Segments

The Company is engaged in retail and wholesale operations located in the U.S., Argentina, Brazil, Canada, Chile, China, India, Japan, Mexico and the United Kingdom, as well as countries located in Africa and Central America. The Company's operations are conducted in three business segments: Walmart U.S., Walmart International and Sam's Club. The Company defines its segments as those operations whose results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The Company sells similar individual products and services in each of its segments. It is impractical to segregate and identify revenues for each of these individual products and services.

The Walmart U.S. segment includes the Company's mass merchant concept in the U.S. operating under the "Walmart" or "Wal-Mart" brands, as well as digital retail. The Walmart International segment consists of the Company's operations outside of the U.S., including various retail websites. The Sam's Club segment includes the warehouse membership clubs in the U.S., as well as samsclub.com. Corporate and support consists of corporate overhead and other items not allocated to any of the Company's segments.

The Company measures the results of its segments using, among other measures, each segment's net sales and operating income, which includes certain corporate overhead allocations. From time to time, the Company revises the measurement of each segment's operating income, including any corporate overhead allocations, as determined by the information regularly reviewed by its CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period's presentation.

Net sales by segment are as follows:



	Three Months Ended October 31,				Nine Months Ended October 31,
(Amounts in millions)	2016		2015		2016		2015
Net sales:
Walmart U.S.	$	74,550	$	72,712	$	224,086	$	216,916
Walmart International	28,390		29,811		85,094		90,726
Sam's Club	14,236		14,075		42,387		42,288
Net sales	$	117,176	$	116,598	$	351,567	$	349,930

Operating income by segment, as well as operating loss for corporate and support, and interest, net, are as follows:



	Three Months Ended October 31,						Nine Months Ended October 31,
(Amounts in millions)	2016			2015			2016			2015
Operating income (loss):
Walmart U.S.	$	3,999		$	4,506		$	12,750		$	13,964
Walmart International	1,354			1,338			4,245			3,685
Sam's Club	396			539			1,281			1,394
Corporate and support	(630		)	(669		)	(1,717		)	(1,580		)
Operating income	5,119			5,714			16,559			17,463
Interest, net	585			552			1,712			1,919
Income before income taxes	$	4,534		$	5,162		$	14,847		$	15,544