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