. What is the interpretation of the line item Net impact of repatriated international earnings? Why is it a positive reconciling item in some years but negative in other years? l. What are the two largest deferred tax assets? Explain how they have arisen and why they are assets. m. What is the valuation allowance? It has decreased during the two-year period. What is the implication of this decrease for earnings? n. Why does Walmart report a deferred tax liability for property and equipment? Speculate whether Walmart expanded or contracted based on the information in this section of the tax note. PENSIONS o. What kind of pension plans does Walmart have, and how are earnings affected by each?