Should Children Be Educated at Home or in School free essay sample

At the point when you consider instruction, you nearly consider government funded training. The schools are made to be where kids can get appropriate training, so as to have a fruitful profession and all the objectives they may set throughout everyday life. Consistently, it is gradually evolving. Numerous guardians today choose self-teach is useful for their youngsters. This is because of the expanding number of savagery acts created in schools everywhere throughout the world; more guardians like to have their kids taught at home as opposed to at school. Albeit a great many people feel that a state funded training is better, most realities will in general show that self-teaching is gainful in more manners. In the first place, self-taught kids have better connections and draw nearer with their family more than educated children. Guardians assume a significant job in helping their kids to learn at home. Along these lines, kids will make old buddies of their folks constantly. We will compose a custom exposition test on Should Children Be Educated at Home or in School? or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Notwithstanding that, kids will feel safe while sitting comfortable close to their folks, and guardians will feel happiness when their kids invest more energy at home before their eyes. Another explanation behind training kids at home is that numerous kids go to class these days not for considering, yet they have different interests. For instance, for flaunting their new pair of pants, and astounding their associates with an in vogue hair style, or simply meeting companions and have a ton of fun. Only not many of them premium and worries about learning and having great grades at school. Self-taught kids are not experience with unfortunately, peer weight, rivalry, and fatigue, which are a piece of a school. They can dress, act, and think the manner in which they need, unafraid of cohorts. A few people may contend that socialization is a major issue of being self-taught kids. There might be a trace of validity in this; socialization is critical to youngsters. Notwithstanding, up to this point, it was never thought to be the explanation that we sent our youngsters to class. Would children be able to associate outside of school? Obviously they can! Most home-taught kids go to different exercises. They can join clubs, play sports, take exercises and accomplish humanitarian effort. Truth be told, there are numerous individuals progressively despondent disengaged, and forlorn youngsters in schools, who are all the time annoyed and abused also. All in all, self-teach isn't appropriate for everybody, and each family should think about their own conditions. Home training should an appropriate for the individuals who are willing and capable, and whose youngsters are more joyful and better instructed at home. Additionally, if a youngster likes to learn at school, for reasons unknown, this ought to be their decision. In any case, this technique for training at home can be a bit of leeway and valuable from numerous points of view, as indicated by the genuine encounters of certain families.

Essay on Peter Singers ethics

Exposition on Peter Singers morals Exposition on Peter Singers morals Exposition on Peter Singers ethicsThere exist various kinds of contentions in the media: all out, propositional, analogical, causal, factual contentions, and so on. Among these, one can recognize morals centered contentions which are alluded to as good contentions. The video named Peter Singers morals contains various instances of good contentions; truth be told, moral contention is the sort of contention that Peter Singer dominatingly utilizes in the video to pass on his opinion.The issue that Peter Singer addresses in his video is the virtue of the decisions that individuals settle on in their lives and the decisions that individuals decide not to make in their lives. The focal point of Singers thought is on the way that it isn't adequate to abstain from hurting individuals and other living creatures; it is likewise imperative to consider whether individual decisions add to improving the world a spot, and whether the people decisions are acceptable in the ethical sense. Artist unde rpins his contentions with a striking model: a great many people would decide to spare a suffocating kid and penance a couple of costly shoes in such circumstance, and yet numerous individuals decide to purchase rich and costly things in spite of the way that they could spare a few young men by giving these cash. For this situation, Singer outlines that it is anything but difficult to be generally good, yet it is progressively hard to assess own decisions in clearly basic circumstances as well as in normal circumstances as well.Singer utilizes the sort of contention which is alluded to as good contention. As per Rainbolt Dwyer (2014), an ethical contention is such a contention the finish of which attests something to be ethically acceptable or ethically awful. The premises of Singers contentions are the accompanying: it is ethically acceptable to think about other living creatures and settle on decisions that improve the world for other people, and it is ethically awful to cause end uring of other individuals and to abstain from helping when there are assets accessible for making a difference. Thus, Singer verifiably presumes that buying sumptuous merchandise isn't good as it is smarter to support poor people, and that eating meat isn't good in light of the fact that other conscious living creatures need to suffer.Singers see is affirmed from the deontological perspective. Deontological contentions depend on the particular inherent estimation of an activity or a decision (Rainbolt Dwyer, 2014). Vocalist attributes positive virtue to helping other living creatures and diminishing their torment. These characteristic highlights are universalizable (Rainbolt Dwyer, 2014) and it would be advantageous for the general public if everybody shared such perspectives. In this way, Singer presents legitimate deontological moral contentions in his video.

Vision and Mission Statements of Kawasaki

Vision and Mission Statements of Kawasaki The Mission and Vision Statements of the Kawasaki Company Nov 16, 2018 in Coursework Kawasaki Motorcycle Company: Mission and Vision The Kawasaki Motorcycle Company was established in the year 1963 after the end of the Second World War and the softening of its effects. The company was created under a larger company called Kawasaki Heavy Industries. The company was established with a mission that reflected what the company wanted to achieve in the market in terms of the products it would offer customers. The mission and vision statements of the Kawasaki Motorcycle Company are very good. First, the Kawasaki Motorcycle Company has achieved its present success thanks to mission statement. The mission statement of the Kawasaki Motorcycle Company was reestablished in the year 2007 to include the social mission aspect and aid in the development of new ideas. This was done to make certain that the Kawasaki brand value maintained its top recognition through outlining the core principles that would serve as a guide to the companys business activities. This was also done to include the value of customers as one of the most important bases of the company. The group created a mission statement that was, Kawasaki, working as one for the good of the planet. This mission statement acted as a source of motivation for the employees within the Kawasaki Company to understand that they were working for global customers, thus, ensuring that they work hard and produce the best quality.

Remembering the Harlem Renaissance - 646 Words

During the early 1920’s, African American artists, writers, musicians, and performers took part in a cultural movement known as the Harlem Renaissance. This migration took place after World War 1 and brought African Americans of all ages to the city of Harlem located in New York (Holt). There were many inspiring young artists; one of them in particular was Augusta Savage. Augusta Savage was born on February 29, 1892, in Green Cove Springs, Florida. Savage began making art at an early age using clay that she could find. She enjoyed making animals and other small objects yet her father, who was a Methodist minister, did not approve of her hobby. He did all that he could to stop her. Savage once said her father â€Å"almost whipped all of the art out of me† (Savage). Even though her father objected her hobby, she continued to make sculptures. The family moved to West Palm Beach, Florida in 1915. After this move Savage faced a new problem, a lack of clay. She eventually found some clay from a local potter and created a few figures that she entered in a county fair. Her work received a winning prize and the support of George Graham, the fair’s organizer, who encouraged her to study art. Savaged moved to New York City in the 1920’s, but struggled financially throughout her life. She studied at the Cooper Union and she received a schola rship after her first year to help with living expenses. She exceled at the Union and finished in three years instead of the usual four. Savage learnedShow MoreRelatedMaya Angelou And Langston Hughes1193 Words   |  5 Pages(19 1). Langston Hughes was born February 1, 1902, in Joplin, Missouri (Langston Hughes 1). Langston was able to make himself known in the public eye during the Harlem Renaissance. This was when there was a cultural, social, and artistic explosion in Harlem between the end of World War I and the middle of the 1930s. (The Harlem Renaissance 1). He passed away due complications from prostate cancer on May 22, 1967 (Langston Hughes 1). There are two poems written by these two authors that were foundRead MoreSummary Of Outcast And From The Dark Tower1413 Words   |  6 Pages  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   During the Harlem Renaissance in the 1930s, African Americans began to spread from the South to other northern regions, namely Chicago, Detroit, and Harlem in New York. Despite having overcame slavery, Black Americans were left at a greater risk of being killed without reason. Still, Black America refused to let the pressures of society silence the outcry, and thus the Harlem Renaissance was born. Outcast and From The Dark Tower both reference the aftermath of slavery and its effects onRead MoreThe Genesis Of The Mid Twentieth Century America3651 Words   |  15 PagesThe genesis of mid-twentieth century America’s African cultural movement was Harlem, and out of love for Harlem and its people came its â€Å"poet laureate† Langston Hughes (Davis 276). One cannot conduct any scholarly investigation of Harlem without encountering a barrage of information regarding Langston Hughes. Likewise, one cannot study Langston Hughes without encountering Harlem. When Langston Hughes first experienced Harlem, he had a reaction that would profoundly impact his writing for the rest ofRead MoreThe Period After The Great War902 Words   |  4 Pagesmusic had not only been the voice of the people but had also helped many Blacks into remembering their past but not dwelling on it, to keep sane and move in the forward direction, â€Å"She threw out the dirges and threats of Hell, replacing them with jazz hymns and promises of Glory† (Doc. I). This cultural awareness of that flourished in literature, art and music in the 1920s had been kno wn as the Harlem Renaissance. Some nostalgia in the world that we may sometimes come in contact with when we feelRead MoreTheme Of The Tornado Child1090 Words   |  5 Pagesâ€Å"Wickedness†: Examining the Theme of Darkness in Kwame Dawes â€Å"The Tornado Child†, Gwendolyn Brooks â€Å"We Real Cool,† and Ai â€Å"The Kid† American author and poet, Kwame Dawes, in his poem Tornado Child (which was written during the Harlem Renaissance for Rosalie Richardson) writes about the life of an African-American woman (Richardson) who often had to deal with racism and oppression. Gwendolyn Brooks, American writer and poet, wrote the poem â€Å"We Real Cool† (during the 1960’s assassination of theRead MoreHaving Our Say Essay9582 Words   |  39 Pagesview of things as they were (e.g., Harlem during the Depression) and compare those things to the accounts written in history books. Henry Delany and Nanny Logan Delany did something very few people did in the early 1900s. Both went to college at St. Augustines School and received degrees. Henry became a preacher and Nanny more or less ran the school. Of the ten Delany children, each went to college and followed the path set by Henry and Nanny, remembering to perform service whenever and whereverRead MoreChildhood Memories Essay1363 Words   |  6 Pagesfollowing EXCEPT____________________ auto workers are better off with strong union representation One key element in the expansion of the consumer culture in the 1920s was_______________ commercial advertisement on radio broadcasts The Harlem Renaissance is a term that refers to_______________________ black American intellectuals and artists who stressed self-confidence The National Origins Immigration Act of 1924 (Johnson-Reid) had the effect of___________________ restricting the numberRead MoreAfrican Americans And Its Impact On Society1589 Words   |  7 Pagesdiscrimination is more common there because that is where a lot of slavery was in history. The majority of blacks in America still live in extreme, deep poverty and a lot of them never receive a proper education. According to Phil Jackson’s article â€Å"Remembering the Millions the American Dream Left,† 30% black Americans in Illinois live in poverty while only 8% white Americans do. One way African Americans can move out of poverty is by getting a better education but because the blacks have such low incomeRead MoreTornado Child Essay1838 Words   |  8 Pagesthe hair symbolizes the mark of the â€Å"Tornado child â€Å". As being a tornado child one wouldnt care about the upkeep of hair or any physical attributes. Behaviors in this poem examine that the tornado child was taught living eccentric from young. â€Å"Remembering the tweak of the of contractions that tightens to a walls when my mother pushed me out† (Dawes Pg 1). The tornado child could be tied to the feeling that she felt coming out of her others womb into the earth which makes her behave in such fashionRead MoreJames Weldon Johnson s The Autobiography Of An Former Colored Man And Nella Larsen s Passing3489 Words   |  14 PagesInternalized Racism in James Weldon Johnson’s The Autobiography of an Ex-Colored Man and Nella Larsen’s Passing The concept of racial passing refers to the occurrence in which an individual is able to transcend racial boundaries. During the Harlem Renaissance, the term â€Å"passing† meant to signify mixed race individuals who were light skinned enough to pass as white and mingle freely within white society, almost completely undetected. This was significant considering the time period – the one-drop

Hitler s Journey Towards Power - 1652 Words

Good morning, today I would like to start with asking a simple question, what is power? Power can be defined as, a person’s ability to influence the behaviour of others or the course of events. (Oxford Dictionary, Power) The quote by Plato, a Greek philosopher stated ‘the measure of a man is what he does with power.’ This can be directly related to the leaders in our world today, as well as the ones of the past. The 20th century produced many powerful leaders; Adolf Hitler is considered to be one of these and attained great power throughout his lifetime. Hitler rose to his powerful position in Germany through politics as the leader of the Nazi Party. Like most, his journey towards power was extensive and he faced several struggles in the process. For today’s presentation I will cover Hitler’s journey towards power, from the very beginning and the many fortunate factors at this time which ultimately led him to his powerful position. Factors such as; G ermany’s defeat in World War I in 1918, the stock market crash and economic crisis in 1929 as well as the fear of communism taking over Germany and his effective use of propaganda. The starting point of Hitler’s passion for attaining power in Germany was in 1914, when Hitler joined the war. will now go into more depth about these events which ultimately shaped Hitler’s position in Germany. Hitler’s background information Hitler in World War I Hitler eagerly volunteered for the war in 1914, alongside other men all over Europe.Show MoreRelatedJesse Owens : African American Athlete1367 Words   |  6 PagesOlympics thinking he was competing against other athletes like Luz Long and many more,but he knew that that he was competing against HItler and his Aryan Supremacy. In Hitler’s Olympics there was a ton of racial discrimination towards Jewish athletes, African-American athletes and many more other ethnics. HItler’s games were very controversial but it was a big blow to Hitler and the German government. Jesse Owens was African-American athlete competing in 1936 olympics, also know as the Nazi Games. JesseRead MoreCould WWII have been Prevented?1483 Words   |  6 Pages1940s many European, countries and the United States, were recovering from World War I and the depression. Due to the fact that no one initially could or wanted to control Hitlers dictatorial power his extreme racism got out of control and he was able to slaughter millions of Jews. Though eventually Hitler brought destruction upon himself, if other countries would have stopped him in the early stages, World War II may have never happened. Though countries might have wanted to stop Hitler in Germany;Read MoreAdolf Hitler : The Most Infamous Man1111 Words   |  5 PagesAdolf Hitler could very possibly be the most infamous man in history; often associated with genocide, destruction, and unspeakable crime. Between the years 1939 and 1945, Adolf Hitler inflicted pain, suffering, and fear, physically and emotionally, in to the people of Europe with his mass killings and inhumane treatment of races he considered inferior to the Aryan race. For these innocent people, this period of time must have been the most terrifying, mind-altering, and life-changing experience. HowRead MoreThe Book Thief By Markus Zusak1164 Words   |  5 PagesHeil Hitler. Behind this statement is a mirage of things. Floods of horrible picture of dying starving Jews in concentration camps, Hitler at the helm at things, committing mass genocide. So how does someone stop a powerhouse such as this? For Liesel, a small girl in Molching, stealing books is her getaway. â€Å"The Book Thief† by Markus Zusak is a unique book which puts Death into the narrator s place. And when Death becomes a storyteller, telling the story of Liesel using three colors. Red. WhiteRead MoreWorld War II : The Holocaust1156 Words   |  5 Pagesdiscrimination and hatred towards the Jews during that time, and there were many events that happened be fore the Holocaust, and many of those events were part Adolf Hitler, the leader of the Nazi s plan that would lead up to the horrible genocide, known as the Holocaust. Kristallnacht or also called the Night of Broken Glass was one of those events, but it was a spontaneous event, for it was not part of Hitler s master plan. Even thought it is an event one can assume Hitler planned out way beforeRead MoreNationalism : Nationalism And Nationalism1224 Words   |  5 Pagesfinancial frameworks described by advancing the interests of a specific country, especially with the point of picking up and keeping up self-administration, or full power, over the gathering s country. Nationalism accordingly tries to protect the country s way of life. It regularly likewise includes a feeling of pride in the country s accomplishments, and is firmly connected to the idea of patriotism. At times, patriotism alluded to the conviction that a country ought to have the capacity to controlRead MoreThe Holoca ust Was An Extremely Traumatic Event1690 Words   |  7 Pagesideology of the Nazis, Hitler’s personal racism, and outright fear. Now the Holocaust was the period from January 30, 1933 - when Adolf Hitler became the chancellor of Germany - to May 8, 1945, when the war in Europe finally ended. The Holocaust was the torture and murder of six million Jews by the Nazi rule and their allies. When the German Nazis came to power, they believed that Germans were racially superior and the Jews and multiple other victims were inferior. When the victims of the NazisRead MoreDiary Of Nazi Encounters By Anne Frank1401 Words   |  6 Pagesintrigued the world with her writing abilities. Her detailed diary of Nazi encounters, very deep personal feelings, and day to day life, was published by her father, Otto Frank, because she was, unfortunately, not able to. During the time of war, Hitler was exploring new ways to eradicate Jewish people because he, and many others Nazis, thought the Ge rmans were a more superior race. Anne and her family were forced into hiding and hidden in secrecy for two years, but eventually were found and takenRead MoreThe Holocaust : The Most Tragic And Shameful Event1330 Words   |  6 Pagestwelve years, a heinous vision executed nearly six million Jewish people at the hands of Hitler and his followers, making the Holocaust debatably the most tragic and shameful event recorded in Earth’s history. During this time, different races, ethnicities, and religious groups were persecuted and annihilated for their beliefs that conflicted with Hitler’s persistence to eliminate the â€Å"flaws† of humanity. Hitler and his followers had one goal in mind: to cultivate a master race for the next generationRead MoreEffects Of Colonialism On Gender Equality1552 Words   |  7 Pagescolonialism on gender equality The female characters of Junot Diaz’s novel, The Brief Wondrous Life of Oscar Wao, La Inca, Beli, and Lola, demonstrate the ways in which colonialism led to the dehumanization of citizens, especially women, and how these power dynamics carry over into modern society in relationships between the majority and minority, both in terms of race and gender in their oppression that is attached to being a Dominican immigrant women in America. There are three important women in

Dinosaurs and Man May Have Co-Existed Free Essays

Dinosaurs and Man may have Co-existed It has been a constant debate between creationists and evolutionists on how old the world is. Evolutionists believe that earth was created over 4. 5 billion years ago while, creationists believe in a young earth created only about 6,000 years old. We will write a custom essay sample on Dinosaurs and Man May Have Co-Existed or any similar topic only for you Order Now With that debate is the argument on when the dinosaurs walked the earth. Evolutionism teaches that humans and dinosaurs lived millions of years apart from each other. What many people are not aware of is that there exists a considerable body of evidence that supports the Biblical account of humans and dinosaurs living at the same time and even interacting with each other. Some of this evidence suggests that this may still be happening today in certain parts of the world like the African Congo. (1) Dinosaurs are often portrayed as having lived in a time before man. However, the available evidence shows that man and dinosaur coexisted. Legends of dragons are found among most people groups. For example, there are the stories of Bel and the dragon, the Kulta of Australian aborigines, St. George and the dragon, and of course many Chinese legends. Often, the anatomical descriptions given are consistent, even though they come from separate continents and various times. (2) These depictions match what we know from the fossil evidence of certain dinosaurs. Thus, dinosaurs are known directly from their fossils, and indirectly from cave drawings, tapestries, textiles, figurines, carvings, bas reliefs, and many oral and written eyewitness accounts, most of which are quite old. 2) Pick up just about any book on dinosaurs, and it will say that dinosaurs lived from 230 million to 65 million years ago. That’s always stated as a fact, but how do they know? The ages of dinosaur fossils are determined by the layer of rock in which they are found. How do they know how old the rock layer is? It is usually the case that when layers of rock are piled up upon each other, the bottom o ne is the oldest, and the top one is the youngest, because the bottom one had to be there before the other ones formed on top of it. So, one can make a cross-sectional cut through a rock formation, examine the layers, and be reasonably confident that the lower layers formed before the upper layers (3). The questions are, â€Å"How long did it take for each layer to form? † and, â€Å"How much time elapsed between layers? † Traditionally, geologists have used the â€Å"geologic column† to answer these questions. Although the rapid formation of rock layers is an obvious fact, it makes evolutionists uncomfortable because it isn’t compatible with a neat uniformitarian explanation. If rock layers form rapidly in short periods of time, separated by longer time intervals of undetermined length, which makes it impossible to tell how long ago the rock layers were formed. Geologists are coming to the consensus that fossil-bearing rock layers were produced rapidly, and that there were unknown periods of time between the rock layers (3). Therefore, most of â€Å"geologic time† is represented by the rocks that aren’t there. Geologists have given traditional dates to sedimentary rock layers. They do that based upon the kind of fossils found in the rocks, and the evolutionary assumptions of the stages through which life evolved, and how long it took to evolve through each stage. The fossils in a sedimentary rock layer tell you what kinds of critters were living in that area at the time they were buried by a flood, landslide, or sandstorm (3). The dating and correlation of the geologic column is based on the assumption that all the wildlife living all over the world is the same at any given time. Therefore, floods, landslides, and sandstorms that occur in North America, South America, Africa, Europe, and Asia, will all bury the same kind of critter in any given year. (3) Believe it or not, dinosaur footprints, and the footprints of man, are found in the same strata, in the very same formation, in some cases only 18 inches apart, at a geological dig in Glen Rose, Texas, called the Paluxy River Bed. The ancient footprints of â€Å"man† at the site are found to be evenly spaced, and go under overhanging shale formations, continuing under the formations, and have been excavated. 4) Dinosaurs were said to have lived 250 million to 65 million years ago because their bones are found in rocks that are said to be Triassic, Jurassic, or Cretaceous. Rocks are classified as Triassic, Jurassic, or Cretaceous because they contain fossils that evolutionists presume were alive all over the Earth only during those periods of time. If you found a rock with a dinosaur bone in it, you wou ld not be able to convince an evolutionary geologist that it was anything other than a Triassic, Jurassic, or Cretaceous rock. If radioisotope dating indicated the rock was less than 65 million years old, or more than 250 million year old, the evolutionist would flatly reject the radioisotope date. It is a fundamental article of faith that dinosaurs lived 250 to 65 million years ago. (3) New evidence from the Paluxy river bed in Glen Rose, Texas, as well as from South America, Mexico, and California, demonstrates beyond any doubt that dinosaurs and mankind co-existed, and walked the planet earth at the very same time — during the age of man. Believe it or not, dinosaur footprints, and the footprints of man, are found in the same strata, in the very same formation, in some cases only 18 inches apart, at a geological dig in Glen Rose, Texas, called the Paluxy River Bed. The ancient footprints of â€Å"man† at the site are found to be evenly spaced, and go under overhanging shale formations, continuing under the formations, and have been excavated (4). How is it possible that human footprints found in Mexico, Arizona, Texas, Illinois, New Mexico, Kentucky, and other states, are in rocks supposedly 250,000,000 years old† (4) Winkie Pratney in  Creation or Evolution? Part III, the Fossil Record: discusses the mysterious dinosaur tracks and human footprints found close together at the Paluxy River Bed: â€Å"Though the dino tracks (in the Paluxy River Bed in Glen Rose, Texas, for instance) are real, perhaps the human prints were later ‘clever carvings’ by Indians. Recent research, however, has shown that they continue under shale bulldozed away, and paleontologists like Dr. Camp of the University of California and Dr. G. Wescott of Ypsilanti, Michigan, have pronounced them genuine. Scores of other similar finds have come in: human skulls in the Pliocene strata; pollen and anthropods in Pre-Cambrian layers; even pictographs of a dinosaur among other animals on ancient canyon walls, which would knock some 70 million years out of the geologic column† (Acts, p. 15, June 1996). (4) Since dinosaurs supposedly died out 65 million years ago, it is not possible that anyone in historic times has ever seen a living dinosaur. But what if people have seen living dinosaurs? Wouldn’t that completely refute the assumptions upon which the dating of the geologic column rests? For that reason, it is worth evaluating the evidence that man and dinosaurs might have lived together. If dinosaurs and man lived together, don’t you think they would be mentioned in ancient books? Certainly they would. They would not be called â€Å"dinosaurs† because that word wasn’t coined until 1841. If they were mentioned, you would expect them to be called something else, but would expect their descriptions to match dinosaurs (3). You would expect to read things like this, written by Philostratus (200 – 230 AD) wrote in the  Life of Apollonius of Tyana, Northern â€Å"India is girt with dragons of enormous size; not only are the arshes full of them but the mountains as well and not a single ridge is without one. †¦ The dragons of the foothills have crests, of moderate height when young but they grow with them and extend to a great height when they reach full size. † The bodies of the plains dragons are sometimes found with elephants, a great reward for hunters. Their tusks resemble those of swine, but more twisted and sharp. â€Å"They say that in the skulls of the mountain dragons are stored stones of flowery colors that flash out all kinds of hues. † They tell us that â€Å"a great many dragons’ skulls are enshrined† in the center of the great city of Paraka (Peshawar? close by the mountain. (3)For over 2 hundred years there have been reports of a living dinosaur in Africa. This creature, which the natives call â€Å"Mokele-Mbembe† is believed to be a sauropod type of dinosaur (5). Sauropod means â€Å"Lizard-Footed† dinosaur. Sauropods are four-legged, herbivorous dinosaurs. These incidents were reported long before the word â€Å"dinosaur† was coined, and long before anyone (in this century) knew they existed. If Mokele-Mbembe is a living dinosaur, then it makes the claim of total dinosaur extinction unfounded. The Congolese people are very familiar with the aquatic dinosaur living in the Likoula swamp region. They call this Apatosaurus-like creature â€Å"Mokele-Mbembe† which means:  Ã¢â‚¬Å"one who stops the flow of rivers† (5). From the size of this awesome beast this name is sure fitting! They believe this animal  (which they greatly fear)  is sacred. This belief is due to the illness and death of many in the pygmy tribe after one was killed with a spear and eaten by the people. Of course, the deaths and illness were probably more likely due to spoilage of its meat. An animal this large could have been eaten for several weeks. (5) â€Å"Persistent reports of strange creatures in remote, swampy jungles of western Africa have led two scientists to believe that dinosaurs still may walk the Earth. Both historical reports from Westerners and firsthand accounts from natives indicate dinosaur-like creatures may exist today in a virtually unexplored jungle in the People’s Republic of the Congo, the researchers said yesterday. Dr. Roy Mackal, a research associate at the University of Chicago, said he believes the animals may be elephant-sized dinosaurs (5). In an article in Science magazine, published by the American Association for the Advancement of Science, the researchers say natives call the creature ‘Mokele-Mbembe. ‘ â€Å"The researchers say they believe it actually may be a dinosaur that looks like a smaller version of the brontosaurus, a giant plant-eater that died out 70 million years ago. Natives shown pictures of many kin ds of animals picked illustrations of the brontosaurus as most closely resembling the creatures they say they saw, Mackal said. †Ã‚   Source: Warren E. Leary â€Å"Dinosaurs May Inhabit Remote Jungle. † San Diego Union Tribune, Oct 18, 1980 (Washington date Line). as quoted in â€Å"That their words may be used against them† by Henry Morris, pg. 258) Roy Mackal, an American Biochemist (and evolutionist) has headed several expeditions since 1980 to the Likouala swamp. Mackal has collected numerous eyewitness accounts from the Congo natives. Many live in different locations, yet their descriptions of the creature are the same despite lack of communication with each other. Descriptions of the dinosaurs physical appearance and behavioral traits are consistent with each other. (5)| â€Å"I am not at all convinced it has been proven that the dinosaurs became extinct prior to the advent of man. I believe there is much evidence, ancient and modern, to indicate that dinosaurs and human kind existed on earth contemporaneously, and that human beings, while they probably lived in different regions than dinosaurs for the most part, did on many occasions encounter the sometimes huge and fearsome creatures. The memories of these encounters were so vivid and deep that they were passed down in a multitude of cultures as legends, painted on cave walls, represented in pottery, and written of in literature† (Quote from Francis Schaeffer (a well known Christian Historian) . Though most are now gone, I believe that some small species of dinosaurs may still alive today in remote parts of the world. | Works cited page 1. Swift, Dennis. â€Å"More Evidence That Dinosaurs and Man Co-existed ! †Ã‚  Angelfire: Welcome to Angelfire. 2011. Web. 13 Apr. 2011. http://www. angelfire. com/mi/dinosaurs/dinoscoexist. html. 2. â€Å"Men and Dinosaurs Coexisted. †Ã‚  Www. icr. org. Web. 13 Apr. 2011. http://www. icr. org/men-dinosaurs/. 3. Jones, Do-While. â€Å"The Age of Dinosaurs. †Ã‚  Ridgecrest, California – Your Community Portal. June 2004. Web. 13 Apr. 2011. lt;http://www. ridgecrest. ca. us/~do_while/sage/v8i9f. htm. 4. Keyser, John D. â€Å"Dinosaurs and Man? †Ã‚  Hope of Israel Ministries. Web. 13 Apr. 2011. http://www. hope-of-israel. org/dinosaur. htm. 5. â€Å"Mokele-Mbembe Search Living Dinosaurs Dinosaur Embryos Uncovered. †Ã‚  Angelfire: Welcome to Angelfire. Web. 13 Apr. 2011. http://www. angelfire. com/mi/dinos aurs/mokele. html. 6. Warren E. Leary â€Å"Dinosaurs May Inhabit Remote Jungle. † San Diego Union Tribune, Oct 18, 1980 (Washington date Line) Griffin Bearicks Spring semester 2011 April 13, 2011 Geology 1304 Roger Sigler How to cite Dinosaurs and Man May Have Co-Existed, Essay examples

Kevin Wormell free essay sample

Then, for the majority of the paper, discuss your choices for your five major speeches (and dont forget to include the Focus Groups). These five speeches ere: Introduction, Personal Narrative, Informative, Persuasive, and Final Speech. What does your collection of speeches reveal about your speaking in this class? Did the words flow fairly easily or was it difficult? What was your hardest and easiest speech?Most importantly, this paper should include your person observations on your experience giving speeches over the semester; In other words, your reflections on the specific topics and Issues that Interested you (and you can certainly Include other people in the classs topics not just your own), questions about these topics, ND critical thinking opportunities to investigate the nature of public speaking as a whole. Please discuss the fill, The Great Debaters, or any of the Deaf Jam poets, as well. You may also discuss the campus speakers if you saw them. We will write a custom essay sample on Kevin Wormell or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Remember to refer to textbook lessons, class discussions, and handouts, If relevant.IA. My Initial goals for this semester in your public speaking class were simply to gain more confidence in myself to become a better public speaker. Also another goal was to become more active in making new friends and conversing out of my comfort one. Not only that, I wanted to be able to talk/speak in front of a crowd without letting my nerves and the fear of speaking overcome me. Finally, I had another mini goal of gaining more knowledge toward the subject of public speaking, whether It was studying on certain subjects to better my vocabulary or learning about certain aspects of the form of speaking. B. O the flirts speech we had was on describing myself to the rest of my class, which was very nerve-racking on its own, but when I stepped up there I noticed that it wasnt what I was expecting it to be. I felt I gained more confidence after the first speech to my surprising and I was capable of going up in front of the class and speaking easily. I have now learned that I can relax easier while speaking In front of people and that Its not so hard to Just randomly speak to a random person about something. 1 C. Elements that I hope to keep Improving on Is to speak more clearly and not stutter so much or double up my words and sentences.Also I hope to continue to speak longer and more intellectually when speaking to higher powers, family, etc. 2. My first speech was the Introduction speech. I decided to talk about myself as a sneaker collector, also that I work at Champs Sports and that Drake was my favorite favorite hobby and thing to do when I was super-duper bored. My next speech was the Personal Speech/Narrative. I talked about the tragic time that I almost drowned in the swimming pool in the deep end at my old boys scout summer camp. This was a very frightening time in the beginning of my long life that I will not ever forget for my entire life.I spoke about every second of that day in high detail and how the incident appended to me and that everyone did nothing to help me. This moment was a very emotional disappointment for me from not one person even acknowledging me when it happened. The 3rd speech was the informative/how to speech. I spoke about the evolution of the Jordan Brand and the first 8 sneakers that the brand ever produced. They were worn by the greatest basketball player of all-time, Michael Jordan. I also spoke about each shoe in detail and how they were made and what were special about them. Also, I gave facts about what happened and the events that Jordan articulated in the desired shoe I was currently talking about and gave pictures of the shoes throughout the Powering. Finally I gave a couple funny fun facts about Michael Jordan that not a lot of people would know about, saying that he gets a manicure every two weeks and that he gets a pedicure every month. The 4th speech was the Persuasive speech. I chose not to complete this speech and not show up to class because I felt like I was not fully prepared to complete the desired speech.I researched forever on the topic of the 9/1 1 conspiracy but decided to terminate my search because I felt like I could not find any valid points to either be pro- conspiracy or anti-conspiracy and that I had no real proof of the subtopics if people asked difficult questions about arguing about my topic, which was an important part of the speech, to back up my evidence. The 5th speech was the focus group and I chose the topic of Should pr ostitution be legalized or not. I chose to be anti-prostitution for the fact that prostitution is not only degrading to women but also that it is Just outright ridiculous. Not only is it bad for he economy if it was legalized, but it would also raise the divorce rate in the united states and I also believe that it would ruin the economy with all the sales tax that it would bring to this nations economy. My final speech of the semester was a how to speech on how to make a peanut butter and Jelly sandwich. This speech was a pretty goofy and funny speech that I Just pulled out of my buttocks, but I felt like a knocked it out of the park, give EVERY SINGLE little step on how to prepare to make the sandwich and also how to make the sandwich.I even gave everyone a funny video on Youth on how to make the sandwich as well, and also gave fun facts about peanut butter and Jelly sandwiches, that February 12th is National Peanut Butter and Jelly day, and finally that there was a record made for the biggest BPJ sandwich that weighed over 1,342 pounds! The film The Great Debaters really caught my eye on how to become a better debater and also to become a better man and to fix up my vocabulary, and finally to become and achieve whatever I want to as long as I put my hardest work in.

John Battaglia Killed His Daughters for Revenge Against His Wife

John Battaglia Killed His Daughters for Revenge Against His Wife John David Battaglia shot and killed his two young daughters to get even with his ex-wife for reporting him to his  parole officer on a probation violation. A former Marine and CPA, John Battaglia was well liked by his friends and family. He appeared to be a good guy- fun spirited and charming. That was what MaryJean Pearle thought when she married him, but on their wedding night, Battaglias dark side began to emerge. At first,  he would fly off the handle and throw a few curse words and insults at his new wife. Pearle did not like it, but she put up with it  because they shared more good times together than bad. The following year  their first daughter, Faith, was born and then Liberty, three years later. Now with a family to consider, Pearle tried even harder to make the marriage work. An Idyllic Life With Hidden Secrets Living in an upscale neighborhood in Dallas, the small family seemed to have an idyllic life. But inside the home, Battaglias violent episodes began happening more often. He verbally abused Pearle, screaming obscenities at her and calling her vile names.   As time went on, the verbal attacks lasted longer and in an effort to keep her family together, Pearle endured it. The girls adored their dad, who had always been a gentle and loving father to them, even though his temper tantrums that he unleashed on Pearle continued to increase. Then one night, his anger switched from verbally attacking Pearle to going after her physically. She was able to get away and call 911. Battaglia was placed on probation and although he was allowed to see the girls, he was not allowed to enter their home. The separation gave Pearle a chance to think and it did not take long for her to realize that after seven years of abuse and having her children exposed to a lot of it, that it was time to file for a divorce. Christmas 1999 On Christmas day in 1999, Pearle allowed Battaglia to come into the home so he could visit with the girls. The visit ended in the two of them arguing and Battaglia violently attacking Pearle. He beat her with full force on the back of her head as she tried to protect herself from the blows. Battaglia was arrested and charged with assault. He was put on two years probation and was forbidden to have contact with Pearle. He could also not visit his daughters for 30 days. When the 30 days ended, normal weekly visitation started back up and so did the verbal assaults toward his ex-wife. Rage and Resentment The divorce came through the following August, but that did not deter Battaglia from leaving obscene and often threatening messages on his ex-wifes phone. As the threats progressed, Pearle became more fearful that one day her ex-husband might really act on what he was saying, but the thought that he would ever hurt the girls did not enter her mind. Visitation between the girls and their father continued. After a particularly frightening call from Battaglia in April 2001, Pearle decided it was time to get help. She contacted her ex-husbands probation officer and reported that he had been making threatening calls, which was a violation of his parole.   A few weeks later, on May 2, Battaglia found out that his parole had been revoked and that he was probably going to be arrested for the calls that he made to his ex-wife and for testing positive for marijuana.  He was assured by a police officer that the warrant would not be executed in front of his children and that he could make arrangements with his lawyer to peacefully turn himself in. He was scheduled to have the girls over for dinner that same night and Pearle,  not knowing that Battaglia had any knowledge that she had reported him to his parole officer, dropped off the girls with him at the normal meeting place. A Daughters Cry Later that evening, Pearle received a message from one of her daughters. When she returned the call, Battaglia put the call on speakerphone, and told his daughter Faith to ask her mother, Why do you want Daddy to go to jail? Then Pearle heard her daughter screaming, No, Daddy, please dont, dont do it. Gunshots  followed the childs cry and then Battaglia screamed, Merry (profanity) Christmas, then there were more gunshots. Mary Jean Pearle hung up the phone and frantically called 911. After shooting 9-year-old Faith three times and 6-year-old Liberty five times Battaglia went to his office where he left one more message, but this time to his dead daughters. Goodnight my little babies, he said. I hope youre resting in a different place. I love you, and I wish that you had nothing to do with your mother. She was evil and vicious and stupid. I love you dearly. Then he met up with a girlfriend and went to a bar and then to a tattoo shop and had two red roses tattooed on his left arm in honor of his daughters that he had just murdered. Battaglia was arrested as he left the tattoo shop at 2 a.m. It took four officers to restrain and handcuff him. Officers took a fully loaded revolver from Battaglias truck after his arrest. Inside his apartment, police found several firearms and the automatic pistol used in the shootings laying on the kitchen floor. Autopsy Faith had three gunshot wounds, including a shot to her back which severed her spinal cord and ruptured her aorta, a contact shot to the back of her head which exited her forehead, and a shot to her shoulder. Either of the first two shots would have been rapidly fatal. Six-year-old Liberty had four gunshot wounds and a graze wound to the top of her head. One shot entered her back, severed her spinal cord, went through a lung, and lodged in her chest. After losing about one-third of her blood, she received a contact shot to her head which passed through her brain, exited her face, and was immediately fatal. A History of Abuse is Revealed In less than 20 minutes of deliberation, the jury found Battaglia guilty of murder.   During the  punishment phase of the  trial, Battaglias first wife,  Michelle Gheddi, testified about the abuse she had suffered during their marriage that lasted from 1985 to 1987, and then after their divorce. Twice  Battaglia was physically violent toward Gheddis son from a previous marriage. Once when Ms. Gheddi was traveling with  Battaglia  in the car, he became angry at some other motorists and tried to reach for a gun he had in the car. They separated after an incident in which Battaglia struck Gheddi while she was holding their daughter Kristy, causing her to drop the child. After the separation, Battaglia stalked Gheddi,  watched her through the windows of her home, followed her in his car and somehow managed to tap her phone line.  He called Gheddis employers and creditors and made false statements about her. He threatened to kill himself and her, and once described to her in detail how he planned to cut her up and kill her with a knife. One night Gheddi woke up sometime after midnight to find her estranged husband standing over her bed and holding her shoulders down. He wanted to have sex, but she refused. Later she filed a police report about the incident. In January of 1987, Battaglia spent several days in jail after throwing a rock at Gheddi through her car window. After his release, things seemed to improve, but for only for a few months. Gheddi again filed charges against Battaglia after two more violent episodes.  Battaglia begged her to drop the charges, but she refused. Later that day, he approached Gheddi outside of her sons school. Smiling as he came toward her, he told her, If Im going back to jail, Im going to make it worth my while. He then beat Gheddi until she lost consciousness, breaking her nose and dislocating her jaw. After she got out of the hospital, he threatened to do the same to her son, so she moved to Louisiana At noon on the day that Faith and Liberty were killed,  Battaglia left a message on Gheddis  answering machine saying that maybe Pearl should lose her kids. He left another message later that evening for Kristy, telling her that he was sending her money for college and to use it wisely. Psychiatric Testimony Four forensic psychiatrists testified about  Battaglias mental state when he murdered his children.  They all agreed that Battaglia suffered from bipolar disorder, and all but one of the doctors thought that with the proper medication and under a controlled environment, he was a low risk for future criminal violence. All of the doctors testified that Battaglia knew what he was doing when he murdered his daughters. Death Sentence On May 1, 2002, after deliberating for close to seven hours, the jury agreed with the prosecutors who felt that the murders were a result of Battaglia seeking revenge because of his ex-wifes actions and that he could pose a possible threat in the future.  Battaglia, who was 46 years old at the time, was sentenced to death  by lethal injection. Best Little Friends Referring to his daughters as his best little friends, Battaglia told The Dallas Morning News that he did not feel like he had killed his daughters and that he was, a little bit in the blank about what happened. During the interview Battaglia showed no remorse for murdering his daughters,  instead placing the blame for his situation on his ex-wife, the prosecutor, the judge and the news media. He said that  Pearle was putting a lot of financial pressure on him and that after the divorce he had to work two jobs to keep up with his obligations.   On the night that he shot and killed his daughters, he said that Faith had told him that  Pearle was trying to have him arrested. Stressed out, exhausted, angered and wanting  Pearle to suffer, he did the one thing he knew would hurt her the most. He killed the children, although he says he has little memory of the actual event. Execution Halted Hours Before Battaglia was Scheduled to Die John Battaglia,  age 60,  was scheduled for lethal injection on Wednesday, March 30, 2016, for the revenge killing of his two young daughters, but the 5th U.S. Circuit Court of Appeals  put a halt to it. The court agreed with Battaglias attorney that he has a right to claim that he is too mentally incompetent and delusional to be executed investigated. Battaglia was eventually executed by lethal injection on Feb. 1, 2018, in the  Texas State Penitentiary at Huntsville, Texas.

List of Elements in the Lathanide Group

List of Elements in the Lathanide Group The lanthanides or lanthanoid series is a group of transition metals located on the periodic table in the first row (period) below the main body of the table. The lanthanides are commonly referred to as the rare earths, although many people group scandium and yttrium together with the rare earth elements. Its less confusing to call the lanthanides a subset of the rare earth metals. The Lanthanides Heres a list of the 15 elements that are lanthanides, which run from atomic number 57 (lanthanum or Ln) and 71 (lutetium or Lu): Lanthanum: atomic number 57 with symbol Ln Cerium: atomic number 58 with symbol Ce Praseodymium: atomic number 59Â  with symbol Pr Neodymium: atomic number 60 with symbol Nd Promethium: atomic number 61 with symbol Pm Samarium: atomic number 62 with symbol Sm Europium: atomic number 63 with symbol Eu Gadolinium: atomic number 64 with symbol Gd Terbium: atomic number 65 with symbol Tb Dysprosium: atomic number 66 with symbol Dy Holmium: atomic number 67 with symbol Ho Erbium: atomic number 68Â  with symbol Er Thulium: atomic number 69 with symbol Tm Ytterbium: atomic number 70 with symbol Yb Lutetium: atomic number 71 with symbol Lu Note sometimes that lanthanides are considered to be the elements following lanthanum on the periodic table, making it a group of 14 elements. Some references also exclude lutetium from the group because it has a single valence electron in the 5d shell. Properties of the Lanthanides Because the lanthanides are all transition metals, these elements share common characteristics associated with metals. In pure form, they are bright, metallic, and silvery in appearance. Because the elements can have a variety of oxidation states, they tend to form brightly colored complexes. The most common oxidation state for most of these elements is 3, although 2 and 4 are also generally stable. The metals are reactive, readily forming ionic compounds with other elements. Lanthanum, cerium, praseodymium, neodymium, and europium react with oxygen to form oxide coatings or tarnish after brief exposure to air. Because of their reactivity, pure lanthanides are stored in an inert atmosphere, such as argon, or are kept under mineral oil. Unlike other most other transition metals, the lanthanides tend to be soft, sometimes to the point where they can be cut with a knife. None of the elements occurs free in nature. Moving across the periodic table, the radius of the 3 ion of each successive element decreases. This phenomenon is called lanthanide contraction. Except for lutetium, all of the lanthanide elements are f-block elements, referring to the filling of the 4f electron shell. Although lutetium is a d-block element, its usually considered a lanthanide because it shares so many chemical properties with the other elements in the group. Although the elements are called rare earth metals, they arent particularly scarce in nature. However, its difficult and time-consuming to isolate them from each other from their ores, adding to their value. Lanthanides are valued for their use in electronics, particularly television and monitor displays. They are used in lighters, lasers, superconductors, to color glass, to make materials phosphorescent, and to control nuclear reactions. A Note About Notation The chemical symbol Ln may be used to refer to any lanthanide in general, not specifically the element lanthanum. This may be confusing, especially in situations where lanthanum itself isnt considered a member of the group!

Health Economics Research Paper Example | Topics and Well Written Essays - 1500 words

Health Economics - Research Paper Example This means that most firms sampled that remained in business lies below the mean rating of the ratio of current assets and current liabilities. The median is greater than the mean. Furthermore, it is noted that there is an outlier in the data with a firm showing a ratio of 0.23. The distribution is also spread wide as shown by low kurtosis value and longer range. On the other hand, the shape of the distribution for firms that failed is positively skewed. The data gathered showed that most firms that failed are above the mean. The distribution is also peaked and shorter ranged. b) To test the hypothesis that failed firms have a lower ratio of assets to liabilities, the statistical procedure conducted is t-test. A null hypothesis is first created. The null hypothesis would be that the ratio of current assets and liabilities has no effect on the success or failure of the firm. If the data departs from the null hypothesis, then our alternate hypothesis that failed firms have a lower ratio of assets to liabilities will be correct. Below are the data for the t-test. The results as shown by the table above indicated that there is a significant difference in the assets to liabilities ratio between the firms that remained and the firms that failed at the 0.05 level. ... The distribution is also peaked and shorter ranged. b) To test the hypothesis that failed firms have a lower ratio of assets to liabilities, the statistical procedure conducted is t-test. A null hypothesis is first created. The null hypothesis would be that the ratio of current assets and liabilities has no effect on the success or failure of the firm. If the data departs from the null hypothesis, then our alternate hypothesis that failed firms have a lower ratio of assets to liabilities will be correct. Below are the data for the t-test. t-Test: Two-Sample Assuming Equal Variances Alpha = 0.05 Firms that Remained Firms that Failed Mean 1.73 0.82 Variance 0.41 0.23 Observations 68 33 Pooled Variance 0.35 Hypothesized Mean Difference 0 df 99 t Stat 7.172 P(T

Labor Standards Essay Example | Topics and Well Written Essays - 250 words

Labor Standards - Essay Example However, overtime compensation may be offered based on the agreement. On the other hand, Nonexempt can be described as an arrangement where employees are entitled to overtime compensation and minimum wage as outlined in the Fair Labor Standard Act. An executive exception can be said to be the benefits that accrue to individuals based on their positions in an organization. Subsequently, administrative exemption refers to favors that people enjoy for holding administrative posts in an organization such as the supervisors. Profession exemptions are exclusions that individuals get due to some expertise power. The WTPA became effective in 2011 and was mainly constituted to ensure that wages for workers are safe. The WTPA obliges employers to provide new workers with a written notice of wage rates and the formal payment dates. The US government realized that most employers were not ethical in disbursing wages to workers. In essence, several cases arose regarding wage theft and, therefore, there was a need to formulate a legislation that provide a solution to such issues. The law is of great interest to my company in that it provides an oversight of the legal repercussions that might happen once wage theft is reported to the relevant

Bolsheviks and Britain in World War One :: World History Regeneration Barker Essays

"Bolsheviks and Britain in World War One" During one of the therapy and wit sessions between Rivers and Prior at Craiglockhart, we discover that class struggle is an issue plaguing Prior. Pat Barker introduces the reference to Bolsheviks on page 135 in order to have her readers strictly denounce the caste system of British society, both for the soldiers returning home, and also the women who continued to be victims of the same system in Britain during World War One. Understanding the role Bolsheviks play in affecting Britain's soldiers and citizens during World War One first requires background information on both Russian interests and Russia's relationship to Germany. Russia entered World War One after Germany declared war against Russia due to an alliance system between Germany and Austria. The Russians had little success in repelling the Germans, illustrated by the disaster at Tannenberg where more than 30,000 Russians soldiers died (Sherow). Germany subsequently made large gains into Russian territories. Tsar Nicholas II had no choice but to abdicate the throne in March 1917, allowing the Bolsheviks to take power (Sherow). It is very important to note that the Germans allowed "prominent Bolsheviks like Lenin and Trotsky" to pass by rail through their country "to start a revolution and knock Russia out of the war" (Simpson). Due to the Bolshevik revolution not completely coming from a democratic mandate from the people, Britain shows extreme suspicion towards Russian motives henceforth. Distrust and skepticism within Britain toward the new Bolshevik government led to Britain's reluctance to support it and a hands off diplomatic approach to Russian problems. By 1917 it was evident that the "question of peace and war would be a bitter source of controversy within the Bolshevik party" (Kowalski 11). Lenin had uncompromisingly defended his position not to continue the war, a decision that was leading to a split in the upper ranks of the party (Kowalski 33). His reasoning was that any imperialist states should not be negotiated for peace, instead calling "for an international civil war against world capitalism" (Kowalski 11). Lenin’s statements are quite a shock for the newly opened spheres of investments that had led to a great interest in Eastern Europe industries (Sherow). France and even Britain had loaned out much money to facilitate the growth --and, hopefully, returns-- in Eastern Europe; any resort to war at this point would cost both countries dearly (She row).

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