily due to the continued focus on enhanced merchandising strategies and better inventory management in our Walmart U. S. and Sam’s Club segments. The gross pro? margin increase in ? scal 2009 compared to ? scal 2008 was primarily due to lower inventory shrinkage and less markdown activity as a result of more effective merchandising in the Walmart U. S. segment. Operating expenses, as a percentage of net sales, were 19. 7%, 19. 3% and 19. 0% for ? scal 2010, 2009 and 2008, respectively. In ? scal 2010, operating expenses increased primarily due to higher health bene? t costs, a pre-tax charge of $260 million 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations Comparable store sales were lower in ? scal 2010, despite increased customer traf? c, due to a decrease in average transaction size per customer driven by price de? ation in certain merchandise categories. Comparable store sales were higher in ? scal 2009 due to an increase in customer traf? c, as well as an increase in average transaction size per customer. In ? scal 2010, gross pro? margin increased 0. 7 percentage points compared to the prior year due to more effective merchandising, better inventory management and lower inventory shrinkage. In ? scal 2009, gross pro? t margin increased 0. 4 percentage points compared to the prior year primarily due to decreased markdown activity and lower inventory shrinkage. The improvements in 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 segment’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 segment’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 segment’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 segment’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 segment’s gross pro? t margin decreased 0. percentage points compared to the prior year. The decrease was primarily driven by growth in lower margin fuel sales in the United Kingdom and the transition to EDLP as a strategy in Japan. Segment operating 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 segment’s operating results in the future. 22 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 22 4/6/10 8:25:51 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Sam’s Club Segment Fiscal Year Net Sales (1) % Change from Prior Fiscal Year Operating Income (1) Operating Income a s a Percentage of Net Sales Comp Sales Unit 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 Sam’s Club segment in ? scal 2010 primarily resulted from lower fuel prices compared to the previous ? scal year. In ? scal 2009, the segment net sales growth resulted from a comparable club sales increase, including fuel, of 4. 9% and continued club expansion activities. Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2010 when compared to ? scal 2009. Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2009 when compared to ? scal 2008. Liquidity and Capital Resources Comparable club sales decreased during ? scal 2010 due to the negative impact of 2. 1 percentage points from lower fuel prices when compared to the previous ? scal year, partially offset by sales increases in fresh food, consumables and certain health and wellness categories. In ? scal 2009, comparable club sales increased due to growth in food, pharmacy, electronics and certain consumables categories, as well as an increase in both member traf? and average transaction size per member. Fuel sales had a positive impact of 1. 2 percentage points in ? scal 2009 on comparable club sales. Gross pro? t margin increased 0. 6 percentage points during ? scal 2010 compared to the prior year due to continued strength in sales of consumable, fresh food and other food-related categories. Gross pro? t margin increased 0. 1 percentage 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 Sam’s Club operations, including the closure of 10 clubs. Segment operating expenses, as a percentage of segment net sales, increased 0. 2 percentage points in ? scal 2009 compared to the prior year. In ? scal 2009, operating expense increases were impacted by higher utility and health bene? t costs and hurricane-related expenses. Cash flows provided by operating activities upply us with a significant source of liquidity. We use these cash flows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash flow funds the dividends on our common stock and share repurchases. Cash ? ows provided by operating activities supply us with a signi? cant source of liquidity. We use these cash ? ows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash ? w funds the dividends on our common stock and share repurchases. Fiscal Years Ended January 31, (Amounts in millions) 2010 Net cash provided by operating activities Payments for property and equipment Free cash ? ow 2009 2008 $ 26,249 $ 23,147 $ 20,642 (12,184) (11,499) (14,937) $ 14,065 $ 11,648 $ 5,705 Net cash used in investing activities Net cash used in ?nancing activities $(11,620) $(10,742) $(15,670) $(14,191) $ (9,918) $ (7,422) Cash ? ow provided by operating activities was $26. 2 billion, $23. 1 billion and $20. 6 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increases in cash ? ws provided by operating activities for each ? scal year were primarily attributable to an increase in income from continuing operations and improved working 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations Capital Resources During ? scal 2010, we issued $5. 5 billion of long-term debt. The net proceeds from the issuance of such long-term debt were used for general corporate purposes. During ? scal 2009, we issued $6. 6 billion of long-term debt. Those net proceeds were used to repay outstanding commercial paper indebtedness and for other general corporate purposes. Management believes that cash ? ws from continuing operations and proceeds from the issuance of short-term borrowings will be suf? cient to ? nance seasonal buildups in merchandise inventories and meet other cash requirements. If our operating cash ? ows are not suf? cient to pay dividends and to fund our capital expenditures, we anticipate funding any shortfall in these expenditures with a combination of short-term borrowings and long-term 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 Sam’s Club Segment 145-160 5-10 150-170 Total U. S. Additionally, the International segment expects to add more than 600 units during ? scal year 2011. The following represents an allocation of our capital expenditures: Rating Agency Commercial Paper Standard Poor’s Moody’s Investors Service Fitch Ratings DBRS Limited Long-term Debt A-1+ P-1 F1+ R-1(middle) AA Aa2 AA AA To monitor our credit ratings and our capacity for long-term ? nancing, we consider various qualitative and quantitative factors. We monitor the ratio of our debt to our total capitalization as support for our long-term ? nancing decisions. At January 31, 2010 and January 31, 2009, the ratio of our debt to total capitalization was 36. 9% and 39. 3%, respectively. For the purpose of this calculation, debt is de? ned as the sum of short-term borrowings, long-term debt due within one year, obligations under capital leases due in one year, long-term debt and long-term obligations under capital leases. Total capitalization is de? ned as debt plus total Walmart shareholders’ equity. Our ratio of debt to our total capitalization decreased in ? scal 2010 primarily due to a decrease in short-term borrowings. 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 company’s Board of Directors approved an increase in the annual dividend for ? scal 2011 to $1. 21 per share, an increase of 11% over the dividends paid in ? scal 2010. The annual dividend will be paid in four quarterly installments on April 5, 2010, June 1, 2010, September 7, 2010 and January 3, 2011 to holders of record on March 12, May 14, August 13 and December 10, 2010, respectively. 4 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 24 4/6/ 10 8:25:52 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Company Share Repurchase Program From time to time, we have repurchased shares of our common stock under a $15. 0 billion share repurchase program authorized by our Board of Directors on June 4, 2009 and announced on June 5, 2009, which replaced and terminated a $15. 0 billion share repurchase program approved by our Board of Directors on May 31, 2007 and announced on June 1, 2007. As was the case with the replaced share repurchase program, the new program has no 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

The psychology of images

Visual images are important tools that shape culture in the society. One needs to understand visual rhetoric which is defined as the mode in which images relate to their messages in order to comprehend and appreciate the important role that images play in persuading the public.Advertising We will write a custom essay sample on The psychology of images specifically for you for only $16.05 $11/page Learn More Visual communication is an influential form of communication because it reflects social issues and highlights those elements that are not obviously evident. A fine portrait should make the audience appreciate the subjects in the painting (Leonardo, 6). Visual rhetoric accompanies the use of visual communication. Visual rhetoric is the skill of finding a new way of persuasion which is a departure from the past where visual images were not commonly used. A rhetorician is someone with the ability to always tell that which is persuasive although he might not be able to explain it in every given case or influence everyone in all the situations. Several rhetoricians have studied different images with a view of analyzing the dynamics of visual rhetoric (Hariman and John, 23). The Last Supper, a 15th Century painting by Leonardo Da Vinci is one of the evaluated images. The painting is about the 12 apostles sharing a meal with Jesus the night before his arrest. It specifically captures the moment after Jesus announces that one of them is going to betray him and the different reactions of the disciples. A number of similar paintings have been done before Leonardo’s but none of them highlights the same elements that Da Vinci brings out in his composition. The painting is the first to portray all the disciples presenting emotions that are identifiable with those of humans including their facial expressions, gestures and postures. Leonardo’s composition shows all aspects of the painting and he â€Å"guides† the eye of th e viewer towards the head of Christ whose image is in the middle of the painting. Leonardo paints straight lines on the wall, ceiling and the windows which disappear at the vanishing point at the back of the head of Christ to draw the viewer’s eye to Jesus. His posture appears to form a triangle associated with the Holy Trinity, infinity and the aspect of being heavenly. The aspect of the infinite triangle is also created using the hands of Jesus which are placed on the table. This triangle also forms a vanishing point at the top of the head of Jesus. Da Vinci presents the disciples facing the viewers unlike in certain previous paintings that portray the disciples with their backs facing the audience. This fact â€Å"humanizes† Leonardo’s painting and makes it easier for the audience to identify with it (Rest, 23). He paints Judas leaning back and clutching a small bag with a â€Å"shadowed† face that presents him as isolated from the rest. Jesus and Juda s are the center of attention. Leonardo employs different lighting and shading to make the two conspicuous.Advertising Looking for essay on rhetoric? Let's see if we can help you! Get your first paper with 15% OFF Learn More He paints Christ’s image adjacent to a window with light falling on him creating a halo effect, â€Å"dulls† the face of Judah and instead of the luxurious ultramarine pigment garment donned by the others, he uses an inexpensive blue azurite for Judas. This portrayal of the two men makes the image have a â€Å"logical claim† of the space. The disciples all respond differently to the announcement of the last supper. Judas appears to be withdrawn and has his head facing downwards. Jude, Thaddeus and Mathew are both facing Simon. Christ is the only one who looks composed. The number â€Å"three† is used several times to signify the Holy Trinity. The disciples’ grouping into four makes them seem to be talking to each other and asking if they know who the betrayer is. Leonardo pays attention to the disciples’ facial reactions as well as posture. He makes sure that none of the disciple’s reaction is similar to the others. This gives the portrait a natural appearance therefore making it more convincing. The perplexity on the disciples’ faces suggests to the audience that Jesus has not yet revealed the name of his betrayer and that is why they seem to be agonizing. Leonardo makes Christ appear bigger than Bartholomew and Philip in the painting even though he is seated to show how infinite he is. He utilizes the concept of light in his painting and shading in an innovative way to influence his viewers’ perception of the disciples’ personalities (Raffoul, 12). The dark shadow of Judas makes him appear evil; he â€Å"hangs† his head and appears to be withdrawn reflecting the fact that he is feeling guilty of betraying Jesus. The audience might interpret this as a disapproval of the betrayal. The dark shadow and his receding posture might also be interpreted by the audience as his way of hiding the secret that he is the one who will betray Jesus. The light falling on Jesus creates a halo effect which shows Christ’s holiness. This halo effect is created by the curved line in the portrait which ends on top of Jesus’ head. Leonardo places eight rectangles in the portrait, four on the right and four on the left. The purpose of these dark-colored rectangles is to imply depth and give shape to the room. This depth makes the audience believe that the surface of the portrait is not flat. The lines moving back into the focal point on Christ’s head create a one point perspective which draws the audience’s attention to Christ and illuminates his supremacy. The attention which Leonardo pays to the human anatomy enables him to portray the disciples’ shapes and proportions with precision as he makes them in a way that their physical and emotional reactions are intertwined in a convincing way. Their postures which appear natural makes them seem to be moving and interacting with each other and in the process reveal the emotional state in which they are in. The fact that they are grouped and seem to be looking at each other implies that they are conversing thus bringing out the aspect of interaction. Leonardo brings out the aspect of narration in the portrait. An interconnection between the groups formed by the disciples exists thus bringing out flow and continuation in the narration of the story and the flow allows Leonardo to guide the eye of the audience to the painting.Advertising We will write a custom essay sample on The psychology of images specifically for you for only $16.05 $11/page Learn More The â€Å"guiding of the eye† is further facilitated by the disciples’ postures as they seem to have their hands pointed at Christ. The groups are also for med like triangles bringing out the concept of the Holy Trinity. The apparent movement of the disciples leads the audience to think that the artist is telling a story while the middle point is positioned at the eye level which makes the audience consider itself as being part of the portrait. The aspect of being part of the painting makes the audience â€Å"feel† the confusion that the subjects in the painting are experiencing. Leonardo uses the natural light from the landscape outside which passes through the windows at the back of the portrait then falls on the table at the middle of where Christ is positioned. The audience might interpret this to mean that Christ is the only one â€Å"in the light† as he alone knows who is going to betray him. The fact that Christ is the only one who looks composed in the room suggests the same. The manner in which light falls on objects in the room indicates what time of the day it is as the light is cast on the right side of the wa ll and not the left or the ceiling. This fact might suggest that it is during sunset and that indeed the disciples are having supper. Leonardo uses value contrast .It is the alternation of dark and light colors. He creates this effect by forming a three dimension effect in the painting. The dimension in turn creates depth in the portrait. The size of the rectangular windows reduces as the figures in the painting move towards the back towards the vanishing point. The figures also create a feeling of depth and the three dimensional aspect. Leonardo utilizes primary colors that include yellow, blue and green especially for the clothes although he also uses brown and white for the floors and the walls. The sharp contrast between red and blue colors on the cloak of Christ makes him stand out thereby drawing the viewer’s eye towards him. Iconography is also represented in the painting by the use of the knife that Peter is holding and the small bag that Judas is holding. The bag sym bolizes the payment that Judas receives for betraying Jesus. An artist can support the chances of the success of his message by using ethical, logical and emotional appeals and to accomplish this, he needs to be familiar with aspects of culture and the lives of humans. Leonardo had all the three qualities. He was a credible artist as evidenced by his previous works and he knew how to appeal to the emotions of his audience by creating art that his audience could identify with. His painting’s composition was created in a way that it included elements that were factual for easy interpretation by the audience. To appear credible, an artist must show good will, ethical character and knowledge (Aristotle, 11).Advertising Looking for essay on rhetoric? Let's see if we can help you! Get your first paper with 15% OFF Learn More The three aspects should be used together. Persuasion might not be achieved because if one portrays good will and credibility but lacks intelligence, it leaves room for the audience to doubt the artist’s intelligence. Credibility and intelligence alone are also not enough as the audience can question the motive of the artist. Good will and intelligence leave the audience questioning the artist’s credibility. The power to persuade can be utilized for positive or negative intentions although it is easier to persuade people towards good than bad as individuals possess an innate disposition towards the truth (Aristotle, 7). This fact means that art can be utilized to improve social life or equally destroy it by manipulating the audience’s thoughts and perceptions. This idea would be experienced in a case where the audience is unable to analyze or interpret messages by itself and can consequently be influenced by the most persuasive forms of art (Lucas, 6). Credibili ty is not the only element that determines the achievement of persuasion. The success of the convincing efforts relies on the audience’s emotional state as one’s judgment can be affected by emotions. Leonardo’s attempt to equalize Christ with humans in his painting is successful as he portrays Christ in a human form thereby inspiring humans to feel united with Christ and sympathize with him at the thought of his betrayal. Visual communication is prone to unintentional creation of artistic imagery without intending to give any particular message. It still ends in bringing out meaning that was not initially intended because people make their own interpretations about it. Attention has to be focused on the image’s composition as the suggested thought holds two types of meanings which are denotation and interpretation. Both meanings depend on the context of the analysis (Hariman and John, 52). Christians associate Christ with holy elements. The associations e xplain why certain Christians see the â€Å"holy trinity† image in the painting. Certain theologians believe that the knife Peter is holding is symbolic of his future’s violent reaction during Jesus’ arrest when he cuts a soldier’s ear. The moment captured in the painting is supposed to be depicting the immediate activity that took place after Christ’s announcement of the last supper but critics argue that the meal refers to the Passover. Analysts argue that the type of food on the table like the leavened bread is not usual in the Passover. This revelation is an example of a deduced meaning .A situation like this one employs logic in its interpretation. The food in the painting is different from the one traditionally eaten during the Passover and this implies that the event does not take place during the Passover. The same idea applies to the bag that Judas is holding which the audience can interpret to be the payment that he receives after betrayi ng Christ or the audience can associate it with the fact that Judas is the disciples’ treasurer. Leonardo Da Vinci successfully incorporates aspects that include the use of shapes, sizes, lighting and color into his painting therefore establishing communication with his audience. Works Cited Aristotle.n.d. The Art of Rhetoric, Megaphone, Book I-IV.n.d. Web. http://www.wendelberger.com/. Hariman, Robert, and John Lucaites. No Captions Needed: Iconic Photographs, Public Culture,  and Liberal Democracy, Chicago, USA: University of Chicago Press, 2007. Print. Leonardo, Da Vinci. On Painting: An Anthology of Writings By Leonardo Da Vinci. Ed. Martin Kemp. New York. Yale University Press, 2001. Print Lucas, Peter. Ethics and Self-Knowledge: Respect for Self-Interpreting Agents, Preston, UK: Springer, 2011.Print. Raffoul, Franà §ois. The Origins of Responsibility, Indiana, USA: Indiana University Press, 2010.Print. Rest, James. Moral Development in the Professions: Psychology and Applied Ethics, Moral Reasoning in Medicines, New Jersey, USA: Tailor Francis e-Library, 2009.Print. This essay on The psychology of images was written and submitted by user Jaydan Farrell to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.