Monday, September 30, 2019

Consequences of Indecision’s Essay

Consequences of Indecision’s The characters are affected by their mistakes in Feed by M.T. Anderson because these characters are all caught up in their indecision to choose what they want to do with their lives. Violet’s father is all caught up in protecting his daughter, Violet the main character, from the negative affects of the feed and how people take advantage of it in a poor manner. He didn’t want that to happen to Violet. The Feed is a device that people in the novel use in their everyday lives. The Feed is a computer chip that gets installed into the brain allowing internet access where ever they are, exposing people to unlimited knowledge. This chip also allows them to have the internet as a part of them so it becomes a part of the brain thus making them all in some since, part robot. He never wanted to get Violet the Feed because he thought it would be terrible for her. He then realized that she needed it in order to have a productive future and live a decent life. The outcome of his delayed decision of installing the Feed caused negative affects on Violet. Violet has similar to her father’s thinking when it comes to the Feed. She can’t decide if she does or doesn’t want to be a part of society. She claims that she loves the Feed because of the knowledge that it has to offer. Violet wants the feed because she also yearns to be accepted into society. She then turns around and says that the Feed is a horrible thing because it separates people from the real world causing them to become unaware of what’s really happening in the world. She also malfunctions in result of being hacked. This is the major issue that Violet and her father come across. Since these characters can’t choose what they actually want with society and the Feed only ends up leading them to their destruction. Violets father’s distraction with his thoughts is caused by his indecision on society with how people act. Many people would think that Violets father was doing the right thing by limiting his daughter to the technology, and they are wrong. If he was so against society then he should have left with Violets mother or just leave in general to get away. If they moved away and he never got her the Feed and she would have never gone to the moon. Apparently those thoughts never occurred to him. So he is living in a society that he strongly dislikes and refuses to become fully part of. His  problem with picking what he wants influenced him to get the Feed installed into her daughter’s brain late, because he realized that she would need it in order to live there and have a successful life. He realized this after he went to a job interview and he still didn’t have the Feed so he couldn’t get the job. This hesitation that he had was because he wanted his daughter to have real knowledge that you actually had in your head from memory and education. Not lazy artificial knowledge that she didn’t need to think to know something. He was being stubborn and thought he was doing something good for her. Many people would say that he just wanted to protect her. Well if he really wanted to protect her then why didn’t he just take her and leave that place? At the same time he wants to be around this great technology with its unlimited opportunities. Since he couldn’t choose a side that he wanted to be on he ran into issues because he cou ldn’t choose one or the other. Sadly Violet acts similar to her father. when it comes to Violet , it’s obvious that she is different from everyone else. She knows more then other people do because she had time to think and learn before she got the Feed, along with homeschooling. She has a larger vocabulary then the people that she lives around. Violet also doesn’t have as wide of a vocabulary as her father. She isn’t as intelligent as her father either. She is lonely to the point that she makes announcements into a trash can just to hear the echo of her own voice. She has no real close friends because of homeschooling, making her less exposed to other people in the world. Violet has similar indecision’s as her father, being against the society and with it at the same time just doesn’t work. it has to be one or the other. If not then they will have plenty of issues, because when they go against the way how things function and try to change it only caused them problems that they have to pay for all on there own. Violets i ndividuality and intelligence made her get into problems because she wanted to see if she could trick the Feed to prove that technology can’t over power humans. As Violet goes to the mall to create another profile on her Feed it only backfires. She called this her project. Her project was to create an account that the Feed could not give options to for items that she may like. She tried creating this account by looking at random and odd things at the mall  that had nothing to do with each other, pretending to like them so that the Feed would think she takes an interest in them. This makes the Feed think that she would consider purchasing these items. Violets project backfired because she never bought anything that she made the Feed think she liked. The Feed was offering her these items, expecting her to buy some of them. When she never did apply to purchasing anything, Violet got hacked everything started to malfunction and her father couldn’t pay for the care and FeedTech had no interest in helping her because she wasn’t a good investment to society. No one from FeedTech or the inverters of FeedTech wanted to sponsor for her health needs because of her poor shopping records. These records stated, that she had looked up information on items and she didn’t purchase any of them. Violets project was a horrible idea because her father couldn’t afford to pay for all the tests that she needed. The warranty had also expired years ago. There is nothing that they can do for her now but wait as her father regrets not getting Violets Feed late. When Violet got hacked, it somehow damaged her Feed and no one was sure why. While she was in the hospital she was told by the doctors that her Feed should stabilize over time, it never did. Her Feed only progressed to worsen as time went on. Even when she was working on her project in the mall Violet didn’t consider how her actions would affect her . She knew that attempting to mess with the Feed wasn’t supposed to be done and that didn’t stop her . She went and did it anyway, her indecision to go against the Feed failed because she only got worse in the end. Her body slowly stopped working over time. In the beginning she was losing all feeling in her foot. Similar to having a foot fall asleep. Of course this turned into her whole limbs losing feeling. This resulted in her losing all feeling in both of her legs causing her to fall down the stairs when she was home alone. FeedTech didn’t want to help her because she made a record that stated how she doesnà ¢â‚¬â„¢t buy anything that she takes interest in. All because she couldn’t make up her mind on what she wanted to do. She attempted to trick the Feed. Then she changed her mind when she was weak and tried getting help from FeedTech after she attempted to mess up the whole system. Since these characters can’t choose what they actually want with society. The Feed only ends up leading them to destruction. Violet and her father made so many mistakes that it came to the point where they couldn’t save her. They refused to cooperate with FeedTech so FeedTech wouldn’t pay for her repairs. When it came to her malfunctioning. They also refused to cover the cost because she messed up her Feed during her project at the mall when she was trying to trick the Feed so that it couldn’t predict or tell her what she would like. Since Violets father was so caught up in protecting his daughter he was protecting her to the point where his choices killed his daughter, destroying everything he has ever worked for because Violet is his life. Violet is all he has left because Violets mother ran away to Africa to escape the society that they claim to hate. When it turned out that them staying is a place that they dislike was all a mistake on it’s own. If they where going to stay they should have accepted the way things are. Violet and her father should have just given into the way of the Feed if they wanted to stay.

Sunday, September 29, 2019

Baking Brownies

What I am going to demonstrate today is the process of baking brownies. Before we begin, however, let us allow ourselves to look into its definition and a little history: Chocolate brownie or Boston brownie, as it is otherwise known is called â€Å"brownie† because its color is brown (Wikipedia, 2007). Though diminutive in size, it is rich and chocolaty, and is sometimes topped with chocolate chips or nuts (Wikipedia, 2007). History has it that it was in 1897 that brownies have been introduced for the first time in a â€Å"Sears and Roebuck† catalog (Wikipedia, 2007).There are stories, however, that states that there was once a cook who forgot to mix baking powder in the chocolate cake mixture (Wikipedia, 2007). Some historians also claim that Bertha Palmer asked that a dessert be placed in box lunches, thus, motivating Chicago’s Palmer House Hotel in Chicago to design what is to be known as a â€Å"Brownie† (Wikipedia, 2007). This paper entitled, â€Å"B aking Brownies† intends to briefly reintroduce the definition and history of brownies, as well as, provide the steps to baking it, starting from the gathering of ingredients until its cutting into bars. Baking UtensilsHowever, before we begin with the process of baking brownies; we should first make sure that we have all the baking utensils we will need. First of all, we will need one bowl (Collister, 2006). This will be used as a mixing container (Collister, 2006). Secondly, one glass baking pan is necessitated (Collister, 2006). This is where the brownie mixture will be placed, before it is baked in the oven (Collister, 2006). The third is to make sure that a dish towel or an oven mitt is available nearby (Collister, 2006). It will be used when the glass baking pan is placed and taken out of the oven (Collister, 2006).The fourth is to get a spatula which will be utilized in folding, mixing, scraping, smoothing batters, lifting, removing and turning the brownie to allow the o ther side to turn brown if desired (Collister, 2006). Last but not least is to get the mixing spoon, as well as, measuring cups and spoons (Collister, 2006). Baking Brownies the Easy Way Now that we know a little bit about its definition, we may proceed to the process on how it is actually prepared: First of all, we need to make sure that we have all the ingredients we will need (Collister, 2006).These include the following (Collister, 2006): 1) 1 cup or 250 ml butter 2) 4 oz or 115 g or 4 squares unsweetened chocolates 3) 2 cups or 500 ml sugar 4) 4 pieces eggs 5) 2 tsp or 10 ml vanilla 6) 1 ? cups or 375 ml sifted all-purpose flour 7) ? tsp or 2 ml salt 8) 1 ? cups or 375 ml pecan halves 9) icing sugar Secondly, we need to heat the oven to a hundred and ninety degrees Celsius or three hundred seventy five degrees Fahrenheit (Collister, 2006). Thirdly, after heating the oven, we grease the 13- x 9-in or 33- x 23- x 5-cm cake pan (Collister, 2006).The fourth step is to place the but ter and chocolate on top the double boiler and set over simmering water (Collister, 2006). Stir occasionally over the heat until the butter, as well as, the chocolate is melted (Collister, 2006). Fifth, the sugar should be placed in a medium mixing bowl, then after that, the chocolate mixture should be poured over before stirring it (Oliver, 1993). Immediately after, the unbeaten eggs should be added one at a time, beating lightly utilizing a wooden spoon (Oliver, 1993). The term â€Å"lightly† means just enough to blend (Oliver, 1993).Then the vanilla should be stirred next (Oliver, 1993). After which, the flour and salt should be sifted into the chocolate mixture making sure that it is stirred before stirring in the pecans (Oliver, 1993). The sixth step is to spread it in the prepared pan and bake it for twenty five to thirty minutes or until sides test done but an impression stays in the middle when touched lightly with the finger (Oliver, 1993). It is good to remember tho ugh that brownies are much better or even best when somewhat underdone (Oliver, 1993).The final step is to take it out from the oven and sift icing sugar thickly over the top and cut it into bars while it is still warm (Oliver, 1993). Conclusion Brownies are called so because of its rich, chocolaty, brown color (Wikipedia, 2007). Its history has not been confirmed though there are several interesting stories that may back it up (Wikipedia, 2007). Interestingly, it is easy to prepare. First the oven should be heated and cake pan should be greased (Collister, 2006). Secondly, the butter and chocolate should be melted (Collister, 2006).Third, the sugar, chocolate mixture, eggs, vanilla, flour, salt, and pecans should be mixed together (Oliver, 1993). Fourth, the mixture should be placed on the cake pan, and baked (Oliver, 1993). Then finally, it should be taken out and icing sugar be sifted over it and then sliced (Oliver, 1993). References Collister, L. (2006). Brownies. New York: Ryl and Peters & Small. Oliver, M. (1993). The Good Food Cookbook. Montreal: Optimum Publishing Company. Wikipedia. (2007). Brownies. Retrieved March 1, 2007 from http://en. wikipedia. org/wiki/Chocolate_brownie

Friday, September 27, 2019

Review of The Ryan Boot Company Financical Statement Essay

Review of The Ryan Boot Company Financical Statement - Essay Example This ratio is to be analyzed in comparison with the profit margin. Since Ryan is putting more assets for generating lesser profit margin this ratio is very less as compared to that of the industry. Ryan would be able to increase the profit margin by lowering the total assets or increasing the profit margin. This area needs immediate attention. It is observed that this ratio is slightly higher than that of the industry. When the ROE is higher and ROA is lower, it implies that the company is trading mainly on debt funds. This implies that the debt ratio for the company is high. This is observed from the balance sheet of the company. It is seen from the balance sheet that while the long term debt of the company stands at 2,500,000 the current liabilities are 2,750,000. Although there is no harm in carrying larger current liabilities since they are non-interest bearing, it is important that the company maintains proper short term liquidity position to meet these liabilities as and when they become due. On one side although this is an advantageous position for the company from another angle this points towards a weakness for the company. This ratio is lower than that of the industry and shows a weakness for the company. This implies that either the company is too liberal in its credit policies to augment its credit sales or the company is following inefficient collection policies. If Ryan is in the habit of offering higher credit periods to its customers the company has to have a close look into the products as to the necessity for offering such higher credit terms. On the other hand if the collection policies of the company are inefficient and weak they need to be tightened so that this ratio improves. Otherwise the company will incur losses on account of more bad debts. This ratio is found to be lower than that of the industry and therefore represents a weakness for the company. It is for the company to reduce its total assets base

Research paper- movie JFK 1991 Essay Example | Topics and Well Written Essays - 1500 words

Research paper- movie JFK 1991 - Essay Example The film is an indication of what happened in Dallas and why there is still much insistent misperception in adjacent the whole incident. The film was principally reliable in its key influences which to some extent are factual. Some of the characters in the film are fictional comprising Willie O’Keefe while other is real titles of people such as General Edward, a designation constructed upon a tangible person. The film through its characters that are non-existent and its atmosphere seems to convey this assassination in a good life changing way. The events in this film are simplified to streamline a narrative; the film unbolts with a biography medley awarding Kennedy as essential progressive leader who saddened the formation and consequently found himself on the highway to murder. The happenings in this picture are varied in with re-formed imaginary material and seguehooked on the movie itself without difference making an inconspicuous but definite claim for documentary accuracy level. Oliver was in dread that his identifiable district might have been convoluted in the whole presidential assassination process, finally he goes to Washington to encounter unknown and unnamed administration insider who played with shameless intelligence by Donald Sutherland. Movies and drama have been used by various artists to discuss various important issues that affect man and the society. It is through such visual imitation of real happenings that acts to inform the viewers and the general public of the happenings around them. It is with this in mind that the director of the movie "JFK" 1991 tries to make Americans and the whole world understand the circumstances under which president John F. Kennedy died on 22 November 1963. Through the dramatization of events surrounding his death through a movies’ point of it becomes easy to understand the reality of the assassination. Though critics of the movie have disagreed in the way and mannerism used to bring the whole iss ue of the assassination into being and if there was conspiracy among the Government officials to assassinate him. The movie has had a big impact in the lives and understanding of the assassination plan (Mark, 1996). Though the movie has deviated to some degree on circumstances under which the assassination was planed it still has managed to use the historical facts to portray its authenticity. In the plot of the movie the basic facts identified after investigation by warren commission revealed that the president’s assassination was carried out by Lee Harvey Oswald. In addition the movies twist and emphasis on conspiracy is brought in by facts that were isolated by the United States House Select Committee on Assassinations. In its facts in 1978 differed with the findings of warren commission and concluded that the assassination was a conspiracy. (Wicker,1963). It is within this frame work that the film is developed though some scenes have been made to appear too much fiction. This is based on the findings that further gave evidence that the evidence provided in the warren commission had been tempered with. United States House Select Committee on Assassinations also claimed that there was a another person who fired the gunshots apart from Oswald therefore authenticating the aspect of conspiracy that the movie explores. It is through proper characterization that the movie portrays its theme in a more realistic manner. The

Thursday, September 26, 2019

Characters in Glass Menagerie Essay Example | Topics and Well Written Essays - 2000 words

Characters in Glass Menagerie - Essay Example The characters could be entertaining, spiteful or even painfully confusing but understanding their characters, circumstances, fears and longings, can make readers understand why they act and talk as they do. In this paper, an in-depth study of the three main characters will be done and an attempt to explain the reasons for their words and actions will be undertaken in the hope that readers will come to understand further the motives of the characters or understand the characters themselves and a little background of the author will be included to connect him to his characters. Amanda Wingfield is a beautiful woman who had a number of suitors during her younger days. She seems to be greatly indulged with her past, oftentimes speaking about her glory days (deafed.net) to her children which made her son, Tom, quite tired about it as reflected in his conversation with his sister, Laura. When their mother told them about her suitors when she was young, Tom mentioned he knew what was comin g but his sister told him to let their mother tell her story anyway and Tom answered, â€Å"Again?† (Williams, 754). Understandably, every person would want to talk about the good old days. They somehow help ease the pains of living a bitter present (Debusscher). For Amanda, she seems to go back to her past (Cummings), refusing to believe or accept the fact that she was not receiving suitors for her only daughter who was already growing old. She perhaps wanted to think that there is no reason at all for her daughter not to receive gentleman callers because she received so many of them during her youth. It would be an insult to a mother for her daughter not to have any suitors especially to a woman who seems to take pride in her beauty. For her, the implication that her daughter is not beautiful enough to attract suitors is simply unacceptable. In addition to a mother’s pride, Amanda’s desire to see her daughter married to a responsible man seems to make her very anxious about the young maiden’s having no boyfriend. She is concerned about the health conditions of her daughter and she probably was already considering her future if she remained unmarried. She wanted her daughter to be married very soon and she wanted that very badly because she knows it would only be a responsible husband who could assure her daughter of a good future. She knows how it is to be a helpless individual, unable to provide even for the basic needs of the family. That is why, even though they are not really the affluent kind of family, Amanda did her best to put her daughter in college for her to have something to lean back on during difficult times, for her to become independent in the future. However, the weak character of Laura (which will be discussed in detail later) did not make Amanda’s wishes come to pass. To some, Amanda may seem to be a manipulative mother who is trying to let her children do things which she was not able to do when she was young. Nevertheless, on another angle, she is seen as a mother who wants only the best for her children. With her husband leaving her alone to take care of the children, Amanda has experienced grievous days and perhaps, she was just trying to keep her children away from such unfavorable circumstances. Considering that Amanda asked her son to look for a responsible caller for Laura, someone who did not drink liquor but was an opposite of her own husband, shows that she indeed did not

Wednesday, September 25, 2019

Fat and Happy All at the Same Time Essay Example | Topics and Well Written Essays - 500 words

Fat and Happy All at the Same Time - Essay Example She vividly discussed the convention activities and provided a touching and moving realization on what she referred to as overcoming her old assumptions. The second article Fat and Happy was written by Hillel Schwartz, presented two selections entitled Vindication of Fat and The Fat Society: A Utopia. Schwartz openly discussed in the first selection the prejudice and biases experienced by fat people which can range from childhood to adulthood. On the second selection regarding the Fat Society, Schwartz wittingly discussed the utopian spectacle of a Fat society, where size of your waists or hips does not matter in attaining social freedom or personal happiness. In Mary Ray Worley's Fat and Happy, the author's main argument was there are a "growing number of people who believe that it is possible to be happy with your body even if it happens to be fat." Worley successfully argued the aforementioned premises by sharing her own experiences and the realization of being fat and happy all at the same time. According to her, she was able to realize her full potential when she joined the NAFAA Convention.1 She was able to fully utilize and interpret the information she has gathered.

Tuesday, September 24, 2019

Photograhs Assignment Example | Topics and Well Written Essays - 1000 words - 1

Photograhs - Assignment Example This paper is a formal and iconographic analysis of Arbus photographs as compared with the works of Annie Leibovitz. Arbus is basically revered for bringing out a unique quality known as rough empathy in her photographs. Her works embody commonly gendered attributes of mystery and neurosis, which generally distort the primary intent of the photographs. As Annie Leibovitz concentrated in cool, common images of ordinary people and objects, various works in Arbus’ name reveal her penchant for the images of the sidelined, the surreal, and the impaired. Unlike Leibovitz works, Arbus’s works are ethically weakened by the vulnerability and flawed nature of the subjects. Artistically, most of her works seem to be pathetic, miserable and repulsive, rather than attractive as work of art should be. What strikes every audience who views Arbus’s works is the convincing feeling of the natural environment, and how uninterrupted her subjects existed in it. In light of her natural touch evidenced in the photos, reducing the artist to the â€Å"photographer of freaks† clearly reveals an industry where people are unwilling to come to terms with the otherness of the images (Sontag 1). When Arbus took photographs of people lacking clearly discernible flaws, she often found the off attribute, the odd edging, and the unusual lighting that projected her art as pervaded by flaws. Loser at a diaper derby, N. J. (1967), for example, is one of her iconic works showing a toddler close-up, crying bitterly. The baby’s fat fists are clenched as a sign of mourning, with the silhouette image of his mother showing her ignorance of the toddler. The photograph reveals a case of existential solitude that troubles the massive number of cute, happy baby photos by many artists such as Leibovitz. Leibovitz’s Leonardo Dicaprio with a Swan (1997) reveals a flawless work of photography. The most attractive attribute of this photo is the

Monday, September 23, 2019

Political Science Essay Example | Topics and Well Written Essays - 1500 words - 5

Political Science - Essay Example From this research, found out and made very remarkable conclusion. It is well beyond reasonable doubt that indeed there is a relationship that exists between the level of illiteracy of nations with positive environment for democracy to be effectively exercised and flourish. This statistical analysis certainly supported the hypothesis test under scrutiny in this research. Undoubtedly, we realize from the data analyzed that there is a negative relationship between the level of illiteracy and democracy I nations. This proves the hypothesis that countries with higher literacy rates are more democratic than those with lower literacy rates. This paper makes a conclusion that the obvious implication of this finding is that as nations strive to eradicate illiteracy, there is creation of awareness among the citizens regarding their freedoms, rights and obligations as citizens. Moreover, this research is instrumental in promoting democracy in developing worlds. This is because it digs deep to the root causes of tyranny and the rise of despotic and rebel movements in this states. While illiteracy alone does not stand to eradicate he democracy problem in these countries, it is a sure leap in ensuring that democracy is sustained and the long term even in countries where the voters are least concerned with the essence of the voting exercise. Eradicating illiteracy is a sure fire way of reawakening societies and letting the citizens understand the real issues of the society. Finally, this research is a proof that indeed literacy eradication is vital if developing nations wish to propel themselves in economic development.

Sunday, September 22, 2019

Conceptual framework Essay Example for Free

Conceptual framework Essay The table1 below shows that the theories for the adoption and diffusion of an IT-based innovation. Scholar name: Theory name 1. Rogers (1983, 1995) Innovation diffusion theory 2. Moore and benbasat (1991) Perceived characteristics of innovation 3. Davis (1989) Technology acceptance model 4. K won and Zmud (1987) Diffusion/ implementation model 5. Fishbein and Ajzen’s (1975) Theory of Reasoned Action (TRA) Table1 2, a list of innovation adoption theories. Davis developed the technology acceptance model in 1989. It aims to explain the determinants of computer acceptance in general the capability of the user’s behavior across a broad range of end-user computing technologies and user populations, while being parsimonious and theoretically justified (Davis 1989). The theory includes several theoretical backgrounds like adoption of innovations, the cost-benefit paradigm, expectancy theory, and self-efficacy theory. At the core of the theory is the model proposed by Davis, which focuses on the perceived usefulness of technology and perceived ease of use, which plays a significant influence in adopting innovation. Figure 1. Davis Technology Acceptance Model Davis’ TAM originated from the Fishbein and Ajzen’s Theory of Reasoned Action (TRA) model (Davis, 1989). The TRA model aims â€Å"to explain a broader range of behaviors based on situation specific combinations of personal beliefs and attitudes, and the effects of beliefs of others close to the individual† (Szajna, 1996). The discussion and limitation of the theories A limitation has been found for using those theories is that â€Å"according to the research, there are only the Innovation diffusion theory (Roger, 1995) and Diffusion/ implementation model (K won and Zmud, 1987) predict the both of an individual’s adoption behavior and an organization’s adoption behavior. † (Anand Jeyaraj, Joseph W Rottam, Mary C Lacity). The others theories predict only an individual’s adoption behavior. In another words, the TAM and TRA only exam the innovation adoption from the individual blogger perspective. However, to eliminate the limitation, the author will choose using with the DOI theory together in order to deeply analyze the both innovation adoption by individual bloggers and organizations. Diffusion and Rogers’ Diffusion of Innovation Theory 1995 Diffusion is the process in which and innovation is communicated through certain channels over time among the members of a social system. It is a special type of communication, in that the messages are concerned with new ideas (Rogers 1995, 5). In his works, Rogers discusses diffusion as the transfer of innovations through different media in a specific time and into different members of the social system. He also defines communication, an important and critical part of the diffusion of innovations. He defines communication in the diffusion of innovations as a process in which participants create and share information with one another in order to reach a mutual understanding. This definition implies that communication is a process of convergence (or divergence) as two or more individuals exchange information in order to move toward each other (or apart) in meanings that they give to certain events (Rogers 1995, 6). Communication is a very important factor in the diffusion of innovations, it is a medium which must be perceived as a two way process rather as a one-way linear act, since in the diffusion of innovations, those who are yet to accept the innovations must be well adept and informed about the innovation. Blogging is a form of innovation which involves the interaction of a whole social system in the dynamic cyberspace. Corporate blog is seen as a communication method which involves the interaction of two or more individuals or even a whole social system. Diffusion is a special type of communication in which the messages are about a new idea. This newness of the idea in the message content gives diffusion its special character (Rogers 1995, 6). From these statements come new concepts such as newness, uncertainty, and information in the context of diffusion. While uncertainty is the degree to which a number of alternatives are perceived with respect to the occurrence of an event and the relative probability of alternatives. Uncertainty implies a lack of predictability, of structure, and of information. Rogers (1995) cites Rogers and Kincaid (1981) in the discussion of Information in the context of diffusion. Wherein, Information is a difference in matter-energy that affects uncertainty in a situation where a choice exists among a set of alternatives. Advances in technology, embodies information and reduces uncertainty about cause-effect relationships in problem solving. Technology is information put into use in order to carry out some task (Rogers et. al. 1999, 689) As technological advances are the major factors diffused, studies have also been conducted in relation to technological transfers which is much related to the diffusion of innovations. Technology transfer is the application of information into use (Rogers 1995). As defined, technological transfer is the application of theoretical innovations into applied inputs and outputs which may be used for both commercialized and not commercialized produce or services, wherein consumers or corporations benefit. The information that is transferred results from research that is conducted, perhaps in order for it to be applied to the development and commercialization of new or improved products or services that are sold in the marketplace by private companies (Matkin 1990). The process of technological transfer involves an interaction between the corporation and the corresponding stakeholders which benefit or which are affected by the corporation. Thus the suggestions in Rogers’ theory that there must be clear coordination through communication should be applied as reinforced by Williams and Gibson. The technology transfer process usually involves communication between (1) a source of technology that possesses specialized technical skills, and (2) receptors who do not possess these specialized skills and who cannot create the technology themselves (Williams Gibson 1990). Which is basically corresponding to the logical flow that technology is basically transferred to those who are not well adept to the advanced technology. A technology is a design for instrumental action that reduces the uncertainty in the cause-effect relationships involve in achieving a desired outcome (Rogers 1995, 13). Technology often has two aspects, one is the hardware aspect and the second is the software aspect. The hardware aspect consists of a tool that embodies the technology as a material or physical object (Rogers 1995, 13). The hardware aspect often comes as the solid part of the technology, as in the case of the computer, the hardware aspect is the keyboard, the monitor, the mouse the central processing unit, semiconductors etc. The software aspect consists of the information base for the tool (Rogers 1995, 6). The software aspect is then composed of the tools which enable the hardware to pursue its functions. As in the case of the computer, the software aspect is the codes, programs, commands, instructions, manuals, etc. Contrary to the common perception that the hardware is mostly is technology since it is normal for humans to think only of things which they can see and hold – yet technology may be purely the software aspect or may entirely be composed only of information which is new and considerably helpful than the current design and functions of normal practices. Examples of these technologies which may be composed of pure information are political ideologies such as Marxism and Maoism; and or religious beliefs and ideas such as Hinduism, Buddhism, Islam, etc. Corporate blog may be attributed to the software part, as there is no solid hardware present, but the computers and other equipments. It is an easy way to make organizations adopt to innovations, such technology existed for quite sometime yet there are yet a few corporations who did not join the trend of corporate blogging. Everett Rogers conceptualized the Diffusion of innovation theory in 1995. In this theory, Rogers (1995) points out that the acceptance of an innovation depends upon certain qualities as perceived by the audience. These qualities are the relative advantage of the innovation, its compatibility with existing values and practices, its simplicity and ease of use, its trialability, and its observable results. Relative advantage is the degree an innovation is perceived as a better idea than its preceding innovations. This quality is measured in economic terms, social prestige, convenience and satisfaction (Robinson, no date). Robinson further stresses that â€Å"the greater the perceived relative advantage of an innovation, the more rapid its rate of adoption is likely to be†. Compatibility with existing values and practices is concerned with the consistency of the innovation to the existing values, past experiences, and needs of potential adopters. If an idea is perceived to be incompatible with existing values and practices of a social system, it is less likely to be adopted. Simplicity and ease of use is the adopter’s perception on the difficulty of the innovation to understand and use. The simpler the innovation, the more rapid its rate of adoption will be. Trialability is the degree an innovation may be experimented with on a limited basis (Robinson, no date). Trialability of an innovation reduces the potential adopter’s uncertainties about the innovation. Observable result is the degree to which an adopter sees the results of an innovation. The more visible the result is, the more likely individuals will adopt it. These are the factors that must be considered in order to create a successful innovation. In summary, innovations simply with more relative advantages, greater compatibility, trialability, observability, and less complexity will gain a higher rate of adoption. There are four main elements in the Diffusion of Innovations as identified by Rogers (1995), these are (1) Innovation, (2), Channels, (3) Time, and (4) social system. As defined earlier, Rogers (1995, 11) defines diffusion as the process by which (1) and innovation (2) is communicated through certain channels (3) over time (4) among the members of the social system. Innovations. An innovation is an idea, practice, or object that is perceived as new by and individual or other unit of adoption. I matters little, so far as human behavior is concerned, whether or not an idea is â€Å"objectively† new as measured by the lapse of time since its first use or discovery (Rogers 1995, 12). As Rogers (1995, 12) stresses, it should be assumed that the diffusion and adoption of all innovations are necessarily desirable. The attributes of innovations are namely, (1) Relative advantage, (2) Compatibility, (3) Complexity, (4) Trialability, and (5) Observability. Rogers (1997, 2) discussed each of the five attributes; Relative advantage is the degree to which innovation is perceived as better than the idea it supercedes. Individuals evaluate new ideas in relationship to the ideas with which they are familiar; compatibility as the degree to which an innovation is perceived as similar to the individual’s past experiences, values and beliefs; Complexity as the degree to which an innovation is perceived as difficult to understand and use; Trialability as the degree to which an innovation is perceived as divisible by the individual for purposes of gaining personal experience with it; and observability as the degree to which an innovation is perceived as highly visible to others.

Saturday, September 21, 2019

Hamlet by William Shakespeare Essay Example for Free

Hamlet by William Shakespeare Essay Hamlet by William Shakespeare is one of the most famous plays of all time. Of the many themes and representation of the human condition in this play, one of the most debated questions among critics and lay readers alike is the issue of Hamlet’s sanity. While sanity and insanity can be defined in many different ways, many critics point to Hamlet’s keen observations and clever manipulations as not insanity but confused grief in an otherwise extremely intelligent, albeit sensitive, man. Hamlet tells his friends in Act I of his plan to feign madness. After the ghost’s revelation and call to Hamlet to get revenge, Hamlet decides to assume an air of insanity to allow him a wider range of words and actions around the King and Queen. He tells Horatio of his intention to â€Å"put an antic disposition on† (I,v, 177). Individuals who are insane rarely plan their insanity. In fact, Hamlet knows that people who are crazy are more apt to get away with odd words and activities. This proves true, for he is not punished for appearing half dressed in Ophelia’s chamber or for his taunting of Polonius with references to â€Å"fishmonger† and â€Å"Jepthah. †His plan appears to be working. The King and Queen set to finding out the cause of Hamlet’s lunacy which throws them off the path of his knowledge of the murder. â€Å"He acts the part of madness with unrivalled power, convincing the persons who are sent to examine into his supposed loss of reason merely by telling them unwelcome truths and rallying them with the most caustic wit† (Bates 22). His intelligence almost gets him in trouble. His admission to Rosencrantz and Guildenstern that â€Å"I am but mad north-northwest. When the wind is southerly, I / know a hawk from a handsaw† (II,ii,384-385). While these two do not catch his meaning, the more clever Claudius does. He notes, â€Å"Nor what he spake, thout it lacked form a little, Was not like madness† (III,i,167-168) and â€Å"Madness in great ones must not unwatchedgo† (III,i,192). Of course Hamlet is consumed with grief. His choice of dark clothing and brooding countenance is apparent when the reader first meets him. This is understandable upon the death of a father and not something that Hamlet becomes clinically insane about. His depression cannot be compared to psychosis. â€Å"The mental disturbance which it causes becomes apparent while he thinks aloud, almost as soon as the ghost has disappeared; but he is not mad either in the popular or in the physiological sense; it is merely the mental derangement of a noble, but not an heroic, nature, sinking beneath a burden which it cannot bear and must cast away† (Bates 29). Hamlet is depressed, even distraught, after learning of the true fate of his father, but he is not insane. Later, after the play, Hamlet confirms his sanity to his mother in order to convince her of Claudius’ guilt and to implore her to stay away from him. Yes, his Oedipal obsession with his mother is odd for many readers, but coupled with his father’s death and the ghost’s appearance, his desire to save her is more in the realm of understandable. He tells her â€Å"It is not madness/That I have uttered. Bring me to the test,? And I the matter will reword, which madness / Would Gambol from† (III,iv, 146-150). He wants her to know that he is not crazy and to choose his side, which she does. This is one of Hamlet’s goals. Many critics focus on the To Be, or Not To Be soliloquy in which Hamlet considers suicide for the second time as being proof of his insanity. Again, a closer look at Hamlet’s words show this to be false. This soliloquy is an organized, parallel, and logical debate on the issue of suicide. A mad individual would not possess the logic to provide such a point-counterpoint style. He lists all of the vices of the world and sets them up against all the unknowns of the afterworld and concludes, logically, Thus conscious does make cowards of us all, And thus the native hue of resolution Is sicklied o’er with the pale cast of thought, And enterprises of great pitch and moment With this regard their currents turn awry And lose the name of action. (III,i, 84-89). Hamlet carefully weighs the pros and cons of suicide, for him, and concludes that the fear of the unknown keeps him alive. This is not an insane man. In fact, Hamlet’s supposed insanity can be compared to Ophelia’s actual insanity. Ophelia, after the death of her father and Hamlet’s mean treatment of her, has truly gone insane. She is singing songs about her dead father and about losing her virginity in front of the entire court. She is handing out flowers to the King and Queen, and eventually she â€Å"drowns† in inches of water. One critic notes how Hamlet â€Å"differs surprisingly from the pathetic inanities of the gentle Ophelia† (Blackmore 59). This contrast further shows Hamlet’s sanity. â€Å"The mad role that Hamlet plays to perfection, is certainly a proof of Shakespeares genius, but by no means a surety of the insanity of the Prince† (Blackmore 57). Hamlet is shown to be sane in this play. That is not to say he is not grieving, angry and depressed at various moments, but textual and critical support show that he is not insane. Works Cited Bates, Alfred, ed. The Drama: Its History, Literature and Influence on Civilization. Vol. 14. London: Historical Publishing Company, 1906. pp. 20-34. Blackmore, Simon Augustine. â€Å"The Real or Assumed Madness of Hamlet. † The Riddles of Hamlet and The Newest Answers. Boston: Stratford Company, 1917 Shakespeare, William. Hamlet. Evanston, IL: McDougal/Little, 2003.

Friday, September 20, 2019

Using Profitability Ratios To Evaluate A Businesses Overall Financial Performance

Using Profitability Ratios To Evaluate A Businesses Overall Financial Performance While profitability ratios evaluate a business overall financial performance through appraising its capability to produce revenues in surplus of service costs as well as other expenses. There are at least four profitability ratios, which they are gross profit margin, as well net profit margin, besides return on assets, in addition to return on equity. These ratios are used to assess performance and, with other data, forecast prospect profitability. Along with that is the future viability in addition to the soundness, which will repay loans as well as credit, additionally pay interest along with dividends. Since profits are divided amongst shares, the profit per share indicates possible dividend. However, there are varieties of elements that might be utilized to assess profitability. As instance, financial analysts service can use return on equity, or else yield to cost as assessment of profitability. Neglecting of the element utilized, these ratios might be a wealth of interaction among Business firms along with its competitors; is also useful to find an Industry enterprises profitability ratio in excess of time to appraise performance. The profitability ratios are so important to several professionals such like, managers who utilize ratios to promote analyze. In addition to Credit analysts such the same as credit managers or else bank loan officers. And also for stock analysts. There are some limitations of Profitability ratios, which were observed, like as; out of dated data in financial statement. As well as business firms can use different accounting policies. Besides summarized data in accounts. In addition to use of Creative Accounting. Along with inflation. Also we can add interpretation of the ratios is not a science. Plus different market along with financial risk profiles. At the end there is an impact of seasonality on trading. Moreover, some recommendations were enclosed, such like; Developing as well enhancing such performance orientated targets for all of profitable ratio imperative issues. Besides Understanding of the scope along with dimensions of the profitable ratio consciousness. In addition to elevate awareness of the consequences of profitable ratio posed by their risksÙ . Along with extension of appropriate approaches to contest profitable ratio understanding. Finally, to Identify resources available to ensure creditability to a better understanding of profitable ratios. Table Of Contents Introduction: Identifying the Four profitability ratios Profitability ratios Definition: 1) Gross profit margin 2) Net profit margin, 3) Return on assets, 4) Return on equity: Profitability ratios measurements: The role of the Profitability ratios: The limitations of Profitability ratios: Conclusions: Recommendations: References: Text Books: Web Sites: Introduction: An accounting ratio is made via dividing one-account transactions into another. The aim is to achieve a comparison that is easy as well as beneficial to clarify. Evaluate ratios for one Industry enterprise over several years. A graph of the ratio may allow a long-term trend. The same ratio is from many firms of similar size in the same industry. These ratios are used to assess performance and, with other data, forecast prospect profitability. Along with that is the future viability in addition to the soundness, which will repay loans as well as credit, additionally pay interest along with dividends. Since profits are divided amongst shares, the profit per share indicates possible dividend. Identifying the Four profitability ratios As we can clarify at this point that profitability ratios evaluate a business overall financial performance through assessing its capacity to make income more than operating costs as well as other expenses. There are at least four profitability ratios, which they are gross profit margin, as well net profit margin, besides return on assets, in addition to return on equity. Profitability ratios Definition: 1) Gross profit margin It demonstrates how well the business is efficiently producing or else providing products as well as services. It shows how well products are priced given the proper otherwise variable costs it takes to create or even give them. The better is the ratio; the higher is the profit potential. Therefore, the higher the gross margin, the more of a premium a Business firm charges for its products or else services. The higher the Gross Profit Margin the more success of an Industry enterprise will be at paying off expenses along with building savings. On the other words, it is simply net income divided via revenues. It shows the distribution of each sequence in sales that may in fact be kept such like earnings. A high profit margin evaluated to peers in the industry implies that the Business firm has different species of competitive advantage in parallel to their competitors, who are utilizing the costs better, proprietary knowledge, brand recognition, etc. While a good sign, it is up toward the person analyzing the shares to be able to prove that an Industry enterprise essentially does have a sustainable competitive advantage. Another significant trend is an accumulating profit margin, which effect that the Business firm is developing its competitive environment in the business. Profit margins might be also is utilized to assess whether growing earnings are useful for the Industry enterprise. Earnings growth along with a reduction in profit margin is an indicator, which the Business firms earnings growth may not be sustainable. 2) Net profit margin, It deals with the profits after taxes for the annual sales. Therefore, the higher ratio is, the better assisted the organization is to get downtrends brought on via adverse conditions. On the other words, the higher the Net Profit Margin the more efficiency the Industry enterprise is. Since the higher the percentage, the better the Business firm is at operating costs. Since the average profit margins different between industries, as well net profit margin might be utilized to evaluate firms within the same area or even part. Furthermore, it can also be utilized to establish the profitability of an Industry enterprise over time through comparing actual profit margin numbers toward recent ones. Furthermore, it illustrates the lowest level in profitability; the quantity of every sales proceeds is at last available pull out of the business or else to perform as dividends. 3) Return on assets, This ratio shows the after tax earnings of assets moreover it is an indicator of how successful a Business firm is. Thus, Return on assets ratio should be the primary indicator of the successful of an Industry enterprise. On the other hand, it indicates how well the business is using its assets to generate more revenue through relating how much profit (before interest along with income tax) the business earned headed for the total capital used to do that profit. It gets along with net profits after taxes within the assets utilized to justify such profits. A high percentage rate will tell you the Business firm are well run moreover it has a thriving return on assets. It can be used to assess rates of return with other investments, which might be implemented. Since it is just same as in the amended net turnover percentage described earlier, ROA adjusts for the effects of debt financing via taking off the after-tax impacts of interest expense. Moreover, it may additionally be utilized t o assess profitability across Industry enterprises along with over different times. It is the other part of the balance sheet from equity. One-way or even another, its effect is on determining whether to invest in a Business firm is indirect at best. 4) Return on equity: The most influential profitability ratio commencing an investors purpose is the return on equity (ROE) ratio. Moreover, it is always called ROI, as return on investment ratio; as a result, it may cause the yearly rate of return in the direction of the Industry enterprises investors otherwise owners. Return on equity represents the residual interest that is available to owners after deducting all other financing costs. Moreover, it is determined through dividing net income via owners equity. However, net income is listed at the end of the income statement since owners equity. It is encompassing the three main areas where investors can calculate the Business firms profitability, asset management as well as financial advantage. ROE represents the administrations ability to consider these three pillars of corporate management along with investors will get a feel of whether they will receive a fair return on equity as well as determine the administrations ability to perform. In short, thi s ratio tells the owner whether all the effort put into the business has been helpful. All other things, which are being objective, the more worth the ROE the achievable the Industry enterprise besides the more help you are getting from the industry you are putting into running it. Profitability ratios measurements: Financial ratio measures the Business firms aptitude to create revenues in surplus of working along with other expenses. Profitability ratios are used to calculate the profitability of an Industry enterprise besides it is necessary to evaluate the performance of a Business firm. Profitability ratios are ways to evaluate an Industry enterprises capacity to make money, as a profit for its investments chances. However, there are varieties of elements that might be utilized to assess profitability. As instance, financial analysts service can use return on equity, or else yield to cost as assessment of profitability. Neglecting of the element utilized, these ratios might be a wealth of interaction among Business firms along with its competitors; is also useful to find an Industry enterprises profitability ratio more than point in time to quantify performance. Therefore, for such firms with seasonal swings in earnings, though, this model may fall short. Profitability ratios are above all u sed to determine the value earned through a Business firm relation toward its sales, net profit in addition to total assets. However, these profitability ratios measure as per the following: 1) Gross profit margin ratio is a measurement of how much funds, being after costs of products sold, are left behind for different costs. It is calculated as follows: Gross Profit Margin = Gross Profit / Total Income 2) The net profit margin ratio measures the value might be available for distributing within owners after paying all the costs within a specified time. It indicates the importance of all transactions actions conducted within a given time, such as business, administration, selling, financing, and pricing, along with tax management. It is calculated as follows: Net Profit Margin = Net Profit / Net Sales 3) Return on Assets can be classified as it measures the net income over the Industry enterprises average assets. Moreover, it measures how well a Business firm is utilizing its assets. Therefore, a higher Return on Assets ratio shows the Industry enterprise is more effective at using its assets to generate income. Further (ROA) ratio can be calculated by using the following formula, which is= Net Profit after Taxes à · Total Assets 4) Return on Equity is calculated as net income divided via owners equity. Furthermore, it is a measurement of how much income a Business firm is generating on the money invested through the owners of the Industry enterprise. A high ROE is an indicator whereas funds can be put into investment in having the Business firm is well spent. The mathematical formula for return on equity is; Return on Equity = Net Income / Shareholder Equity The role of the Profitability ratios: Such ratios might be used to evaluate the profitability of an Industry enterprise in addition to it is necessary to measure the compliance of a Business firm. Profitability ratios are first used to determine the value earned via an Industry enterprise association toward its sales, network standards as well as total assets. Ratio analysis is used through three principle groups: 1) Credit analysts such the same as credit managers or else bank loan officers who analyze ratios in assisting to start a Business firms capacity to create its existing debts. 2) Stock analysts, these people who are having the interest within Industry enterprise productivity besides growth prospects comparing a Business firms ratios to industry ratios provides a convenient tool how the Industry enterprise measures up toward its competitors. Nevertheless, it is still true that Business firm specific differences can result in deviations from industry norms. 3) Managers who utilize ratios to promote analyze, as well control, and thus increase the Industry enterprises operations. The most effective way to evaluate ratios involves trend analysis: to calculate ratios for a Business firm over several years besides to take note of how they change over time. Trend analysis avoids cross-Industry enterprise in addition to cross-industry comparisons, enabling the analyst to reach conclusions about the Business firms financial condition along with its variation over time. The limitations of Profitability ratios: Thought ratio analysis may offer valuable information concerning an Industry enterprises operations as well as financial condition; it has some limitations, which can be classified as potential problems are listed below: 1. Out of dated data in financial statement As we can observe that the numbers of accounts are likewise to be minimal several months later, besides so might not get a real indication of the Business firms current financial situation. In addition, since the Balance Sheet is simply a snapshot of business at a particular time, any ratio based on the figures contained within the Balance Sheet might not be as an indicator of the financial position of the Industry enterprise for the year as a whole. For example, it is common for a seasonal business to have a year-end, which coincides with a low level of business activity. Thus, stocks as well as debtors may be reduced in the Balance Sheet because of this. 2. Business firms can use different accounting policies The choices of accounting policies may distort inter-Industry enterprise comparisons. Accounting law allows Business firms to exercise some caution when preparing accounts. Industry enterprises should be consistent with their own policies, not changing how they make their accounts each year, but this does not mean that will use the same policies, as rival Business firms. This argument makes inter Industry enterprise comparisons potentially most difficult. 3. Summarized data in accounts Ratios are on financial statements that are concluding of the accounting records. Therefore, it is through the summarization some relevant information might be left out that may have been of related toward the users of accounts. 4. Use of Creative Accounting The businesses include creative accounting in trying to explain the improving economic performance otherwise state that can be misleading in the direction of the users of financial accounting. These are techniques applied through a Business firm in order to create a strong financial position. 5. Inflation Comparison of performance over time can be distorted through inflation, which leads to price increases. Inflation makes comparisons of outputs over time false, as financial indicators might not be in a straight-line equivalent. Changes in results one year to the next, such as increases in revenue as well as net profit may indicate that the business has improved its authority when in fact increases may have resulted from inflation not improved sales. 6. Interpretation of the ratios is not a science. As we have seen it is hard to take a broad view about whether a exacting ratio is good or even bad. For example, a strong Acid Test Ratio may indicate a strong liquidity position, which is true or then again excessive funds that are offensive. In the same way, either a high gearing ratio may present an Industry enterprise that uses its borrowing for development proficiently or even slightly, one that is up toward its neck in debt besides cannot afford to repay its loans. 7. Different market along with financial risk profiles No two firms are the same, besides they can be markedly different. One excellent source of the difference is the kind of business the Industry enterprise operates in it. All of these will affect profit margins as well as prices, even when examining competitors in the same area or even market, using ratios to evaluate one Business firm with another could cause inaccurate information. Two Industry enterprises may be the same profession but have different financial risk profiles. One Business firm might be advantageous to get bank loans at better rates, is therefore borrowing to develop also will show high gearing levels, while another Industry enterprise may be judged not credit worthy, therefore will not be successful in obtaining loans along with it may seem that it is operating at low gearing level. An extremely fast analysis of the accounts might conduct Business firm two is in the maximum financial sources whenever in fact its less gearing field is since it cannot secure funding, whilst the first Industry enterprises superior gearing is part of a remarkably valuable business strategy. 8. Impact of seasonality on trading Financial statements are essentially on the part of the year that fluctuations that occur on a seasonal basis. Businesses, which are affected through seasons, might be chosen the right time to produce financial statements to show better results. For example, a maize growing Business activity will be able to demonstrate satisfactory outputs if accounts are generated in the thriving season. At this time, the business will have a decent stock levels in addition to bank balances will be at their highest. If results had been produced six months earlier the Business firm will have many liabilities, much lower cash balances besides fewer debtors about to pay. Conclusions: Ratio analysis is a valuable tool for judging a Business firms state, but those examining accounts should be aware of the problems described above besides it makes adjustments as necessary. Ratios analysis conducted without consideration of external influences also without realizing the potential for distortion is not convincing analysis. Nevertheless, if used wisely besides with good judgment, the use of ratios can provide a valuable understanding of an Industry enterprises operations. Profitability ratio analysis is extensively used via managers, creditors as well as investors. Used with caution as well as innovation, the technique might reveal much about a Business firm besides its operations. However, there are a few things to be never forgotten about ratios. Primarily, a ratio is only one odd divided through another, so it is difficult to understand that the mechanical calculation of one ratio, or even some ratios, will often provide valuable insights into an Industry enterprise. It is useful to think about ratios as in a detective story. One or even some ratios might be confusing, rather than when got together within different awareness of a Business firms management along with economic circumstances, profitability ratio analysis can tell us tremendously much. Recommendations: Recommendations may be concluded as the following: Developing as well enhancing such performance orientated targets for all of profitable ratio imperative issues. Understanding of the scope along with dimensions of the profitable ratio consciousness Elevate awareness of the consequences of profitable ratio posed by their risks. Extend appropriate approaches to contest profitable ratio understanding Identify resources available to ensure creditability to a better understanding of profitable ratios.

Thursday, September 19, 2019

Marine Corps :: essays research papers

The following was a submitted report for a U.S. History research paper assignment We fight our country's battles in the air, on land and sea. First to fight for right and freedom, and to keep our honor clean; We are proud to claim the title of United States Marine. Our flag's unfurled to every breeze from dawn to setting sun. We have fought in every clime and place, where we could take a gun. In the snow of far off northern lands and in sunny tropic scenes, You will find us always on the job, The United States Marines. Here's health to you and to our Corps which we are proud to serve. In many a strife we've fought for life and never lost our nerve. If the Army and the Navy ever look on heaven's scenes, they will find the streets are guarded by United States Marines." The Marine hymn is eternally etched in the mind's and soul of every recruit and officer who have served in the United States Marine Corps. Every Marine has gone through boot camp, each sacrificing blood, sweat, and tears. One thing that has never deteriorated in their years of existence is the fact that they have yet to lose a war they have put effort in. Is this exceptional record due to their extensive training? Is it because of their aggressive nature and mindset? What is to follow may shed some light on these questions and perhaps give some type of insight on how the Marine Corps was so prevailing and what conflicts had they had conquered. 1775, November 10th. This date is memorized and celebrated by every United States Marine as something of excellence, a date of honor. This date is non other than the "birthdate" of the Marine Corps. It was on this date that the Continental Congress passed a resolution to create two operational battalions of American Marines. These men would ultimately be headed by Captain Samuel Nicholas, of the United States Naval department. It was in Philadelphia that the first Marines were grouped and trained for their inaugural mission. The three hundred M arines that had been recruited, were placed aboard eight transport ships, all destined for the beaches of New Providence (the Bahamas). Upon their landing on March 3rd, 1776, they fought up the beach, sweeping through a barrage of bullets, and took command of two small stone forts and a number of military storage complexes.

Wednesday, September 18, 2019

Willa Cathers Death Comes for the Archbishop Essay -- Willa Cather De

Willa Cather's Death Comes for the Archbishop Upon reading and reflecting on Willa Cather's Death Comes for the Archbishop, I have a hard time classifying this piece of literature as a novel. Indeed, Death Comes for the Archbishop seems more like a collection of anecdotal stories than a novel of conventional form. Harmon and Holman's A Handbook to Literature says the term novel, is "used in its broadest sense to designate any extended fictional narrative" (350). While DCA certainly fits this most general of definitions, its unconventional structure -- the seeming lack of a general plot and obvious climax, its continual digressions from Bishop Latour's present to the anecdotal episodes of his, as well as, others' pasts, along with the method of Cather's presentation, leads one inclined to label this piece more as a narrative, a simple "account of events," as The American Heritage Dictionary describes the term. DCA doesn't seem to be driven by a plot so much as by the stream of consciousness of the narrator. Much the way the mind will jump from thought to thought or memory to memory, Cather's narrator tells the story of Bishop Latour's life through contrasting, non-chronological stories. For example, in Chapter 1, Book 4, the narrator has Latour waking to the sound of a bell which then leads Fathers Latour and Vaillant into a discussion of its history as well as, the history of silver work in general. Directly from this discussion, comes the request by Vaillant that Latour give audience to a man who had just been on a pilgrimage to the shrine of Our Lady of Guadalupe, and from there, we are told the story of Juan Diego in the year 1531. This type of jumping around on the narrator's part, not only lends a sense of a more ... ... of the people and land encountered within her writing. "Cather has come to the point where she can do two or three things at once which a novelist must do. She can evoke by a few characteristic touches and by subtle suggestion a scene and a society without producing merely a 'document' "(Joseph Wood Cruch). "She has a faculty of seeing people with sympathy but without sentiment, of exactly telling their experiences, of emphasizing neither the good nor the bad, of changing nothing to meet popular taste" (Cowley). In summary, Willa Cather is a remarkable writer. She uses not only past experiences, but her remarkable talents to write fiction that is not only narrative in telling, but also includes a great deal of description. Whether her writing is regarded as a novel by some, or as a narrative herself, it has elements of both in Death Comes for the Archbishop.

Tuesday, September 17, 2019

Kelly’s Assignment in Japan Case Answers

Kelly’s Assignment in Japan Title: Solutions to Kelly’s Assignment in Japan Case Study Module Title and Number: Managing Across Borders MGT 3203 Date : January 28, 2013 Word Count : 1650 TABLE OF CONTENTS CHAPTERPAGE Introduction3 Culture Shock Stages Reflection†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Assessment of Clashes5 Successful International Assignments 5 Suggestions to Remedy the Situation6 Conclusion7 REFERENCES8 APPENDICES Appendix 1 10 Appendix 2 11 Appendix 3 13 INTRODUCTION The American and Japanese cultures have been compared in a general context for their contrasting values.In addition, the two cultures have been described as ‘‘polar extremes’’ by Barnlund (1975) as stated by (Khan et al. 2009) , pointing to Japanese being reserved and formal whereas the American being self-asserti ve and informal. When accepting assignments in foreign countries as expatriates, cultural differences are important to consider. More importantly, cross-cultural management is a matter an expatriate should be prepared for and which the company should give importance to. In this case, Kelly an American employee, who is a programme manager working in the US accepted an assignment in Tokyo, Japan.She had little time to decide but she accepted the offer and the family moved to Tokyo. This report starts with explaining the stages of culture shock the family experienced. The report then summarizes the cultural clashes that took place in the case which were a result of cultural differences and lack of orientation, preparation and training. After that, the report highlights the factors Kelly should have considered before accepting the offer and gives recommendations on how the company should have offered this international assignment.Finally, suggestions of what can be done to remedy the si tuation are proposed. CULTURE SHOCK STAGES REFLECTION (Answer to Second Question) Culture Shock as defined by the oxford dictionary is â€Å"the feeling of disorientation experienced by someone when they are suddenly subjected to an unfamiliar culture, way of life, or set of attitudes†. Culture Shock occurs in four main stages, which are clearly illustrated by Oberg’s U-Curve model (Refer to Appendix 1).Black and Mendenhall (1991) point out that it is the most commonly used model; therefore, it is utilized to analyze the culture shock stages Kelly and her family went through as follows: Stage One: The honeymoon stage is when individuals feel positive when being in a different culture. This took place when the family arrived and spent the weekend looking at the city. It was a holiday and positive feeling phase. This stage is also reflected on Kelly’s first day at work and her Husband’s first day setting up their new life in Japan. Their encouragement to be come acquainted is a reflection of the honeymoon stage.According to Uwaje (2009) the person in this stage can be described as interested, curious and open-minded. Stage Two: The crises stage occurs â€Å"when cultural differences result in problems at work, home and in daily living† (Deresky, 2011). This stage started to take place at the second working day when Kelly felt irritated by the Japanese because she did not receive the presentations. Moreover, all family members were experiencing this stage as feelings of rejection to the life style in Japan arose. In this case, the associations linked to the crises stage can be divided into two kinds.The first is work and school related, seeing that all family members are experiencing problems related to their professional lives. Likewise, language was a difficulty since differences in language may present a huge barrier as noted by Uwaje (2009). Language was an obstacle to Kelly’s children adjusting at school, Joe getting a job and Kelly communication complications. The second was home and daily life related. This included entertainment facilities (TV, Parks), social life, and even basics of life (food, language). A negative atmosphere was the feeling the family was experiencing.It is known that many individuals do not bypass this stage. Moreover, McFarland (2006) reported that 40% of expatriates fail to complete their abroad assignment. In this case, the crises stage lasted for 4 months. Kelly then realized that she had to make a decision between rejecting or accepting the assignment. Kelly and her family are experiencing a phase between the second and third stages of the cultural shock. Stage Three and Four: The Adjustment and Biculturalism stages are when individuals start to comprehend the new culture then accept and respect the cultural variations.Kelly is deciding on whether to adjust or not. If the family continues then they would move to the third stage. However, if they leave then they would not reach the third and fourth stages. ASSESSMENT OF CLASHES (Answer to First Question) Being in a different culture may result in clashes because peoples’ expectations, interpretations and values differ. In this case, many clashes occurred during the early culture shock stages with the Japanese but not the American or German team members whom values are similar to Kelly’s (Refer to Appendix 2 A and B).The clashes are linked to the differences between the American and Japanese national cultures. Therefore, Hofstede’s and Trompenaar’s frameworks are deployed to evaluate the clashes (Refer to Table Appendix 3) since these frameworks provide an excellent basis for understanding cultural differences (Higgs, 1994). These clashes can be seen when Kelly requested for separate presentations from every team member. This revealed the Japanese collective, high context and masculine culture and how different it is from the American culture.Moreover, the Americans an d Germans ,being affective cultures, accepted to talk about their achievements and families whereas the Japanese did not as they were more neutral and formal. In addition, Japan is known for its power distance culture where formalities especially with clients and employees who are of higher-level is a must. Adding to that, getting direct to business is accepted in the US due to its universalistic culture but not in Japan’s particulistic culture. The culture in Japan is also high context seeing that rejecting Kelly’s proposal was done in a nonverbal and implicit communication manner.The cultural clashes were also a result of unexpected living space, demographics and qualifications creating many conflicts. It can also be argued that if a Japanese colleague joined Kelly’s meeting with the client, a better negotiation outcome may have been a result. This is because understanding the client’s culture plays a crucial role in the negotiation process (Deresky, 20 11). Clashes were also related to the leisure aspect of life. In short, many cultural clashes due to both cultures different values arose throughout the case. SUCCESSFUL INTERNATIONAL ASSIGNMENTS Answer to Third Question) In this case both Kelly, and the company should have considered key factors to insure a successful international assignment as explained below: Employee Kelly should have given the decision more thought and time and should have asked for training. Moreover, she should have insured that there is a position for her husband and asked about the kids’ school while she was in the US. For instance, setting a video conference with the school’s management and class teachers could have been a way of knowing the atmosphere she will put her children in.Furthermore, a circulation of the team members CVs and setting a video conference with the team was necessary to avoid any misunderstandings regarding the team members’ demographics and qualifications. In ad dition, she should have planned for her life when they come back from Japan. Kelly should have asked about her position when she comes back and should have put her house on rent. Company Kelly was offered a tempting compensation package and her technical skills were considered when selecting her, but many key factors were not taken into consideration in the selection and training phases of this assignment.An expatriate selection must consider key success factors including, technical and management skills, one’s personality, emotional intelligence, adaptability and language (Parboteeah and Cullen, 2011). Moreover, training must consider several factors including employee orientation, concerned individuals orientation and perceptual and cultural toughness (Mndenhall and Oddou, 1985). The company should also follow up with the employee while they are in the foreign company and insure that repatriation is well planned (McFarland, 2006).In short, the company should have followed a n IHRM model to select, prepare and train Kelly and the concerned individuals minimizing failure risk. SUGGESTIONS TO REMEDY THE SITUATION (Answer to Forth Question) Kelly has two options; she can return to the US or continue her assignment in Japan. If Kelly chooses to return then she is taking the risk of loosing her job knowing that her husband already resigned and they sold their house. Therefore, Kelly may be in a better situation if she chooses to continue. She can look at her assignment in Japan as an opportunity that enhances her career path.Her management issues can be tackled, especially that she is now aware of the cultural differences. Kelly must request from the company to follow up with her and provide her and the team with comprehensive cross-cultural management training to avoid clashes and misunderstandings between team members, especially in the encoding and decoding of the communication process between the team members (Kwar, 2012). In terms of her husband, he wou ld be searching for a job whether in Japan or the US. The advantage of being in Japan is that his wife’s job is secure and the company indicated that they would support his job search.With regards to the children, the parents can explain to them the benefits of living in Japan. Inviting the children’s classmates may assist in overcoming the social discomfort the children are experiencing at school. The issues of the after school life can be resolved by subscribing with an American TV programs provider allowing them to watch the US programs. Moreover, the family can use a video calling system to interact with their family and friends and can arrange regular visits to the US. In short, taking corrective actions to support the success of the assignment is how to remedy the situation. CONCLUSIONAccepting an international assignment means agreeing to deal with a different culture from the employee’s home one. The selection, preparation and training of a potential exp atriate are key factors that reflect on the success of the international assignment. Failure to implement these factors may result in clashes in culture and the employee may not bypass the crises stage of the culture shock stages resulting is failure to achieve the company’s and employee’s goals. REFERENCES Black, S. and Mendenhall, M. , (1991). The U-Curve Adjustment Hypothesis Revisited: A Review and Theoretical Framework (June 1991).Journal of International Business Studies, Vol. 22, Issue 2, pp. 225-247, 1991. Available at: http://ssrn. com/abstract=1805455 or http://dx. doi. org/10. 1057/palgrave. jibs. 8490301, viewed on 20th , December, 2012. Deresky, H. (2011). International Management: Managing Across Borders and Cultures (7th Edition) Pearson Higgs, M. (1994),†Global HR Management and Cross-cultural Issues†, Cross Cultural Management: An International Journal, Vol. 1 Iss: 3 pp. 23 – 28, Available at: http://dx. doi. org/10. 1108/eb008379 , viewed on 20th , December 2012. Kawar, T. (2012). Cross-cultural Differences in Management', International Journal Of Business ; Social Science, 3, 6, pp. 105-111, Business Source Complete. Available at: http://mdx. summon. serialssolutions. com/search? s. q=Kawar%2C+T. +(2012). +'Cross-cultural+Differences+in+Management , viewed on 7th , January, 2013. Khan, M. ; Naumann, E. ; Bateman, R. and Haverila M. , (2009),†Cross-cultural comparison of customer satisfaction research: USA vs Japan†, Asia Pacific Journal of Marketing and Logistics, Vol. 21 Iss: 3 pp. 376 – 396, Permanent link to this document: http://dx. doi. org/10. 1108/13555850910973856 , viewed on 20th , December 2012.McFarland, J. (2006). ‘CULTURE SHOCK', Benefits Canada, 30, 1, p. 31, Business Source Complete. Available at: http://mdx. summon. serialssolutions. com/search? s. q=CULTURE+SHOCK+McFarland%2C+ , viewed on 20th , December 2012. Mendenhall, M, & Oddou, G 1985, ‘The Dimensions of E xpatriate Acculturation: A Review', Academy Of Management Review, 10, 1, pp. 39-47, Business Source Complete. Available at: http://mdx. summon. serialssolutions. com/search? s. q=The+Dimensions+of+Expatriate+Acculturation, viewed on 20th,January, 2013. Parboteeah K. & Cullen J. (2011) – Strategic International Management. 5th ed) Canada, Nelson Education, Ltd Vesa Peltokorpi (2008). Cross-cultural adjustment of expatriates in Japan, The International Journal of Human Resource Management, 19:9, 1588-1606. http://dx. doi. org/10. 1080/09585190802294903, viewed 20 December 2012. Uwaje, A. , (2009). Culture shock, Re-Integration and Re-Entry culture shock – Managing Cultural Differences. Munich Business School Thesis. Available at: http://www. munich-business-school. de/intercultural/index. php/Culture_shock,_Re-Integration_and_Re-Entry_culture_shock_-_Managing_Cultural_Differences , viewed on 20th , December 2012. Website: http://oxforddictionaries. om/definition/english/ culture Website:http://oxforddictionaries. com/definition/english/culture%2Bshock? q=culture+shock Website:http://www. britishgermanassociation. org/special. php? pageno=20 Website: http://geert-hofstede. com/united-states. html Website: http://www. munich-business-school. de/intercultural/index. php/Image:Stages_of_culture_shock. jpg APPENDICES Appendix 1 Figure of Culture Shock Stages Source: http://www. munich-business-school. de/intercultural/index. php/Image:Stages_of_culture_shock. jpg Appendix 2 Figure A: Comparison of USA and Japan Hofstede’s Value Dimensions Source: http://geert-hofstede. com/united-states. tml Figure B: Comparison of USA and Germany Hofstede’s Value Dimensions Source: http://geert-hofstede. com/united-states. html Appendix 3 Illustration of Hofstede’s , and Trompenaars’s frameworks with regards to comparing the American and Japanese national cultures. (Deresky, 2011) and (Parboteeah and Cullen , 2011). The table demonstrates the dimensions each research tested. It then states the scores or levels the USA and Japan were given and explains the clash or conflict that took place in Kelly’s Assignment Dimension | USA: Score and Description| Japan: Score and Description| Clash | Hofstede’s Model of National Culture |Power Distance â€Å"Individuals in societies are not equal†| Score: 40Hierarchy is for convenience as the manager or boss is accessible. S/he depends on employees’ expertise. Moreover, communication is informal. | Score: 54 Japan is a mildly hierarchical society compared to other Asian cultures. | Kelly being informal with the Japanese Client was not acceptable. This is seen when she asked for his name, was close to him in terms of distance and patted him on the back. Kelly being friendly with the client creating an embarrassing atmosphere. | Individualism/Collectivism â€Å"I† or â€Å"We†| Score: 91 Individual achievement is seen ideal.Moreover, as America ns do business with strangers so often, they tend not to be shy to approach people in the business world in order to obtain information. They are expected to take initiatives. | Scores: 46 Group decision making is perceived as best. Japanese society is a collectivist one where they work as a group and even decide as a group. | The Japanese employees did not feel motivated when Kelly asked them to present their ideas individually because they come from a culture where consensus plays a major role when making decisions.Kelly comes from an individualistic culture where achievement is all about â€Å"me† and presenting one’s own ideas is an opportunity to achieve recognition. The Japanese culture is collective and they work in groups unlike America’s culture which is more individualistic. | Masculinity / Femininity| Score: 62Americans believe that a person should strive to be the best and find it acceptable to talk about one’s achievements. | Score: 95Japan i s known to be one of the most masculine societies worldwide. | It is difficult for the Japanese to accept a female boss.The team didn’t expect Kelly, the new boss, to me a female. The Japanese addressed their work to Peter instead of Kelly. This is due to either Kelly being a female in a masculine culture or because Kelly asked peter to intervene and they took it sensitively. The client did not direct his questions to Kelly might be because Japan’s culture is masculine. | Uncertainty Avoidance  Ã‚  Ã‚  | Score: 46 Americans accept the unknown meaning the society accepts: Innovation, new ideas and new practices. | Score: 92 Japan score is one of the highest worldwide. It is difficult to see changes in their culture. Opportunity: For Kelly as an American, it’s easier to adjust to a new culture than others who score high in uncertainty avoidance. This includes the Japanese ideas at work, food and lifestyle. | Long-term Orientation | Score: 29 USA is a short-term oriented culture. Americans value quick results at work. | Score: 80 Japan is a long-term oriented culture. Long-term returns are more important than short-term returns). | This dimension may have not been taken into consideration when Kelly finalized the report and may have been a reason on why the proposal was rejected. | 7 d Cultural Dimensions Model by Trompenaars|Universalism versus Particularism| US is high in applying rules and systems | Japan is low and deals with others based on personal relationships| Kelly wanted to present directly instead of first building a relationship with the client. However , getting direct to business in the US business world is accepted due to its universalistic culture but not in Japan due to its particulistic culture. | Neutral versus Affective â€Å"Express emotions even in business†| 54 US medium| 98 Japan very high and consider expressing feelings at work unprofessional| Kelly created an awkward situation when she asked the Japanese a bout their families.The result of being informal with them was opposite to lightning up the atmosphere which is what Kelly was trying to do. | Specific versus Diffuse â€Å"separate work from personal issues and relationships and more open and direct†| 77 US is highly specific| 57 Japan medium| The outing after work wasn’t accepted by Kelly as she comes from a highly specific culture| Achievement versus Ascription| 97 Status is based on achievement| 53 Status is based on class, age, gender etc. Kelly is not seen as having the authority by the Japanese because of her gender| Past , Present, Future or mixture| US is future oriented which implies that change is beneficial | Not applicable to the case| | Control of versus Nature| Not applicable to the case| Not applicable to the case| | Individualism| 77| 6| Mentioned in Hofstede Dimensions| High verses Low Context| US is low| Japan is High| The Japanese did not inform Kelly that they prefer to do work in groups, they did not give previous notice about the presentation delay.They did not speak about the way they prefer to work and used body language more than word expressions. The client had little eye contact with Kelly and was not frank with her regarding his opinion on whether they will accept the proposal or not. The client’s nonverbal communication through lowering his

Monday, September 16, 2019

Wal Mart Annual Report Analysis

EXECUTIVE OFFICERS 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 Directo rs 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 expens es, 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 Financia l Position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leasesTotal 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 months. 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 a s 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 exclud ed 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 conversion 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 indus try. 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 exchange 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. Walmar t 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 availabili ty, 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? ientl y 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 sales 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"D&S†) 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 billion 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 ? scal 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 interest 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 operat ing 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 operating 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 cal culate 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 and 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 16,9 19 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, $195 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 fort h a reconciliation of free cash ? w, a nonGAAP ? nancial measure, to net cash provided by operating activities of continuing operations, 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 fact 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 Jan uary 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 expansion activities and the acquisition of D&S 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 segme nt’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 rel ating 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 wellness 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 b oth 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 payments 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 % Ch ange 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 D&S, 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 n et 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 D&S, 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 increased 0. 2 percentage points compared to the prior year. The increase was primarily driven by currency exchange rate ? uctuations and the inclusion of D&S. 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 e xpenses, 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 D&S, 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 C ounts 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 points 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 p rior 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 capital management. Working Capital Current liabilities exceeded current assets at January 31, 2010, by $7. 2 billion, an increase of $7 89 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 debt. 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 existing 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 expe nditures: 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. W e 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 other 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 exp iration 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 authorizati ons 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 contracts 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