The Numbers Behind Walmart’s Pay Raise: DealBook Briefing

Who benefits: Walmart said in its most recent annual report that it had nearly 1.5 million associates in the U.S. That’s much bigger than any other company that has announced tax-related worker benefits to date. (AT&T, for instance, has roughly 200,000 employees who will likely benefit from that company’s $1,000-per-worker bonus.)

From C.E.O. Doug McMillon:

“We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders. However, some guiding themes are clear and consistent with how we’ve been investing — lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology. Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.”

Who benefits: Walmart said in its most recent annual report that it had nearly 1.5 million associates in the U.S. That’s much bigger than any other company that has announced tax-related worker benefits to date. (AT&T, for instance, has roughly 200,000 employees who will likely benefit from that company’s $1,000-per-worker bonus.)

What else is behind the move? The retailer’s efforts to keep workers amid a tightening labor market, which has led companies to fight to keep workers. (The current unemployment rate is at just 4.7 percent.)

More from Matthew Boyle of Bloomberg:

With the wage increase and bonus payment, the world’s biggest retailer seeks to even its pay gap with resurgent rival Target Corp., while simultaneously sending a high-profile thank you to the U.S. government for slashing the corporate tax rate.

Critics’ corner

— Michael J. de la Merced

Another Unicorn prepares for its trading debut.

Dropbox has filed confidentially with the Securities and Exchange Commission to go public, Bloomberg reports.

The closely-held file-sharing company with a valuation of $10 billion is among a group of high-profile tech start-ups that investors have been waiting for to go public. The offering…

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