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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, 2020.
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
wmt-20201031_g1.jpg
WALMART INC.
(Exact name of registrant as specified in its charter)
Delaware71-0415188
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
702 S.W. 8th Street72716
BentonvilleAR
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareWMTNew York Stock Exchange
1.900% Notes Due 2022WMT22New York Stock Exchange
2.550% Notes Due 2026WMT26New 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 2,829,285,926 shares of common stock outstanding as of November 30, 2020.


Table of Contents
Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 31, 2020



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)2020201920202019
Revenues:
Net sales$133,752 $126,981 $404,248 $379,318 
Membership and other income956 1,010 2,824 2,975 
Total revenues134,708 127,991 407,072 382,293 
Costs and expenses:
Cost of sales100,339 95,900 305,054 286,857 
Operating, selling, general and administrative expenses28,591 27,373 84,957 80,190 
Operating income5,778 4,718 17,061 15,246 
Interest:
Debt455 547 1,542 1,693 
Finance lease86 86 249 254 
Interest income(25)(44)(91)(148)
Interest, net516 589 1,700 1,799 
Other (gains) and losses(1,853)(244)(5,796)(996)
Income before income taxes7,115 4,373 21,157 14,443 
Provision for income taxes1,914 1,052 5,443 3,536 
Consolidated net income5,201 3,321 15,714 10,907 
Consolidated net income attributable to noncontrolling interest(66)(33)(113)(167)
Consolidated net income attributable to Walmart$5,135 $3,288 $15,601 $10,740 
Net income per common share:
Basic net income per common share attributable to Walmart$1.81 $1.16 $5.51 $3.76 
Diluted net income per common share attributable to Walmart1.80 1.15 5.48 3.74 
Weighted-average common shares outstanding:
Basic2,833 2,843 2,832 2,855 
Diluted2,849 2,861 2,849 2,872 
Dividends declared per common share$ $ $2.16 $2.12 
See accompanying notes.
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Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions)2020201920202019
Consolidated net income$5,201 $3,321 $15,714 $10,907 
Consolidated net income attributable to noncontrolling interest(66)(33)(113)(167)
Consolidated net income attributable to Walmart5,135 3,288 15,601 10,740 
Other comprehensive income (loss), net of income taxes
Currency translation and other1,262 (1,188)(2,408)(762)
Net investment hedges(1)(113)(35)135 
Cash flow hedges (12)34 (301)
Minimum pension liability16 8 47 13 
Other comprehensive income (loss), net of income taxes1,277 (1,305)(2,362)(915)
Other comprehensive (income) loss attributable to noncontrolling interest(109)193 551 75 
Other comprehensive income (loss) attributable to Walmart1,168 (1,112)(1,811)(840)
Comprehensive income, net of income taxes6,478 2,016 13,352 9,992 
Comprehensive (income) loss attributable to noncontrolling interest(175)160 438 (92)
Comprehensive income attributable to Walmart$6,303 $2,176 $13,790 $9,900 
See accompanying notes.
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Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
October 31,January 31,October 31,
(Amounts in millions)202020202019
ASSETS
Current assets:
Cash and cash equivalents$14,325 $9,465 $8,606 
Receivables, net5,770 6,284 5,612 
Inventories51,842 44,435 51,546 
Prepaid expenses and other1,665 1,622 2,148 
Total current assets73,602 61,806 67,912 
Property and equipment, net102,232 105,208 104,326 
Operating lease right-of-use assets17,128 17,424 16,944 
Finance lease right-of-use assets, net4,929 4,417 4,155 
Goodwill30,236 31,073 30,716 
Other long-term assets22,736 16,567 15,777 
Total assets$250,863 $236,495 $239,830 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings$240 $575 $4,926 
Accounts payable54,152 46,973 49,750 
Dividends payable1,529  1,507 
Accrued liabilities24,995 22,296 20,973 
Accrued income taxes548 280 327 
Long-term debt due within one year4,358 5,362 4,093 
Operating lease obligations due within one year1,725 1,793 1,740 
Finance lease obligations due within one year574 511 468 
Total current liabilities88,121 77,790 83,784 
Long-term debt40,849 43,714 44,912 
Long-term operating lease obligations15,982 16,171 15,741 
Long-term finance lease obligations4,750 4,307 4,068 
Deferred income taxes and other13,657 12,961 13,018 
Commitments and contingencies
Equity:
Common stock283 284 284 
Capital in excess of par value3,485 3,247 3,091 
Retained earnings92,279 83,943 80,656 
Accumulated other comprehensive loss(14,616)(12,805)(12,382)
Total Walmart shareholders' equity81,431 74,669 71,649 
Noncontrolling interest6,073 6,883 6,658 
Total equity87,504 81,552 78,307 
Total liabilities and equity$250,863 $236,495 $239,830 
See accompanying notes.
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Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
AccumulatedTotal
Capital inOtherWalmart
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20202,832 $284 $3,247 $83,943 $(12,805)$74,669 $6,883 $81,552 
Consolidated net income— — — 3,990 — 3,990 84 4,074 
Other comprehensive loss, net of income taxes— — — — (3,363)(3,363)(712)(4,075)
Dividends declared ($2.16 per share)
— — — (6,117)— (6,117)— (6,117)
Purchase of Company stock(6)(1)(26)(666)— (693)— (693)
Dividends declared to noncontrolling interest— — — — — — (359)(359)
Other6 1 (238)(9)— (246)(26)(272)
Balances as of April 30, 20202,832 $284 $2,983 $81,141 $(16,168)$68,240 $5,870 $74,110 
Consolidated net income— — — 6,476 — 6,476 (37)6,439 
Other comprehensive income, net of income taxes— — — — 384 384 52 436 
Dividends to noncontrolling interest— — — — — — (3)(3)
Other2 (1)214 (3)— 210 5 215 
Balances as of July 31, 20202,834 $283 $3,197 $87,614 $(15,784)$75,310 $5,887 $81,197 
Consolidated net income— — — 5,135 — 5,135 66 5,201 
Other comprehensive income, net of income taxes— — — — 1,168 1,168 109 1,277 
Purchase of Company stock(4)— (17)(469)— (486)— (486)
Dividends to noncontrolling interest — — — — — — (8)(8)
Other1 — 305 (1)— 304 19 323 
Balances as of October 31, 20202,831 $283 $3,485 $92,279 $(14,616)$81,431 $6,073 $87,504 
See accompanying notes.

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Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
AccumulatedTotal
Capital inOtherWalmart
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20192,878 $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)
Other5 — (158)(2)— (160)(16)(176)
Balances as of April 30, 20192,862 $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, 20192,847 $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 
Other2 — 250 (1)— 249 11 260 
Balances as of October 31, 20192,839 $284 $3,091 $80,656 $(12,382)$71,649 $6,658 $78,307 
See accompanying notes.


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Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended October 31,
(Amounts in millions)20202019
Cash flows from operating activities:
Consolidated net income$15,714 $10,907 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization8,333 8,159 
Unrealized (gains) and losses(6,883)(911)
Losses and (gains) on disposal of business operations1,028 (1)
Deferred income taxes1,246 574 
Other operating activities930 938 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net165 661 
Inventories(8,260)(7,558)
Accounts payable8,553 2,925 
Accrued liabilities1,796 (1,107)
Accrued income taxes258 (48)
Net cash provided by operating activities22,880 14,539 
Cash flows from investing activities:
Payments for property and equipment(6,438)(7,765)
Proceeds from the disposal of property and equipment99 218 
Proceeds from the disposal of certain operations12 833 
Payments for business acquisitions, net of cash acquired(180)(56)
Other investing activities 485 
Net cash used in investing activities(6,507)(6,285)
Cash flows from financing activities:
Net change in short-term borrowings(301)(282)
Proceeds from issuance of long-term debt 5,492 
Repayments of long-term debt(4,132)(1,907)
Dividends paid(4,582)(4,545)
Purchase of Company stock(1,186)(4,829)
Dividends paid to noncontrolling interest(76)(407)
Other financing activities(1,063)(735)
Net cash used in financing activities(11,340)(7,213)
Effect of exchange rates on cash, cash equivalents and restricted cash(170)(166)
Net increase in cash, cash equivalents and restricted cash4,863 875 
Cash, cash equivalents and restricted cash at beginning of year9,515 7,756 
Cash, cash equivalents and restricted cash at end of period$14,378 $8,631 
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, 2020 ("fiscal 2020"). 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 consolidated operations 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.
Use of Estimates
The Consolidated Financial Statements have been prepared in conformity with GAAP. Those principles require management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic and related government actions, that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.
Receivables
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments–Credit Losses (Topic 326), which modifies the measurement of expected credit losses of certain financial instruments. The Company adopted this ASU on February 1, 2020 with no material impact to the Company's Condensed Consolidated Financial Statements.
Receivables are stated at their carrying values, net of a reserve for credit losses, and are primarily due from the following: customers, which also includes insurance companies resulting from pharmacy sales, banks for customer credit, debit cards and electronic transfer transactions that take in excess of seven days to process; suppliers for marketing or incentive programs; governments for income taxes; and real estate transactions.

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Note 2. Net Income Per Common Share
Basic net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period. Diluted net income 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 per common share attributable to Walmart for the three and nine months ended October 31, 2020 and 2019.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income per common share attributable to Walmart:
Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions, except per share data)2020201920202019
Numerator
Consolidated net income$5,201 $3,321 $15,714 $10,907 
Consolidated net income attributable to noncontrolling interest(66)(33)(113)(167)
Consolidated net income attributable to Walmart$5,135 $3,288 $15,601 $10,740 
Denominator
Weighted-average common shares outstanding, basic2,833 2,843 2,832 2,855 
Dilutive impact of share-based awards16 18 17 17 
Weighted-average common shares outstanding, diluted2,849 2,861 2,849 2,872 
Net income per common share attributable to Walmart
Basic$1.81 $1.16 $5.51 $3.76 
Diluted1.80 1.15 5.48 3.74 
Note 3. Accumulated Other Comprehensive Loss
The following table provides the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2020, July 31, 2020 and October 31, 2020:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2020$(11,827)$1,517 $(539)$(1,956)$(12,805)
Other comprehensive income (loss) before reclassifications, net(3,256)157 (295)(4)(3,398)
Reclassifications to income, net  16 19 35 
Balances as of April 30, 2020$(15,083)$1,674 $(818)$(1,941)$(16,168)
Other comprehensive income (loss) before reclassifications, net246 (191)303 (2)356 
Reclassifications to income, net  10 18 28 
Balances as of July 31, 2020$(14,837)$1,483 $(505)$(1,925)$(15,784)
Other comprehensive income (loss) before reclassifications, net1,153 (1)(13)(3)1,136 
Reclassifications to income, net  13 19 32 
Balances as of October 31, 2020$(13,684)$1,482 $(505)$(1,909)$(14,616)
The following table provides the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2019, July 31, 2019 and October 31, 2019:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2019$(12,085)$1,395 $(140)$(