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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended July 31, 2019.
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from              to             .
Commission File Number 001-6991
image2a22.jpg
WALMART INC.
(Exact name of registrant as specified in its charter)
Delaware
 
71-0415188
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
702 S.W. 8th Street
 
72716
Bentonville
AR
 
(Address of principal executive offices)
 
(Zip Code)

Registrant's telephone number, including area code: (479) 273-4000
Former name, former address and former fiscal year, if changed since last report: N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.10 per share
 
 WMT
 
New York Stock Exchange
1.900% Notes Due 2022
 
 
 
New York Stock Exchange
2.550% Notes Due 2026
 
 
 
New York Stock Exchange
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
  
Accelerated Filer
 
Non-Accelerated Filer
 
  
Smaller Reporting Company
 
 
 
 
 
Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
The registrant had 2,844,284,080 shares of common stock outstanding as of September 4, 2019.


Table of Contents

Walmart Inc.
Form 10-Q
For the Quarterly Period Ended July 31, 2019



Table of Contents
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



2


Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
Walmart Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
(Amounts in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Net sales
 
$
129,388

 
$
127,059

 
$
252,337

 
$
248,689

Membership and other income
 
989

 
969

 
1,965

 
2,029

Total revenues
 
130,377

 
128,028

 
254,302

 
250,718

Costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
 
97,923

 
95,571

 
190,957

 
187,278

Operating, selling, general and administrative expenses
 
26,871

 
26,707

 
52,817

 
52,536

Operating income
 
5,583

 
5,750

 
10,528

 
10,904

Interest:
 
 
 
 
 
 
 
 
Debt
 
558

 
460

 
1,146

 
897

Finance, capital lease and financing obligations
 
83

 
94

 
168

 
187

Interest income
 
(56
)
 
(51
)
 
(104
)
 
(94
)
Interest, net
 
585

 
503

 
1,210

 
990

Other (gains) and losses
 
85

 
4,849

 
(752
)
 
6,694

Income before income taxes
 
4,913

 
398

 
10,070

 
3,220

Provision for income taxes
 
1,233

 
1,125

 
2,484

 
1,671

Consolidated net income (loss)
 
3,680

 
(727
)
 
7,586

 
1,549

Consolidated net income attributable to noncontrolling interest
 
(70
)
 
(134
)
 
(134
)
 
(276
)
Consolidated net income (loss) attributable to Walmart
 
$
3,610

 
$
(861
)
 
$
7,452

 
$
1,273

 
 
 
 
 
 
 
 
 
Net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic net income (loss) per common share attributable to Walmart
 
$
1.27

 
$
(0.29
)
 
$
2.60

 
$
0.43

Diluted net income (loss) per common share attributable to Walmart
 
1.26

 
(0.29
)
 
2.59

 
0.43

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
2,853

 
2,946

 
2,861

 
2,948

Diluted
 
2,869

 
2,946

 
2,878

 
2,963

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$

 
$

 
$
2.12

 
$
2.08

See accompanying notes.

3


Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended July 31,
 
Six Months Ended July 31,
(Amounts in millions)
2019
 
2018
 
2019
 
2018
Consolidated net income (loss)
$
3,680

 
$
(727
)
 
$
7,586

 
$
1,549

Consolidated net income attributable to noncontrolling interest
(70
)
 
(134
)
 
(134
)
 
(276
)
Consolidated net income (loss) attributable to Walmart
3,610

 
(861
)
 
7,452

 
1,273

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
 
 
 
 
 
 
 
Currency translation and other
(81
)
 
(2,685
)
 
426

 
(1,220
)
Net investment hedges
140

 
193

 
248

 
261

Cash flow hedges
(158
)
 
(155
)
 
(289
)
 
(232
)
Minimum pension liability
4

 
9

 
5

 
52

Other comprehensive income (loss), net of income taxes
(95
)
 
(2,638
)
 
390

 
(1,139
)
Other comprehensive (income) loss attributable to noncontrolling interest
(84
)
 
290

 
(118
)
 
127

Other comprehensive income (loss) attributable to Walmart
(179
)
 
(2,348
)
 
272

 
(1,012
)
 
 
 
 
 
 
 
 
Comprehensive income (loss), net of income taxes
3,585

 
(3,365
)
 
7,976

 
410

Comprehensive (income) loss attributable to noncontrolling interest
(154
)
 
156

 
(252
)
 
(149
)
Comprehensive income (loss) attributable to Walmart
$
3,431

 
$
(3,209
)
 
$
7,724

 
$
261

See accompanying notes.

4


Table of Contents

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
July 31,
 
January 31,
 
July 31,
(Amounts in millions)
 
2019
 
2019
 
2018
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,283

 
$
7,722

 
$
15,840

Receivables, net
 
5,382

 
6,283

 
5,002

Inventories
 
44,134

 
44,269

 
41,985

Prepaid expenses and other
 
2,572

 
3,623

 
3,543

Total current assets
 
61,371

 
61,897

 
66,370


 
 
 
 
 
 
Property and equipment, net
 
104,674

 
104,317

 
104,019

Operating lease right-of-use assets, net
 
17,239

 

 

Finance lease right-of-use assets, net
 
3,949

 

 

Property under capital lease and financing obligations, net
 

 
7,078

 
6,998

Goodwill
 
31,454

 
31,181

 
17,840

Other long-term assets
 
16,174

 
14,822

 
10,835

Total assets
 
$
234,861

 
$
219,295

 
$
206,062

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Short-term borrowings
 
$
3,681

 
$
5,225

 
$
444

Accounts payable
 
45,871

 
47,060

 
43,128

Dividends payable
 
3,023

 

 
3,057

Accrued liabilities
 
20,691

 
22,159

 
22,846

Accrued income taxes
 
387

 
428

 
424

Long-term debt due within one year
 
4,396

 
1,876

 
1,090

Operating lease obligations due within one year
 
1,795

 

 

Finance lease obligations due within one year
 
439

 

 

Capital lease and financing obligations due within one year
 

 
729

 
694

Total current liabilities
 
80,283

 
77,477

 
71,683

 
 
 
 
 
 
 
Long-term debt
 
44,404

 
43,520

 
44,958

Long-term operating lease obligations
 
16,079

 

 

Long-term finance lease obligations
 
3,915

 

 

Long-term capital lease and financing obligations
 

 
6,683

 
6,610

Deferred income taxes and other
 
13,049

 
11,981

 
8,999

 
 
 
 
 
 
 
Commitments and contingencies
 

 

 

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
Common stock
 
285

 
288

 
294

Capital in excess of par value
 
2,880

 
2,965

 
2,710

Retained earnings
 
78,432

 
80,785

 
80,810

Accumulated other comprehensive loss
 
(11,270
)
 
(11,542
)
 
(12,629
)
Total Walmart shareholders' equity
 
70,327

 
72,496

 
71,185

Noncontrolling interest
 
6,804

 
7,138

 
2,627

Total equity
 
77,131

 
79,634

 
73,812

Total liabilities and equity
 
$
234,861

 
$
219,295

 
$
206,062

See accompanying notes.

5


Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
 
 
 
 
 
 
 
 
 
Accumulated
 
Total
 
 
 
 
 
 
 
 
 
Capital in
 
 
 
Other
 
Walmart
 
 
 
 
(Amounts in millions)
Common Stock
 
Excess of
 
Retained
 
Comprehensive
 
Shareholders'
 
Noncontrolling
 
Total
Shares
 
Amount
 
Par Value
 
Earnings
 
Loss
 
Equity
 
Interest
 
Equity
Balances as of February 1, 2019
2,878

 
$
288

 
$
2,965

 
$
80,785

 
$
(11,542
)
 
$
72,496

 
$
7,138

 
$
79,634

Adoption of new accounting standards on February 1, 2019, net of income taxes

 

 

 
(266
)
 

 
(266
)
 
(34
)
 
(300
)
Consolidated net income

 

 

 
3,842

 

 
3,842

 
64

 
3,906

Other comprehensive income (loss), net of income taxes

 

 

 

 
451

 
451

 
34

 
485

Dividends declared ($2.12 per share)

 

 

 
(6,071
)
 

 
(6,071
)
 

 
(6,071
)
Purchase of Company stock
(21
)
 
(2
)
 
(73
)
 
(2,012
)
 

 
(2,087
)
 

 
(2,087
)
Dividends declared to noncontrolling interest

 

 

 

 

 

 
(481
)
 
(481
)
Other
5

 

 
(158
)
 
(2
)
 

 
(160
)
 
(16
)
 
(176
)
Balances as of April 30, 2019
2,862

 
$
286

 
$
2,734

 
$
76,276

 
$
(11,091
)
 
$
68,205

 
$
6,705

 
$
74,910

Consolidated net income

 

 

 
3,610

 

 
3,610

 
70

 
3,680

Other comprehensive income (loss), net of income taxes

 

 

 

 
(179
)
 
(179
)
 
84

 
(95
)
Dividends

 

 

 
15

 

 
15

 

 
15

Purchase of Company stock
(15
)
 
(2
)
 
(54
)
 
(1,499
)
 

 
(1,555
)
 

 
(1,555
)
Dividends to noncontrolling interest

 

 

 

 

 

 
6

 
6

Other

 
1

 
200

 
30

 

 
231

 
(61
)
 
170

Balances as of July 31, 2019
2,847


$
285


$
2,880


$
78,432


$
(11,270
)

$
70,327


$
6,804


$
77,131

See accompanying notes.



















6


Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
 
 
 
 
 
 
 
 
 
Accumulated
 
Total
 
 
 
 
 
 
 
 
 
Capital in
 
 
 
Other
 
Walmart
 
 
 
 
(Amounts in millions)
Common Stock
 
Excess of
 
Retained
 
Comprehensive
 
Shareholders'
 
Noncontrolling
 
Total
Shares
 
Amount
 
Par Value
 
Earnings
 
Loss
 
Equity
 
Interest
 
Equity
Balances as of February 1, 2018
2,952

 
$
295

 
$
2,648

 
$
85,107

 
$
(10,181
)
 
$
77,869

 
$
2,953

 
$
80,822

Adoption of new accounting standards on February 1, 2018, net of income taxes

 

 

 
2,361

 
(1,436
)
 
925

 
(1
)
 
924

Consolidated net income

 

 

 
2,134

 

 
2,134

 
142

 
2,276

Other comprehensive income (loss), net of income taxes

 

 

 

 
1,336

 
1,336

 
163

 
1,499

Dividends declared ($2.08 per share)

 

 

 
(6,135
)
 

 
(6,135
)
 

 
(6,135
)
Purchase of Company stock
(5
)
 
(1
)
 
(15
)
 
(492
)
 

 
(508
)
 

 
(508
)
Dividends declared to noncontrolling interest

 

 

 

 

 

 
(489
)
 
(489
)
Other
4

 

 
(76
)
 
7

 

 
(69
)
 
4

 
(65
)
Balances as of April 30, 2018
2,951

 
$
294

 
$
2,557

 
$
82,982

 
$
(10,281
)
 
$
75,552

 
$
2,772

 
$
78,324

Consolidated net income

 

 

 
(861
)
 

 
(861
)
 
134

 
(727
)
Other comprehensive income (loss), net of income taxes

 

 

 

 
(2,348
)
 
(2,348
)
 
(290
)
 
(2,638
)
Dividends

 

 

 
14

 

 
14

 

 
14

Purchase of Company stock
(16
)
 
(1
)
 
(41
)
 
(1,324
)
 

 
(1,366
)
 

 
(1,366
)
Dividends to noncontrolling interest

 

 

 

 

 

 
9

 
9

Other

 
1

 
194

 
(1
)
 

 
194

 
2

 
196

Balances as of July 31, 2018
2,935

 
$
294

 
$
2,710

 
$
80,810

 
$
(12,629
)
 
$
71,185

 
$
2,627

 
$
73,812

See accompanying notes.


7


Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended July 31,
(Amounts in millions)
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Consolidated net income
 
$
7,586

 
$
1,549

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
5,436

 
5,332

Unrealized (gains) and losses
 
(731
)
 
1,939

(Gains) and losses for disposal of business operations
 

 
4,755

Deferred income taxes
 
241

 
(117
)
Other operating activities
 
348

 
469

Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
 
Receivables, net
 
978

 
257

Inventories
 
220

 
441

Accounts payable
 
(1,242
)
 
(1,588
)
Accrued liabilities
 
(1,657
)
 
(1,702
)
Accrued income taxes
 
6

 
(240
)
Net cash provided by operating activities
 
11,185

 
11,095

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Payments for property and equipment
 
(4,871
)
 
(4,282
)
Proceeds from the disposal of property and equipment
 
128

 
205

Proceeds from the disposal of certain operations
 
833

 

Payments for business acquisitions, net of cash acquired
 
(56
)
 

Other investing activities
 
142

 
(351
)
Net cash used in investing activities
 
(3,824
)
 
(4,428
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net change in short-term borrowings
 
(1,564
)
 
(4,761
)
Proceeds from issuance of long-term debt
 
4,020

 
15,851

Repayments of long-term debt
 
(407
)
 
(3,050
)
Dividends paid
 
(3,036
)
 
(3,067
)
Purchase of Company stock
 
(3,707
)
 
(1,844
)
Dividends paid to noncontrolling interest
 
(259
)
 
(171
)
Other financing activities
 
(578
)
 
(478
)
Net cash (used in) provided by financing activities
 
(5,531
)
 
2,480

 
 
 
 
 
Effect of exchange rates on cash, cash equivalents and restricted cash
 
(266
)
 
(299
)
 
 
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
 
1,564

 
8,848

Cash, cash equivalents and restricted cash at beginning of year
 
7,756

 
7,014

Cash, cash equivalents and restricted cash at end of period
 
$
9,320

 
$
15,862

See accompanying notes.

8


Table of Contents

Walmart Inc.
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Basis of Presentation
The Condensed Consolidated Financial Statements of Walmart Inc. and its subsidiaries ("Walmart" or the "Company") and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2019 ("fiscal 2019"). Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K.
The Company's Consolidated Financial Statements are based on a fiscal year ending January 31 for the United States ("U.S.") and Canadian operations. The Company consolidates all other operations generally using a one-month lag and based on a calendar year. There were no significant intervening events during the month of July related to the operations consolidated using a lag that materially affected the Condensed Consolidated Financial Statements.
The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, the Company's highest sales volume and operating income have occurred in the fiscal quarter ending January 31.
Restricted Cash
Restricted cash held outside of cash and cash equivalents was $37 million and $34 million as of July 31, 2019 and January 31, 2019, respectively, and was primarily recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheets. Restricted cash not classified as part of cash and cash equivalents was $22 million and approximately $0.3 billion as of July 31, 2018 and January 31, 2018, respectively, and was primarily recorded in other long-term assets in the Condensed Consolidated Balance Sheets.
Inventories
At July 31, 2019 and January 31, 2019, the Company's inventories valued at LIFO approximated those inventories as if they were valued at FIFO.
Leases
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lease assets and liabilities to be recorded on the balance sheet.  The Company adopted this ASU and related amendments as of February 1, 2019 under the modified retrospective approach and elected certain practical expedients permitted under the transition guidance, including to retain the historical lease classification as well as relief from reviewing expired or existing contracts to determine if they contain leases.  For leases subject to index or rate adjustments, the most current index or rate adjustments were included in the measurement of operating lease obligations at adoption.
The adoption of this ASU and related amendments resulted in a $14.8 billion increase to total assets and a $15.1 billion increase to total liabilities in the first quarter of the fiscal year ending January 31, 2020 ("fiscal 2020"). In the first quarter of fiscal 2020, the Company recognized $16.8 billion and $17.5 billion of operating lease right-of-use assets and operating lease obligations, respectively, and removed $2.2 billion and $1.7 billion, respectively, of assets and liabilities related to financial obligations connected with the construction of leased stores. Several other asset and liability line items in the Company's Condensed Consolidated Balance Sheet were also impacted by immaterial amounts. Additionally, the adoption resulted in a cumulative-effect adjustment to retained earnings of approximately $0.3 billion, net of tax, which primarily consisted of the recognition of impairment. The Company’s Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows were immaterially impacted. Updated accounting policies as a result of the adoption of this ASU are described below. Note 10 provides additional lease disclosures.
For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. The Company records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future minimum lease payments over the term of the lease. As the rate implicit in the Company's leases is not easily determinable, the Company’s applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.
Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

9


Table of Contents

For a majority of all classes of underlying assets, the Company has elected to not separate lease from non-lease components. For leases in which the lease and non-lease components have been combined, the variable lease expense includes expenses such as common area maintenance, utilities, and repairs and maintenance.
Revenue Recognition
Contract Balances
Contract balances as a result of transactions with customers primarily consist of receivables included in receivables, net, and deferred gift card revenue included in accrued liabilities in the Company's Condensed Consolidated Balance Sheets. The following table provides the Company's receivables and deferred gift card revenue from transactions with customers:
(Amounts in millions)
 
July 31, 2019
 
January 31, 2019
Assets:
 
 
 
 
Receivables from transactions with customers, net
 
$
2,483

 
$
2,538

 
 
 
 
 
Liabilities:
 
 
 
 
Deferred gift card revenue
 
$
1,765

 
$
1,932


Derivatives
In fiscal 2020, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The adoption of the standard had no current or historical impact on the Company's Condensed Consolidated Financial Statements. The Company continues to use qualitative methods to assess the effectiveness of its designated hedging relationships. Upon adopting ASU 2017-12, the Company modified its existing hedge documentation to use a quantitative method for assessing effectiveness when the hedge is subsequently determined to be ineffective under the qualitative method. There were no other significant changes to the Company's accounting policies for derivatives.
Recent Accounting Pronouncements
Financial Instruments
In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326), which modifies the measurement of expected credit losses of certain financial instruments. The Company will adopt this ASU on February 1, 2020. Management is currently evaluating this ASU to determine its impact to the Company's Consolidated Financial Statements.
Note 2. Net Income or Loss Per Common Share
Basic net income (loss) per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period. Diluted net income (loss) per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. The Company did not have significant share-based awards outstanding that were anti-dilutive and not included in the calculation of diluted net income (loss) per common share attributable to Walmart for the three and six months ended July 31, 2019 and 2018. Further, the calculation of diluted net loss per common share attributable to Walmart for the three months ended July 31, 2018 does not include the effect of stock options and other share-based awards as their inclusion would be anti-dilutive, and would reduce the net loss per common share.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income (loss) per common share attributable to Walmart:
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
(Amounts in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Numerator
 
 
 
 
 
 
 
 
Consolidated net income (loss)
 
$
3,680

 
$
(727
)
 
$
7,586

 
$
1,549

Consolidated net income attributable to noncontrolling interest
 
(70
)
 
(134
)
 
(134
)
 
(276
)
Consolidated net income (loss) attributable to Walmart
 
$
3,610

 
$
(861
)
 
$
7,452

 
$
1,273

 
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, basic
 
2,853

 
2,946

 
2,861

 
2,948

Dilutive impact of share-based awards
 
16

 

 
17

 
15

Weighted-average common shares outstanding, diluted
 
2,869

 
2,946

 
2,878

 
2,963

 
 
 
 
 
 
 
 
 
Net income (loss) per common share attributable to Walmart
 
 
 
 
 
 
 
 
Basic
 
$
1.27

 
$
(0.29
)
 
$
2.60

 
$
0.43

Diluted
 
1.26

 
(0.29
)
 
2.59

 
0.43



10


Table of Contents

Note 3. Accumulated Other Comprehensive Loss
The following table provides the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2019 and July 31, 2019, respectively:
(Amounts in millions and net of income taxes)
 
Currency 
Translation and Other
 
Net Investment Hedges
 
Cash Flow Hedges
 
Minimum
Pension 
Liability
 
Total
Balances as of February 1, 2019
 
$
(12,085
)
 
$
1,395

 
$
(140
)
 
$
(712
)
 
$
(11,542
)
Other comprehensive income (loss) before reclassifications, net(1)
 
496

 
108

 
(145
)
 
(7
)
 
452

Reclassifications to income, net(1)
 
(23
)
 

 
14

 
8

 
(1
)
Balances as of April 30, 2019
 
$
(11,612
)
 
$
1,503

 
$
(271
)
 
$
(711
)
 
$
(11,091
)
Other comprehensive income (loss) before reclassifications, net(1)
 
(165
)
 
140

 
(172
)
 
(5
)
 
(202
)
Reclassifications to income, net(1)
 

 

 
14

 
9

 
23

Balances as of July 31, 2019
 
$
(11,777
)
 
$
1,643

 
$
(429
)
 
$
(707
)
 
$
(11,270
)
(1) Income tax impact is immaterial.
The following table provides the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2018 and July 31, 2018, respectively:
(Amounts in millions and net of income taxes)
 
Currency 
Translation and Other
 
Unrealized Gain on Available-for-Sale Securities
 
Net Investment Hedges
 
Cash Flow Hedges
 
Minimum
Pension 
Liability
 
Total
Balances as of February 1, 2018
 
$
(12,136
)
 
$
1,646

 
$
1,030

 
$
122

 
$
(843
)
 
$
(10,181
)
Adoption of new accounting standards on February 1, 2018, net(1) (2)
 
89

 
(1,646
)
 
93

 
28

 

 
(1,436
)
Other comprehensive income (loss) before reclassifications, net(1)
 
1,302

 

 
68

 
(86
)