Walmart's Annual Report 2012

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The company that I am writing about is Walmart. Its latest annual report is for the 2012 fiscal year, which ended January 31, 2012. The company's fiscal years are essentially ahead of the calendar year. On the Walmart balance sheet, cash and equivalents are $6.55 billion, the receivables (net) are $5.937 billion and the inventories are $40.714 billion. These are described in the notes to the financial statements. The cash and cash equivalents are considered to be investments with a maturity of less than three months when purchased, or credit card, debit card and electronic benefits transactions that process is less than seven days. These transactions amount to $1.2 billion in cash. Another category of cash and cash equivalents is $547 million worth of "restricted cash primarily related to cash collateral holdings from various counterparties, as required by certain derivative and trust agreements." This sounds like money held for margins on derivative positions or other investments, where the cash is in cash but not truly available. The company estimates that total cash of $5.6 billion in held in cash outside of the United States to support liquidity needs for the company's foreign operations, and that the company will not need to repatriate this cash. Some $798 million of this cash cannot be repatriated to the US because of local laws. With respect to its receivables, Walmart has noted five different types. These are insurance companies resulting from pharmaceutical
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