Company Quick10K Filing
Walmart
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 2,878 $337,964
Financial Filings
10-Q 2019-12-04 Quarter: 2019-10-31
10-Q 2019-09-06 Quarter: 2019-07-31
10-Q 2019-06-07 Quarter: 2019-04-30
10-K 2019-03-28 Annual: 2019-01-31
10-Q 2018-11-30 Quarter: 2018-10-31
10-Q 2018-09-06 Quarter: 2018-07-31
10-Q 2018-06-04 Quarter: 2018-04-30
10-K 2018-03-30 Annual: 2018-01-31
10-Q 2017-12-01 Quarter: 2017-10-31
10-Q 2017-08-31 Quarter: 2017-07-31
10-Q 2017-06-02 Quarter: 2017-04-30
10-K 2017-03-31 Annual: 2017-01-31
10-Q 2016-12-01 Quarter: 2016-10-31
10-Q 2016-08-31 Quarter: 2016-07-31
10-Q 2016-06-03 Quarter: 2016-04-30
10-K 2016-03-30 Annual: 2016-01-31
10-Q 2015-12-02 Quarter: 2015-10-31
10-Q 2015-09-09 Quarter: 2015-07-31
10-Q 2015-06-05 Quarter: 2015-04-30
10-K 2015-04-01 Annual: 2015-01-31
10-Q 2014-12-01 Quarter: 2014-10-31
10-Q 2014-09-05 Quarter: 2014-07-31
10-Q 2014-06-06 Quarter: 2014-04-30
10-K 2014-03-21 Annual: 2014-01-31
10-Q 2013-12-06 Quarter: 2013-10-31
10-Q 2013-06-07 Quarter: 2013-04-30
10-K 2013-03-26 Annual: 2013-01-31
10-Q 2012-12-04 Quarter: 2012-10-31
10-Q 2012-09-06 Quarter: 2012-07-31
10-Q 2012-06-01 Quarter: 2012-04-30
10-K 2012-03-27 Annual: 2012-01-31
10-Q 2011-12-08 Quarter: 2011-10-31
10-Q 2011-09-01 Quarter: 2011-07-31
10-Q 2011-06-03 Quarter: 2011-04-30
10-K 2011-03-30 Annual: 2011-01-31
10-Q 2010-12-06 Quarter: 2010-10-31
10-Q 2010-09-01 Quarter: 2010-07-31
10-Q 2010-06-04 Quarter: 2010-04-30
10-K 2010-03-30 Annual: 2010-01-31
Current Reports
8-K 2019-11-19 Other Events
8-K 2019-11-14 Officers, Exhibits
8-K 2019-11-14 Earnings, Exhibits
8-K 2019-11-04 Officers
8-K 2019-10-09 Officers, Exhibits
8-K 2019-09-19 Other Events, Exhibits
8-K 2019-08-15 Earnings, Exhibits
8-K 2019-07-23 Amend Bylaw
8-K 2019-06-20 Other Events
8-K 2019-06-05 Shareholder Vote
8-K 2019-05-16 Earnings, Exhibits
8-K 2019-04-16 Other Events, Exhibits
8-K 2019-02-19 Earnings, Exhibits
8-K 2019-02-07 Officers, Exhibits
8-K 2018-12-07 Other Events
8-K 2018-11-15 Earnings, Exhibits
8-K 2018-11-13 Other Events, Exhibits
8-K 2018-10-26 Other Events
8-K 2018-10-16 Regulation FD, Exhibits
8-K 2018-08-16 Earnings, Exhibits
8-K 2018-06-20 Other Events, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-30 Shareholder Vote
8-K 2018-05-17 Earnings, Exhibits
8-K 2018-05-09 Enter Agreement
8-K 2018-05-09 Regulation FD, Exhibits
8-K 2018-04-30 Regulation FD, Exhibits
8-K 2018-02-20 Earnings, Exhibits
8-K 2018-02-07 Officers, Exhibits
8-K 2018-02-01 Amend Bylaw, Exhibits
8-K 2018-01-23 Other Events, Exhibits
8-K 2018-01-16 Officers, Exhibits
8-K 2018-01-09 Other Events, Exhibits
WMT 2019-10-31
Content
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. Derivative Financial Instruments
Note 7. Contingencies
Note 8. Disposals, Acquisitions, and Other Items
Note 9. Segments and Disaggregated Revenue
Note 10. Leases
Note 11. Subsequent Event
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
Exhibits
EX-31.1 wmt31110312019.htm
EX-31.2 wmt31210312019.htm
EX-32.1 wmt32110312019.htm
EX-32.2 wmt32210312019.htm
EX-99.1 wmt99110312019.htm

Walmart Earnings 2019-10-31

WMT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WMT 337,964 234,861 164,534 517,989 129,009 13,216 29,092 377,444 25% 13.0 6%
COST 115,720 43,752 28,932 149,616 17,067 3,647 6,584 115,236 11% 17.5 8%
TGT 55,384 41,566 29,730 76,847 22,539 0 3,611 64,093 29% 17.7 0%
DG 40,692 21,918 15,168 26,672 8,118 1,629 2,649 43,006 30% 16.2 7%
DLTR 26,940 19,494 13,628 23,293 6,960 -1,577 -847 30,560 30% -36.1 -8%
BURL 13,230 5,046 4,731 6,929 2,899 424 752 14,194 42% 18.9 8%
KSS 8,485 14,542 9,087 19,968 7,906 736 1,909 9,760 40% 5.1 5%
FIVE 7,224 1,659 1,007 1,698 612 157 246 7,045 36% 28.7 9%
OLLI 5,830 1,544 527 1,336 529 139 170 5,752 40% 33.9 9%
M 4,898 20,741 14,426 24,909 9,597 1,099 2,388 8,893 39% 3.7 5%
Document
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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, 2019.
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
 
 
 
New York Stock Exchange
2.550% Notes Due 2026
 
 
 
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 2,837,174,936 shares of common stock outstanding as of December 2, 2019.

Table of Contents

Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 31, 2019



Table of Contents
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



2

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
Walmart Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended October 31,
 
Nine Months Ended October 31,
(Amounts in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Net sales
 
$
126,981

 
$
123,897

 
$
379,318

 
$
372,586

Membership and other income
 
1,010

 
997

 
2,975

 
3,026

Total revenues
 
127,991

 
124,894

 
382,293

 
375,612

Costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
 
95,900

 
93,116

 
286,857

 
280,394

Operating, selling, general and administrative expenses
 
27,373

 
26,792

 
80,190

 
79,328

Operating income
 
4,718

 
4,986

 
15,246

 
15,890

Interest:
 
 
 
 
 
 
 
 
Debt
 
547

 
501

 
1,693

 
1,398

Finance, capital lease and financing obligations
 
86

 
92

 
254

 
279

Interest income
 
(44
)
 
(59
)
 
(148
)
 
(153
)
Interest, net
 
589

 
534

 
1,799

 
1,524

Other (gains) and losses
 
(244
)
 
1,876

 
(996
)
 
8,570

Income before income taxes
 
4,373

 
2,576

 
14,443

 
5,796

Provision for income taxes
 
1,052

 
759

 
3,536

 
2,430

Consolidated net income
 
3,321

 
1,817

 
10,907

 
3,366

Consolidated net income attributable to noncontrolling interest
 
(33
)
 
(107
)
 
(167
)
 
(383
)
Consolidated net income attributable to Walmart
 
$
3,288

 
$
1,710

 
$
10,740

 
$
2,983

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic net income per common share attributable to Walmart
 
$
1.16

 
$
0.58

 
$
3.76

 
$
1.01

Diluted net income per common share attributable to Walmart
 
1.15

 
0.58

 
3.74

 
1.01

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
2,843

 
2,924

 
2,855

 
2,940

Diluted
 
2,861

 
2,941

 
2,872

 
2,956

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
—

 
$
—

 
$
2.12

 
$
2.08

See accompanying notes.

3

Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended October 31,
 
Nine Months Ended October 31,
(Amounts in millions)
2019
 
2018
 
2019
 
2018
Consolidated net income
$
3,321

 
$
1,817

 
$
10,907

 
$
3,366

Consolidated net income attributable to noncontrolling interest
(33
)
 
(107
)
 
(167
)
 
(383
)
Consolidated net income attributable to Walmart
3,288

 
1,710

 
10,740

 
2,983

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of income taxes
 
 
 
 
 
 
 
Currency translation and other
(1,188
)
 
1,020

 
(762
)
 
(200
)
Net investment hedges
(113
)
 
114

 
135

 
375

Cash flow hedges
(12
)
 
(109
)
 
(301
)
 
(341
)
Minimum pension liability
8

 
12

 
13

 
64

Other comprehensive income (loss), net of income taxes
(1,305
)
 
1,037

 
(915
)
 
(102
)
Other comprehensive (income) loss attributable to noncontrolling interest
193

 
123

 
75

 
250

Other comprehensive income (loss) attributable to Walmart
(1,112
)
 
1,160

 
(840
)
 
148

 
 
 
 
 
 
 
 
Comprehensive income, net of income taxes
2,016

 
2,854

 
9,992

 
3,264

Comprehensive (income) loss attributable to noncontrolling interest
160

 
16

 
(92
)
 
(133
)
Comprehensive income attributable to Walmart
$
2,176

 
$
2,870

 
$
9,900

 
$
3,131

See accompanying notes.

4

Table of Contents

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
October 31,
 
January 31,
 
October 31,
(Amounts in millions)
 
2019
 
2019
 
2018
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
8,606

 
$
7,722

 
$
9,174

Receivables, net
 
5,612

 
6,283

 
5,785

Inventories
 
51,546

 
44,269

 
50,380

Prepaid expenses and other
 
2,148

 
3,623

 
4,107

Total current assets
 
67,912

 
61,897

 
69,446


 
 
 
 
 
 
Property and equipment, net
 
104,326

 
104,317

 
104,358

Operating lease right-of-use assets, net
 
16,944

 
—

 
—

Finance lease right-of-use assets, net
 
4,155

 
—

 
—

Property under capital lease and financing obligations, net
 
—

 
7,078

 
6,991

Goodwill
 
30,716

 
31,181

 
31,044

Other long-term assets
 
15,777

 
14,822

 
14,744

Total assets
 
$
239,830

 
$
219,295

 
$
226,583

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Short-term borrowings
 
$
4,926

 
$
5,225

 
$
7,795

Accounts payable
 
49,750

 
47,060

 
49,729

Dividends payable
 
1,507

 
—

 
1,516

Accrued liabilities
 
20,973

 
22,159

 
22,795

Accrued income taxes
 
327

 
428

 
616

Long-term debt due within one year
 
4,093

 
1,876

 
2,591

Operating lease obligations due within one year
 
1,740

 
—

 
—

Finance lease obligations due within one year
 
468

 
—

 
—

Capital lease and financing obligations due within one year
 
—

 
729

 
709

Total current liabilities
 
83,784

 
77,477

 
85,751

 
 
 
 
 
 
 
Long-term debt
 
44,912

 
43,520

 
43,275

Long-term operating lease obligations
 
15,741

 
—

 
—

Long-term finance lease obligations
 
4,068

 
—

 
—

Long-term capital lease and financing obligations
 
—

 
6,683

 
6,621

Deferred income taxes and other
 
13,018

 
11,981

 
11,467

 
 
 
 
 
 
 
Commitments and contingencies
 

 

 

 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
Common stock
 
284

 
288

 
291

Capital in excess of par value
 
3,091

 
2,965

 
2,887

Retained earnings
 
80,656

 
80,785

 
80,287

Accumulated other comprehensive loss
 
(12,382
)
 
(11,542
)
 
(11,469
)
Total Walmart shareholders' equity
 
71,649

 
72,496

 
71,996

Noncontrolling interest
 
6,658

 
7,138

 
7,473

Total equity
 
78,307

 
79,634

 
79,469

Total liabilities and equity
 
$
239,830

 
$
219,295

 
$
226,583

See accompanying notes.

5

Table of Contents

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

Consolidated net income
—

 
—

 
—

 
3,288

 
—

 
3,288

 
33

 
3,321

Other comprehensive loss, net of income taxes
—

 
—

 
—

 
—

 
(1,112
)
 
(1,112
)
 
(193
)
 
(1,305
)
Dividends
—

 
—

 
—

 
5

 
—

 
5

 
—

 
5

Purchase of Company stock
(10
)
 
(1
)
 
(39
)
 
(1,068
)
 
—

 
(1,108
)
 
—

 
(1,108
)
Dividends to noncontrolling interest
—

 
—

 
—

 
—

 
—

 
—

 
3

 
3

Other
2

 
—

 
250

 
(1
)
 
—

 
249

 
11

 
260

Balances as of October 31, 2019
2,839

 
$
284

 
$
3,091

 
$
80,656

 
$
(12,382
)
 
$
71,649

 
$
6,658

 
$
78,307

See accompanying notes.











6

Table of Contents

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, 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, 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 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

Consolidated net income
—

 
—

 
—

 
1,710

 
—

 
1,710

 
107

 
1,817

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

 
—

 
—

 
—

 
1,160

 
1,160

 
(123
)
 
1,037

Dividends
—

 
—

 
—

 
14

 
—

 
14

 
—

 
14

Purchase of Company stock
(25
)
 
(3
)
 
(75
)
 
(2,242
)
 
—

 
(2,320
)
 
—

 
(2,320
)
Dividends to noncontrolling interest
—

 
—

 
—

 
—

 
—

 
—

 
(3
)
 
(3
)
Noncontrolling interest of acquired entity
—

 
—

 
—

 
—

 
—

 
—

 
4,852

 
4,852

Other
2

 
—

 
252

 
(5
)
 
—

 
247

 
13

 
260

Balances as of October 31, 2018
2,912

 
$
291

 
$
2,887

 
$
80,287

 
$
(11,469
)
 
$
71,996

 
$
7,473

 
$
79,469

See accompanying notes.


7

Table of Contents

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended October 31,
(Amounts in millions)
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Consolidated net income
 
$
10,907

 
$
3,366

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
8,159

 
7,947

Unrealized (gains) and losses
 
(911
)
 
3,727

(Gains) and losses for disposal of business operations
 
(1
)
 
4,846

Deferred income taxes
 
574

 
(346
)
Other operating activities
 
938

 
735

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