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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, 2022.
or
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☐ | 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
WALMART INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Delaware | | 71-0415188 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
702 S.W. 8th Street | | 72716 |
Bentonville | AR | |
(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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.10 per share | | WMT | | New York Stock Exchange |
2.550% Notes Due 2026 | | WMT26 | | New 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 2,696,800,054 shares of common stock outstanding as of November 29, 2022.
Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 31, 2022
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) | | 2022 | | 2021 | | 2022 | | 2021 |
Revenues: | | | | | | | | |
Net sales | | $ | 151,469 | | | $ | 139,207 | | | $ | 443,138 | | | $ | 416,237 | |
Membership and other income | | 1,344 | | | 1,318 | | | 4,103 | | | 3,646 | |
Total revenues | | 152,813 | | | 140,525 | | | 447,241 | | | 419,883 | |
Costs and expenses: | | | | | | | | |
Cost of sales | | 115,613 | | | 105,023 | | | 338,298 | | | 313,478 | |
Operating, selling, general and administrative expenses | | 34,505 | | | 29,710 | | | 94,076 | | | 86,350 | |
Operating income | | 2,695 | | | 5,792 | | | 14,867 | | | 20,055 | |
Interest: | | | | | | | | |
Debt | | 499 | | | 408 | | | 1,266 | | | 1,326 | |
Finance lease | | 85 | | | 78 | | | 252 | | | 241 | |
Interest income | | (84) | | | (44) | | | (151) | | | (111) | |
Interest, net | | 500 | | | 442 | | | 1,367 | | | 1,456 | |
Loss on extinguishment of debt | | — | | | 2,410 | | | — | | | 2,410 | |
Other (gains) and losses | | 3,626 | | | (1,207) | | | 5,386 | | | 2,275 | |
Income (loss) before income taxes | | (1,431) | | | 4,147 | | | 8,114 | | | 13,914 | |
Provision for income taxes | | 336 | | | 1,015 | | | 2,631 | | | 3,607 | |
| | | | | | | | |
| | | | | | | | |
Consolidated net income (loss) | | (1,767) | | | 3,132 | | | 5,483 | | | 10,307 | |
Consolidated net income attributable to noncontrolling interest | | (31) | | | (27) | | | (78) | | | (196) | |
Consolidated net income (loss) attributable to Walmart | | $ | (1,798) | | | $ | 3,105 | | | $ | 5,405 | | | $ | 10,111 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net income per common share: | | | | | | | | |
Basic net income (loss) per common share attributable to Walmart | | $ | (0.66) | | | $ | 1.11 | | | $ | 1.98 | | | $ | 3.61 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Diluted net income (loss) per common share attributable to Walmart | | (0.66) | | | 1.11 | | | 1.97 | | | 3.59 | |
| | | | | | | | |
Weighted-average common shares outstanding: | | | | | | | | |
Basic | | 2,711 | | | 2,785 | | | 2,733 | | | 2,799 | |
Diluted | | 2,711 | | | 2,797 | | | 2,743 | | | 2,813 | |
| | | | | | | | |
Dividends declared per common share | | $ | — | | | $ | — | | | $ | 2.24 | | | $ | 2.20 | |
See accompanying notes.
Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Nine Months Ended October 31, |
(Amounts in millions) | 2022 | | 2021 | | 2022 | | 2021 |
Consolidated net income (loss) | $ | (1,767) | | | $ | 3,132 | | | $ | 5,483 | | | $ | 10,307 | |
Consolidated net income attributable to noncontrolling interest | (31) | | | (27) | | | (78) | | | (196) | |
| | | | | | | |
Consolidated net income (loss) attributable to Walmart | (1,798) | | | 3,105 | | | 5,405 | | | 10,111 | |
| | | | | | | |
Other comprehensive income (loss), net of income taxes | | | | | | | |
Currency translation and other | (919) | | | (523) | | | (2,067) | | | 2,637 | |
Net investment hedges | — | | | — | | | — | | | (1,202) | |
Cash flow hedges | (175) | | | (183) | | | (426) | | | (318) | |
Minimum pension liability | — | | | 1 | | | 3 | | | 1,972 | |
| | | | | | | |
Other comprehensive income (loss), net of income taxes | (1,094) | | | (705) | | | (2,490) | | | 3,089 | |
Other comprehensive loss attributable to noncontrolling interest | 208 | | | 193 | | | 476 | | | 189 | |
| | | | | | | |
Other comprehensive income (loss) attributable to Walmart | (886) | | | (512) | | | (2,014) | | | 3,278 | |
| | | | | | | |
Comprehensive income (loss), net of income taxes | (2,861) | | | 2,427 | | | 2,993 | | | 13,396 | |
Comprehensive (income) loss attributable to noncontrolling interest | 177 | | | 166 | | | 398 | | | (7) | |
| | | | | | | |
Comprehensive income (loss) attributable to Walmart | $ | (2,684) | | | $ | 2,593 | | | $ | 3,391 | | | $ | 13,389 | |
See accompanying notes.
Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | October 31, | | January 31, | | October 31, |
(Amounts in millions) | | 2022 | | 2022 | | 2021 |
ASSETS | | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 11,587 | | | $ | 14,760 | | | $ | 16,111 | |
Receivables, net | | 8,218 | | | 8,280 | | | 7,349 | |
Inventories | | 64,706 | | | 56,511 | | | 57,484 | |
Prepaid expenses and other | | 3,169 | | | 1,519 | | | 2,020 | |
| | | | | | |
Total current assets | | 87,680 | | | 81,070 | | | 82,964 | |
| | | | | | |
| | | | | | |
| | | | | | |
Property and equipment, net | | 97,553 | | | 94,515 | | | 92,242 | |
Operating lease right-of-use assets | | 13,394 | | | 13,758 | | | 13,863 | |
Finance lease right-of-use assets, net | | 4,597 | | | 4,351 | | | 4,226 | |
| | | | | | |
Goodwill | | 28,137 | | | 29,014 | | | 28,923 | |
Other long-term assets | | 16,295 | | | 22,152 | | | 22,633 | |
Total assets | | $ | 247,656 | | | $ | 244,860 | | | $ | 244,851 | |
| | | | | | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | | | | | | |
Current liabilities: | | | | | | |
Short-term borrowings | | $ | 6,811 | | | $ | 410 | | | $ | 447 | |
Accounts payable | | 57,263 | | | 55,261 | | | 57,156 | |
Dividends payable | | 1,527 | | | — | | | 1,528 | |
Accrued liabilities | | 27,443 | | | 26,060 | | | 24,474 | |
Accrued income taxes | | 900 | | | 851 | | | 446 | |
Long-term debt due within one year | | 5,458 | | | 2,803 | | | 1,575 | |
Operating lease obligations due within one year | | 1,457 | | | 1,483 | | | 1,486 | |
Finance lease obligations due within one year | | 549 | | | 511 | | | 508 | |
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Total current liabilities | | 101,408 | | | 87,379 | | | 87,620 | |
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Long-term debt | | 33,935 | | | 34,864 | | | 36,425 | |
Long-term operating lease obligations | | 12,658 | | | 13,009 | | | 13,095 | |
Long-term finance lease obligations | | 4,512 | | | 4,243 | | | 4,061 | |
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Deferred income taxes and other | | 14,760 | | | 13,474 | | | 12,893 | |
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Commitments and contingencies | | | | | | |
| | | | | | |
Redeemable noncontrolling interest | | 260 | | | — | | | — | |
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Equity: | | | | | | |
Common stock | | 270 | | | 276 | | | 277 | |
Capital in excess of par value | | 4,817 | | | 4,839 | | | 4,811 | |
Retained earnings | | 77,946 | | | 86,904 | | | 85,674 | |
Accumulated other comprehensive loss | | (10,780) | | | (8,766) | | | (8,488) | |
Total Walmart shareholders' equity | | 72,253 | | | 83,253 | | | 82,274 | |
Nonredeemable noncontrolling interest | | 7,870 | | | 8,638 | | | 8,483 | |
Total equity | | 80,123 | | | 91,891 | | | 90,757 | |
Total liabilities, redeemable noncontrolling interest, and equity | | $ | 247,656 | | | $ | 244,860 | | | $ | 244,851 | |
See accompanying notes.
Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
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| | | | | | | | | Accumulated | | Total | | | | | | | |
| | | | | Capital in | | | | Other | | Walmart | | Nonredeemable | | | | | |
(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, 2022 | 2,761 | | | $ | 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 | | | | |
Other | 4 | | | 1 | | | (151) | | | (4) | | | — | | | (154) | | | (1) | | | (155) | | | | |
Balances as of April 30, 2022 | 2,748 | | | $ | 275 | | | $ | 4,587 | | | $ | 80,532 | | | $ | (8,498) | | | $ | 76,896 | | | $ | 8,704 | | | $ | 85,600 | | | | |
Consolidated net income (loss) | — | | | — | | | — | | | 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, 2022 | 2,722 | | | 272 | | | 4,672 | | | 82,519 | | | (9,894) | | | 77,569 | | | 8,018 | | | 85,587 | | | | |
Consolidated net income (loss) | — | | | — | | | — | | | (1,798) | | | — | | | (1,798) | | | 31 | | | (1,767) | | | | |
Other comprehensive loss, net of income taxes | — | | | — | | | — | | | — | | | (886) | | | (886) | | | (208) | | | (1,094) | | | | |
Dividends | — | | | — | | | — | | | 43 | | | — | | | 43 | | | — | | | 43 | | | | |
Purchase of Company stock | (22) | | | (2) | | | (158) | | | (2,772) | | | — | | | (2,932) | | | — | | | (2,932) | | | | |
Dividends to noncontrolling interest | — | | | — | | | — | | | — | | | — | | | — | | | (10) | | | (10) | | | | |
Sale of subsidiary stock | — | | | — | | | 7 | | | — | | | — | | | 7 | | | 3 | | | 10 | | | | |
Other | 1 | | | — | | | 296 | | | (46) | | | — | | | 250 | | | 36 | | | 286 | | | | |
Balances as of October 31, 2022 | 2,701 | | | $ | 270 | | | $ | 4,817 | | | $ | 77,946 | | | $ | (10,780) | | | $ | 72,253 | | | $ | 7,870 | | | $ | 80,123 | | | | |
See accompanying notes.
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| | | | | | | | | Accumulated | | Total | | | | | | | |
| | | | | Capital in | | | | Other | | Walmart | | Nonredeemable | | | | | |
(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, 2021 | 2,821 | | | $ | 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 | | | | |
Other | 5 | | | — | | | (128) | | | 2 | | | — | | | (126) | | | (5) | | | (131) | | | | |
Balances as of April 30, 2021 | 2,805 | | | $ | 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 | | | | |
Other | 3 | | | — | | | 319 | | | (8) | | | — | | | 311 | | | 14 | | | 325 | | | | |
Balances as of July 31, 2021 | 2,791 | | | $ | 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 | | | | |
Other | 1 | | | — | | | 321 | | | (4) | | | — | | | 317 | | | — | | | 317 | | | | |
Balances as of October 31, 2021 | 2,778 | | | $ | 277 | | | $ | 4,811 | | | $ | 85,674 | | | $ | (8,488) | | | $ | 82,274 | | | $ | 8,483 | | | $ | 90,757 | | | | |
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See accompanying notes.
Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | | | | | | |
| | Nine Months Ended October 31, | | |
(Amounts in millions) | | 2022 | | 2021 | | |
Cash flows from operating activities: | | | | | | |
Consolidated net income | | $ | 5,483 | | | $ | 10,307 | | | |
| | | | | | |
| | | | | | |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | | | | | | |
Depreciation and amortization | | 8,134 | | | 7,952 | | | |
Net unrealized and realized losses | | 5,611 | | | 1,831 | | | |
Losses on disposal of business operations | | — | | | 433 | | | |
Deferred income taxes | | 28 | | | (1,402) | | | |
Loss on extinguishment of debt | | — | | | 2,410 | | | |
Other operating activities | | 921 | | | 1,057 | | | |
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: | | | | | | |
Receivables, net | | (59) | | | (842) | | | |
Inventories | | (9,008) | | | (12,663) | | | |
Accounts payable | | 3,183 | | | 7,906 | | | |
Accrued liabilities | | 1,354 | | | (722) | | | |
Accrued income taxes | | 51 | | | 24 | | | |
Net cash provided by operating activities | | 15,698 | | | 16,291 | | | |
| | | | | | |
Cash flows from investing activities: | | | | | | |
Payments for property and equipment | | (12,061) | | | (8,588) | | | |
Proceeds from the disposal of property and equipment | | 126 | | | 290 | | | |
Proceeds from disposal of certain operations, net of divested cash | | — | | | 7,935 | | | |
| | | | | | |
Payments for business acquisitions, net of cash acquired | | (730) | | | (248) | | | |
Other investing activities | | (300) | | | (919) | | | |
Net cash used in investing activities | | (12,965) | | | (1,530) | | | |
| | | | | | |
Cash flows from financing activities: | | | | | | |
Net change in short-term borrowings | | 6,451 | | | 228 | | | |
Proceeds from issuance of long-term debt | | 4,969 | | | 6,945 | | | |
Repayments of long-term debt | | (1,439) | | | (13,010) | | | |
Premiums paid to extinguish debt | | — | | | (2,317) | | | |
Dividends paid | | (4,600) | | | (4,627) | | | |
Purchase of Company stock | | (8,708) | | | (7,368) | | | |
Dividends paid to noncontrolling interest | | (16) | | | (20) | | | |
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Sale of subsidiary stock | | 55 | | | 3,231 | | | |
Other financing activities | | (2,293) | | | (1,175) | | | |
Net cash used in financing activities | | (5,581) | | | (18,113) | | | |
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Effect of exchange rates on cash, cash equivalents and restricted cash | | (331) | | | (118) | | | |
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Net decrease in cash, cash equivalents and restricted cash | | (3,179) | | | (3,470) | | | |
Change in cash and cash equivalents reclassified from assets held for sale | | — | | | 1,848 | | | |
Cash, cash equivalents and restricted cash at beginning of year | | 14,834 | | | 17,788 | | | |
Cash, cash equivalents and restricted cash at end of period | | $ | 11,655 | | | $ | 16,166 | | | |
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See accompanying notes.
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 October 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 that 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 October 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 its 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.
Recent Accounting Pronouncements
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency about the use of supplier finance programs for investors and other allocators of capital. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.
Note 2. Net Income (Loss) 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 (loss) 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 (loss) per common share attributable to Walmart for the three and nine months ended October 31, 2022 and 2021. Further, the calculation of diluted net loss per common share attributable to Walmart for the three months ended October 31, 2022 does not include the effect of share-based payment awards as their inclusion would be anti-dilutive and would reduce the net loss per common share.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income (loss) per common share attributable to Walmart:
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| | Three Months Ended October 31, | | Nine Months Ended October 31, |
(Amounts in millions, except per share data) | | 2022 | | 2021 | | 2022 | | 2021 |
Numerator | | | | | | | | |
Consolidated net income (loss) | | $ | (1,767) | | | $ | 3,132 | | | $ | 5,483 | | | $ | 10,307 | |
Consolidated net income attributable to noncontrolling interest | | (31) | | | (27) | | | (78) | | | (196) | |
Consolidated net income (loss) attributable to Walmart | | $ | (1,798) | | | $ | 3,105 | | | $ | 5,405 | | | $ | 10,111 | |
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Denominator | | | | | | | | |
Weighted-average common shares outstanding, basic | | 2,711 | | | 2,785 | | | 2,733 | | | 2,799 | |
Dilutive impact of share-based awards | | — | | | 12 | | | 10 | | | 14 | |
Weighted-average common shares outstanding, diluted | | 2,711 | | | 2,797 | | | 2,743 | | | 2,813 | |
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Net income (loss) per common share attributable to Walmart | | | | | | | | |
Basic | | $ | (0.66) | | | $ | 1.11 | | | $ | 1.98 | | | $ | 3.61 | |
Diluted | | (0.66) | | | 1.11 | | | 1.97 | | | 3.59 | |
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:
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(Amounts in millions and net of immaterial income taxes) | | Currency Translation and Other | | Net Investment Hedges | | Cash Flow Hedges | | Minimum Pension Liability | | Total |
Balances as of February 1, 2022 | | $ | (8,100) | | | $ | 94 | | | $ | (748) | | | $ | (12) | | | $ | (8,766) | |
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Other comprehensive income before reclassifications, net | | 225 | | | — | | | 26 | | | — | | | 251 | |
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