10-Q 1 wmt-20220731.htm 10-Q wmt-20220731
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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, 2022.
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-20220731_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
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 2,714,237,937 shares of common stock outstanding as of August 31, 2022.


Walmart Inc.
Form 10-Q
For the Quarterly Period Ended July 31, 2022



Table of Contents


2

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)2022202120222021
Revenues:
Net sales$151,381 $139,871 $291,669 $277,030 
Membership and other income1,478 1,177 2,759 2,328 
Total revenues152,859 141,048 294,428 279,358 
Costs and expenses:
Cost of sales115,838 105,183 222,685 208,455 
Operating, selling, general and administrative expenses30,167 28,511 59,571 56,640 
Operating income6,854 7,354 12,172 14,263 
Interest:
Debt395 437 767 918 
Finance lease84 78 167 163 
Interest income(31)(37)(67)(67)
Interest, net448 478 867 1,014 
Other (gains) and losses(238)953 1,760 3,482 
Income before income taxes6,644 5,923 9,545 9,767 
Provision for income taxes1,497 1,559 2,295 2,592 
Consolidated net income5,147 4,364 7,250 7,175 
Consolidated net loss (income) attributable to noncontrolling interest2 (88)(47)(169)
Consolidated net income attributable to Walmart$5,149 $4,276 $7,203 $7,006 
Net income per common share:
Basic net income per common share attributable to Walmart$1.88 $1.53 $2.62 $2.50 
Diluted net income per common share attributable to Walmart1.88 1.52 2.61 2.48 
Weighted-average common shares outstanding:
Basic2,736 2,799 2,745 2,807 
Diluted2,745 2,812 2,755 2,820 
Dividends declared per common share$ $ $2.24 $2.20 
See accompanying notes.
3

Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended July 31,Six Months Ended July 31,
(Amounts in millions)2022202120222021
Consolidated net income$5,147 $4,364 $7,250 $7,175 
Consolidated net loss (income) attributable to noncontrolling interest2 (88)(47)(169)
Consolidated net income attributable to Walmart5,149 4,276 7,203 7,006 
Other comprehensive (loss) income, net of income taxes
Currency translation and other(1,380)201 (1,148)3,160 
Net investment hedges   (1,202)
Cash flow hedges(293)(155)(251)(135)
Minimum pension liability2 2 3 1,971 
Other comprehensive (loss) income, net of income taxes(1,671)48 (1,396)3,794 
Other comprehensive loss (income) attributable to noncontrolling interest275 (78)268 (4)
Other comprehensive (loss) income attributable to Walmart(1,396)(30)(1,128)3,790 
Comprehensive income, net of income taxes3,476 4,412 5,854 10,969 
Comprehensive loss (income) attributable to noncontrolling interest277 (166)221 (173)
Comprehensive income attributable to Walmart$3,753 $4,246 $6,075 $10,796 
See accompanying notes.
4

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
July 31,January 31,July 31,
(Amounts in millions)202220222021
ASSETS
Current assets:
Cash and cash equivalents$13,923 $14,760 $22,831 
Receivables, net7,522 8,280 6,103 
Inventories59,921 56,511 47,754 
Prepaid expenses and other2,798 1,519 1,555 
Total current assets84,164 81,070 78,243 
Property and equipment, net96,006 94,515 91,621 
Operating lease right-of-use assets13,872 13,758 13,868 
Finance lease right-of-use assets, net4,514 4,351 4,109 
Goodwill28,664 29,014 29,159 
Other long-term assets19,979 22,152 21,552 
Total assets$247,199 $244,860 $238,552 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings$10,634 $410 $671 
Accounts payable54,191 55,261 49,601 
Dividends payable3,049  3,109 
Accrued liabilities23,843 26,060 23,915 
Accrued income taxes868 851 267 
Long-term debt due within one year5,316 2,803 1,617 
Operating lease obligations due within one year1,464 1,483 1,441 
Finance lease obligations due within one year534 511 501 
Total current liabilities99,899 87,379 81,122 
Long-term debt29,801 34,864 39,581 
Long-term operating lease obligations13,140 13,009 13,116 
Long-term finance lease obligations4,420 4,243 3,952 
Deferred income taxes and other14,092 13,474 13,654 
Commitments and contingencies
Redeemable noncontrolling interest260   
Equity:
Common stock272 276 278 
Capital in excess of par value4,672 4,839 3,655 
Retained earnings82,519 86,904 84,572 
Accumulated other comprehensive loss(9,894)(8,766)(7,976)
Total Walmart shareholders' equity77,569 83,253 80,529 
Nonredeemable noncontrolling interest8,018 8,638 6,598 
Total equity85,587 91,891 87,127 
Total liabilities, redeemable noncontrolling interest, and equity$247,199 $244,860 $238,552 
See accompanying notes.
5

Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
AccumulatedTotal
Capital inOtherWalmartNonredeemable
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20222,761 $276 $4,839 $86,904 $(8,766)$83,253 $8,638 $91,891 
Consolidated net income— — — 2,054 — 2,054 49 2,103 
Other comprehensive income, net of income taxes— — — — 268 268 7 275 
Dividends declared ($2.24 per share)
— — — (6,173)— (6,173)— (6,173)
Purchase of Company stock(17)(2)(125)(2,249)— (2,376)— (2,376)
Sale of subsidiary stock— — 24 — — 24 11 35 
Other4 1 (151)(4)— (154)(1)(155)
Balances as of April 30, 20222,748 $275 $4,587 $80,532 $(8,498)$76,896 $8,704 $85,600 
Consolidated net income— — — 5,149 — 5,149 (2)5,147 
Other comprehensive (loss), net of income taxes— — — — (1,396)(1,396)(275)(1,671)
Purchase of Company stock(26)(3)(182)(3,201)— (3,386)— (3,386)
Dividends to noncontrolling interest— — — — — — (434)(434)
Sale of subsidiary stock— — 8 — — 8 2 10 
Other— — 259 39 — 298 23 321 
Balances as of July 31, 20222,722 272 4,672 82,519 (9,894)77,569 8,018 85,587 
See accompanying notes.

AccumulatedTotal
Capital inOtherWalmartNonredeemable
(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 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 (loss) income, 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 
See accompanying notes.
6

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended July 31,
(Amounts in millions)20222021
Cash flows from operating activities:
Consolidated net income$7,250 $7,175 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization5,379 5,302 
Net unrealized and realized (gains) and losses1,988 3,019 
Losses on disposal of business operations 433 
Deferred income taxes111 (385)
Other operating activities244 606 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net874 452 
Inventories(3,730)(2,725)
Accounts payable(453)119 
Accrued liabilities(2,439)(1,412)
Accrued income taxes16 (161)
Net cash provided by operating activities9,240 12,423 
Cash flows from investing activities:
Payments for property and equipment(7,492)(5,019)
Proceeds from the disposal of property and equipment72 176 
Proceeds from disposal of certain operations, net of divested cash 7,935 
Payments for business acquisitions, net of cash acquired(616)(248)
Other investing activities(548)(442)
Net cash (used in) provided by investing activities(8,584)2,402 
Cash flows from financing activities:
Net change in short-term borrowings10,230 441 
Repayments of long-term debt(1,439)(3,010)
Dividends paid(3,081)(3,091)
Purchase of Company stock(5,747)(5,200)
Sale of subsidiary stock45 252 
Other financing activities(1,408)(951)
Net cash used in financing activities(1,400)(11,559)
Effect of exchange rates on cash, cash equivalents and restricted cash(100)(21)
Net (decrease) increase in cash, cash equivalents and restricted cash(844)3,245 
Change in cash and cash equivalents reclassified from assets held for sale 1,848 
Cash, cash equivalents and restricted cash at beginning of year14,834 17,788 
Cash, cash equivalents and restricted cash at end of period$13,990 $22,881 
See accompanying notes.
7

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, 2022 ("fiscal 2022"). 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 July 2022 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 has 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.
Redeemable Noncontrolling Interest
Noncontrolling interests which are redeemable outside the Company's control at fixed or determinable prices and dates are presented as temporary equity on the Condensed Consolidated Balance Sheets. Redeemable noncontrolling interests are recorded at the greater of the redemption fair value or the carrying value of the noncontrolling interest and adjusted each reporting period for income, loss and any distributions made. As of July 31, 2022, the Company has a redeemable noncontrolling interest related to an acquisition in the Walmart U.S. segment as the minority interest owner holds a put option which may require the Company to purchase their interest beginning in December 2027 and annually thereafter.
Inventories
The Company values inventories at the lower of cost or market as determined primarily by the retail inventory method of accounting, using the last-in, first-out ("LIFO") method for the Walmart U.S. segment's inventories. The inventory for the Walmart International segment is generally valued in most markets by the retail inventory method of accounting, using the first-in, first-out ("FIFO") method. The retail inventory method of accounting results in inventory being valued at the lower of cost or market, since permanent markdowns are immediately recorded as a reduction of the carrying value of inventory. The inventory at the Sam's Club segment is valued using the weighted-average cost LIFO method. If necessary, the Company records a LIFO adjustment during interim periods for the projected annual effect of inflation or deflation which is adjusted to actual results based on rates and inventory levels at the end of the year.

8

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, 2022 and 2021.
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)2022202120222021
Numerator
Consolidated net income$5,147 $4,364 $7,250 $7,175 
Consolidated net loss (income) attributable to noncontrolling interest2 (88)(47)(169)
Consolidated net income attributable to Walmart$5,149 $4,276 $7,203 $7,006 
Denominator
Weighted-average common shares outstanding, basic2,736 2,799 2,745 2,807 
Dilutive impact of share-based awards9 13 10 13 
Weighted-average common shares outstanding, diluted2,745 2,812 2,755 2,820 
Net income per common share attributable to Walmart
Basic$1.88 $1.53 $2.62 $2.50 
Diluted1.88 1.52 2.61 2.48 
Note 3. Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts for the minimum pension liability, as well as the cumulative translation and any related net investment hedge impacts resulting from a disposition of a business, are recorded in other gains and losses in the Company's Condensed Consolidated Statements of Income. The following tables provide the changes in the composition of total accumulated other comprehensive loss:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2022$(8,100)$94 $(748)$(12)$(8,766)
Other comprehensive income before reclassifications, net225  26  251 
Reclassifications to income, net  16 1 17 
Balances as of April 30, 2022$(7,875)$94 $(706)$(11)$(8,498)
Other comprehensive income (loss) before reclassifications, net(796) (622)2 (1,416)
Reclassifications to income, net(309) 329  20 
Balances as of July 31, 2022$(8,980)$94 $(999)$(9)$(9,894)
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2021$(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.
9

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 2022, 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, 2022 and January 31, 2022, all undrawn.
The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2022:
(Amounts in millions)Long-term debt due within one yearLong-term debtTotal
Balances as of February 1, 2022$2,803 $34,864 $37,667 
Repayments of long-term debt(1,439) (1,439)
Reclassifications of long-term debt4,030 (4,030) 
Other(78)(1,033)(1,111)
Balances as of July 31, 2022$5,316 $29,801 $35,117 
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.
The Company measures the fair value of certain equity investments, including certain equity method investments, on a recurring basis in the accompanying Condensed Consolidated Balance Sheets. The fair value of these investments is as follows:
(Amounts in millions)Fair Value as of July 31, 2022Fair Value as of January 31, 2022
Equity investments measured using Level 1 inputs$4,773 $6,069 
Equity investments measured using Level 2 inputs5,919 5,819 
Total$10,692 $11,888 
Derivatives
The Company also has derivatives recorded at fair value. Derivative fair values are the estimated amounts the Company would receive or pay upon termination of the related derivative agreements as of the reporting dates. The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest rate and foreign currency forward curves. As of July 31, 2022 and January 31, 2022, the notional amounts and fair values of these derivatives were as follows:
 July 31, 2022January 31, 2022
(Amounts in millions)Notional AmountFair ValueNotional AmountFair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges$