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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 October 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 2,837,174,936 shares of common stock outstanding as of December 2, 2019.


Table of Contents

Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 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 October 31,
 
Nine Months Ended October 31,
(Amounts in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Net sales
 
$
126,981

 
$
123,897

 
$
379,318

 
$
372,586

Membership and other income
 
1,010

 
997

 
2,975

 
3,026

Total revenues
 
127,991

 
124,894

 
382,293

 
375,612

Costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
 
95,900

 
93,116

 
286,857

 
280,394

Operating, selling, general and administrative expenses
 
27,373

 
26,792

 
80,190

 
79,328

Operating income
 
4,718

 
4,986

 
15,246

 
15,890

Interest:
 
 
 
 
 
 
 
 
Debt
 
547

 
501

 
1,693

 
1,398

Finance, capital lease and financing obligations
 
86

 
92

 
254

 
279

Interest income
 
(44
)
 
(59
)
 
(148
)
 
(153
)
Interest, net
 
589

 
534

 
1,799

 
1,524

Other (gains) and losses
 
(244
)
 
1,876

 
(996
)
 
8,570

Income before income taxes
 
4,373

 
2,576

 
14,443

 
5,796

Provision for income taxes
 
1,052

 
759

 
3,536

 
2,430

Consolidated net income
 
3,321

 
1,817

 
10,907

 
3,366

Consolidated net income attributable to noncontrolling interest
 
(33
)
 
(107
)
 
(167
)
 
(383
)
Consolidated net income attributable to Walmart
 
$
3,288

 
$
1,710

 
$
10,740

 
$
2,983

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic net income per common share attributable to Walmart
 
$
1.16

 
$
0.58

 
$
3.76

 
$
1.01

Diluted net income per common share attributable to Walmart
 
1.15

 
0.58

 
3.74

 
1.01

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
2,843

 
2,924

 
2,855

 
2,940

Diluted
 
2,861

 
2,941

 
2,872

 
2,956

 
 
 
 
 
 
 
 
 
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 October 31,
 
Nine Months Ended October 31,
(Amounts in millions)
2019
 
2018
 
2019
 
2018
Consolidated net income
$
3,321

 
$
1,817

 
$
10,907

 
$
3,366

Consolidated net income attributable to noncontrolling interest
(33
)
 
(107
)
 
(167
)
 
(383
)
Consolidated net income attributable to Walmart
3,288

 
1,710

 
10,740

 
2,983

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
 
 
 
 
 
 
 
Currency translation and other
(1,188
)
 
1,020

 
(762
)
 
(200
)
Net investment hedges
(113
)
 
114

 
135

 
375

Cash flow hedges
(12
)
 
(109
)
 
(301
)
 
(341
)
Minimum pension liability
8

 
12

 
13

 
64

Other comprehensive income (loss), net of income taxes
(1,305
)
 
1,037

 
(915
)
 
(102
)
Other comprehensive (income) loss attributable to noncontrolling interest
193

 
123

 
75

 
250

Other comprehensive income (loss) attributable to Walmart
(1,112
)
 
1,160

 
(840
)
 
148

 
 
 
 
 
 
 
 
Comprehensive income, net of income taxes
2,016

 
2,854

 
9,992

 
3,264

Comprehensive (income) loss attributable to noncontrolling interest
160

 
16

 
(92
)
 
(133
)
Comprehensive income attributable to Walmart
$
2,176

 
$
2,870

 
$
9,900

 
$
3,131

See accompanying notes.

4


Table of Contents

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
October 31,
 
January 31,
 
October 31,
(Amounts in millions)
 
2019
 
2019
 
2018
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
8,606

 
$
7,722

 
$
9,174

Receivables, net
 
5,612

 
6,283

 
5,785

Inventories
 
51,546

 
44,269

 
50,380

Prepaid expenses and other
 
2,148

 
3,623

 
4,107

Total current assets
 
67,912

 
61,897

 
69,446


 
 
 
 
 
 
Property and equipment, net
 
104,326

 
104,317

 
104,358

Operating lease right-of-use assets, net
 
16,944

 

 

Finance lease right-of-use assets, net
 
4,155

 

 

Property under capital lease and financing obligations, net
 

 
7,078

 
6,991

Goodwill
 
30,716

 
31,181

 
31,044

Other long-term assets
 
15,777

 
14,822

 
14,744

Total assets
 
$
239,830

 
$
219,295

 
$
226,583

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Short-term borrowings
 
$
4,926

 
$
5,225

 
$
7,795

Accounts payable
 
49,750

 
47,060

 
49,729

Dividends payable
 
1,507

 

 
1,516

Accrued liabilities
 
20,973

 
22,159

 
22,795

Accrued income taxes
 
327

 
428

 
616

Long-term debt due within one year
 
4,093

 
1,876

 
2,591

Operating lease obligations due within one year
 
1,740

 

 

Finance lease obligations due within one year
 
468

 

 

Capital lease and financing obligations due within one year
 

 
729

 
709

Total current liabilities
 
83,784

 
77,477

 
85,751

 
 
 
 
 
 
 
Long-term debt
 
44,912

 
43,520

 
43,275

Long-term operating lease obligations
 
15,741

 

 

Long-term finance lease obligations
 
4,068

 

 

Long-term capital lease and financing obligations
 

 
6,683

 
6,621

Deferred income taxes and other
 
13,018

 
11,981

 
11,467

 
 
 
 
 
 
 
Commitments and contingencies
 

 

 

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
Common stock
 
284

 
288

 
291

Capital in excess of par value
 
3,091

 
2,965

 
2,887

Retained earnings
 
80,656

 
80,785

 
80,287

Accumulated other comprehensive loss
 
(12,382
)
 
(11,542
)
 
(11,469
)
Total Walmart shareholders' equity
 
71,649

 
72,496

 
71,996

Noncontrolling interest
 
6,658

 
7,138

 
7,473

Total equity
 
78,307

 
79,634

 
79,469

Total liabilities and equity
 
$
239,830

 
$
219,295

 
$
226,583

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, 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

Consolidated net income

 

 

 
3,288

 

 
3,288

 
33

 
3,321

Other comprehensive loss, net of income taxes

 

 

 

 
(1,112
)
 
(1,112
)
 
(193
)
 
(1,305
)
Dividends

 

 

 
5

 

 
5

 

 
5

Purchase of Company stock
(10
)
 
(1
)
 
(39
)
 
(1,068
)
 

 
(1,108
)
 

 
(1,108
)
Dividends to noncontrolling interest

 

 

 

 

 

 
3

 
3

Other
2

 

 
250

 
(1
)
 

 
249

 
11

 
260

Balances as of October 31, 2019
2,839

 
$
284

 
$
3,091

 
$
80,656

 
$
(12,382
)
 
$
71,649

 
$
6,658

 
$
78,307

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, 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 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

Consolidated net income

 

 

 
1,710

 

 
1,710

 
107

 
1,817

Other comprehensive income (loss), net of income taxes

 

 

 

 
1,160

 
1,160

 
(123
)
 
1,037

Dividends

 

 

 
14

 

 
14

 

 
14

Purchase of Company stock
(25
)
 
(3
)
 
(75
)
 
(2,242
)
 

 
(2,320
)
 

 
(2,320
)
Dividends to noncontrolling interest

 

 

 

 

 

 
(3
)
 
(3
)
Noncontrolling interest of acquired entity

 

 

 

 

 

 
4,852

 
4,852

Other
2

 

 
252

 
(5
)
 

 
247

 
13

 
260

Balances as of October 31, 2018
2,912

 
$
291

 
$
2,887

 
$
80,287

 
$
(11,469
)
 
$
71,996

 
$
7,473

 
$
79,469

See accompanying notes.


7


Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended October 31,
(Amounts in millions)
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Consolidated net income
 
$
10,907

 
$
3,366

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
8,159

 
7,947

Unrealized (gains) and losses
 
(911
)
 
3,727

(Gains) and losses for disposal of business operations
 
(1
)
 
4,846

Deferred income taxes
 
574

 
(346
)
Other operating activities
 
938

 
735

Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
 
Receivables, net
 
661

 
178

Inventories
 
(7,558
)
 
(7,279
)
Accounts payable
 
2,925

 
4,137

Accrued liabilities
 
(1,107
)
 
103

Accrued income taxes
 
(48
)
 
(106
)
Net cash provided by operating activities
 
14,539

 
17,308

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Payments for property and equipment
 
(7,765
)
 
(7,014
)
Proceeds from the disposal of property and equipment
 
218

 
308

Proceeds from the disposal of certain operations
 
833

 

Payments for business acquisitions, net of cash acquired
 
(56
)
 
(13,269
)
Other investing activities
 
485

 
(579
)
Net cash used in investing activities
 
(6,285
)
 
(20,554
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net change in short-term borrowings
 
(282
)
 
2,611

Proceeds from issuance of long-term debt
 
5,492

 
15,851

Repayments of long-term debt
 
(1,907
)
 
(3,050
)
Dividends paid
 
(4,545
)
 
(4,597
)
Purchase of Company stock
 
(4,829
)
 
(4,161
)
Dividends paid to noncontrolling interest
 
(407
)
 
(252
)
Other financing activities
 
(735
)
 
(481
)
Net cash provided by (used in) financing activities
 
(7,213
)
 
5,921

 
 
 
 
 
Effect of exchange rates on cash, cash equivalents and restricted cash
 
(166
)
 
(485
)
 
 
 
 
 
Net increase in cash, cash equivalents and restricted cash
 
875

 
2,190

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

 
7,014

Cash, cash equivalents and restricted cash at end of period
 
$
8,631

 
$
9,204

See accompanying notes.

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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 October 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 not classified as part of cash and cash equivalents was $25 million and $34 million as of October 31, 2019 and January 31, 2019, respectively, and was primarily recorded in other long-term assets in the Condensed Consolidated Balance Sheets. Restricted cash not classified as part of cash and cash equivalents was $30 million and approximately $0.3 billion as of October 31, 2018 and January 31, 2018, respectively, and was primarily recorded in other long-term assets in the Condensed Consolidated Balance Sheets.
Inventories
At October 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.

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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)
 
October 31, 2019
 
January 31, 2019
Assets:
 
 
 
 
Receivables from transactions with customers, net
 
$
2,618

 
$
2,538

 
 
 
 
 
Liabilities:
 
 
 
 
Deferred gift card revenue
 
$
1,863

 
$
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