Analysis of a Family Business - Wal-Mart - Case Study Example

Consultant report on Wal-Mart By Insert Presented to Due Table of Contents Table of Contents Executive Summary 3 Introduction 6 Nature of Family-owned enterprises 6 Key Partners 6 Key activities 7 Key resources 8 Value proposition 9 Customer relationships, 11 Customer segments, 12 Channels 13 Cost structure, 13 Revenue streams 13 Financial review 14 Organizational Structure 14 Marketing Review 15 Conclusion 15 List of References 17 Appendices 19 Appendix 1: Wal-Mart Organizational Structure 19 Appendix 2: Business Model Canvas 20 Appendix 3: Selected Financial Data 23 Executive Summary Key Partners Supply chain partners – allows Wal-Mart to maintain its everyday low costs Trading franchisees, subsidiaries and joint venture partners in the foreign markets within it operates Key Activities Distribution of consumer Wholesaling: particularly in its international market segments Service delivery in a number of sectors in its US segment, Wal-Mart offers financial services and related products. Wal-Mart offers restaurant services, owns drugstores and further operates convenience stores in its international segment. Key Resources stores, clubs, its global supply chain, data Associates Value Propositions price, access, experience, assortment Customer Relationships In Store Assistance, E-commerce shopping and goods delivery through Wal-Mart Pickup and Pickup Today, Sam’s Club Membership Customer Segments Wal-Mart US, Wal-Mart International, Sam’s Club Channels Wal-Mart mainly uses two channels: physical stores Digital sales platform Cost Structure Cost of actually purchasing the product, cost of transportation to distribution facilities, subsequent cost of transportation to stores and Cost of warehousing. Revenue Streams 1. Retail sale of its merchandise - Net sales From the US segment - $288.0 billion the International segment - $136.2 billion From the Sam’s Club - $58.0 billion 2. Other sources of revenue included disposal of property and equipment ($570 million), Disposal of certain operations (671 million) Membership fee revenues for both the US and international segments from shopping cards, when customers actually redeemed Financial and other services, which is recognized under net sales Introduction Wal-Mart stores incorporated or simply Wal-Mart, as it is commonly known is the world’s largest retail enterprise. Wal-Mart is one of the world’s largest family run multinational enterprises. Founded by Sam Walton in the 1940s, the company has truly come a long way. Today, it employs over 2 million associates. It has operations in 27 countries with over 11000 stores, under 72 banners. Furthermore, Wal-Mart also has e-commerce websites in 11 countries. Nature of Family-owned enterprises Family owned businesses tend to exhibit some characteristics that make them significantly different from other types of enterprises. According to analysts, family businesses have some distinct advantages (Sciascia, S., & Mazzola, P. 2008; Sorenson, Brigham, and Lumpkin, 2013).For instance, they have a short chain of command and this eases management of activities in the business. This makes it easier to make crucial decisions faster. Moreover, a sense of solidarity is achieved due to family ties(Stewart, A.; Hitt, M. A. 2012). However, where family members are extensively and explicitly involved, they may end up interfering with normal operations of the business (Poutziourisetal, 2006). As such, due care must be taken to prevent such occurrences (Dorgan, Dowdy and Rippin,2006). In the case of Walmart, these risks are likely to be a non fact since the company went public and therefore has a greater external representation. However, the family members tend to be in charge of the more sensitive aspects. . Key Partners Being a global retailer operating across vast geographical expanses, one of Wal-Mart’s key partners is its supply chain partners. Through its supply chain partners, Wal-Mart is able to maintain its everyday low costs and further, to minimize the environmental impact of its sourcing procedures. Another set of key partners for Wal-Mart in its international segment is its trading franchisees, subsidiaries and joint venture partners in the foreign markets within which it operates. Key activities Wal-Mart is primarily involved in the retail business. It therefore distributes consumer goods to end customers in its retail stores. This is in its physical stores, as well as through its digital platform. Digital retail sales are achieved through its e-commerce website, as well as through its mobile commerce application. According to its annual filings, Wal-Mart serves close to 260 million customers every week. Wal-Mart’s retail business is carried out through a number of strategic merchandise units. In particular, for its general customer category, there are six merchandise units. These are grocery, which includes edibles and consumables as well as health and beauty aids; health and wellness, which include pharmacy and over-the-counter drugs; entertainment, which includes electronics, toys, and cellular services and hardlines, which includes stationery, hardware and paint, and sporting goods. Moreover, there is also apparel, which encompasses apparel, shoes and jewelry and finally; home, which includes home furnishings, small appliances, beddings and outdoor living merchandise. Apart from these strategic merchandise units, there is also a different set of strategic merchandise units for its Sam’s club members. Within this segment, there are five merchandise units. These are: Grocery and consumables, which is basically the same as for the previous segments; health and wellness which is the same as formerly outlined; home and apparel, which combines the home and apparel merchandise under the previous segment; and technology, office and entertainment which entails the entertainment category as well as other merchandise pertaining to technology and office. Finally, there is the fuel and other categories unit, under which Wal-Mart operates gasoline stations, tools and power equipment, and tire and battery centers. Wal-Mart’s business extends beyond the mere retail activities of its merchandise. Wal-Mart is also involved in wholesaling, particularly in its international market segments. Besides the wholesale and retail trade of its merchandise, Wal-Mart is also involved in service delivery in a number of sectors. In its US segment, Wal-Mart offers financial services and related products. Some of the particulars within this line of business include money orders, money transfer and check cashing. Wal-Mart intimates that these services account for less than 1% of its net annual sales. Wal-Mart offers restaurant services, owns drugstores and further operates convenience stores in its international segment. Moreover, the international segment also financing programs through its banks, albeit on a limited basis. Through the Sam’s club segment, Wal-Mart offers an even more comprehensive assortment of professional services, which include health care plans, payroll services as well as legal solutions. Key resources In order to deliver value to its consumers effectively, Wal-Mart capitalizes on several key resources. Its key resources include stores, clubs, its global supply chain, data and great associates. Wal-Mart has numerous stores, located strategically across the markets within which it operates. In the US, Wal-Mart has supercentres in 49 states, discount stores in 42 states and neighborhood markets and other small store formats in 31 states. The last category offers mainly grocery products while the other two offer groceries as well as general merchandise. When it comes to clubs, Wal-Mart operates the Sam’s Club, a retail membership club that offers a variety of options for club members. Wal-Mart also operates a number of wholesale clubs in its international segment. For its Sam’s Club members, Wal-Mart offers warehouses in place of stores. Another key resource for Wal-Mart is its global supply chain. Wal-Mart has its own distribution facilities, which it uses to ship approximately 80% of its purchases both in the US and internationally. It has 134 such facilities in the US and 156 others internationally. The balance of its purchases is distributed directly by its suppliers. This elaborate supply chain allows Wal-Mart to ensure a steady supply of its merchandise to stores. Data is another key resource for Wal-Mart. The data in question is financial data and feedback data collected from its consumers and activities. This data enables Wal-Mart to develop services that are capable of meeting its consumer’s demands. Finally, Wal-Mart’s associates are also a key resource for Wal-Mart. Associates is the term that Wal-Mart prefers to use to refer to its employees. Wal-Mart highly values its associates, and argues that they are an important building block for customer satisfaction. To this end, Wal-Mart indicates that it intends to increase wages and to also train and develop its associates within the US segment. Further, it also plans to “equip them within formation and technology to facilitate great customer service” (Wal-Mart, 2015, p.3). The aim is to ensure increased customer satisfaction. Value proposition Wal-Mart hinges its values on several tenets, which it believes will allow it to deliver the greatest value to its consumers. Its customer proposition comprises four pillars. These are price, access, experience and assortment. The main value proposition by Wal-Mart is that they can conveniently shop for anything that they need. To achieve this, Wal-Mart offers “a broad assortment of merchandise that provides one-stop shopping” (Wal-Mart, 2015, p. 11), with in-stock levels. This is testimony to Wal-Mart’s assertion that assortment is a key value proposition for its customers. Customers can access the products that they desire at any time, since it maintains “operating hours that allow customers to shop at their convenience.” (Wal-Mart, 2015, p. 11). The lengthy operating hours provide support for Wal-Mart’s access proposition. Experience is another customer proposition by Wal-Mart. Wal-Mart endeavors to offer a consumer-centric experience, by opening and operating units at the right locations. The goal is to deliver a seamless integration of digital and physical shopping capabilities. Finally, its value proposition of low price goods is widely practiced and achieved through a number of philosophies. Wal-Mart adopts a cost-leadership outlook in general, in order to secure its competitive advantage. A competitive advantage may be identified as a significantly long-term benefit that a company holds over its competitors. Such a benefit may be the source of higher-quality products, lowered production costs or an increased customer satisfaction (Stair & Reynolds, 2012). A competitive advantage usually stems from a competitive strategy that will position the company profitably and sustainably against the competitive forces within an industry (Porter, 2008). For Wal-Mart, it adopts an EDLP philosophy whereby EDLP stands for EveryDay Low Price. Through this philosophy, Wal-Mart guarantees its clients that they can expect the same low price on goods, devoid of fluctuations arising from promotional activities. In order to achieve these low price guarantee objective, Wal-Mart adopts an EDLC philosophy in its operations. Here, EDLC stands for EveryDay Low Cost. The need for such a low cost approach is emphasized by Wal-Mart’s field of operation, which is highly competitive. Industries characterized by a large number of nearly equivalent participants in terms of size and power exude high levels of competition due to an intensified rivalry resulting in lower and more fixed prices (Stair & Reynolds, 2012; Evans & Neu, 2008). This is particularly so in international markets such as the UK which have well established local retail chains. Under this philosophy, Wal-Mart commits itself to controlling its expenses, and passing on the arising benefits to its consumers. There are many other value proposition components, which Wal-Mart employs in order to deal with competitive pressures within its industry. These underlying components underpin the customer propositions that have already been discussed. For example, Wal-Mart offers a money back guarantee in line with its commitment to offer quality and fresh fruits and vegetables. Thus, Wal-Mart offers a 100% money back guarantee. Services such as Wal-Mart Pickup and Pickup Today offer a guarantee of access to shoppers conducting their retail purchases through its digital avenues. In line with its low cost guarantee, these services assure customers that they can purchase goods online and pick them free from a nearby store. With Wal-Mart Pick-up Today, the customer collects the goods within four hours, with the order being fulfilled using existing inventory. Within its segments, Wal-Mart also offers specific value propositions. For example, its Sam’s Club members are entitled to cash rewards of $10dollars on every $500 worth of qualifying purchases. Customer relationships, Wal-Mart sustains several customer relationships. Being a retail outlet, the primary customer relationship is a business to consumer relationship. However, the relationships that persist can further be broken down to incorporate the relationships between Walmart and its clients in the several means through which they are able to access merchandise. Using this criteria, one comes up with three types of relationships. The first is in store relationship, which is the relationship between Wal-Mart employees in the various Wal-Mart stores and the customers purchasing merchandise. A second relationship is that with its online shoppers. With this relationship, Wal-Mart is able to interact with consumers and deliver their goods through Wal-Mart Pickup and Pickup Today. The third relationship and perhaps the most properly defined is the Sam’s Club Membership. Here, Wal-Mart interacts with membership customers. Customer segments, Wal-Mart has three reportable market segments. These are Wal-Mart US, Wal-Mart International and Sam’s Club. Wal-Mart US is the largest and oldest segment. This segment is comprised of the US, with Wal-Mart Inc reporting that it has operations in all the States, as well as Washington D.C and Puerto Rico. In each of these locations, Wal-Mart operates through three primary store formats as well as through digital retail. This segment (Wal-Mart US) is considerably the most significant. In the fiscal year 2015, the segment generated about 60% of Wal-Mart’s net sales. Moreover, this market has historically had the highest gross profit rate and generated the greatest amount to net5 sales and operating income. Operations in Wal-Mart US are carried out in such store formats as supercenters, discount centers and neighborhood markets as well as through its digital platform. Importantly, none of its physical units accounted for as much as 1% of total net sales. Some of the unique product offerings to this segment include Vudu and Instawatch, both digital services. The second segment is Wal-Mart International. This segment is the second largest segment after Wal-Mart US. Under this segment, Wal-Mart operates in 26 countries outside the U.S. There are three major categories of operations within this segment. These are wholesale, retail and other. Operations under these categories are carried out in numerous formats, including supercentres, hypermarkets, warehouse clubs, specialty electronics and apparel stores among others. In terms of revenue generation, Wal-Mart international accounted for 28 % of net sales in the fiscal year 2015. Wal-Mart international segment is also a beneficially of several services that are not offered within the US segment. These include banks as well as wholesale services. In its international segment, Wal-Mart operates through several modes of subsidiary investment. These include wholly owned subsidiaries (Argentina, UK, and Canada), majority-owned subsidiaries (mainly in Africa and Central America), and joint ventures and other controlled subsidiaries. The third and final segment is the Sam’s Club segment, through which Wal-Mart operates membership-only warehouse clubs. In the US only, the physical warehouses are complemented by the digitally operated samsclub.com. There are four membership types, business, business plus, savings and savings plus. The business type memberships allow for add-on members, while the plus types offer Cash Rewards benefits, whereby customers are awarded $10 dollars for every $500 dollars of qualifying purchases. Channels Wal-Mart uses a multi-channel sales strategy in order to reach its consumers. The two main channels its uses are its physical stores and its digital sales platform. Digital retailing is achieved through its e-commerce websites and through its mobile commerce applications. In order to sustain convenience for its shoppers successfully, Wal-Mart has an elaborate distribution channel, which allows it to ensure that it has readily available merchandise. Moreover, plans such as Wal-Mart Pickup and Pickup Today ensure that customers who purchase their goods online can conveniently collect them at a local store or club warehouse. Cost structure, Wal-Mart incurs several costs in the process of its operations. These include the cost of actually purchasing the product, cost of transportation to distribution facilities, subsequent cost of transportation to stores and the cost of warehousing. Revenue streams Being a retail enterprise, Wal-Mart’s main source of revenue is the sale of its merchandise. Net sales from the US segment for the fiscal year 2015 amounted to $288.0 billion. For the same period, the International segment generated net sales revenue of $136.2 billion. Finally, sales from the Sam’s Club amounted to $58.0 billion. Some of the other sources of revenue for Wal-Mart include the disposal of property and equipment ($570 million), and the disposal of certain operations (671 million). Other streams of revenue for Wal-Mart come from membership fee revenues for both the US and international segments. Moreover, revenue is also obtained from shopping cards, when customers actually redeemed. Finally, another source of revenue is through financial and other services, which is recognized under net sales. Financial review Financial review data includes data on capital and operations, data from revenue streams and data sourced from and contained in the financial statements for Wal-Mart for the year 2015. Such data is usually an important element for any entity. It is used as an analysis tool for decision-making and to assess the firm’s plans and performance (Deari, 2010; Healy & Palepu, 2012 ). While reviewing such data, it is important to consider past data trends since growth based on its past performance can be used to project future profitability (Narayanaswamy, 2011). This data is presented in the Appendix section of this report. Organizational Structure Wal-Mart’s organizational structure has a board of directors at its helm. The chairperson of the board is Rob Walton, who is the son of Sam Walton, Wal-Mart’s founder. The board has sixteen members in total, several of whom are members of the Walton family. The board members participate in the management of several wedding committees. These committees are the audit, compliance nominating& governance, executive, global competition, strategic, planning and finance, and Tech and e-commerce. Members of the Walton family all sit on the executive committee, including the chairperson and Jim C. Walton. The board remains mostly independent, except for a few members who serve as executive officers. Under the directorship of the board sits the executive officers of the company. Many of these executives are executive vice presidents to the organization. Moreover, they also serve roles as Presidents and executive officers of several strategic departments. An elaborate structure of the leadership of Wal-Mart is attached in the Appendix section Marketing Review Wal-Mart recognizes that it operates within a competitive industry. In order to compete effectively, Wal-Mart relies on the national advertisement of the products that it sells. Moreover, Wal-Mart also advertises its own private-label store brands. Such products are products developed specifically for sale under Wal-Mart’s own private brands. Some of the brands that Wal-Mart has under its banner include "Equate," "Mainstays," "No Boundaries," "Great Value," "Everstart," "Faded Glory," "George," "Ol Roy," "Hometrends," "Marketside," amongst numerous other brands. Moreover, Wal-Mart further markets several lines of merchandise under licensed brands. Such brands include:"Better Homes & Gardens," "Farberware," "OP," "Russell," and "Starter," amongst others. Conclusion Wal-Mart is one of the largest family enterprises to capture the international market successfully. Founded in 1940s by Sam Walton, Wal-Mart has grown to become a household name in the United States, and a leading retail across the globe, with operations in all 50 of the US’s states and 26 other countries. Wal-Mart commits itself to ensuring value for its customers through its value proposition, which is founded on four key pillars. These are price, access, experience and assortment. In order to achieve this value proposition, Wal-Mart relies on five major key resources. These are its strategically located stores, its clubs, its global supply chain, the data it collects from its operations and its employees, whom it refers to as associates. Based on financial data reviewed, Wal-Mart continues to experience an upsurge in its profit, despite facing intense competition from other giant retail chains both in the United States market and in its international market segment, an achievement it attributes to its value proposition and dedication to customer satisfaction. List of References Besley, S., & Brigham, E. (2008). Essentials of managerial finance. Mason, OH: Thomson/South-western. Deari, F. (2010). Financial Statements Analysis As A Tool For Decision-Making: Case Of "Nemetali". Studia Universitatis Babes-Bolyai, 55 (1), 66-78. Dorgan, S. J., Dowdy, J. J., &Rippin, T. M. (2006). Who should–and shouldn’t–run the family business. The McKinsey Quarterly, 3, 13-15. Evans, G. E., & Neu, C. (2008). The Use of Strategic Forces to Understand Competitive Advantages Provided by Information Technology. Journal of International Technology and Information Management, 17 (2), 137-151. Healy, P., & Palepu, K. (2012 ). Business Analysis Valuation: Using Financial Statements. Cengage Learning. Narayanaswamy, R. (2011). Financial accounting: A Managerial perspective. Delhi: PHI Learning Private Limited. Porter, M. E. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. Simon and Schuster. Poutziouris, P., Smyrnios, K., & Klein, S. (2006). Handbook of research on family business. Cheltenham, UK, Edward Elgar Sciascia, S., & Mazzola, P. (2008). Family involvement in ownership and management:Exploring nonlinear effects on performance. Family Business Review, 21, 331-345. Sorenson, R. Brigham, K. and Lumpkin, G. T. G. T. (2013).The landscape of family business Cheltenham; Edward Elgar Stair, R. M., & Reynolds, G. W. (2012). Fundamentals of information systems (6th edition ed.). Boston: Cengage Learning. Stewart, A., & Hitt, M. A. (2012). Why Can’t a Family Business Be More Like a Non-. Family Business Review, 25 (1), 58-86. Walmart Inc. (2015). ANNUAL REPORT ON FORM 10-K.Arkansas: Walmart Inc. Walmart Inc. (2015). Annual Report To Investors.Arkansas: Walmart Inc. Walmart Inc. (2015). Notice of 2015Annual Shareholders’Meeting and Proxy Statement.Arkansas: Walmart Inc. Walmart. (2015). Board of Directors. Retrieved May 06, 2015, from Walmart: http://corporate.walmart.com/our-story/leadership/board-of-directors/ Appendices Appendix 1: Wal-Mart Organizational Structure Source: Wal-Mart Inc: Notice of 2015Annual Shareholders’Meeting and Proxy Statement Appendix 2: Business Model Canvas Business:Wal-Mart Product / ServiceConsumer Retail Key Partners 1. Supply chain partners – allows Wal-Mart to maintain its everyday low costs 2. Trading franchisees, subsidiaries and joint venture partners in the foreign markets within it operates Key Activities 1. Distribution of consumer goods to end customers through physical stores and through its digital platformDigital retail sales through its e-commerce website, as well as through its mobile commerce application. Products grouped into strategic merchandise units. For the general customer, there are six merchandise units: Grocery, health and wellness, entertainment hardlines apparel home Strategic merchandise units for its Sam’s club members: Grocery and consumables, health and wellness home and apparel technology, office and entertainment fuel and other categories unit 2. Wholesaling: particularly in its international market segments 3. Service delivery in a number of sectors in its US segment, Wal-Mart offers financial services and related products. 4. Wal-Mart offers restaurant services, owns drugstores and further operates convenience stores in its international segment. 5. Financing programs on the international segment through its banks, 6. Through the Sam’s club segment, Wal-Mart offers health care plans payroll services Legal solutions Customer Relationships 1. In Store Assistance 2. E-commerce shopping and goods delivery through Wal-Mart Pickup and Pickup Today 3. Sam’s Club Membership Customer Segments Wal-Mart US, Wal-Mart International Sam’s Club Key Resources stores, clubs, its global supply chain, data Associates Channels Wal-Mart mainly uses two channels: physical stores Digital sales platform Digital retailing is achieved through e-commerce websites Its mobile commerce applications Customers can collect purchases at a local store or club through Wal-Mart Pickup Pickup Today Value Propositions price, access, experience assortment Cost Structure Cost of actually purchasing the product, cost of transportation to distribution facilities, subsequent cost of transportation to stores and Cost of warehousing. Revenue Streams 1. Retail sale of its merchandise - Net sales From the US segment - $288.0 billion the International segment - $136.2 billion From the Sam’s Club - $58.0 billion 2. Other sources of revenue included disposal of property and equipment ($570 million), Disposal of certain operations (671 million) Membership fee revenues for both the US and international segments from shopping cards, when customers actually redeemed Financial and other services, which is recognized under net sales Appendix 3: Selected Financial Data Consolidated Statements of Comprehensive Income (Amounts in millions) 2015 2014 2013 Consolidated net income $ 17,099 $ 16,695 $ 17,756 Less consolidated net income attributable to nonredeemable noncontrolling interest (736) (606) (684) Less consolidated net income attributable to redeemable noncontrolling interest — (67) (73) Consolidated net income attributable to Wal-Mart 16,363 16,022 16,999 Other comprehensive income (loss), net of income taxes Currency translation and other (4,179) (3,146) 1042 Derivative instruments (470) 207 136 Minimum pension liability (69) 153 (166) Other comprehensive income (loss), net of income taxes (4,718) (2,786) 1012 Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest 546 311 (138) Less other comprehensive income (loss) attributable to redeemable noncontrolling interest — 66 (51) Other comprehensive income (loss) attributable to Wal-Mart (4,172) (2,409) 823 Comprehensive income, net of income taxes 12,381 13,909 18,768 Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest (190) (295) (822) Less comprehensive income (loss) attributable to redeemable noncontrolling interest — (1) (124) Comprehensive income attributable to Wal-Mart $ 12,191 $ 13,613 $ 17,822 Source: Walmart Inc. (2015) Annual Report On Form 10-K Consolidated Statements of Cash Flows (Amounts in millions) 2015 2014 2013 Cash flows from operating activities: Consolidated net income $ 17,099 $ 16,695 $ 17,756 Income from discontinued operations, net of income taxes (285) (144) (52) Income from continuing operations 16,814 16,551 17,704 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization 9,173 8,870 8,478 Deferred income taxes (503) (279) (133) Other operating activities 785 938 602 Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net (569) (566) (614) Inventories (1,229) (1,667) (2,759) Accounts payable 2,678 531 1,061 Accrued liabilities 1,249 103 271 Accrued income taxes 166 (1,224) 981 Net cash provided by operating activities 28,564 23,257 25,591 Cash flows from investing activities: Payments for property and equipment (12,174) (13,115) (12,898) Proceeds from the disposal of property and equipment 570 727 532 Proceeds from the disposal of certain operations 671 — — Other investing activities (192) (138) (271) Net cash used in investing activities (11,125) (12,526) (12,637) Cash flows from financing activities: Net change in short-term borrowings (6,288) 911 2,754 Proceeds from issuance of long-term debt 5,174 7,072 211 Payments of long-term debt (3,904) (4,968) (1,478) Dividends paid (6,185) (6,139) (5,361) Purchase of Company stock (1,015) (6,683) (7,600) Dividends paid to noncontrolling interest (600) (426) (282) Purchase of noncontrolling interest (1,844) (296) (132) Other financing activities (409) (260) (58) Net cash used in financing activities (15,071) (10,789) (11,946) Effect of exchange rates on cash and cash equivalents (514) (442) 223 Net increase (decrease) in cash and cash equivalents 1,854 (500) 1,231 Cash and cash equivalents at beginning of year 7,281 7,781 6,550 Cash and cash equivalents at end of year $ 9,135 $ 7,281 $ 7,781 Supplemental disclosure of cash flow information: Income taxes paid 8,169 8,641 7,304 Interest paid 2,433 2,362 2,262 Source: Walmart Inc. 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