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Wal-Mart is a multinational retail corporation that operates a chain of discount department stores and...

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Accounting

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Wal-Mart is a multinational retail corporation that operates a chain of discount department stores and warehouse stores around the world. Wal-Mart's fiscal year ends on January 31. The following excerpt is from their fiscal 2009 Balance Sheet, dated January 31, 2009 January 31, Amounts in millions 2009 2008 Property under capital lease: Property under capital lease Less accumulated amortization $ 5.341 (2,544 $ 2.797 S 5,736 (2,594 $ 3.142 Property under capital lease, net In addition, they disclosed the following information in a footnote Note 9: Commitments The Company and certain of its subsidiaries have long-term leases for stores and equipment Aggregate minimum annual rentals at January 31. 2009 under these leases are as follows (Amounts in millions) Fiscal Year Operating Capital Leases 2010 2011 2012 2013 2014 Thereafter Total minimum rentals Leases $ 569 556 527 492 460 2,867 $ 1.161 1.138 997 816 7.830 12,830 $ 5.471 Less imputed interest Present value of minimum lease payments 1.956 S 3,515 Less amounts due within one year Amounts due after one year 315 $3.200

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