Company Quick10K Filing
Walmart
Price115.63 EPS5
Shares2,832 P/E22
MCap327,501 P/FCF13
Net Debt39,611 EBIT24,325
TEV367,112 TEV/EBIT15
TTM 2020-01-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-09-02
10-Q 2020-04-30 Filed 2020-06-03
10-K 2020-01-31 Filed 2020-03-20
10-Q 2019-10-31 Filed 2019-12-04
10-Q 2019-07-31 Filed 2019-09-06
10-Q 2019-04-30 Filed 2019-06-07
10-K 2019-01-31 Filed 2019-03-28
10-Q 2018-10-31 Filed 2018-11-30
10-Q 2018-07-31 Filed 2018-09-06
10-Q 2018-04-30 Filed 2018-06-04
10-K 2018-01-31 Filed 2018-03-30
10-Q 2017-10-31 Filed 2017-12-01
10-Q 2017-07-31 Filed 2017-08-31
10-Q 2017-04-30 Filed 2017-06-02
10-K 2017-01-31 Filed 2017-03-31
10-Q 2016-10-31 Filed 2016-12-01
10-Q 2016-07-31 Filed 2016-08-31
10-Q 2016-04-30 Filed 2016-06-03
10-K 2016-01-31 Filed 2016-03-30
10-Q 2015-10-31 Filed 2015-12-02
10-Q 2015-07-31 Filed 2015-09-09
10-Q 2015-04-30 Filed 2015-06-05
10-K 2015-01-31 Filed 2015-04-01
10-Q 2014-10-31 Filed 2014-12-01
10-Q 2014-07-31 Filed 2014-09-05
10-Q 2014-04-30 Filed 2014-06-06
10-K 2014-01-31 Filed 2014-03-21
10-Q 2013-10-31 Filed 2013-12-06
10-Q 2013-07-31 Filed 2013-09-05
10-Q 2013-04-30 Filed 2013-06-07
10-K 2013-01-31 Filed 2013-03-26
10-Q 2012-10-31 Filed 2012-12-04
10-Q 2012-07-31 Filed 2012-09-06
10-Q 2012-04-30 Filed 2012-06-01
10-K 2012-01-31 Filed 2012-03-27
10-Q 2011-10-31 Filed 2011-12-08
10-Q 2011-07-31 Filed 2011-09-01
10-Q 2011-04-30 Filed 2011-06-03
10-K 2011-01-31 Filed 2011-03-30
10-Q 2010-10-31 Filed 2010-12-06
10-Q 2010-07-31 Filed 2010-09-01
10-Q 2010-04-30 Filed 2010-06-04
10-K 2010-01-31 Filed 2010-03-30
8-K 2020-10-22 Regulation FD, Exhibits
8-K 2020-10-02 Regulation FD, Exhibits
8-K 2020-09-19 Regulation FD, Exhibits
8-K 2020-09-14 Other Events
8-K 2020-09-13 Regulation FD, Exhibits
8-K 2020-08-18 Earnings, Exhibits
8-K 2020-06-03
8-K 2020-05-19
8-K 2020-02-18
8-K 2019-11-19
8-K 2019-11-14
8-K 2019-11-14
8-K 2019-11-04
8-K 2019-10-18
8-K 2019-10-09
8-K 2019-09-19
8-K 2019-08-15
8-K 2019-07-23
8-K 2019-06-20
8-K 2019-06-05
8-K 2019-05-16
8-K 2019-04-16
8-K 2019-02-19
8-K 2019-02-07
8-K 2018-12-07
8-K 2018-11-15
8-K 2018-11-13
8-K 2018-10-26
8-K 2018-10-16
8-K 2018-08-16
8-K 2018-06-20
8-K 2018-06-04
8-K 2018-05-30
8-K 2018-05-17
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-04-30
8-K 2018-02-20
8-K 2018-02-07
8-K 2018-02-01
8-K 2018-01-23
8-K 2018-01-16
8-K 2018-01-09

WMT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Net Income per Common Share
Note 3. Accumulated Other Comprehensive Loss
Note 4. Short - Term Borrowings and Long - Term Debt
Note 5. Fair Value Measurements
Note 6. Contingencies
Note 7. Segments and Disaggregated Revenue
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 wmt311-7312020.htm
EX-31.2 wmt312-7312020.htm
EX-32.1 wmt321-7312020.htm
EX-32.2 wmt322-7312020.htm
EX-99.1 wmt991-7312020.htm

Walmart Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
240192144964802011201420172021
Assets, Equity
14511586572802011201420172021
Rev, G Profit, Net Income
1581-6-13-202011201420172021
Ops, Inv, Fin

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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, 2020.
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 001-6991
image2a22.jpg
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
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  

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
1.900% Notes Due 2022
 
WMT22
 
New York Stock Exchange
2.550% Notes Due 2026
 
WMT26
 
New York Stock Exchange
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 2,833,752,938 shares of common stock outstanding as of August 31, 2020.



Walmart Inc.
Form 10-Q
For the Quarterly Period Ended July 31, 2020



Table of Contents
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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)
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
 
Net sales
 
$
136,824

 
$
129,388

 
$
270,496

 
$
252,337

Membership and other income
 
918

 
989

 
1,868

 
1,965

Total revenues
 
137,742

 
130,377

 
272,364

 
254,302

Costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
 
102,689

 
97,923

 
204,715

 
190,957

Operating, selling, general and administrative expenses
 
28,994

 
26,871

 
56,366

 
52,817

Operating income
 
6,059

 
5,583

 
11,283

 
10,528

Interest:
 
 
 
 
 
 
 
 
Debt
 
577

 
558

 
1,087

 
1,146

Finance lease
 
81

 
83

 
163

 
168

Interest income
 
(23
)
 
(56
)
 
(66
)
 
(104
)
Interest, net
 
635

 
585

 
1,184

 
1,210

Other (gains) and losses
 
(3,222
)
 
85

 
(3,943
)
 
(752
)
Income before income taxes
 
8,646

 
4,913

 
14,042

 
10,070

Provision for income taxes
 
2,207

 
1,233

 
3,529

 
2,484

Consolidated net income
 
6,439

 
3,680

 
10,513

 
7,586

Consolidated net (income) loss attributable to noncontrolling interest
 
37

 
(70
)
 
(47
)
 
(134
)
Consolidated net income attributable to Walmart
 
$
6,476

 
$
3,610

 
$
10,466

 
$
7,452

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic net income per common share attributable to Walmart
 
$
2.29

 
$
1.27

 
$
3.70

 
$
2.60

Diluted net income per common share attributable to Walmart
 
2.27

 
1.26

 
3.67

 
2.59

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
2,832

 
2,853

 
2,832

 
2,861

Diluted
 
2,848

 
2,869

 
2,848

 
2,878

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$

 
$

 
$
2.16

 
$
2.12

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)
2020
 
2019
 
2020
 
2019
Consolidated net income
$
6,439

 
$
3,680

 
$
10,513

 
$
7,586

Consolidated net (income) loss attributable to noncontrolling interest
37

 
(70
)
 
(47
)
 
(134
)
Consolidated net income attributable to Walmart
6,476

 
3,610

 
10,466

 
7,452

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
 
 
 
 
 
 
 
Currency translation and other
298

 
(81
)
 
(3,670
)
 
426

Net investment hedges
(191
)
 
140

 
(34
)
 
248

Cash flow hedges
313

 
(158
)
 
34

 
(289
)
Minimum pension liability
16

 
4

 
31

 
5

Other comprehensive income (loss), net of income taxes
436

 
(95
)
 
(3,639
)
 
390

Other comprehensive (income) loss attributable to noncontrolling interest
(52
)
 
(84
)
 
660

 
(118
)
Other comprehensive income (loss) attributable to Walmart
384

 
(179
)
 
(2,979
)
 
272

 
 
 
 
 
 
 
 
Comprehensive income, net of income taxes
6,875

 
3,585

 
6,874

 
7,976

Comprehensive (income) loss attributable to noncontrolling interest
(15
)
 
(154
)
 
613

 
(252
)
Comprehensive income attributable to Walmart
$
6,860

 
$
3,431

 
$
7,487

 
$
7,724

See accompanying notes.

4



Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
July 31,
 
January 31,
 
July 31,
(Amounts in millions)
 
2020
 
2020
 
2019
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
16,906

 
$
9,465

 
$
9,283

Receivables, net
 
5,111

 
6,284

 
5,382

Inventories
 
41,084

 
44,435

 
44,134

Prepaid expenses and other
 
1,895

 
1,622

 
2,572

Total current assets
 
64,996

 
61,806

 
61,371


 
 
 
 
 
 
Property and equipment, net
 
101,182

 
105,208

 
104,674

Operating lease right-of-use assets
 
16,869

 
17,424

 
17,239

Finance lease right-of-use assets, net
 
4,843

 
4,417

 
3,949

Goodwill
 
29,542

 
31,073

 
31,454

Other long-term assets
 
19,950

 
16,567

 
16,174

Total assets
 
$
237,382

 
$
236,495

 
$
234,861

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Short-term borrowings
 
$
357

 
$
575

 
$
3,681

Accounts payable
 
46,326

 
46,973

 
45,871

Dividends payable
 
3,060

 

 
3,023

Accrued liabilities
 
23,768

 
22,296

 
20,691

Accrued income taxes
 
610

 
280

 
387

Long-term debt due within one year
 
5,553

 
5,362

 
4,396

Operating lease obligations due within one year
 
1,734

 
1,793

 
1,795

Finance lease obligations due within one year
 
549

 
511

 
439

Total current liabilities
 
81,957

 
77,790

 
80,283

 
 
 
 
 
 
 
Long-term debt
 
40,959

 
43,714

 
44,404

Long-term operating lease obligations
 
15,669

 
16,171

 
16,079

Long-term finance lease obligations
 
4,673

 
4,307

 
3,915

Deferred income taxes and other
 
12,927

 
12,961

 
13,049

 
 
 
 
 
 
 
Commitments and contingencies
 

 

 

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
Common stock
 
283

 
284

 
285

Capital in excess of par value
 
3,197

 
3,247

 
2,880

Retained earnings
 
87,614

 
83,943

 
78,432

Accumulated other comprehensive loss
 
(15,784
)
 
(12,805
)
 
(11,270
)
Total Walmart shareholders' equity
 
75,310

 
74,669

 
70,327

Noncontrolling interest
 
5,887

 
6,883

 
6,804

Total equity
 
81,197

 
81,552

 
77,131

Total liabilities and equity
 
$
237,382

 
$
236,495

 
$
234,861

See accompanying notes.

5



Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
 
 
 
 
 
 
 
 
 
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, 2020
2,832

 
$
284

 
$
3,247

 
$
83,943

 
$
(12,805
)
 
$
74,669

 
$
6,883

 
$
81,552

Consolidated net income

 

 

 
3,990

 

 
3,990

 
84

 
4,074

Other comprehensive loss, net of income taxes

 

 

 

 
(3,363
)
 
(3,363
)
 
(712
)
 
(4,075
)
Dividends declared ($2.16 per share)

 

 

 
(6,117
)
 

 
(6,117
)
 

 
(6,117
)
Purchase of Company stock
(6
)
 
(1
)
 
(26
)
 
(666
)
 

 
(693
)
 

 
(693
)
Dividends declared to noncontrolling interest

 

 

 

 

 

 
(359
)
 
(359
)
Other
6

 
1

 
(238
)
 
(9
)
 

 
(246
)
 
(26
)
 
(272
)
Balances as of April 30, 2020
2,832

 
$
284

 
$
2,983

 
$
81,141

 
$
(16,168
)
 
$
68,240

 
$
5,870

 
$
74,110

Consolidated net income

 

 

 
6,476

 

 
6,476

 
(37
)
 
6,439

Other comprehensive income, net of income taxes

 

 

 

 
384

 
384

 
52

 
436

Dividends to noncontrolling interest

 

 

 

 

 

 
(3
)
 
(3
)
Other
2

 
(1
)
 
214

 
(3
)
 

 
210

 
5

 
215

Balances as of July 31, 2020
2,834

 
$
283

 
$
3,197

 
$
87,614

 
$
(15,784
)
 
$
75,310

 
$
5,887

 
$
81,197

See accompanying notes.


6



Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
 
 
 
 
 
 
 
 
 
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, 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

See accompanying notes.











7



Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended July 31,
(Amounts in millions)
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Consolidated net income
 
$
10,513

 
$
7,586

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
5,562

 
5,436

Unrealized (gains) and losses
 
(4,006
)
 
(731
)
Loss on disposal of business operations
 
37

 

Deferred income taxes
 
472

 
241

Other operating activities
 
305

 
348

Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
 
Receivables, net
 
823

 
978

Inventories
 
2,466

 
220

Accounts payable
 
1,052

 
(1,242
)
Accrued liabilities
 
1,428

 
(1,657
)
Accrued income taxes
 
304

 
6

Net cash provided by operating activities
 
18,956

 
11,185

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Payments for property and equipment
 
(3,569
)
 
(4,871
)
Proceeds from the disposal of property and equipment
 
83

 
128

Proceeds from the disposal of certain operations
 

 
833

Payments for business acquisitions, net of cash acquired
 
(175
)
 
(56
)
Other investing activities
 
27

 
142

Net cash used in investing activities
 
(3,634
)
 
(3,824
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net change in short-term borrowings
 
(178
)
 
(1,564
)
Proceeds from issuance of long-term debt
 

 
4,020

Repayments of long-term debt
 
(2,937
)
 
(407
)
Dividends paid
 
(3,058
)
 
(3,036
)
Purchase of Company stock
 
(723
)
 
(3,707
)
Dividends paid to noncontrolling interest
 
(66
)
 
(259
)
Other financing activities
 
(852
)
 
(578
)
Net cash used in financing activities
 
(7,814
)
 
(5,531
)
 
 
 
 
 
Effect of exchange rates on cash, cash equivalents and restricted cash
 
(69
)
 
(266
)
 
 
 
 
 
Net increase in cash, cash equivalents and restricted cash
 
7,439

 
1,564

Cash, cash equivalents and restricted cash at beginning of year
 
9,515

 
7,756

Cash, cash equivalents and restricted cash at end of period
 
$
16,954

 
$
9,320

See accompanying notes.

8



Walmart Inc.
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Basis of Presentation
The Condensed Consolidated Financial Statements of Walmart Inc. and its subsidiaries ("Walmart" or the "Company") and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2020 ("fiscal 2020"). 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 and based on a calendar year. There were no significant intervening events during the month of July related to the operations consolidated using a lag that materially affected the Condensed Consolidated Financial Statements.
The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, the Company's highest sales volume and operating income have occurred in the fiscal quarter ending January 31.
Use of Estimates
The Consolidated Financial Statements have been prepared in conformity with GAAP. Those principles require management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic and related government actions, 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.
Receivables
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments–Credit Losses (Topic 326), which modifies the measurement of expected credit losses of certain financial instruments. The Company adopted this ASU on February 1, 2020 with no material impact to the Company's Condensed Consolidated Financial Statements.
Receivables are stated at their carrying values, net of a reserve for credit losses, and are primarily due from the following: customers, which also includes insurance companies resulting from pharmacy sales, banks for customer credit, debit cards and electronic transfer transactions that take in excess of seven days to process; suppliers for marketing or incentive programs; governments for income taxes; and real estate transactions.


9



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, 2020 and 2019.
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)
 
2020
 
2019
 
2020
 
2019
Numerator
 
 
 
 
 
 
 
 
Consolidated net income
 
$
6,439

 
$
3,680

 
$
10,513

 
$
7,586

Consolidated net (income) loss attributable to noncontrolling interest
 
37

 
(70
)
 
(47
)
 
(134
)
Consolidated net income attributable to Walmart
 
$
6,476

 
$
3,610

 
$
10,466

 
$
7,452

 
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, basic
 
2,832

 
2,853

 
2,832

 
2,861

Dilutive impact of share-based awards
 
16

 
16

 
16

 
17

Weighted-average common shares outstanding, diluted
 
2,848

 
2,869

 
2,848

 
2,878

 
 
 
 
 
 
 
 
 
Net income per common share attributable to Walmart
 
 
 
 
 
 
 
 
Basic
 
$
2.29

 
$
1.27

 
$
3.70

 
$
2.60

Diluted
 
2.27

 
1.26

 
3.67

 
2.59


Note 3. Accumulated Other Comprehensive Loss
The following table provides the changes in the composition of total accumulated other comprehensive loss for the three months ended April 30, 2020 and July 31, 2020, respectively:
(Amounts in millions and net of immaterial income taxes)
 
Currency 
Translation and Other
 
Net Investment Hedges
 
Cash Flow Hedges
 
Minimum
Pension 
Liability
 
Total
Balances as of February 1, 2020
 
$
(11,827
)
 
$
1,517

 
$
(539
)
 
$
(1,956
)
 
$
(12,805
)
Other comprehensive income (loss) before reclassifications, net
 
(3,256
)
 
157

 
(295