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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, 2021.
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 001-06991
wmt-20210731_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
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 (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  
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 2,788,497,816 shares of common stock outstanding as of August 31, 2021.


Table of Contents
Walmart Inc.
Form 10-Q
For the Quarterly Period Ended July 31, 2021



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)2021202020212020
Revenues:
Net sales$139,871 $136,824 $277,030 $270,496 
Membership and other income1,177 918 2,328 1,868 
Total revenues141,048 137,742 279,358 272,364 
Costs and expenses:
Cost of sales105,183 102,689 208,455 204,715 
Operating, selling, general and administrative expenses28,511 28,994 56,640 56,366 
Operating income7,354 6,059 14,263 11,283 
Interest:
Debt437 577 918 1,087 
Finance lease78 81 163 163 
Interest income(37)(23)(67)(66)
Interest, net478 635 1,014 1,184 
Other (gains) and losses953 (3,222)3,482 (3,943)
Income before income taxes5,923 8,646 9,767 14,042 
Provision for income taxes1,559 2,207 2,592 3,529 
Consolidated net income4,364 6,439 7,175 10,513 
Consolidated net (income) loss attributable to noncontrolling interest(88)37 (169)(47)
Consolidated net income attributable to Walmart$4,276 $6,476 $7,006 $10,466 
Net income per common share:
Basic net income per common share attributable to Walmart$1.53 $2.29 $2.50 $3.70 
Diluted net income per common share attributable to Walmart1.52 2.27 2.48 3.67 
Weighted-average common shares outstanding:
Basic2,799 2,832 2,807 2,832 
Diluted2,812 2,848 2,820 2,848 
Dividends declared per common share$ $ $2.20 $2.16 
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)2021202020212020
Consolidated net income$4,364 $6,439 $7,175 $10,513 
Consolidated net (income) loss attributable to noncontrolling interest(88)37 (169)(47)
Consolidated net income attributable to Walmart4,276 6,476 7,006 10,466 
Other comprehensive income (loss), net of income taxes
Currency translation and other201 298 3,160 (3,670)
Net investment hedges (191)(1,202)(34)
Cash flow hedges(155)313 (135)34 
Minimum pension liability2 16 1,971 31 
Other comprehensive income (loss), net of income taxes48 436 3,794 (3,639)
Other comprehensive (income) loss attributable to noncontrolling interest(78)(52)(4)660 
Other comprehensive income (loss) attributable to Walmart(30)384 3,790 (2,979)
Comprehensive income, net of income taxes4,412 6,875 10,969 6,874 
Comprehensive (income) loss attributable to noncontrolling interest(166)(15)(173)613 
Comprehensive income attributable to Walmart$4,246 $6,860 $10,796 $7,487 
See accompanying notes.
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Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
July 31,January 31,July 31,
(Amounts in millions)202120212020
ASSETS
Current assets:
Cash and cash equivalents$22,831 $17,741 $16,906 
Receivables, net6,103 6,516 5,111 
Inventories47,754 44,949 41,084 
Prepaid expenses and other1,555 20,861 1,895 
Total current assets78,243 90,067 64,996 
Property and equipment, net91,621 92,201 101,182 
Operating lease right-of-use assets13,868 13,642 16,869 
Finance lease right-of-use assets, net4,109 4,005 4,843 
Goodwill29,159 28,983 29,542 
Other long-term assets21,552 23,598 19,950 
Total assets$238,552 $252,496 $237,382 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings$671 $224 $357 
Accounts payable49,601 49,141 46,326 
Dividends payable3,109  3,060 
Accrued liabilities23,915 37,966 23,768 
Accrued income taxes267 242 610 
Long-term debt due within one year1,617 3,115 5,553 
Operating lease obligations due within one year1,441 1,466 1,734 
Finance lease obligations due within one year501 491 549 
Total current liabilities81,122 92,645 81,957 
Long-term debt39,581 41,194 40,959 
Long-term operating lease obligations13,116 12,909 15,669 
Long-term finance lease obligations3,952 3,847 4,673 
Deferred income taxes and other13,654 14,370 12,927 
Commitments and contingencies
Equity:
Common stock278 282 283 
Capital in excess of par value3,655 3,646 3,197 
Retained earnings84,572 88,763 87,614 
Accumulated other comprehensive loss(7,976)(11,766)(15,784)
Total Walmart shareholders' equity80,529 80,925 75,310 
Noncontrolling interest6,598 6,606 5,887 
Total equity87,127 87,531 81,197 
Total liabilities and equity$238,552 $252,496 $237,382 
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, 20212,821 $282 $3,646 $88,763 $(11,766)$80,925 $6,606 $87,531 
Consolidated net income— — — 2,730 — 2,730 81 2,811 
Other comprehensive income (loss), net of income taxes— — — — 3,820 3,820 (74)3,746 
Dividends declared ($2.20 per share)
— — — (6,200)— (6,200)— (6,200)
Purchase of Company stock(21)(2)(112)(2,718)— (2,832)— (2,832)
Dividends declared to noncontrolling interest— — — — — — (408)(408)
Other5 — (110)2 — (108)52 (56)
Balances as of April 30, 20212,805 $280 $3,424 $82,577 $(7,946)$78,335 $6,257 $84,592 
Consolidated net income— — — 4,276 — 4,276 88 4,364 
Other comprehensive income (loss), net of income taxes— — — — (30)(30)78 48 
Purchase of Company stock(17)(2)(94)(2,273)— (2,369)— (2,369)
Dividends to noncontrolling interest— — — — — — (10)(10)
Other3 — 325 (8)— 317 185 502 
Balances as of July 31, 20212,791 $278 $3,655 $84,572 $(7,976)$80,529 $6,598 $87,127 
See accompanying notes.
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 
See accompanying notes.


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Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended July 31,
(Amounts in millions)20212020
Cash flows from operating activities:
Consolidated net income$7,175 $10,513 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization5,302 5,562 
Net unrealized and realized (gains) and losses3,019 (4,006)
Losses on disposal of business operations433 37 
Deferred income taxes(385)472 
Other operating activities606 305 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net452 823 
Inventories(2,725)2,466 
Accounts payable119 1,052 
Accrued liabilities(1,412)1,428 
Accrued income taxes(161)304 
Net cash provided by operating activities12,423 18,956 
Cash flows from investing activities:
Payments for property and equipment(5,019)(3,569)
Proceeds from the disposal of property and equipment176 83 
Proceeds from disposal of certain operations, net of divested cash7,935  
Payments for business acquisitions, net of cash acquired(248)(175)
Other investing activities(442)27 
Net cash provided by (used in) investing activities2,402 (3,634)
Cash flows from financing activities:
Net change in short-term borrowings441 (178)
Repayments of long-term debt(3,010)(2,937)
Dividends paid(3,091)(3,058)
Purchase of Company stock(5,200)(723)
Dividends paid to noncontrolling interest(14)(66)
Other financing activities(685)(852)
Net cash used in financing activities(11,559)(7,814)
Effect of exchange rates on cash, cash equivalents and restricted cash(21)(69)
Net increase in cash, cash equivalents and restricted cash3,245 7,439 
Change in cash and cash equivalents classified as held for sale1,848  
Cash, cash equivalents and restricted cash at beginning of year17,788 9,515 
Cash, cash equivalents and restricted cash at end of period$22,881 $16,954 
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, 2021 ("fiscal 2021"). 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 based on a calendar year. In July 2021, the Company's majority-owned Flipkart subsidiary completed a $3.6 billion new equity funding, a portion of which was contributed by the Company. This transaction reduced the Company's ownership of Flipkart to approximately 75% in the third quarter of fiscal 2022.
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 Condensed Consolidated Financial Statements have been prepared in conformity with GAAP. Those principles require management to make estimates and assumptions 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.
Investments
Investments in equity and debt securities are recorded in other long-term assets in the Condensed Consolidated Balance Sheets. Changes in fair value of equity securities measured on a recurring basis are recognized in other gains and losses in the Condensed Consolidated Statements of Income. Refer to Note 5 for details. Equity investments without readily determinable fair values are carried at cost and are adjusted for any observable price changes or impairments within other gains and losses in the Condensed Consolidated Statements of Income. Investments in debt securities classified as trading are reported at fair value with interest income recorded in interest income in the Condensed Consolidated Statements of Income. As of July 31, 2021, the Company had $1.0 billion in debt securities classified as trading.
Indemnification Liabilities
The Company has provided certain indemnifications in connection with its divestitures and has recorded indemnification liabilities equal to the estimated fair value of the obligations upon inception. As of July 31, 2021 and January 31, 2021, the Company had $0.8 billion and $0.6 billion, respectively, of certain legal and tax indemnification liabilities recorded within deferred income taxes and other in the Condensed Consolidated Balance Sheets. The maximum amount of potential future payments under these indemnities was $3.6 billion, based on exchange rates as of July 31, 2021.
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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 six months ended July 31, 2021 and 2020.
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 July 31,Six Months Ended July 31,
(Amounts in millions, except per share data)2021202020212020
Numerator
Consolidated net income$4,364 $6,439 $7,175 $10,513 
Consolidated net (income) loss attributable to noncontrolling interest(88)37 (169)(47)
Consolidated net income attributable to Walmart$4,276 $6,476 $7,006 $10,466 
Denominator
Weighted-average common shares outstanding, basic2,799 2,832 2,807 2,832 
Dilutive impact of share-based awards13 16 13 16 
Weighted-average common shares outstanding, diluted2,812 2,848 2,820 2,848 
Net income per common share attributable to Walmart
Basic$1.53 $2.29 $2.50 $3.70 
Diluted1.52 2.27 2.48 3.67 
Note 3. Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts for the minimum pension liability, as well as the cumulative translation and any related net investment hedge impacts resulting from a disposition of a business, are recorded in other gains and losses in the Company's Condensed Consolidated Statements of Income. The following tables provide the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2021 and July 31, 2021, respectively, as well as for the three months ended April 30, 2020 and July 31, 2020, respectively:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2021$(10,772)$1,296 $(304)$(1,986)$(11,766)
Other comprehensive loss before reclassifications, net(225)(7)(26)(1)(259)
Reclassifications related to business dispositions, net(1)
3,258 (1,195)30 1,966 4,059 
Reclassifications to income, net  16 4 20 
Balances as of April 30, 2021$(7,739)$94 $(284)$(17)$(7,946)
Other comprehensive income (loss) before reclassifications, net123  (193)(3)(73)
Reclassifications to income, net  38 5 43 
Balances as of July 31, 2021$(7,616)$94 $(439)$(15)$(7,976)
(1) Upon closing of the sale of the Company's operations in the U.K. and Japan during the first quarter of fiscal 2022, these amounts were released from accumulated other comprehensive loss, the majority of which was considered in the impairment evaluation when the individual disposal groups met the held for sale classification in fiscal 2021.
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2020$(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)

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Note 4. Short-term Borrowings and Long-term Debt
The Company has various committed lines of credit in the U.S. that are used to support its commercial paper program. In April 2021, the Company renewed and extended its existing 364-day revolving credit facility of $10.0 billion as well as its five-year credit facility of $5.0 billion. In total, the Company had committed lines of credit in the U.S. of $15.0 billion at July 31, 2021 and January 31, 2021, all undrawn.
The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2021:
(Amounts in millions)Long-term debt due within one yearLong-term debtTotal
Balances as of February 1, 2021$3,115 $41,194 $44,309 
Repayments of long-term debt(3,010) (3,010)
Reclassifications of long-term debt1,511 (1,511) 
Other1 (102)(101)
Balances as of July 31, 2021$1,617 $39,581 $41,198 
Note 5. Fair Value Measurements
Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
Level 1: observable inputs such as quoted prices in active markets;
Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
As described in Note 1, the Company measures the fair value of certain equity investments on a recurring basis in the accompanying Condensed Consolidated Balance Sheets. The fair value of the Company's equity investments measured on a recurring basis is as follows:
(Amounts in millions)Fair Value as of July 31, 2021Fair Value as of January 31, 2021
Equity investments measured using Level 1 inputs$5,567 $6,517 
Equity investments measured using Level 2 inputs5,730 7,905 
Total$11,297 $14,422 
Derivatives
The Company also has derivatives recorded at fair value. Derivative fair values are the estimated amounts the Company would receive or pay upon termination of the related derivative agreements as of the reporting dates. The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest rate and foreign currency forward curves. As of July 31, 2021 and January 31, 2021, the notional amounts and fair values of these derivatives were as follows:
 July 31, 2021January 31, 2021
(Amounts in millions)Notional AmountFair ValueNotional AmountFair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges$3,250 $133 
(1)
$3,250 $166 
(1)
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges  1,250 311 
(1)
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges8,243 (616)
(2)
5,073 (394)
(2)
Total$