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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.38 | -0.64% | 58.97 | 59.41 | 58.72 | 59.35 | 15,493,099 | 01:00:00 |
☒
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Delaware
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71-0415188
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
|
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702 S.W. 8th Street
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72716
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Bentonville
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AR
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
|
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Trading Symbol(s)
|
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Name of each exchange on which registered
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Common Stock, par value $0.10 per share
|
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WMT
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New York Stock Exchange
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1.900% Notes Due 2022
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New York Stock Exchange
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2.550% Notes Due 2026
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|
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New York Stock Exchange
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Large Accelerated Filer
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☒
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Accelerated Filer
|
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☐
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Non-Accelerated Filer
|
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Page
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Item 1.
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Financial Statements
|
|
|
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
|
|
|
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
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
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
|
|
(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
|
|
|
|
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
|
|
(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
|
)
|
(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
|
)
|
|
32
|
|
|
1,316
|
|
||||||
Reclassifications to income, net(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
11
|
|
|
20
|
|
||||||
Balances as of April 30, 2018
|
|
$
|
(10,745
|
)
|
|
$
|
—
|
|
|
$
|
1,191
|
|
|
$
|
73
|
|
|
$
|
(800
|
)
|
|
$
|
(10,281
|
)
|
Other comprehensive income (loss) before reclassifications, net(1)
|
|
(2,395
|
)
|
|
—
|
|
|
193
|
|
|
(171
|
)
|
|
(3
|
)
|
|
(2,376
|
)
|
||||||
Reclassifications to income, net(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
12
|
|
|
28
|
|
||||||
Balances as of July 31, 2018
|
|
$
|
(13,140
|
)
|
|
$
|
—
|
|
|
$
|
1,384
|
|
|
$
|
(82
|
)
|
|
$
|
(791
|
)
|
|
$
|
(12,629
|
)
|
(Amounts in millions)
|
|
Long-term debt due within one year
|
|
Long-term debt
|
|
Total
|
||||||
Balances as of February 1, 2019
|
|
$
|
1,876
|
|
|
$
|
43,520
|
|
|
$
|
45,396
|
|
Proceeds from issuance of long-term debt
|
|
—
|
|
|
4,020
|
|
|
4,020
|
|
|||
Repayments of long-term debt
|
|
(407
|
)
|
|
—
|
|
|
(407
|
)
|
|||
Reclassifications of long-term debt
|
|
2,932
|
|
|
(2,932
|
)
|
|
—
|
|
|||
Other
|
|
(5
|
)
|
|
(204
|
)
|
|
(209
|
)
|
|||
Balances as of July 31, 2019
|
|
$
|
4,396
|
|
|
$
|
44,404
|
|
|
$
|
48,800
|
|
(Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
||
Issue Date
|
|
Principal Amount
|
|
Maturity Date
|
|
Fixed vs. Floating
|
|
Interest Rate
|
|
Net Proceeds
|
||
April 23, 2019
|
|
1,500 USD
|
|
July 8, 2024
|
|
Fixed
|
|
2.850%
|
|
$
|
1,493
|
|
April 23, 2019
|
|
1,250 USD
|
|
July 8, 2026
|
|
Fixed
|
|
3.050%
|
|
1,242
|
|
|
April 23, 2019
|
|
1,250 USD
|
|
July 8, 2029
|
|
Fixed
|
|
3.250%
|
|
1,243
|
|
|
Various
|
|
42 USD
|
|
Various
|
|
Various
|
|
Various
|
|
42
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
$
|
4,020
|
|
•
|
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.
|
•
|
The purchased portion of the investment in JD measured using Level 1 inputs, and
|
•
|
The portion of the investment in JD received in exchange for selling certain assets related to Yihaodian, the Company's former eCommerce operations in China, measured using Level 2 inputs. Fair value is determined primarily using quoted prices in active markets for similar assets.
|
(Amounts in millions)
|
|
Fair Value as of July 31, 2019
|
|
Fair Value as of January 31, 2019
|
||||
Investment in JD measured using Level 1 inputs
|
|
$
|
2,155
|
|
|
$
|
1,791
|
|
Investment in JD measured using Level 2 inputs
|
|
2,159
|
|
|
1,792
|
|
||
Total
|
|
$
|
4,314
|
|
|
$
|
3,583
|
|
|
July 31, 2019
|
|
January 31, 2019
|
||||||||||||
(Amounts in millions)
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges
|
$
|
4,000
|
|
|
$
|
30
|
|
|
$
|
4,000
|
|
|
$
|
(78
|
)
|
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges
|
2,250
|
|
|
473
|
|
|
2,250
|
|
|
334
|
|
||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges
|
4,004
|
|
|
(617
|
)
|
|
4,173
|
|
|
(272
|
)
|
||||
Total
|
$
|
10,254
|
|
|
$
|
(114
|
)
|
|
$
|
10,423
|
|
|
$
|
(16
|
)
|
|
|
July 31, 2019
|
|
January 31, 2019
|
||||||||||||
(Amounts in millions)
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Long-term debt, including amounts due within one year
|
|
$
|
48,800
|
|
|
$
|
55,680
|
|
|
$
|
45,396
|
|
|
$
|
49,570
|
|
|
July 31, 2019
|
|
January 31, 2019
|
||||||||||||||||||||
(Amounts in millions)
|
Fair Value
Instruments |
|
Net Investment
Instruments |
|
Cash Flow
Instruments |
|
Fair Value
Instruments |
|
Net Investment
Instruments
|
|
Cash Flow
Instruments |
||||||||||||
Derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other long-term assets
|
$
|
33
|
|
|
$
|
473
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
334
|
|
|
$
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred income taxes and other
|
3
|
|
|
—
|
|
|
617
|
|
|
78
|
|
|
—
|
|
|
350
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonderivative hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
3,707
|
|
|
—
|
|
|
—
|
|
|
3,863
|
|
|
—
|
|
1.
|
A non-prosecution agreement (the "NPA") between the DOJ and the Company for a three-year term. Pursuant to the NPA, the Company paid a $138 million penalty and agreed to maintain the Company's anti-corruption compliance program for three years, certain reporting obligations for three years, and a limited monitorship with a third party for two years regarding the Company's anti-corruption compliance program, with the possibility of a third year pending the results of the monitorship during the initial two-year period. The DOJ agreed that it will not prosecute the Company for any conduct described in the NPA provided that the Company performs its obligations under the NPA for the three-year term.
|
2.
|
A plea agreement (the "Plea Agreement") entered into for a three-year term by the DOJ and WMT Brasilia S.a.r.l., an indirect wholly-owned foreign subsidiary of the Company ("WMT Brasilia") that previously owned a majority stake of the Company's Brazilian business. Through the Plea Agreement, entered in the United States District Court for the Eastern District of Virginia, WMT Brasilia pled guilty to one count of causing a books and records violation of the FCPA. The Company on behalf of WMT Brasilia was assessed a $4 million penalty, including forfeiture, that was deducted from the amount paid by the Company under the NPA.
|
3.
|
A Cease-and-Desist Order entered into by the SEC in a civil administrative proceeding (the "SEC Order"), the entry of which the Company consented to with respect to certain violations of the books and records and internal controls provisions of the FCPA. The Company paid $145 million in disgorgement and interest, and agreed to make certain reports to the SEC on its anti-corruption compliance and remediation efforts for two years, and cease and desist any violations of the books and records and internal controls provisions of the FCPA.
|
•
|
Assets of $24.1 billion, which comprise primarily of $2.2 billion in cash and cash equivalents, $2.8 billion in other current assets, $5.0 billion in intangible assets and $13.5 billion in goodwill. Of the intangible assets, $4.7 billion represents the fair value of trade names, each with an indefinite life, which were estimated using the income approach based on Level 3 unobservable inputs. The remaining $0.3 billion of intangible assets primarily relate to acquired technology with a life of 3 years. The goodwill arising from the acquisition consists largely of anticipated synergies and economies of scale primarily related to procurement and logistics and is not expected to be deductible for tax purposes;
|
•
|
Liabilities of $3.7 billion, which comprise primarily of $1.8 billion of current liabilities and $1.7 billion of deferred income taxes; and
|
•
|
Noncontrolling interest of $4.3 billion, for which the fair value was estimated using the income approach based on Level 3 unobservable inputs.
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Walmart U.S.
|
|
$
|
85,200
|
|
|
$
|
82,815
|
|
|
$
|
165,544
|
|
|
$
|
160,563
|
|
Walmart International
|
|
29,139
|
|
|
29,454
|
|
|
57,914
|
|
|
59,714
|
|
||||
Sam's Club
|
|
15,049
|
|
|
14,790
|
|
|
28,879
|
|
|
28,412
|
|
||||
Net sales
|
|
$
|
129,388
|
|
|
$
|
127,059
|
|
|
$
|
252,337
|
|
|
$
|
248,689
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Walmart U.S.
|
|
$
|
4,659
|
|
|
$
|
4,479
|
|
|
$
|
8,801
|
|
|
$
|
8,406
|
|
Walmart International
|
|
893
|
|
|
1,269
|
|
|
1,631
|
|
|
2,534
|
|
||||
Sam's Club
|
|
480
|
|
|
402
|
|
|
931
|
|
|
727
|
|
||||
Corporate and support
|
|
(449
|
)
|
|
(400
|
)
|
|
(835
|
)
|
|
(763
|
)
|
||||
Operating income
|
|
5,583
|
|
|
5,750
|
|
|
10,528
|
|
|
10,904
|
|
||||
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
|
|
(Amounts in millions)
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
Walmart U.S. net sales by merchandise category
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Grocery
|
|
$
|
47,687
|
|
|
$
|
45,991
|
|
|
$
|
93,091
|
|
|
$
|
89,851
|
|
General merchandise
|
|
27,466
|
|
|
27,305
|
|
|
52,073
|
|
|
51,479
|
|
||||
Health and wellness
|
|
9,238
|
|
|
8,837
|
|
|
18,756
|
|
|
17,965
|
|
||||
Other categories
|
|
809
|
|
|
682
|
|
|
1,624
|
|
|
1,268
|
|
||||
Total
|
|
$
|
85,200
|
|
|
$
|
82,815
|
|
|
$
|
165,544
|
|
|
$
|
160,563
|
|
(Amounts in millions)
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
Walmart International net sales by market
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Mexico and Central America
|
|
$
|
8,014
|
|
|
$
|
7,510
|
|
|
$
|
15,852
|
|
|
$
|
15,194
|
|
United Kingdom
|
|
7,316
|
|
|
7,650
|
|
|
14,393
|
|
|
15,165
|
|
||||
Canada
|
|
4,635
|
|
|
4,703
|
|
|
8,758
|
|
|
8,957
|
|
||||
China
|
|
2,428
|
|
|
2,480
|
|
|
5,491
|
|
|
5,685
|
|
||||
Other
|
|
6,746
|
|
|
7,111
|
|
|
13,420
|
|
|
14,713
|
|
||||
Total
|
|
$
|
29,139
|
|
|
$
|
29,454
|
|
|
$
|
57,914
|
|
|
$
|
59,714
|
|
(Amounts in millions)
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
Sam’s Club net sales by merchandise category
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Grocery and consumables
|
|
$
|
9,000
|
|
|
$
|
8,585
|
|
|
$
|
17,374
|
|
|
$
|
16,597
|
|
Fuel, tobacco and other categories
|
|
3,039
|
|
|
3,261
|
|
|
5,816
|
|
|
6,180
|
|
||||
Home and apparel
|
|
1,445
|
|
|
1,398
|
|
|
2,623
|
|
|
2,600
|
|
||||
Health and wellness
|
|
842
|
|
|
789
|
|
|
1,668
|
|
|
1,590
|
|
||||
Technology, office and entertainment
|
|
723
|
|
|
757
|
|
|
1,398
|
|
|
1,445
|
|
||||
Total
|
|
$
|
15,049
|
|
|
$
|
14,790
|
|
|
$
|
28,879
|
|
|
$
|
28,412
|
|
(Amounts in millions)
|
|
Three Months Ended July 31, 2019
|
|
Six Months Ended July 31, 2019
|
||||
Operating lease cost
|
|
$
|
661
|
|
|
$
|
1,297
|
|
Finance lease cost
|
|
|
|
|
||||
Amortization of right-of-use assets
|
|
116
|
|
|
227
|
|
||
Interest on lease obligations
|
|
75
|
|
|
152
|
|
||
Variable lease cost
|
|
168
|
|
|
335
|
|
(Dollar amounts in millions)
|
|
Six Months Ended July 31, 2019
|
||
Cash paid for amounts included in measurement of lease obligations:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
1,294
|
|
Operating cash flows from finance leases
|
|
132
|
|
|
Financing cash flows from finance leases
|
|
245
|
|
|
Assets obtained in exchange for operating lease obligations
|
|
1,119
|
|
|
Assets obtained in exchange for finance lease obligations
|
|
319
|
|
|
Weighted-average remaining lease term - operating leases
|
|
15.7 years
|
|
|
Weighted-average remaining lease term - finance leases
|
|
14.7 years
|
|
|
Weighted-average discount rate - operating leases
|
|
5.3
|
%
|
|
Weighted-average discount rate - finance leases
|
|
9.2
|
%
|
(1)
|
Represents minimum contractual obligation for non-cancelable leases with initial or remaining terms greater than 12 months as of January 31, 2019.
|
•
|
Acquisition of 81 percent of the outstanding shares, or 77 percent of the diluted shares, of Flipkart Private Limited ("Flipkart") in August 2018.
|
•
|
Divestiture of 80 percent of Walmart Brazil to Advent International ("Advent") in August 2018, for which we recorded a pre-tax loss of $4.8 billion in fiscal 2019, substantially all of which was recorded during the second quarter of fiscal 2019.
|
•
|
Divestiture of banking operations in Walmart Chile and Walmart Canada in December 2018 and April 2019, respectively.
|
•
|
strong, efficient growth;
|
•
|
consistent operating discipline; and
|
•
|
strategic capital allocation.
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
With Fuel
|
|
Fuel Impact
|
|
With Fuel
|
|
Fuel Impact
|
||||||||||||||||
Walmart U.S.
|
|
2.9
|
%
|
|
4.7
|
%
|
|
0.0
|
%
|
|
0.2
|
%
|
|
3.1
|
%
|
|
3.5
|
%
|
|
0.0
|
%
|
|
0.1
|
%
|
Sam's Club
|
|
1.7
|
%
|
|
7.6
|
%
|
|
0.6
|
%
|
|
2.6
|
%
|
|
1.6
|
%
|
|
6.5
|
%
|
|
0.8
|
%
|
|
2.1
|
%
|
Total U.S.
|
|
2.7
|
%
|
|
5.1
|
%
|
|
0.0
|
%
|
|
0.5
|
%
|
|
2.8
|
%
|
|
4.0
|
%
|
|
0.0
|
%
|
|
0.5
|
%
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
$
|
129,388
|
|
|
$
|
127,059
|
|
|
$
|
252,337
|
|
|
$
|
248,689
|
|
Percentage change from comparable period
|
|
1.8
|
%
|
|
4.2
|
%
|
|
1.5
|
%
|
|
4.3
|
%
|
||||
Operating, selling, general and administrative expenses
|
|
$
|
26,871
|
|
|
$
|
26,707
|
|
|
$
|
52,817
|
|
|
$
|
52,536
|
|
Percentage change from comparable period
|
|
0.6
|
%
|
|
3.3
|
%
|
|
0.5
|
%
|
|
4.1
|
%
|
||||
Operating, selling, general and administrative expenses as a percentage of net sales
|
|
20.8
|
%
|
|
21.0
|
%
|
|
20.9
|
%
|
|
21.1
|
%
|
(Amounts in millions)
|
|
Six Months Ended July 31,
|
||||||
Allocation of Capital Expenditures
|
|
2019
|
|
2018
|
||||
eCommerce, technology, supply chain and other
|
|
$
|
2,327
|
|
|
$
|
1,972
|
|
Store remodels
|
|
1,310
|
|
|
1,117
|
|
||
New stores and clubs, including expansions and relocations
|
|
41
|
|
|
182
|
|
||
Total U.S.
|
|
3,678
|
|
|
3,271
|
|
||
Walmart International
|
|
1,193
|
|
|
1,011
|
|
||
Total capital expenditures
|
|
$
|
4,871
|
|
|
$
|
4,282
|
|
|
|
For the Trailing Twelve Months Ending July 31,
|
||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
||||
CALCULATION OF RETURN ON ASSETS
|
||||||||
Numerator
|
|
|
|
|
||||
Consolidated net income
|
|
$
|
13,216
|
|
|
$
|
5,816
|
|
Denominator
|
|
|
|
|
||||
Average total assets(1)
|
|
$
|
220,462
|
|
|
$
|
203,814
|
|
Return on assets (ROA)
|
|
6.0
|
%
|
|
2.9
|
%
|
||
|
|
|
|
|
||||
CALCULATION OF RETURN ON INVESTMENT
|
||||||||
Numerator
|
|
|
|
|
||||
Operating income
|
|
$
|
21,581
|
|
|
$
|
20,135
|
|
+ Interest income
|
|
227
|
|
|
173
|
|
||
+ Depreciation and amortization
|
|
10,782
|
|
|
10,692
|
|
||
+ Rent
|
|
2,809
|
|
|
3,064
|
|
||
= Adjusted operating income
|
|
$
|
35,399
|
|
|
$
|
34,064
|
|
|
|
|
|
|
||||
Denominator
|
|
|
|
|
||||
Average total assets(1),(2)
|
|
$
|
227,557
|
|
|
$
|
203,814
|
|
+ Average accumulated depreciation and amortization(1), (2)
|
|
86,003
|
|
|
82,413
|
|
||
- Average accounts payable(1)
|
|
44,500
|
|
|
42,759
|
|
||
- Average accrued liabilities(1)
|
|
21,769
|
|
|
21,266
|
|
||
+ Rent x 8
|
|
N/A
|
|
|
24,512
|
|
||
= Average invested capital
|
|
$
|
247,291
|
|
|
$
|
246,714
|
|
Return on investment (ROI)
|
|
14.3
|
%
|
|
13.8
|
%
|
|
|
As of July 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Certain Balance Sheet Data
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
234,861
|
|
|
$
|
206,062
|
|
|
$
|
201,566
|
|
Leased assets, net
|
|
21,188
|
|
|
6,998
|
|
|
NP
|
|
|||
Total assets without leased assets, net
|
|
213,673
|
|
|
199,064
|
|
|
NP
|
|
|||
Accumulated depreciation and amortization
|
|
89,813
|
|
|
84,052
|
|
|
80,773
|
|
|||
Accumulated amortization on leased assets
|
|
3,686
|
|
|
5,547
|
|
|
NP
|
|
|||
Accumulated depreciation and amortization, without leased assets
|
|
86,127
|
|
|
78,505
|
|
|
NP
|
|
|||
Accounts payable
|
|
45,871
|
|
|
43,128
|
|
|
42,389
|
|
|||
Accrued liabilities
|
|
20,691
|
|
|
22,846
|
|
|
19,686
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
|
$
|
11,185
|
|
|
$
|
11,095
|
|
Payments for property and equipment
|
|
(4,871
|
)
|
|
(4,282
|
)
|
||
Free cash flow
|
|
$
|
6,314
|
|
|
$
|
6,813
|
|
|
|
|
|
|
||||
Net cash used in investing activities(1)
|
|
$
|
(3,824
|
)
|
|
$
|
(4,428
|
)
|
Net cash (used in) provided by financing activities
|
|
(5,531
|
)
|
|
2,480
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total revenues
|
|
$
|
130,377
|
|
|
$
|
128,028
|
|
|
$
|
254,302
|
|
|
$
|
250,718
|
|
Percentage change from comparable period
|
|
1.8
|
%
|
|
3.8
|
%
|
|
1.4
|
%
|
|
4.1
|
%
|
||||
Net sales
|
|
$
|
129,388
|
|
|
$
|
127,059
|
|
|
$
|
252,337
|
|
|
$
|
248,689
|
|
Percentage change from comparable period
|
|
1.8
|
%
|
|
4.2
|
%
|
|
1.5
|
%
|
|
4.3
|
%
|
||||
Total U.S. calendar comparable sales increase
|
|
2.7
|
%
|
|
5.1
|
%
|
|
2.8
|
%
|
|
4.0
|
%
|
||||
Gross profit margin as a percentage of net sales
|
|
24.3
|
%
|
|
24.8
|
%
|
|
24.3
|
%
|
|
24.7
|
%
|
||||
Operating income
|
|
$
|
5,583
|
|
|
$
|
5,750
|
|
|
$
|
10,528
|
|
|
$
|
10,904
|
|
Operating income as a percentage of net sales
|
|
4.3
|
%
|
|
4.5
|
%
|
|
4.2
|
%
|
|
4.4
|
%
|
||||
Other (gains) and losses
|
|
$
|
85
|
|
|
$
|
4,849
|
|
|
$
|
(752
|
)
|
|
$
|
6,694
|
|
Consolidated net income (loss)
|
|
$
|
3,680
|
|
|
$
|
(727
|
)
|
|
$
|
7,586
|
|
|
$
|
1,549
|
|
Unit counts at period end
|
|
11,389
|
|
|
11,735
|
|
|
11,389
|
|
|
11,735
|
|
||||
Retail square feet at period end
|
|
1,127
|
|
|
1,155
|
|
|
1,127
|
|
|
1,155
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
$
|
85,200
|
|
|
$
|
82,815
|
|
|
$
|
165,544
|
|
|
$
|
160,563
|
|
Percentage change from comparable period
|
|
2.9
|
%
|
|
5.2
|
%
|
|
3.1
|
%
|
|
4.1
|
%
|
||||
Calendar comparable sales increase
|
|
2.9
|
%
|
|
4.7
|
%
|
|
3.1
|
%
|
|
3.5
|
%
|
||||
Operating income
|
|
$
|
4,659
|
|
|
$
|
4,479
|
|
|
$
|
8,801
|
|
|
$
|
8,406
|
|
Operating income as a percentage of net sales
|
|
5.5
|
%
|
|
5.4
|
%
|
|
5.3
|
%
|
|
5.2
|
%
|
||||
Unit counts at period end
|
|
4,759
|
|
|
4,761
|
|
|
4,759
|
|
|
4,761
|
|
||||
Retail square feet at period end
|
|
704
|
|
|
705
|
|
|
704
|
|
|
705
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
$
|
29,139
|
|
|
$
|
29,454
|
|
|
$
|
57,914
|
|
|
$
|
59,714
|
|
Percentage change from comparable period
|
|
(1.1
|
)%
|
|
4.0
|
%
|
|
(3.0
|
)%
|
|
7.7
|
%
|
||||
Operating income
|
|
$
|
893
|
|
|
$
|
1,269
|
|
|
$
|
1,631
|
|
|
$
|
2,534
|
|
Operating income as a percentage of net sales
|
|
3.1
|
%
|
|
4.3
|
%
|
|
2.8
|
%
|
|
4.2
|
%
|
||||
Unit counts at period end
|
|
6,031
|
|
|
6,377
|
|
|
6,031
|
|
|
6,377
|
|
||||
Retail square feet at period end
|
|
343
|
|
|
370
|
|
|
343
|
|
|
370
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Including Fuel
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
15,049
|
|
|
$
|
14,790
|
|
|
$
|
28,879
|
|
|
$
|
28,412
|
|
Percentage change from comparable period
|
|
1.8
|
%
|
|
(0.6
|
)%
|
|
1.6
|
%
|
|
(1.6
|
)%
|
||||
Calendar comparable sales increase
|
|
1.7
|
%
|
|
7.6
|
%
|
|
1.6
|
%
|
|
6.5
|
%
|
||||
Operating income
|
|
$
|
480
|
|
|
$
|
402
|
|
|
$
|
931
|
|
|
$
|
727
|
|
Operating income as a percentage of net sales
|
|
3.2
|
%
|
|
2.7
|
%
|
|
3.2
|
%
|
|
2.6
|
%
|
||||
Unit counts at period end
|
|
599
|
|
|
597
|
|
|
599
|
|
|
597
|
|
||||
Retail square feet at period end
|
|
80
|
|
|
80
|
|
|
80
|
|
|
80
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Excluding Fuel (1)
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
13,451
|
|
|
$
|
13,293
|
|
|
$
|
25,904
|
|
|
$
|
25,673
|
|
Percentage change from comparable period
|
|
1.2
|
%
|
|
(3.1
|
)%
|
|
0.9
|
%
|
|
(3.6
|
)%
|
||||
Operating income
|
|
$
|
424
|
|
|
$
|
369
|
|
|
$
|
867
|
|
|
$
|
682
|
|
Operating income as a percentage of net sales
|
|
3.2
|
%
|
|
2.8
|
%
|
|
3.3
|
%
|
|
2.7
|
%
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
|
$
|
11,185
|
|
|
$
|
11,095
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
||||
Net cash used in investing activities
|
|
$
|
(3,824
|
)
|
|
$
|
(4,428
|
)
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2019
|
|
2018
|
||||
Net cash (used in) provided by financing activities
|
|
$
|
(5,531
|
)
|
|
$
|
2,480
|
|
(Amounts in millions)
|
|
Long-term debt due within one year
|
|
Long-term debt
|
|
Total
|
||||||
Balances as of February 1, 2019
|
|
$
|
1,876
|
|
|
$
|
43,520
|
|
|
$
|
45,396
|
|
Proceeds from issuance of long-term debt
|
|
—
|
|
|
4,020
|
|
|
4,020
|
|
|||
Repayments of long-term debt
|
|
(407
|
)
|
|
—
|
|
|
(407
|
)
|
|||
Reclassifications of long-term debt
|
|
2,932
|
|
|
(2,932
|
)
|
|
—
|
|
|||
Other
|
|
(5
|
)
|
|
(204
|
)
|
|
(209
|
)
|
|||
Balances as of July 31, 2019
|
|
$
|
4,396
|
|
|
$
|
44,404
|
|
|
$
|
48,800
|
|
Record Date
|
|
Payable Date
|
March 15, 2019
|
|
April 1, 2019
|
May 10, 2019
|
|
June 3, 2019
|
August 9, 2019
|
|
September 3, 2019
|
December 6, 2019
|
|
January 2, 2020
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions, except per share data)
|
|
2019
|
|
2018
|
||||
Total number of shares repurchased
|
|
36.6
|
|
|
20.8
|
|
||
Average price paid per share
|
|
$
|
101.26
|
|
|
$
|
88.81
|
|
Total amount paid for share repurchases
|
|
$
|
3,707
|
|
|
$
|
1,844
|
|
Rating agency
|
|
Commercial paper
|
|
Long-term debt
|
Standard & Poor's
|
|
A-1+
|
|
AA
|
Moody's Investors Service
|
|
P-1
|
|
Aa2
|
Fitch Ratings
|
|
F1+
|
|
AA
|
Fiscal Period
|
|
Total
Number of
Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs
|
|
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs(1)
(billions)
|
||||||
May 1 - 31, 2019
|
|
6,646,996
|
|
|
$
|
101.34
|
|
|
6,646,996
|
|
|
$
|
8.5
|
|
June 1 - 30, 2019
|
|
4,423,548
|
|
|
107.80
|
|
|
4,423,548
|
|
|
8.0
|
|
||
July 1 - 31, 2019
|
|
3,582,528
|
|
|
112.71
|
|
|
3,582,528
|
|
|
7.7
|
|
||
Total
|
|
14,653,072
|
|
|
|
|
14,653,072
|
|
|
|
•
|
statements in Note 1 to Walmart's Condensed Consolidated Financial Statements as of and for the three and six months ended July 31, 2019, regarding management's determinations regarding the materiality of the impact of, certain ASUs issued by the FASB; statements in Note 6 to those Condensed Consolidated Financial Statements regarding the expected insignificance of the amounts relating to certain net investment and cash flow derivative financial instruments to which Walmart is a party that are expected to be reclassified from accumulated other comprehensive loss to net income in the next 12 months; statements in Note 7 to those Condensed Consolidated Financial Statements regarding the possible outcome of, and future effect on Walmart's financial condition and results of operations of, certain litigation and other proceedings to which Walmart is a party, the possible outcome of, and future effect on Walmart's business of, certain other matters to which Walmart is subject, including Walmart's existing ASDA Equal Value Claims and the National Opiate Litigation and related matters, and the liabilities, losses, expenses and costs that Walmart may incur in connection with such matters; and statements in Note 8 to the anticipated impact to the operations of the Company and its Walmart International segment of the Walmart Brazil and Flipkart transactions;
|
•
|
in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations": statements under the caption "Overview" relating to the possible impact of volatility in currency exchange rates on the results, including net sales and operating income, of Walmart and the Walmart International segment; statements under the caption "Company Performance Metrics - Strong, Efficient Growth" regarding the focus of our investments and the impact of such investments; statements under the caption "Company Performance Metrics", and the "- Returns" sub-heading under that caption, regarding our belief that returns on capital will improve as we execute on our strategic framework; statements under the caption "Results of Operations - Consolidated Results of Operations" regarding the possibility of fluctuations in Walmart's effective income tax rate from quarter to quarter and the factors that may cause those fluctuations; a statement under the caption "Results of Operations - Sam's Club Segment" relating to the possible continuing impact of volatility in fuel prices on the future operating results of the Sam's Club segment; a statement under the caption "Liquidity and Capital Resources - Liquidity" that Walmart's sources of liquidity will be adequate to fund its operations, finance its global investment and expansion activities, pay dividends and fund share repurchases; statements under the caption "Liquidity and Capital Resources - Liquidity - Net Cash Provided by Operating Activities - Cash Equivalents and Working Capital" regarding management's expectation that cash in market will be utilized to fund Flipkart's operations; a statement under the caption "Liquidity and Capital Resources Liquidity - Net Cash Used in Financing Activities - Dividends" regarding the payment of dividends in fiscal 2020; a statement under the caption "Liquidity and Capital Resources Liquidity - Net Cash Used in Financing Activities - Company Share Repurchase Program" regarding funding of the ongoing share repurchase program; and statements under the caption "Liquidity and Capital Resources - Capital Resources" regarding management's expectations regarding the Company's cash flows from operations, current cash position and access to capital markets continuing to be sufficient to meet its anticipated operating cash needs, the Company's commercial paper and long-term debt ratings continuing to enable it to refinance its debts at favorable rates, factors that could affect its credit ratings, and the effect that lower credit ratings would have on its access to capital and credit markets and borrowing costs;
|
•
|
in Part I, Item 4 "Controls and Procedures": the statements regarding the effect of changes to systems and processes on our internal control over financial reporting; and
|
•
|
statements in Part II, Item 1 "Legal Proceedings" regarding the effect that possible losses or the range of possible losses that might be incurred in connection with the legal proceedings and other matters discussed therein may have on our financial condition or results of operations.
|
•
|
economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates;
|
•
|
currency exchange rate fluctuations;
|
•
|
changes in market rates of interest;
|
•
|
changes in market levels of wages;
|
•
|
changes in the size of various markets, including eCommerce markets;
|
•
|
unemployment levels;
|
•
|
inflation or deflation, generally and in certain product categories;
|
•
|
transportation, energy and utility costs;
|
•
|
commodity prices, including the prices of oil and natural gas;
|
•
|
consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels, and demand for certain merchandise;
|
•
|
trends in consumer shopping habits around the world and in the markets in which Walmart operates;
|
•
|
consumer enrollment in health and drug insurance programs and such programs' reimbursement rates and drug formularies; and
|
•
|
initiatives of competitors, competitors' entry into and expansion in Walmart's markets, and competitive pressures;
|
•
|
the amount of Walmart's net sales and operating expenses denominated in U.S. dollar and various foreign currencies;
|
•
|
the financial performance of Walmart and each of its segments, including the amounts of Walmart's cash flow during various periods;
|
•
|
customer transaction and average ticket in Walmart's stores and clubs and on its eCommerce platforms;
|
•
|
the mix of merchandise Walmart sells and its customers purchase;
|
•
|
the availability of goods from suppliers and the cost of goods acquired from suppliers;
|
•
|
the effectiveness of the implementation and operation of Walmart's strategies, plans, programs and initiatives;
|
•
|
the impact of acquisitions, divestitures, store or club closures, and other strategic decisions;
|
•
|
Walmart's ability to successfully integrate acquired businesses, including within the eCommerce space;
|
•
|
unexpected changes in Walmart's objectives and plans;
|
•
|
the amount of shrinkage Walmart experiences;
|
•
|
consumer acceptance of and response to Walmart's stores and clubs, eCommerce platforms, programs, merchandise offerings and delivery methods;
|
•
|
the selling prices of gasoline and diesel fuel;
|
•
|
disruption of seasonal buying patterns in Walmart's markets;
|
•
|
disruptions in Walmart's supply chain;
|
•
|
cybersecurity events affecting Walmart and related costs and impact of any disruption in business;
|
•
|
Walmart's labor costs, including healthcare and other benefit costs;
|
•
|
Walmart's casualty and accident-related costs and insurance costs;
|
•
|
the size of and turnover in Walmart's workforce and the number of associates at various pay levels within that workforce;
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•
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the availability of necessary personnel to staff Walmart's stores, clubs and other facilities;
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delays in the opening of new, expanded, relocated or remodeled units;
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•
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developments in, and the outcome of, legal and regulatory proceedings and investigations to which Walmart is a party or is subject, and the liabilities, obligations and expenses, if any, that Walmart may incur in connection therewith;
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•
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changes in the credit ratings assigned to the Company's commercial paper and debt securities by credit rating agencies;
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Walmart's effective tax rate; and
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•
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unanticipated changes in accounting judgments and estimates;
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•
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changes in existing, tax, labor and other laws and changes in tax rates, including the enactment of laws and the adoption and interpretation of administrative rules and regulations;
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the imposition of new taxes on imports, new tariffs and changes in existing tariff rates;
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the imposition of new trade restrictions and changes in existing trade restrictions;
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adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere and actions with respect to such policies, programs and initiatives;
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changes in currency control laws;
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changes in the level of public assistance payments;
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the timing of federal income tax refunds;
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natural disasters, changes in climate, geo-political events and catastrophic events; and
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•
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changes in generally accepted accounting principles in the United States.
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Exhibit 3.1
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Exhibit 3.2
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Exhibit 10.1*
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Exhibit 10.2*
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Exhibit 31.1*
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Exhibit 31.2*
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Exhibit 32.1**
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Exhibit 32.2**
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Exhibit 99.1*
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Exhibit 101.INS*
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Inline XBRL Instance Document
|
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Exhibit 101.SCH*
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Inline XBRL Taxonomy Extension Schema Document
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Exhibit 101.CAL*
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Inline XBRL Taxonomy Extension Calculation Linkbase Document
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Exhibit 101.DEF*
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Inline XBRL Taxonomy Extension Definition Linkbase Document
|
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Exhibit 101.LAB*
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Inline XBRL Taxonomy Extension Label Linkbase Document
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Exhibit 101.PRE*
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Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
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Exhibit 104
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|
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2019, formatted in Inline XBRL (included in Exhibit 101)
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*
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Filed herewith as an Exhibit.
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**
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Furnished herewith as an Exhibit.
|
September 6, 2019
|
By:
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/s/ C. Douglas McMillon
|
|
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C. Douglas McMillon
President and Chief Executive Officer
(Principal Executive Officer)
|
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|
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|
September 6, 2019
|
By:
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/s/ M. Brett Biggs
|
|
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M. Brett Biggs
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
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|
September 6, 2019
|
By:
|
|
/s/ David M. Chojnowski
|
|
|
|
David M. Chojnowski
Senior Vice President and Controller
(Principal Accounting Officer)
|
1 Year Walmart Chart |
1 Month Walmart Chart |
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