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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, 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-20211031_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 2,773,878,458 shares of common stock outstanding as of November 29, 2021.


Table of Contents
Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 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 October 31,Nine Months Ended October 31,
(Amounts in millions, except per share data)2021202020212020
Revenues:
Net sales$139,207 $133,752 $416,237 $404,248 
Membership and other income1,318 956 3,646 2,824 
Total revenues140,525 134,708 419,883 407,072 
Costs and expenses:
Cost of sales105,023 100,339 313,478 305,054 
Operating, selling, general and administrative expenses29,710 28,591 86,350 84,957 
Operating income5,792 5,778 20,055 17,061 
Interest:
Debt408 455 1,326 1,542 
Finance lease78 86 241 249 
Interest income(44)(25)(111)(91)
Interest, net442 516 1,456 1,700 
Loss on extinguishment of debt2,410  2,410  
Other (gains) and losses(1,207)(1,853)2,275 (5,796)
Income before income taxes4,147 7,115 13,914 21,157 
Provision for income taxes1,015 1,914 3,607 5,443 
Consolidated net income3,132 5,201 10,307 15,714 
Consolidated net income attributable to noncontrolling interest(27)(66)(196)(113)
Consolidated net income attributable to Walmart$3,105 $5,135 $10,111 $15,601 
Net income per common share:
Basic net income per common share attributable to Walmart$1.11 $1.81 $3.61 $5.51 
Diluted net income per common share attributable to Walmart1.11 1.80 3.59 5.48 
Weighted-average common shares outstanding:
Basic2,785 2,833 2,799 2,832 
Diluted2,797 2,849 2,813 2,849 
Dividends declared per common share$ $ $2.20 $2.16 
See accompanying notes.
3

Table of Contents
Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions)2021202020212020
Consolidated net income$3,132 $5,201 $10,307 $15,714 
Consolidated net income attributable to noncontrolling interest(27)(66)(196)(113)
Consolidated net income attributable to Walmart3,105 5,135 10,111 15,601 
Other comprehensive income (loss), net of income taxes
Currency translation and other(523)1,262 2,637 (2,408)
Net investment hedges (1)(1,202)(35)
Cash flow hedges(183) (318)34 
Minimum pension liability1 16 1,972 47 
Other comprehensive income (loss), net of income taxes(705)1,277 3,089 (2,362)
Other comprehensive (income) loss attributable to noncontrolling interest193 (109)189 551 
Other comprehensive income (loss) attributable to Walmart(512)1,168 3,278 (1,811)
Comprehensive income, net of income taxes2,427 6,478 13,396 13,352 
Comprehensive (income) loss attributable to noncontrolling interest166 (175)(7)438 
Comprehensive income attributable to Walmart$2,593 $6,303 $13,389 $13,790 
See accompanying notes.
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Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
October 31,January 31,October 31,
(Amounts in millions)202120212020
ASSETS
Current assets:
Cash and cash equivalents$16,111 $17,741 $14,325 
Receivables, net7,349 6,516 5,770 
Inventories57,484 44,949 51,842 
Prepaid expenses and other2,020 20,861 1,665 
Total current assets82,964 90,067 73,602 
Property and equipment, net92,242 92,201 102,232 
Operating lease right-of-use assets13,863 13,642 17,128 
Finance lease right-of-use assets, net4,226 4,005 4,929 
Goodwill28,923 28,983 30,236 
Other long-term assets22,633 23,598 22,736 
Total assets$244,851 $252,496 $250,863 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings$447 $224 $240 
Accounts payable57,156 49,141 54,152 
Dividends payable1,528  1,529 
Accrued liabilities24,474 37,966 24,995 
Accrued income taxes446 242 548 
Long-term debt due within one year1,575 3,115 4,358 
Operating lease obligations due within one year1,486 1,466 1,725 
Finance lease obligations due within one year508 491 574 
Total current liabilities87,620 92,645 88,121 
Long-term debt36,425 41,194 40,849 
Long-term operating lease obligations13,095 12,909 15,982 
Long-term finance lease obligations4,061 3,847 4,750 
Deferred income taxes and other12,893 14,370 13,657 
Commitments and contingencies
Equity:
Common stock277 282 283 
Capital in excess of par value4,811 3,646 3,485 
Retained earnings85,674 88,763 92,279 
Accumulated other comprehensive loss(8,488)(11,766)(14,616)
Total Walmart shareholders' equity82,274 80,925 81,431 
Noncontrolling interest8,483 6,606 6,073 
Total equity90,757 87,531 87,504 
Total liabilities and equity$244,851 $252,496 $250,863 
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)
Sale of subsidiary stock— — 18 — — 18 57 75 
Other5 — (128)2 — (126)(5)(131)
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)
Sale of subsidiary stock— — 6 — — 6 171 177 
Other3 — 319 (8)— 311 14 325 
Balances as of July 31, 20212,791 $278 $3,655 $84,572 $(7,976)$80,529 $6,598 $87,127 
Consolidated net income— — — 3,105 — 3,105 27 3,132 
Other comprehensive loss, net of income taxes— — — — (512)(512)(193)(705)
Dividends— — — 45 — 45 — 45 
Purchase of Company stock(14)(1)(87)(2,044)— (2,132)— (2,132)
Dividends to noncontrolling interest — — — — — — (6)(6)
Sale of subsidiary stock— — 922 — — 922 2,057 2,979 
Other1 — 321 (4)— 317  317 
Balances as of October 31, 20212,778 $277 $4,811 $85,674 $(8,488)$82,274 $8,483 $90,757 
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)
Sale of subsidiary stock— — 13  — 13 6 19 
Other6 1 (251)(9)— (259)(32)(291)
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)
Sale of subsidiary stock— — 8  — 8 3 11 
Other2 (1)206 (3)— 202 2 204 
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)
Sale of subsidiary stock— — 5  — 5 81 86 
Other1 — 300 (1)— 299 (62)237 
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 Cash Flows
(Unaudited)
Nine Months Ended October 31,
(Amounts in millions)20212020
Cash flows from operating activities:
Consolidated net income$10,307 $15,714 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization7,952 8,333 
Net unrealized and realized (gains) and losses1,831 (6,883)
Losses on disposal of business operations433 1,028 
Deferred income taxes(1,402)1,246 
Loss on extinguishment of debt2,410  
Other operating activities1,057 930 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net(842)165 
Inventories(12,663)(8,260)
Accounts payable7,906 8,553 
Accrued liabilities(722)1,796 
Accrued income taxes24 258 
Net cash provided by operating activities16,291 22,880 
Cash flows from investing activities:
Payments for property and equipment(8,588)(6,438)
Proceeds from the disposal of property and equipment290 99 
Proceeds from disposal of certain operations, net of divested cash7,935 12 
Payments for business acquisitions, net of cash acquired(248)(180)
Other investing activities(919) 
Net cash used in investing activities(1,530)(6,507)
Cash flows from financing activities:
Net change in short-term borrowings228 (301)
Proceeds from issuance of long-term debt6,945  
Repayments of long-term debt(13,010)(4,132)
Premiums paid to extinguish debt(2,317) 
Dividends paid(4,627)(4,582)
Purchase of Company stock(7,368)(1,186)
Dividends paid to noncontrolling interest(20)(76)
Sale of subsidiary stock3,231 116 
Other financing activities(1,175)(1,179)
Net cash used in financing activities(18,113)(11,340)
Effect of exchange rates on cash, cash equivalents and restricted cash(118)(170)
Net increase (decrease) in cash, cash equivalents and restricted cash(3,470)4,863 
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$16,166 $14,378 
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. Certain previously reported amounts have been reclassified to conform to the current year presentation. 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. There were no significant intervening events during the month of October 2021 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 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 October 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 October 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 $3.5 billion, based on exchange rates as of October 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 nine months ended October 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 October 31,Nine Months Ended October 31,
(Amounts in millions, except per share data)2021202020212020
Numerator
Consolidated net income$3,132 $5,201 $10,307 $15,714 
Consolidated net income attributable to noncontrolling interest(27)(66)(196)(113)
Consolidated net income attributable to Walmart$3,105 $5,135 $10,111 $15,601 
Denominator
Weighted-average common shares outstanding, basic2,785 2,833 2,799 2,832 
Dilutive impact of share-based awards12 16 14 17 
Weighted-average common shares outstanding, diluted2,797 2,849 2,813 2,849 
Net income per common share attributable to Walmart
Basic$1.11 $1.81 $3.61 $5.51 
Diluted1.11 1.80 3.59 5.48 
Note 3. Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts for the minimum pension liability, as well as the cumulative translation and any related net investment hedge impacts resulting from a disposition of a business, are recorded in other gains and losses in the Company's Condensed Consolidated Statements of Income. The following tables provide the changes in the composition of total accumulated other comprehensive loss:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2021$(10,772)$1,296 $(304)$(