Walmart 2003 Annual Report Download - page 45

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4 Other Accumulated Comprehensive Income
Comprehensive income is net income plus certain other items that are recorded directly to shareholders’ equity. The
following table gives further detail regarding the changes in the composition of comprehensive income during fiscal 2003,
2002 and 2001 (in millions):
Foreign Minimum
Currency Derivative Pension
Translation Instruments Liability Total
Balance at January 31, 2000 ($ 640) $185 $ – ($ 455)
Foreign currency translation adjustment (1,126) – – (1,126)
Change in fair value of hedging instruments – 897 – 897
Balance at January 31, 2001 ( 1,766) 1,082 – ( 684)
Foreign currency translation adjustment (472) – – (472)
Change in fair value of hedge instruments – 322 – 322
Reclassification of tax payable on terminated hedges – (426) – (426)
Reclassification to earnings to offset transaction gain on debt – (8) – (8)
Balance at January 31, 2002 ( 2,238) 970 – (1,268)
Foreign currency translation adjustment 1,113 – – 1,113
Change in fair value of hedge instruments – (164) – (164)
Reclassification to earnings to offset transaction loss on debt – 16 – 16
Subsidiary minimum pension liability – – (206) (206)
Balance at January 31, 2003 ($ 1,125) $ 822 ($ 206) ($ 509)
5 Income Taxes
The income tax provision consists of the following (in millions):
Fiscal years ended January 31, 2003 2002 2001
Current
Federal $ 3,377 $ 3,021 $ 2,641
State and local 235 310 297
International 355 381 412
Total current tax provision 3,967 3,712 3,350
Deferred
Federal 348 230 457
State and local 29 17 34
International 143 (62) (149)
Total deferred tax provision 520 185 342
Total provision for income taxes $ 4,487 $ 3,897 $ 3,692
Earnings before income taxes are as follows (in millions):
Fiscal years ended January 31, 2003 2002 2001
Domestic $ 10,841 $ 9,523 $ 9,203
International 1,878 1,228 913
Total earnings before income taxes and minority interest $ 12,719 $ 10,751 $ 10,116
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