Case 1 - Ratio Analysis

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Table_Of_Contents

Created by EDGAR Online, Inc.
WALMART INC.
Table_Of_Contents
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Table Of Contents
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TABLE1
TABLE2
TABLE3
TABLE4
TABLE5
TABLE6
NAME AND TITLE
TABLE7
TABLE8
TABLE9
TABLE10
TABLE11
TABLE12
TABLE13
TABLE14
TABLE15
TABLE16
TABLE17
TABLE18
TABLE19
TABLE20
TABLE21
TABLE22
TABLE23
TABLE24
TABLE25
TABLE26
TABLE27
TABLE28
TABLE29
TABLE30
TABLE31
TABLE32
INCOME STATEMENT
INCOME STATEMENT2
BALANCE SHEET
STOCKHOLDERS EQUITY
CASH FLOW
TABLE33
TABLE34
INCOME STATEMENT3
TABLE35
TABLE36
TABLE37
TABLE38
TABLE39
TABLE40
TABLE41
TABLE42
TABLE43
TABLE44
TABLE45
TABLE46
TABLE47
TABLE48
TABLE49
TABLE50
TABLE51
TABLE52
TABLE53
TABLE54
TABLE55
TABLE56
TABLE57
TABLE58
TABLE59
INCOME STATEMENT4
TABLE60
TABLE61
TABLE62
TABLE63
TABLE64
TABLE65
TABLE66
TABLE67
TABLE68
SUBSIDIARIES
TABLE69

TABLE1

Created by EDGAR Online, Inc.
WALMART INC.
TABLE1
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
WALMART INC.
(Exact name of registrant as specified in its charter)
___________________________________________
DE 71-0415188
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
702 S.W. 8th Street
Bentonville, AR 72716
(Address of principal executive offices) (Zip Code)

TABLE2

Created by EDGAR Online, Inc.
WALMART INC.
TABLE2
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class Trading Symbol(s) registered
Common Stock, par value $0.10 per WMT NYSE
share
1.90% Notes Due 2022 WMT22 NYSE
2.55% Notes Due 2026 WMT26 NYSE

TABLE3

Created by EDGAR Online, Inc.
WALMART INC.
TABLE3
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Large Accelerated Filer ? Accelerated Filer ?
Non-Accelerated Filer ? Smaller Reporting Company ?
Emerging Growth Company ?

TABLE4

Created by EDGAR Online, Inc.
WALMART INC.
TABLE4
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
DOCUMENTS INCORPORATED BY REFERENCE
Document Parts Into Which Incorporated
Portions of the registrant's Proxy Statement for the Part III
Annual Meeting of Shareholders to be held June 2, 2021
(the "Proxy Statement")

TABLE5

Created by EDGAR Online, Inc.
WALMART INC.
TABLE5
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Minimum Square Feet Maximum Square Feet Average Square Feet
Supercenters (general merchandise and grocery) 69,000 260,000 178,000
Discount stores (general merchandise and limited 30,000 221,000 106,000
grocery)
Neighborhood markets(1) (grocery) 28,000 65,000 42,000

TABLE6

Created by EDGAR Online, Inc.
WALMART INC.
TABLE6
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Plus Membership Club Membership
Annual Membership Fee $ 100 $ 45
Number of Add-on Memberships ($40 each) Up to 16 Up to 8
Eligible for Cash Rewards Yes No

NAME_AND_TITLE

Created by EDGAR Online, Inc.
WALMART INC.
NAME_AND_TITLE
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Current
Position
Name Business Experience Held Since Age
Daniel J. Bartlett Executive Vice President, Corporate Affairs, effective 2013 49
June 2013. From November 2007 to June 2013, he served
as the Chief Executive Officer and President of U.S.
Operations at Hill & Knowlton, Inc., a public relations
company.
M. Brett Biggs Executive Vice President and Chief Financial Officer, 2016 52
effective January 2016. From January 2014 to December
2015, he served as Executive Vice President and Chief
Financial Officer of Walmart International.
Rachel Brand Executive Vice President, Global Governance, Chief 2018 47
Legal Officer and Corporate Secretary, effective April
2018. From May 2017 to February 2018, she served as
Associate Attorney General in the United States
Department of Justice. From January 2017 to May 2017,
Ms. Brand was an Associate Professor of Law at George
Mason University Antonin Scalia Law School. From August
2012 to February 2017, she served as a board member on
the Privacy and Civil Liberties Oversight Board of the
U.S. government.
David M. Chojnowski Senior Vice President and Controller effective January 2017 51
2017. From October 2014 to January 2017, he served as
Vice President and Controller, Walmart U.S.
John Furner Executive Vice President, President and Chief Executive 2019 46
Officer, Walmart U.S. effective November 2019. From
February 2017 until November 2019, he served as
President and Chief Executive Officer, Sam's Club. From
October 2015 to January 2017, he served as Executive
Vice President and Chief Merchandising Officer of Sam's
Club.
Suresh Kumar Executive Vice President, Global Chief Technology 2019 56
Officer and Chief Development Officer effective July
2019. From February 2018 until June 2019, Mr. Kumar was
Vice President and General Manager at Google LLC. From
May 2014 until February 2018, he was Corporate Vice
President at Microsoft Corporation.
Judith McKenna Executive Vice President, President and Chief Executive 2018 54
Officer, Walmart International, effective February
2018. From February 2015 to January 2018, she served as
Executive Vice President and Chief Operating Officer of
Walmart U.S.
Kathryn McLay Executive Vice President, President and Chief Executive 2019 47
Officer, Sam's Club effective November 15, 2019. From
February 2019 to November 2019, she served as Executive
Vice President, Walmart U.S. Neighborhood Markets. From
December 2015 until February 2019, she served as Senior
Vice President, U.S. Supply Chain. Ms. McLay originally
joined the Company in April 2015 as Vice President of
U.S. Finance and Strategy.
C. Douglas McMillon President and Chief Executive Officer, effective 2014 54
February 2014. From February 2009 to January 2014, he
served as Executive Vice President, President and Chief
Executive Officer, Walmart International.
Donna Morris Executive Vice President, Global People, and Chief 2020 53
People Officer, effective February 2020. From April
2002 to January 2020, she worked at Adobe Inc. in
various roles, including most recently, Chief Human
Resources Officer and Executive Vice President,
Employee Experience.

TABLE7

Created by EDGAR Online, Inc.
WALMART INC.
TABLE7
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
United States
The Walmart U.S. and Sam's Club segments comprise the Company's operations in
the U.S. As of January 31, 2021, unit counts for Walmart U.S. and Sam's Club are
summarized by format for each state and territory as follows:
Walmart U.S. Sam's Club
Neighborhood
Markets and other
State or Territory Supercenters Discount Stores small formats Clubs Grand Total
Alabama 101 1 29 13 144
Alaska 7 2 - 0 - 0 9
Arizona 83 2 28 12 125
Arkansas 76 5 37 9 127
California 142 71 78 29 320
Colorado 70 4 18 17 109
Connecticut 12 21 1 1 35
Delaware 6 3 - 0 1 10
Florida 232 9 98 46 385
Georgia 154 2 35 24 215
Hawaii - 0 10 - 0 2 12
Idaho 23 - 0 3 1 27
Illinois 139 15 12 25 191
Indiana 97 6 11 13 127
Iowa 58 2 - 0 9 69
Kansas 58 2 16 9 85
Kentucky 78 7 9 9 103
Louisiana 88 2 34 14 138
Maine 19 3 - 0 3 25
Maryland 30 18 3 11 62
Massachusetts 27 21 4 - 0 52
Michigan 90 3 9 23 125
Minnesota 65 3 1 12 81
Mississippi 65 3 11 7 86
Missouri 112 9 18 19 158
Montana 14 - 0 - 0 2 16
Nebraska 35 - 0 7 5 47
Nevada 30 2 11 7 50
New Hampshire 19 7 - 0 2 28
New Jersey 35 27 1 8 71
New Mexico 35 2 9 7 53
New York 80 17 9 12 118
North Carolina 143 6 45 22 216
North Dakota 14 - 0 - 0 3 17
Ohio 139 6 2 27 174
Oklahoma 81 7 35 13 136
Oregon 29 7 10 - 0 46
Pennsylvania 116 20 3 24 163
Puerto Rico 13 5 12 7 37
Rhode Island 5 4 - 0 - 0 9
South Carolina 84 - 0 26 13 123
South Dakota 15 - 0 - 0 2 17
Tennessee 117 1 20 14 152
Texas 392 18 110 82 602
Utah 41 - 0 13 8 62
Vermont 3 3 - 0 - 0 6
Virginia 110 4 21 15 150
Washington 52 10 5 - 0 67
Washington D.C. 3 - 0 2 - 0 5
West Virginia 38 - 0 1 5 44
Wisconsin 83 4 2 10 99
Wyoming 12 - 0 - 0 2 14
U.S. total 3,570 374 799 599 5,342
Square feet (in thousands) 634,154 39,464 29,414 80,239 783,271

TABLE8

Created by EDGAR Online, Inc.
WALMART INC.
TABLE8
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
International
The Walmart International segment comprises the Company's operations outside of
the U.S. Unit counts as of January 31, 2021(1) for Walmart International are
summarized by major category for each geographic market as follows:
Geographic Market Retail Wholesale Other(2) Total Square feet(3)
Africa(4) 332 91 - 0 423 24,537
Canada 408 - 0 - 0 408 52,976
Central America(5) 855 - 0 - 0 855 13,724
Chile 352 6 - 0 358 15,932
China 403 31 - 0 434 69,312
India - 0 29 - 0 29 1,569
Japan(6) 328 - 0 - 0 328 19,570
Mexico 2,470 164 - 0 2,634 101,993
United Kingdom(6) 614 - 0 18 632 37,660
International total 5,762 321 18 6,101 337,273

TABLE9

Created by EDGAR Online, Inc.
WALMART INC.
TABLE9
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Owned and Leased Properties
The following table provides further details of our retail units and
distribution facilities, including return facilities and dedicated eCommerce
fulfillment centers, as of January 31, 2021:
Owned Leased(1) Total
U.S. properties
Walmart U.S. retail units 4,067 676 4,743
Sam's Club retail units 513 86 599
Total U.S. retail units 4,580 762 5,342
Walmart U.S. distribution facilities 108 48 156
Sam's Club distribution facilities 11 16 27
Total U.S. distribution facilities 119 64 183
Total U.S. properties 4,699 826 5,525
International properties
Africa 37 386 423
Canada 124 284 408
Central America 358 497 855
Chile 188 170 358
China 2 432 434
India 2 27 29
Japan(2) 54 274 328
Mexico 700 1,934 2,634
United Kingdom(2) 433 199 632
Total International retail units 1,898 4,203 6,101
International distribution facilities 32 189 221
Total International properties 1,930 4,392 6,322
Total properties 6,629 5,218 11,847
Total retail units 6,478 4,965 11,443
Total distribution facilities 151 253 404
Total properties 6,629 5,218 11,847

TABLE10

Created by EDGAR Online, Inc.
WALMART INC.
TABLE10
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
*Assumes $100 Invested on February 1, 2016
Assumes Dividends Reinvested
Fiscal Year ended January 31, 2021
Fiscal Years Ended January 31,
2016 2017 2018 2019 2020 2021
Walmart Inc. $ 100.00 $ 103.50 $ 169.56 $ 156.05 $ 190.21 $ 237.33
S&P 500 Index 100.00 120.04 151.74 148.23 180.37 211.48
S&P 500 Retailing Index 100.00 120.09 174.49 186.29 219.46 316.05

TABLE11

Created by EDGAR Online, Inc.
WALMART INC.
TABLE11
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Approximate
Total Number of Dollar Value of
Average Shares Repurchased Shares that May Yet Be
Price Paid as Part of Publicly Repurchased Under the
Total Number of per Share Announced Plans or Plans or Programs(1)
Fiscal Period Shares Repurchased (in dollars) Programs (in billions)
November 1 - 30, 2020 1,827,372 $ 148.91 1,827,372 $ 4.20
December 1 - 31, 2020 4,334,315 146.33 4,334,315 3.60
January 1 - 31, 2021 3,926,701 145.80 3,926,701 3.00
Total 10,088,388 10,088,388

TABLE12

Created by EDGAR Online, Inc.
WALMART INC.
TABLE12
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
2021 2020 2021 2020
With Fuel Fuel Impact
Walmart U.S. 8.70% 2.90% -0.20% 0.00%
Sam's Club 8.70% 1.60% -3.40% 0.80%
Total U.S. 8.70% 2.70% -0.60% 0.10%

TABLE13

Created by EDGAR Online, Inc.
WALMART INC.
TABLE13
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions, except unit counts) 2021 2020
Net sales $ 555,233 $ 519,926
Percentage change from comparable period 6.80 0% 1.90%
Operating, selling, general and administrative expenses $ 116,288 $ 108,791
Percentage change from comparable period 6.90 0% 1.50%
Operating, selling, general and administrative expenses as a 20.90 0% 20.90%
percentage of net sales

TABLE14

Created by EDGAR Online, Inc.
WALMART INC.
TABLE14
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Strategic Capital Allocation
Our strategy includes improving our customer-facing initiatives in stores and
clubs and creating a seamless omni-channel experience for our customers. As
such, we are allocating more capital to eCommerce, technology, supply chain, and
store remodels and less to new store and club openings. Total fiscal 2021
capital expenditures decreased slightly compared to the prior year. The
following table provides additional detail:
(Amounts in millions) Fiscal Years Ended January 31,
Allocation of Capital Expenditures 2021 2020
eCommerce, technology, supply chain and other $ 5,681 $ 5,643
Remodels 2,013 2,184
New stores and clubs, including expansions and relocations 134 77
Total U.S. $ 7,828 $ 7,904
Walmart International 2,436 2,801
Total capital expenditures $ 10,264 $ 10,705

TABLE15

Created by EDGAR Online, Inc.
WALMART INC.
TABLE15
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020
CALCULATION OF RETURN ON ASSETS
Numerator
Consolidated net income $ 13,706 $ 15,201
Denominator
Average total assets(1) $ 244,496 $ 227,895
Return on assets (ROA) 5.60 0% 6.70%
CALCULATION OF RETURN ON INVESTMENT
Numerator
Operating income $ 22,548 $ 20,568
+ Interest income 121 189
+ Depreciation and amortization 11,152 10,987
+ Rent 2,626 2,670
ROI operating income $ 36,447 $ 34,414
Denominator
Average total assets(1), (2) $ 244,496 $ 235,277
+ Average accumulated depreciation and amortization(1), (2) 94,351 90,351
- Average accounts payable(1) 48,057 47,017
- Average accrued liabilities(1) 30,131 22,228
Average invested capital $ 260,659 $ 256,383
Return on investment (ROI) 14.00 0% 13.40%
As of January 31,
2021 2020 2019
Certain Balance Sheet Data
Total assets $ 252,496 $ 236,495 $ 219,295
Leased assets, net NP 21,841 7,078
Total assets without leased assets, net NP 214,654 212,217
Accumulated depreciation and amortization 94,187 94,514 87,175
Accumulated amortization on leased assets NP 4,694 5,682
Accumulated depreciation and amortization, without leased NP 89,820 81,493
assets
Accounts payable 49,141 46,973 47,060
Accrued liabilities 37,966 22,296 22,159

TABLE16

Created by EDGAR Online, Inc.
WALMART INC.
TABLE16
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Net cash provided by operating activities $ 36,074 $ 25,255 $ 27,753
Payments for property and equipment (10,264) (10,705) (10,344)
Free cash flow $ 25,810 $ 14,550 $ 17,409
Net cash used in investing activities(1) $ (10,071) $ (9,128) $ (24,036)
Net cash used in financing activities (16,117) (14,299) (2,537)

TABLE17

Created by EDGAR Online, Inc.
WALMART INC.
TABLE17
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Results of Operations
Consolidated Results of Operations
Fiscal Years Ended January 31,
(Amounts in millions, except unit counts) 2021 2020 2019
Total revenues $ 559,151 $ 523,964 $ 514,405
Percentage change from comparable period 6.70% 1.90% 2.80%
Net sales $ 555,233 $ 519,926 $ 510,329
Percentage change from comparable period 6.80% 1.90% 2.90%
Total U.S. calendar comparable sales increase 8.70% 2.70% 4.00%
Gross profit rate 24.30% 24.10% 24.50%
Operating income $ 22,548 $ 20,568 $ 21,957
Operating income as a percentage of net sales 4.10% 4.00% 4.30%
Consolidated net income $ 13,706 $ 15,201 $ 7,179
Unit counts at period end(1) 11,443 11,501 11,361
Retail square feet at period end(1) 1,121 1,129 1,129

TABLE18

Created by EDGAR Online, Inc.
WALMART INC.
TABLE18
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart U.S. Segment
Fiscal Years Ended January 31,
(Amounts in millions, except unit counts) 2021 2020 2019
Net sales $ 369,963 $ 341,004 $ 331,666
Percentage change from comparable period 8.50% 2.80% 4.10%
Calendar comparable sales increase 8.70% 2.90% 3.70%
Operating income $ 19,116 $ 17,380 $ 17,386
Operating income as a percentage of net sales 5.20% 5.10% 5.20%
Unit counts at period end 4,743 4,756 4,769
Retail square feet at period end 703 703 705

TABLE19

Created by EDGAR Online, Inc.
WALMART INC.
TABLE19
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart International Segment
Fiscal Years Ended January 31,
(Amounts in millions, except unit counts) 2021 2020 2019
Net sales $ 121,360 $ 120,130 $ 120,824
Percentage change from comparable period 1.00% -0.60% 2.30%
Operating income $ 3,660 $ 3,370 $ 4,883
Operating income as a percentage of net sales 3.00% 2.80% 4.00%
Unit counts at period end 6,101 6,146 5,993
Retail square feet at period end 337 345 344

TABLE20

Created by EDGAR Online, Inc.
WALMART INC.
TABLE20
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Sam's Club Segment
Fiscal Years Ended January 31,
(Amounts in millions, except unit counts) 2021 2020 2019
Including Fuel
Net sales $ 63,910 $ 58,792 $ 57,839
Percentage change from comparable period 8.70 0% 1.60% -2.30%
Calendar comparable sales increase 8.70 0% 1.60% 5.40%
Operating income $ 1,906 $ 1,642 $ 1,520
Operating income as a percentage of net sales 3.00 0% 2.80% 2.60%
Unit counts at period end 599 599 599
Retail square feet at period end 80 80 80
Excluding Fuel (1)
Net sales $ 59,184 $ 52,792 $ 52,332
Percentage change from comparable period 12.10 0% 0.90% -3.90%
Operating income $ 1,645 $ 1,486 $ 1,383
Operating income as a percentage of net sales 2.80 0% 2.80% 2.60%

TABLE21

Created by EDGAR Online, Inc.
WALMART INC.
TABLE21
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Net Cash Provided by Operating Activities
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Net cash provided by operating activities $ 36,074 $ 25,255 $ 27,753

TABLE22

Created by EDGAR Online, Inc.
WALMART INC.
TABLE22
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Net Cash Used in Investing Activities
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Net cash used in investing activities $ (10,071) $ (9,128) $ (24,036)

TABLE23

Created by EDGAR Online, Inc.
WALMART INC.
TABLE23
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Net Cash Used in Financing Activities
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Net cash used in financing activities $ (16,117) $ (14,299) $ (2,537)

TABLE24

Created by EDGAR Online, Inc.
WALMART INC.
TABLE24
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Maximum amount outstanding at any month-end $ 4,048 $ 13,315 $ 13,389
Average daily short-term borrowings 1,577 7,120 10,625
Annual weighted-average interest rate 3.10 0% 2.50% 2.40%

TABLE25

Created by EDGAR Online, Inc.
WALMART INC.
TABLE25
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Long-term debt
due within one
(Amounts in millions) year Long-term debt Total
Balances as of February 1, 2020 $ 5,362 $ 43,714 $ 49,076
Repayments of long-term debt (5,382) - 0 (5,382)
Reclassifications of long-term debt 3,126 (3,126) - 0
Other 9 606 615
Balances as of January 31, 2021 $ 3,115 $ 41,194 $ 44,309

TABLE26

Created by EDGAR Online, Inc.
WALMART INC.
TABLE26
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Dividends
Our total dividend payments were $6.1 billion, $6.0 billion and $6.1 billion for
fiscal 2021, 2020 and 2019, respectively. The Board of Directors approved,
effective February 18, 2021, the fiscal 2022 annual dividend of $2.20 per share,
an increase over the fiscal 2021 annual dividend of $2.16 per share. For fiscal
2022, the annual dividend will be paid in four quarterly installments of $0.55
per share, according to the following record and payable dates:
Record Date Payable Date
March 19, 2021 April 5, 2021
May 7, 2021 June 1, 2021
August 13, 2021 September 7, 2021
December 10, 2021 January 3, 2022

TABLE27

Created by EDGAR Online, Inc.
WALMART INC.
TABLE27
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2021 2020 2019
Total number of shares repurchased 19.40 53.90 79.50
Average price paid per share $ 135.20 $ 105.98 $ 93.18
Total amount paid for share repurchases $ 2,625 $ 5,717 $ 7,410

TABLE28

Created by EDGAR Online, Inc.
WALMART INC.
TABLE28
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Rating agency Commercial paper Long-term debt
Standard & Poor's A-1+ AA
Moody's Investors Service P-1 Aa2
Fitch Ratings F1+ AA

TABLE29

Created by EDGAR Online, Inc.
WALMART INC.
TABLE29
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Contractual Obligations
The following table sets forth certain information concerning our obligations to
make contractual future payments, such as debt and lease agreements, and certain
contingent commitments as of January 31, 2021:
Payments Due During Fiscal Years Ending January 31,
(Amounts in millions) Total 2022 2023-2024 2025-2026 Thereafter
Recorded contractual obligations:
Long-term debt(1) $ 44,309 $ 3,115 $ 7,735 $ 5,840 $ 27,619
Short-term borrowings 224 224 - 0 - 0 - 0
Operating lease obligations(2) 20,949 2,189 3,878 3,224 11,658
Finance lease obligations and other(2)(3) 8,835 896 1,461 1,221 5,257
Obligations related to businesses held for sale(4) 8,081 564 1,034 899 5,584
Unrecorded contractual obligations:
Estimated interest on long-term debt 21,124 1,636 3,072 2,678 13,738
Syndicated and other letters of credit 2,019 2,019 - 0 - 0 - 0
Purchase obligations 15,004 7,017 5,562 1,495 930
Obligations related to businesses held for sale(4) 856 621 210 22 3
Total contractual obligations $ 121,401 $ 18,281 $ 22,952 $ 15,379 $ 64,789

TABLE30

Created by EDGAR Online, Inc.
WALMART INC.
TABLE30
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Expected Maturity Date
(Amounts in millions) Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Fiscal 2026 Thereafter Total
Liabilities
Short-term borrowings:
Variable rate $ 224 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 224
Weighted-average interest rate 1.90% 0% 0% 0% 0% 0% 1.90%
Long-term debt(1):
Fixed rate $ 2,365 $ 3,014 $ 4,721 $ 4,360 $ 1,480 $ 27,619 $ 43,559
Weighted-average interest rate 3.80% 1.70% 3.10% 2.70% 3.60% 4.50% 3.90%
Variable rate $ 750 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 750
Weighted-average interest rate 0.50% 0% 0% 0% 0% 0% 0.50%
Interest rate derivatives
Interest rate swaps:
Fixed to variable $ - 0 $ - 0 $ 1,750 $ 1,500 $ - 0 $ - 0 $ 3,250
Weighted-average pay rate 0% 0% 0.60% 1.30% 0% 0% 0.90%
Weighted-average receive rate 0% 0% 2.60% 3.30% 0% 0% 2.90%

TABLE31

Created by EDGAR Online, Inc.
WALMART INC.
TABLE31
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Contingencies
Description of the Matter As described in Note 10 to the Consolidated Financial Statements, at
January 31, 2021, the Company is involved in a number of legal proceedings
and has made accruals with respect to these matters, where appropriate. For
some matters, a liability is not probable, or the amount cannot be
reasonably estimated and therefore an accrual has not been made. Where a
liability is reasonably possible and may be material, such matters have
been disclosed. Management assessed the probability of occurrence and the
estimation of any potential loss based on the ability to predict the number
of claims that may be filed or whether any loss or range of loss can be
reasonably estimated. For example, in assessing the probability of
occurrence in a particular legal proceeding, management exercises judgment
to determine if it can predict the number of claims that may be filed and
whether it can reasonably estimate any loss or range of loss that may arise
from that proceeding. In connection with the sale of Asda, the Company is
no longer liable for the Asda Equal Value Claims; however, the Company has
agreed to provide indemnification for any potential Asda liability related
to these claims up to a contractually determined amount.

TABLE32

Created by EDGAR Online, Inc.
WALMART INC.
TABLE32
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Auditing management's accounting for, and disclosure of, loss contingencies
and the estimated fair value of related indemnifications was complex and
highly judgmental as it involved our assessment of the significant judgments
made by management when assessing the probability of occurrence for
contingencies or related indemnifications or when determining whether an
estimate of the loss or range of loss could be made.
How We Addressed the We obtained an understanding, evaluated the design and tested the operating
Matter in Our Audit effectiveness of controls over the identification and evaluation of
contingencies and related indemnities. For example, we tested controls over
the Company's assessment of the likelihood of loss and the Company's
determinations regarding the measurement of loss.
To test the Company's assessment of the probability of occurrence or
determination of an estimate of loss, or range of loss, among other
procedures, we read the minutes of the meetings of the Board of Directors and
committees of the Board of Directors, reviewed opinions provided to the
Company by certain outside legal counsel, read letters received directly by
us from internal and external counsel, and evaluated the current status of
contingencies based on discussions with internal legal counsel. We also
evaluated the appropriateness of the related disclosures. To test the
estimated fair value of indemnities, we involved a valuation specialist to
evaluate the valuation methodologies and significant assumptions including,
among others, the discount rate.
Valuation of Indefinite-Lived Intangible Assets
Description of the At January 31, 2021, the Company has $4.9 billion of indefinite-lived
Matter intangible assets which primarily consist of acquired tradenames. As
disclosed in Notes 1, 8 and 12 to the Consolidated Financial Statements,
these assets are evaluated for impairment at least annually using valuation
techniques to estimate fair value. These fair value estimates are sensitive
to certain significant assumptions including revenue growth rates, discount
rates, and royalty rates.
Auditing management's annual indefinite-lived intangible assets impairment
tests was complex and highly judgmental due to the significant measurement
uncertainty in determining the fair values of the indefinite-lived
intangibles. For example, the fair value estimates are sensitive to
significant assumptions identified above that are affected by future market
or economic conditions.
How We Addressed the We obtained an understanding, evaluated the design and tested the operating
Matter in Our Audit effectiveness of controls over the Company's indefinite-lived intangible
asset impairment review process. Our procedures included, among others,
testing controls over management's review of the significant assumptions
described above used to estimate the fair values of the indefinite-lived
intangible assets.
To test the estimated fair values of the indefinite-lived intangible assets,
we performed audit procedures that included, among others, assessing
methodologies used to determine the fair value, testing the significant
assumptions discussed above and testing the completeness and accuracy of the
underlying data used by the Company. For example, we evaluated management's
forecasted revenue growth rates used in the fair value estimates by comparing
those assumptions to the historical results of the Company and current
industry, market and economic forecasts. We involved a valuation specialist
to assist in evaluating the valuation methodologies and the significant
assumptions such as discount rates and royalty rates. Additionally, we
performed sensitivity analyses of significant assumptions to evaluate the
effect on the fair value estimates of the indefinite-lived intangible assets.
/s/ Ernst & Young LLP
We have served as the Company's auditor since 1969.
Rogers, Arkansas
March 19, 2021

INCOME_STATEMENT

Created by EDGAR Online, Inc.
WALMART INC.
INCOME_STATEMENT
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Inc.
Consolidated Statements of Income
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2021 2020 2019
Revenues:
Net sales $ 555,233 $ 519,926 $ 510,329
Membership and other income 3,918 4,038 4,076
Total revenues 559,151 523,964 514,405
Costs and expenses:
Cost of sales 420,315 394,605 385,301
Operating, selling, general and administrative expenses 116,288 108,791 107,147
Operating income 22,548 20,568 21,957
Interest:
Debt 1,976 2,262 1,975
Finance, capital lease and financing obligations 339 337 371
Interest income (121) (189) (217)
Interest, net 2,194 2,410 2,129
Other (gains) and losses (210) (1,958) 8,368
Income before income taxes 20,564 20,116 11,460
Provision for income taxes 6,858 4,915 4,281
Consolidated net income 13,706 15,201 7,179
Consolidated net income attributable to noncontrolling
interest (196) (320) (509)
Consolidated net income attributable to Walmart $ 13,510 $ 14,881 $ 6,670
Net income per common share:
Basic net income per common share attributable to $ 4.77 $ 5.22 $ 2.28
Walmart
Diluted net income per common share attributable to 4.75 5.19 2.26
Walmart
Weighted-average common shares outstanding:
Basic 2,831 2,850 2,929
Diluted 2,847 2,868 2,945
Dividends declared per common share $ 2.16 $ 2.12 $ 2.08

INCOME_STATEMENT2

Created by EDGAR Online, Inc.
WALMART INC.
INCOME_STATEMENT2
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Inc.
Consolidated Statements of Comprehensive Income
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Consolidated net income $ 13,706 $ 15,201 $ 7,179
Consolidated net income attributable to noncontrolling (196) (320) (509)
interest
Consolidated net income attributable to Walmart 13,510 14,881 6,670
Other comprehensive income (loss), net of income taxes
Currency translation and other 842 286 (226)
Net investment hedges (221) 122 272
Cash flow hedges 235 (399) (290)
Minimum pension liability (30) (1,244) 131
Other comprehensive income (loss), net of income taxes 826 (1,235) (113)
Other comprehensive (income) loss attributable to 213 (28) 188
noncontrolling interest
Other comprehensive income (loss) attributable to Walmart 1,039 (1,263) 75
Comprehensive income, net of income taxes 14,532 13,966 7,066
Comprehensive (income) loss attributable to noncontrolling 17 (348) (321)
interest
Comprehensive income attributable to Walmart $ 14,549 $ 13,618 $ 6,745

BALANCE_SHEET

Created by EDGAR Online, Inc.
WALMART INC.
BALANCE_SHEET
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Inc.
Consolidated Balance Sheets
As of January 31,
(Amounts in millions) 2021 2020
ASSETS
Current assets:
Cash and cash equivalents $ 17,741 $ 9,465
Receivables, net 6,516 6,284
Inventories 44,949 44,435
Prepaid expenses and other 20,861 1,622
Total current assets 90,067 61,806
Property and equipment, net 92,201 105,208
Operating lease right-of-use assets 13,642 17,424
Finance lease right-of-use assets, net 4,005 4,417
Goodwill 28,983 31,073
Other long-term assets 23,598 16,567
Total assets $ 252,496 $ 236,495
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings $ 224 $ 575
Accounts payable 49,141 46,973
Accrued liabilities 37,966 22,296
Accrued income taxes 242 280
Long-term debt due within one year 3,115 5,362
Operating lease obligations due within one year 1,466 1,793
Finance lease obligations due within one year 491 511
Total current liabilities 92,645 77,790
Long-term debt 41,194 43,714
Long-term operating lease obligations 12,909 16,171
Long-term finance lease obligations 3,847 4,307
Deferred income taxes and other 14,370 12,961
Commitments and contingencies
Equity:
Common stock 282 284
Capital in excess of par value 3,646 3,247
Retained earnings 88,763 83,943
Accumulated other comprehensive loss (11,766) (12,805)
Total Walmart shareholders' equity 80,925 74,669
Noncontrolling interest 6,606 6,883
Total equity 87,531 81,552
Total liabilities and equity $ 252,496 $ 236,495

STOCKHOLDERS_EQUITY

Created by EDGAR Online, Inc.
WALMART INC.
STOCKHOLDERS_EQUITY
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Inc.
Consolidated Statements of Shareholders' Equity
Accumulated Total
Capital in Other Walmart
Common Stock Excess of Retained Comprehensive Shareholders' Noncontrolling Total
(Amounts in millions) Shares Amount Par Value Earnings Income (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, - 0 - 0 - 0 2,361 (1,436) 925 (1) 924
net of income taxes
Consolidated net income - 0 - 0 - 0 6,670 - 0 6,670 509 7,179
Other comprehensive income (loss), net - 0 - 0 - 0 - 0 75 75 (188) (113)
of income taxes
Cash dividends declared ($2.08 per - 0 - 0 - 0 (6,102) - 0 (6,102) - 0 (6,102)
share)
Purchase of Company stock (80) (8) (245) (7,234) - 0 (7,487) - 0 (7,487)
Cash dividend declared to noncontrolling - 0 - 0 - 0 - 0 - 0 - 0 (488) (488)
interest
Noncontrolling interest of acquired - 0 - 0 - 0 - 0 - 0 - 0 4,345 4,345
entity
Other 6 1 562 (17) - 0 546 8 554
Balances as of January 31, 2019 2,878 288 2,965 80,785 (11,542) 72,496 7,138 79,634
Adoption of new accounting standards on - 0 - 0 - 0 (266) - 0 (266) (34) (300)
February 1, 2019, net of income taxes
Consolidated net income - 0 - 0 - 0 14,881 - 0 14,881 320 15,201
Other comprehensive income (loss), net - 0 - 0 - 0 - 0 (1,263) (1,263) 28 (1,235)
of income taxes
Cash dividends declared ($2.12 per - 0 - 0 - 0 (6,048) - 0 (6,048) - 0 (6,048)
share)
Purchase of Company stock (53) (5) (199) (5,435) - 0 (5,639) - 0 (5,639)
Cash dividend declared to noncontrolling - 0 - 0 - 0 - 0 - 0 - 0 (475) (475)
interest
Other 7 1 481 26 - 0 508 (94) 414
Balances as of January 31, 2020 2,832 284 3,247 83,943 (12,805) 74,669 6,883 81,552
Consolidated net income - 0 - 0 - 0 13,510 - 0 13,510 196 13,706
Other comprehensive income (loss), net - 0 - 0 - 0 - 0 1,039 1,039 (213) 826
of income taxes
Cash dividends declared ($2.16 per - 0 - 0 - 0 (6,116) - 0 (6,116) - 0 (6,116)
share)
Purchase of Company stock (20) (2) (97) (2,559) - 0 (2,658) - 0 (2,658)
Cash dividends declared to - 0 - 0 - 0 - 0 - 0 - 0 (365) (365)
noncontrolling interest
Other 9 - 0 496 (15) - 0 481 105 586
Balances as of January 31, 2021 2,821 $ 282 $ 3,646 $ 88,763 $ (11,766) $ 80,925 $ 6,606 $ 87,531

CASH_FLOW

Created by EDGAR Online, Inc.
WALMART INC.
CASH_FLOW
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Inc.
Consolidated Statements of Cash Flows
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Cash flows from operating activities:
Consolidated net income $ 13,706 $ 15,201 $ 7,179
Adjustments to reconcile consolidated net income to net
cash provided by operating activities:
Depreciation and amortization 11,152 10,987 10,678
Net unrealized and realized (gains) and losses (8,589) (1,886) 3,516
Losses on disposal of business operations 8,401 15 4,850
Asda pension contribution - 0 (1,036) - 0
Deferred income taxes 1,911 320 (499)
Other operating activities 1,521 1,981 1,734
Changes in certain assets and liabilities, net of effects
of acquisitions and dispositions:
Receivables, net (1,086) 154 (368)
Inventories (2,395) (300) (1,311)
Accounts payable 6,966 (274) 1,831
Accrued liabilities 4,623 186 183
Accrued income taxes (136) (93) (40)
Net cash provided by operating activities 36,074 25,255 27,753
Cash flows from investing activities:
Payments for property and equipment (10,264) (10,705) (10,344)
Proceeds from the disposal of property and equipment 215 321 519
Proceeds from the disposal of certain operations 56 833 876
Payments for business acquisitions, net of cash acquired (180) (56) (14,656)
Other investing activities 102 479 (431)
Net cash used in investing activities (10,071) (9,128) (24,036)
Cash flows from financing activities:
Net change in short-term borrowings (324) (4,656) (53)
Proceeds from issuance of long-term debt - 0 5,492 15,872
Repayments of long-term debt (5,382) (1,907) (3,784)
Dividends paid (6,116) (6,048) (6,102)
Purchase of Company stock (2,625) (5,717) (7,410)
Dividends paid to noncontrolling interest (434) (555) (431)
Other financing activities (1,236) (908) (629)
Net cash used in financing activities (16,117) (14,299) (2,537)
Effect of exchange rates on cash, cash equivalents and 235 (69) (438)
restricted cash
Net increase in cash, cash equivalents and restricted cash 10,121 1,759 742
Cash and cash equivalents reclassified as assets held for (1,848) - 0 - 0
sale
Cash, cash equivalents and restricted cash at beginning of 9,515 7,756 7,014
year
Cash, cash equivalents and restricted cash at end of year $ 17,788 $ 9,515 $ 7,756
Supplemental disclosure of cash flow information:
Income taxes paid $ 5,271 $ 3,616 $ 3,982
Interest paid 2,216 2,464 2,348

TABLE33

Created by EDGAR Online, Inc.
WALMART INC.
TABLE33
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
As of January 31,
(Amounts in millions) Estimated Useful Lives 2021 2020
Land N/A $ 19,308 $ 24,619
Buildings and improvements 3 - 0 40 years 97,582 105,674
Fixtures and equipment 1 - 0 30 years 56,639 58,607
Transportation equipment 3 - 0 15 years 2,301 2,377
Construction in progress N/A 4,741 3,751
Property and equipment 180,571 195,028
Accumulated depreciation (88,370) (89,820)
Property and equipment, net $ 92,201 $ 105,208

TABLE34

Created by EDGAR Online, Inc.
WALMART INC.
TABLE34
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart
(Amounts in millions) Walmart U.S. International Sam's Club Total
Balances as of February 1, 2019 $ 2,552 $ 28,316 $ 313 $ 31,181
Changes in currency translation and other - 0 (149) - 0 (149)
Acquisitions 41 - 0 - 0 41
Balances as of January 31, 2020 2,593 28,167 313 31,073
Changes in currency translation and other - 0 10 - 0 10
Acquisitions 103 - 0 8 111
Amounts reclassified related to operations held (2,211) - 0 (2,211)
for sale(1) - 0
Balances as of January 31, 2021 $ 2,696 $ 25,966 $ 321 $ 28,983

INCOME_STATEMENT3

Created by EDGAR Online, Inc.
WALMART INC.
INCOME_STATEMENT3
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2021 2020 2019
Numerator
Consolidated net income $ 13,706 $ 15,201 $ 7,179
Consolidated net income attributable to noncontrolling (196) (320) (509)
interest
Consolidated net income attributable to Walmart $ 13,510 $ 14,881 $ 6,670
Denominator
Weighted-average common shares outstanding, basic 2,831 2,850 2,929
Dilutive impact of stock options and other share-based
awards 16 18 16
Weighted-average common shares outstanding, diluted 2,847 2,868 2,945
Net income per common share attributable to Walmart
Basic $ 4.77 $ 5.22 $ 2.28
Diluted 4.75 5.19 2.26

TABLE35

Created by EDGAR Online, Inc.
WALMART INC.
TABLE35
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Restricted stock units $ 742 $ 553 $ 456
Restricted stock and performance-based restricted stock units 277 270 293
Other 150 31 24
Share-based compensation expense $ 1,169 $ 854 $ 773

TABLE36

Created by EDGAR Online, Inc.
WALMART INC.
TABLE36
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Restricted Stock and
Restricted Stock Units Performance-based Restricted Stock Units
Weighted-Average Weighted-Average
Grant-Date Fair Value Grant-Date Fair Value
(Shares in thousands) Shares Per Share Shares Per Share
Outstanding as of February 1, 2020 23,261 $ 79.51 6,045 $ 93.04
Granted 7,472 114.51 2,867 120.47
Adjustment for performance achievement(1) - 0 - 0 576 86.46
Vested/exercised (7,798) 76.11 (3,075) 88.88
Forfeited (3,035) 92.20 (1,000) 96.36
Outstanding as of January 31, 2021 19,900 $ 92.13 5,413 $ 108.72

TABLE37

Created by EDGAR Online, Inc.
WALMART INC.
TABLE37
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions, except years) 2021 2020 2019
Fair value of restricted stock units vested $ 597 $ 442 $ 386
Fair value of restricted stock and performance-based restricted 275 365 183
stock units vested
Unrecognized compensation cost for restricted stock units 1,062 1,096 1,002
Unrecognized compensation cost for restricted stock and 344 326 362
performance-based restricted stock units
Weighted average remaining period to expense for restricted stock 1.10 1.30 1.60
units (years)
Weighted average remaining period to expense for restricted stock 1.40 1.40 1.10
and performance-based restricted stock units (years)
Share Repurchase Program
From time to time, the Company repurchases shares of its common stock under
share repurchase programs authorized by the Company's Board of Directors. All
repurchases made during fiscal 2021 were made under the $20.0 billion share

TABLE38

Created by EDGAR Online, Inc.
WALMART INC.
TABLE38
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions, except per share data) 2021 2020 2019
Total number of shares repurchased 19.40 53.90 79.50
Average price paid per share $ 135.20 $ 105.98 $ 93.18
Total cash paid for share repurchases $ 2,625 $ 5,717 $ 7,410

TABLE39

Created by EDGAR Online, Inc.
WALMART INC.
TABLE39
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Note 4. Accumulated Other Comprehensive Loss
The following table provides the changes in the composition of total accumulated
other comprehensive loss for fiscal 2021, 2020, and 2019:
Currency Unrealized Gain on Minimum
(Amounts in millions and net of Translation Net Investment Available-for-Sale Cash Flow Pension
immaterial income taxes) and Other Hedges Securities Hedges Liability Total
Balances as of February 1, 2018 $ (12,136) $ 1,030 $ 1,646 $ 122 $ (843) $ (10,181)
Adoption of new accounting 89 93 (1,646) 28 - 0 (1,436)
standards(1)
Other comprehensive income (loss) (2,093) 272 - 0 (339) 93 (2,067)
before reclassifications, net
Reclassifications to income, net(2) 2,055 - 0 - 0 49 38 2,142
Balances as of January 31, 2019 (12,085) 1,395 - 0 (140) (712) (11,542)
Other comprehensive income (loss) 281 122 - 0 (399) (1,283) (1,279)
before reclassifications, net(3)
Reclassifications to income, net (23) - 0 - 0 - 0 39 16
Balances as of January 31, 2020 (11,827) 1,517 - 0 (539) (1,956) (12,805)
Other comprehensive income (loss) 214 (221) - 0 186 (172) 7
before reclassifications, net
Reclassifications to income, net(4) 841 - 0 - 0 49 142 1,032
Balances as of January 31, 2021 $ (10,772) $ 1,296 $ - 0 $ (304) $ (1,986) $ (11,766)

TABLE40

Created by EDGAR Online, Inc.
WALMART INC.
TABLE40
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31,
(Amounts in millions) 2021 2020
Liabilities held for sale(1) $ 12,734 $ - 0
Accrued wages and benefits(2) 7,654 6,093
Self-insurance(3) 4,698 4,469
Accrued non-income taxes(4) 3,328 3,039
Deferred gift card revenue 2,310 1,990
Other(5) 7,242 6,705
Total accrued liabilities $ 37,966 $ 22,296

TABLE41

Created by EDGAR Online, Inc.
WALMART INC.
TABLE41
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Note 6. Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit.
Short-term borrowings as of January 31, 2021 and 2020 were $0.2 billion and $0.6
billion, respectively, with weighted-average interest rates of 1.9% and 5.0%,
respectively. Short-term borrowings as of January 31, 2020 were primarily
outside of the U.S.
The Company has various committed lines of credit in the U.S. to support its
commercial paper program and are summarized in the following table:
January 31, 2021 January 31, 2020
(Amounts in millions) Available Drawn Undrawn Available Drawn Undrawn
Five-year credit facility $ 5,000 $ - 0 $ 5,000 $ 5,000 $ - 0 $ 5,000
364-day revolving credit facility(1) 10,000 - 0 10,000 10,000 - 0 10,000
Total $ 15,000 $ - 0 $ 15,000 $ 15,000 $ - 0 $ 15,000

TABLE42

Created by EDGAR Online, Inc.
WALMART INC.
TABLE42
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31, 2021 January 31, 2020
Maturity Dates
(Amounts in millions) By Fiscal Year Amount Average Rate(1) Amount Average Rate(1)
Unsecured debt
Fixed 2022 - 0 2050 $ 35,216 3.90% $ 39,752 3.80%
Variable 2022 750 0.50% 1,500 2.10%
Total U.S. dollar denominated 35,966 41,252
Fixed 2023 - 0 2030 3,034 3.30% 2,758 3.30%
Variable - 0 - 0
Total Euro denominated 3,034 2,758
Fixed 2031 - 0 2039 3,682 5.40% 3,518 5.40%
Variable - 0 - 0
Total Sterling denominated 3,682 3,518
Fixed 2023-2028 1,624 0.30% 1,652 0.40%
Variable - 0 - 0
Total Yen denominated 1,624 1,652
Total unsecured debt 44,306 49,180
Total other(2) 3 (104)
Total debt 44,309 49,076
Less amounts due within one year (3,115) (5,362)
Long-term debt $ 41,194 $ 43,714

TABLE43

Created by EDGAR Online, Inc.
WALMART INC.
TABLE43
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
(Amounts in millions) Annual
Fiscal Year Maturities
2022 $ 3,115
2023 3,014
2024 4,721
2025 4,360
2026 1,480
Thereafter 27,619
Total $ 44,309

TABLE44

Created by EDGAR Online, Inc.
WALMART INC.
TABLE44
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Debt Issuances
There were no long-term debt issuances in fiscal 2021. Information on long-term
debt issued during fiscal 2020, for general corporate purposes, is as follows:
(Amounts in millions)
Issue Date Principal Amount Maturity Date Fixed vs. Floating Interest Rate Net Proceeds
April 23, 2019 $ 1,500 July 8, 2024 Fixed 2.85% $ 1,493
April 23, 2019 $ 1,250 July 8, 2026 Fixed 3.05% 1,242
April 23, 2019 $ 1,250 July 8, 2029 Fixed 3.25% 1,243
September 24, 2019 $ 500 September 24, 2029 Fixed 2.38% 497
September 24, 2019 $ 1,000 September 24, 2049 Fixed 2.95% 975
Various $ 42 Various Various Various 42
Total $ 5,492

TABLE45

Created by EDGAR Online, Inc.
WALMART INC.
TABLE45
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Maturity Date Principal Amount Fixed vs. Floating Interest Rate Repayment
June 23, 2020 $ 750 Floating Floating $ 750
June 23, 2020 $ 1,250 Fixed 2.85% 1,250
July 8, 2020 $ 840 Fixed 3.63% 840
July 28, 2020 ¥10,000 Fixed 1.60% 95
October 25, 2020 $ 1,197 Fixed 3.25% 1,197
December 15, 2020 $ 1,250 Fixed 1.90% 1,250
Total repayment of matured
debt $ 5,382

TABLE46

Created by EDGAR Online, Inc.
WALMART INC.
TABLE46
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Maturity Date Principal Amount Fixed vs. Floating Interest Rate Repayment
February 1, 2019 $ 364 Fixed 4.13% $ 364
October 20, 2019 $ 300 Floating Floating 300
October 20, 2019 $ 1,200 Fixed 1.75% 1,200
Various (1) $ 43 Various Various 43
Total repayment of matured
debt $ 1,907

TABLE47

Created by EDGAR Online, Inc.
WALMART INC.
TABLE47
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal years ended January 31,
(Amounts in millions) 2021 2020
Operating lease cost(1) $ 2,626 $ 2,670
Finance lease cost:
Amortization of right-of-use assets 583 480
Interest on lease obligations 298 306
Variable lease cost 777 691

TABLE48

Created by EDGAR Online, Inc.
WALMART INC.
TABLE48
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal years ended January 31,
(Dollar amounts in millions) 2021 2020
Cash paid for amounts included in measurement of lease
obligations:
Operating cash flows from operating leases $ 2,629 $ 2,614
Operating cash flows from finance leases 286 278
Financing cash flows from finance leases 546 485
Assets obtained in exchange for operating lease 2,151
obligations 2,131
Assets obtained in exchange for finance lease obligations 1,547 1,081
As of January 31,
2021 2020
Weighted-average remaining lease term - operating leases(1) 12.50 years 15.60 years
Weighted-average remaining lease term - finance leases(1) 13.70 years 14.40 years
Weighted-average discount rate - operating leases(1) 6.10% 5.40%
Weighted-average discount rate - finance leases(1) 6.80% 8.60%
(1) For fiscal 2021, weighted average remaining lease term and discount rate
amounts exclude operations classified as held for sale.
The aggregate annual lease obligations at January 31, 2021, are as follows:
(Amounts in millions)
Fiscal Year Operating Leases Finance Leases
2022 $2,189 $ 717
2023 2,017 613
2024 1,861 551
2025 1,697 496
2026 1,527 449
Thereafter 11,658 4,746
Total undiscounted lease obligations 20,949 7,572
Less imputed interest (6,574) (3,234)
Net lease obligations $14,375 $ 4,338

TABLE49

Created by EDGAR Online, Inc.
WALMART INC.
TABLE49
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fair Value as of Fair Value as of
(Amounts in millions) January 31, 2021 January 31, 2020
Equity investments measured using Level 1 inputs $ 6,517 $ 2,715
Equity investments measured using Level 2 inputs 7,905 2,723
Total $ 14,422 $ 5,438

TABLE50

Created by EDGAR Online, Inc.
WALMART INC.
TABLE50
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
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
January 31, 2021 and January 31, 2020, the notional amounts and fair values of
these derivatives were as follows:
January 31, 2021 January 31, 2020
(Amounts in millions) Notional Amount Fair Value Notional Amount Fair Value
Receive fixed-rate, pay variable-rate interest rate swaps $ 3,250 $ 166 (1) $ 4,000 $ 97 (1)
designated as fair value hedges
Receive fixed-rate, pay fixed-rate cross-currency swaps 1,250 311 (1) 3,750 455 (1)
designated as net investment hedges
Receive fixed-rate, pay fixed-rate cross-currency swaps 5,073 (394) (3) 4,067 (696) (2)
designated as cash flow hedges
Total $ 9,573 $ 83 $ 11,817 $ (144)

TABLE51

Created by EDGAR Online, Inc.
WALMART INC.
TABLE51
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31, 2021 January 31, 2020
(Amounts in millions) Carrying Value Fair Value Carrying Value Fair Value
Long-term debt, including amounts due within $ 44,309 $ 54,240 $ 49,076 $ 57,769
one year

TABLE52

Created by EDGAR Online, Inc.
WALMART INC.
TABLE52
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Note 9. Taxes
The components of income (loss) before income taxes are as follows:
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
U.S. $ 20,003 $ 17,098 $ 15,875
Non-U.S. 561 3,018 (4,415)
Total income before income taxes $ 20,564 $ 20,116 $ 11,460

TABLE53

Created by EDGAR Online, Inc.
WALMART INC.
TABLE53
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Current:
U.S. federal $ 2,991 $ 2,794 $ 2,763
U.S. state and local 742 587 493
International 1,127 1,205 1,495
Total current tax provision 4,860 4,586 4,751
Deferred:
U.S. federal 2,316 663 (361)
U.S. state and local 23 35 (16)
International (341) (369) (93)
Total deferred tax expense (benefit) 1,998 329 (470)
Total provision for income taxes $ 6,858 $ 4,915 $ 4,281

TABLE54

Created by EDGAR Online, Inc.
WALMART INC.
TABLE54
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
2021 2020 2019
U.S. statutory tax rate 21.00% 21.00% 21.00%
U.S. state income taxes, net of federal income tax benefit 2.90% 2.20% 3.00%
Impact of the Tax Act:
One-time transition tax 0% 0% 3.60%
Deferred tax effects 0% 0% -0.70%
Income taxed outside the U.S. -0.10% -1.00% -3.40%
Disposal and wind-down of certain business operations 7.10% 0% 6.70%
Valuation allowance 2.30% 2.30% 6.30%
Net impact of repatriated international earnings -0.40% 0.40% 0.80%
Federal tax credits -0.90% -0.80% -1.30%
Enacted change in tax laws 0% -1.90% 0%
Change in reserve for tax contingencies 0.80% 2.50% 0.60%
Other, net 0.60% -0.30% 0.80%
Effective income tax rate 33.30% 24.40% 37.40%

TABLE55

Created by EDGAR Online, Inc.
WALMART INC.
TABLE55
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31,
(Amounts in millions) 2021 2020
Deferred tax assets:
Loss and tax credit carryforwards $ 9,179 $ 9,056
Accrued liabilities 2,582 2,483
Share-based compensation 224 250
Lease obligations 4,450 4,098
Other 589 887
Total deferred tax assets 17,024 16,774
Valuation allowances (8,782) (8,588)
Deferred tax assets, net of valuation allowances 8,242 8,186
Deferred tax liabilities:
Property and equipment 4,802 4,364
Acquired intangibles 1,071 1,153
Inventory 1,235 1,414
Lease right of use assets 4,390 3,998
Mark-to-market investments 2,678 723
Other 675 824
Total deferred tax liabilities 14,851 12,476
Net deferred tax liabilities $ 6,609 $ 4,290

TABLE56

Created by EDGAR Online, Inc.
WALMART INC.
TABLE56
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31,
(Amounts in millions) 2021 2020
Balance Sheet classification
Assets:
Other long-term assets $ 1,836 $ 1,914
Liabilities:
Deferred income taxes and other 8,445 6,204
Net deferred tax liabilities $ 6,609 $ 4,290

TABLE57

Created by EDGAR Online, Inc.
WALMART INC.
TABLE57
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Gross unrecognized tax benefits, beginning of year $ 1,817 $ 1,305 $ 1,010
Increases related to prior year tax positions 92 516 620
Decreases related to prior year tax positions (264) (15) (107)
Increases related to current year tax positions 1,582 66 203
Settlements during the period (64) (29) (390)
Lapse in statutes of limitations (28) (26) (31)
Gross unrecognized tax benefits, end of year $ 3,135 $ 1,817 $ 1,305

TABLE58

Created by EDGAR Online, Inc.
WALMART INC.
TABLE58
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Defined contribution plans:
U.S. $ 1,290 $ 1,184 $ 1,165
International 200 177 126
Total contribution expense for defined contribution plans $ 1,490 $ 1,361 $ 1,291

TABLE59

Created by EDGAR Online, Inc.
WALMART INC.
TABLE59
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
January 31,
(Amounts in millions) 2021
Cash and cash equivalents $ 1,848
Other current assets(1) 2,545
Property and equipment, net 13,193
Operating lease right-of-use assets 4,360
Finance lease right-of-use assets, net 1,395
Goodwill 2,211
Other long-term assets 1,063
Valuation allowance against assets held for sale(2) (7,420)
Total assets held for sale $ 19,195
Current liabilities(3) 6,535
Operating lease obligations, including amounts due within one year 4,245
Finance lease obligations, including amounts due within one year 1,495
Deferred income taxes and other 459
Total liabilities held for sale $ 12,734
(1)Includes inventories, receivables, net and prepaid expenses and other.
(2)Includes the $2.3 billion loss associated with the derecognition of the Asda
pension plan and $1.3 billion cumulative foreign currency and related net
investment hedge and other impacts included within the disposal groups, which
will be reclassified from accumulated other comprehensive loss upon closure of
each transaction.
(3)Includes accounts payable and accrued liabilities.

INCOME_STATEMENT4

Created by EDGAR Online, Inc.
WALMART INC.
INCOME_STATEMENT4
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Walmart Corporate and
(Amounts in millions) Walmart U.S. International Sam's Club support Consolidated
Fiscal Year Ended January 31, 2021
Net sales $ 369,963 $ 121,360 $ 63,910 $ - 0 $ 555,233
Operating income (loss) 19,116 3,660 1,906 (2,134) 22,548
Interest, net (2,194)
Other gains and (losses) 210
Income before income taxes $ 20,564
Total assets $ 113,490 $ 109,445 $ 13,415 $ 16,146 $ 252,496
Depreciation and amortization 6,561 2,633 599 1,359 11,152
Capital expenditures 6,131 2,436 488 1,209 10,264
Fiscal Year Ended January 31, 2020
Net sales $ 341,004 $ 120,130 $ 58,792 $ - 0 $ 519,926
Operating income (loss) 17,380 3,370 1,642 (1,824) 20,568
Interest, net (2,410)
Other gains and (losses) 1,958
Income before income taxes $ 20,116
Total assets $ 110,353 $ 105,811 $ 13,494 $ 6,837 $ 236,495
Depreciation and amortization 6,408 2,682 605 1,292 10,987
Capital expenditures 6,315 2,801 525 1,064 10,705
Fiscal Year Ended January 31, 2019
Net sales $ 331,666 $ 120,824 $ 57,839 $ - 0 $ 510,329
Operating income (loss) 17,386 4,883 1,520 (1,832) 21,957
Interest, net (2,129)
Loss on extinguishment of debt (8,368)
Income before income taxes $ 11,460
Total assets $ 105,114 $ 97,066 $ 12,893 $ 4,222 $ 219,295
Depreciation and amortization 6,201 2,590 639 1,248 10,678
Capital expenditures 6,034 2,661 450 1,199 10,344

TABLE60

Created by EDGAR Online, Inc.
WALMART INC.
TABLE60
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Fiscal Years Ended January 31,
(Amounts in millions) 2021 2020 2019
Revenues
U.S. operations $ 436,649 $ 402,532 $ 392,265
Non-U.S. operations 122,502 121,432 122,140
Total revenues $ 559,151 $ 523,964 $ 514,405
Long-lived assets
U.S. operations $ 87,068 $ 86,944 $ 81,144
Non-U.S. operations 22,780 40,105 30,251
Total long-lived assets $ 109,848 $ 127,049 $ 111,395

TABLE61

Created by EDGAR Online, Inc.
WALMART INC.
TABLE61
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Disaggregated Revenues
In the following tables, segment net sales are disaggregated by either
merchandise category or market. In addition, net sales related to eCommerce are
provided for each segment, which include omni-channel sales, where a customer
initiates an order digitally and the order is fulfilled through a store or club.
(Amounts in millions) Fiscal Years Ended January 31,
Walmart U.S. net sales by merchandise category 2021 2020
Grocery $ 208,413 $ 192,428
General merchandise 119,406 108,687
Health and wellness 38,522 36,558
Other categories 3,622 3,331
Total $ 369,963 $ 341,004

TABLE62

Created by EDGAR Online, Inc.
WALMART INC.
TABLE62
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
(Amounts in millions) Fiscal Years Ended January 31,
Walmart International net sales by market 2021 2020
Mexico and Central America $ 32,642 $ 33,350
United Kingdom 29,234 29,243
Canada 19,991 18,420
China 11,430 10,671
Other 28,063 28,446
Total $ 121,360 $ 120,130

TABLE63

Created by EDGAR Online, Inc.
WALMART INC.
TABLE63
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
(Amounts in millions) Fiscal Years Ended January 31,
Sam's Club net sales by merchandise category 2021 2020
Grocery and consumables $ 42,148 $ 35,043
Fuel, tobacco and other categories 7,838 10,571
Home and apparel 7,092 6,744
Health and wellness 3,792 3,372
Technology, office and entertainment 3,040 3,062
Total $ 63,910 $ 58,792

TABLE64

Created by EDGAR Online, Inc.
WALMART INC.
TABLE64
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Record Date Payable Date
March 19, 2021 April 5, 2021
May 7, 2021 June 1, 2021
August 13, 2021 September 7, 2021
December 10, 2021 January 3, 2022

TABLE65

Created by EDGAR Online, Inc.
WALMART INC.
TABLE65
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
1.00 Financial Statements: See the Financial Statements in " Item 8. Financial
Statements and Supplementary Data ."
2 Financial Statement Schedules:
Certain schedules have been omitted because the required information is not
present or is not present in amounts sufficient to require submission of the
schedule, or because the information required is included in the Consolidated
Financial Statements, including the notes thereto.

TABLE66

Created by EDGAR Online, Inc.
WALMART INC.
TABLE66
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
3.10 Restated Certificate of Incorporation of the Company dated February 1, 2018 is
incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by
the Company on February 1, 2018
3.20 Amended and Restated Bylaws of the Company dated July 23, 2019 are incorporated
herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company
on July 26, 2019
4.10 Indenture dated as of April 1, 1991, between the Company and J.P. Morgan Trust
Company, National Association, as successor trustee to Bank One Trust Company, NA,
as successor trustee to The First National Bank of Chicago, Trustee, is
incorporated herein by reference to Exhibit 4(a) to Registration Statement on Form
S-3 (File Number 33-51344) (P)
4.20 First Supplemental Indenture dated as of September 9, 1992, to the Indenture dated
as of April 1, 1991, between the Company and J.P. Morgan Trust Company, National
Association, as successor trustee to Bank One Trust Company, NA, as successor
trustee to The First National Bank of Chicago, Trustee, is incorporated herein by
reference to Exhibit 4(b) to Registration Statement on Form S-3 (File Number
33-51344) (P)
4.30 Indenture dated as of December 11, 2002, between the Company and J.P. Morgan
Trust Company, National Association, as successor trustee to Bank One Trust
Company, NA, is incorporated by reference to Exhibit 4.5 to Registration Statement
on Form S-3 (File Number 333-101847)
4.40 Indenture dated as of July 19, 2005, between the Company and J.P. Morgan Trust
Company, National Association is incorporated by reference to Exhibit 4.5 to
Registration Statement on Form S-3 (File Number 333-126512)
4.50 First Supplemental Indenture, dated December 1, 2006, between the Company and
The Bank of New York Trust Company, N.A., as successor-in-interest to J.P. Morgan
Trust Company, National Association, as Trustee, under the Indenture, dated as of
July 19, 2005, between the Company and J.P. Morgan Trust Company, National
Association, as Trustee, is incorporated herein by reference to Exhibit 4.6 to
Post-Effective Amendment No. 1 to Registration Statement on Form S-3 (File Number
333-130569)
4.60 Second Supplemental Indenture, dated December 19, 2014, between the Company and
The Bank of New York Trust Company, N.A., as successor-in-interest to J.P. Morgan
Trust Company, National Association, as Trustee, under the Indenture, dated as of
July 19, 2005, between the Company and J.P. Morgan Trust Company, National
Association, as Trustee, is incorporated herein by reference to Exhibit 4.3 to
Registration Statement on Form S-3 (File Number 333-201074)
4.70 Third Supplemental Indenture, dated June 26, 2018, between the Company and The
Bank of New York Trust Company, N.A., as successor-in-interest to J.P. Morgan
Trust Company, National Association, as Trustee, under the Indenture, dated as of
July 19, 2005, between the Company and J.P. Morgan Trust Company, National
Association, as Trustee, is incorporated herein by reference to Exhibit 4(S) to
Current Report on Form 8-K filed on June 26, 2018.
4.80 Description of Registrant's Securities is incorporated herein by reference to
Exhibit 4.8 to the Annual Report on Form 10-K filed on March 20, 2020

TABLE67

Created by EDGAR Online, Inc.
WALMART INC.
TABLE67
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
10.10 Walmart Inc. Officer Deferred Compensation Plan, as amended effective
February 1, 2019 is incorporated by reference to Exhibit 10(a) to the Annual
Report on Form 10-K of the Company for the fiscal year ended January 31, 2019,
filed on March 30, 2019 (C)
10.20 Walmart Inc. Management Incentive Plan, as amended effective February 1,
2018 is incorporated by reference to Exhibit 10(b) to the Annual Report on
Form 10-K of the Company for the fiscal year ended January 31, 2018, filed on
March 30, 2018 (C)
10.30 Walmart Inc. 2016 Associate Stock Purchase Plan, as amended effective
February 1, 2018 is incorporated by reference to Exhibit 10(c) to the Annual
Report on Form 10-K of the Company for the fiscal year ended January 31, 2018,
filed on March 30, 2018 (C)
10.40 Walmart Inc. Stock Incentive Plan of 2015, as amended effective February 1,
2018 is incorporated by reference to Exhibit 10(d) to the Annual Report on
Form 10-K of the Company for the fiscal year ended January 31, 2018, filed on
March 30, 2018 (C)
10.50 Walmart Inc. Supplemental Executive Retirement Plan, as amended effective
February 1, 2018 is incorporated by reference to Exhibit 10(e) to the Annual
Report on Form 10-K of the Company for the fiscal year ended January 31, 2018,
filed on March 30, 2018 (C)
10.60 Walmart Inc. Director Compensation Deferral Plan, as amended effective
February 1, 2018 is incorporated by reference to Exhibit 10(f) to the Annual
Report on Form 10-K of the Company for the fiscal year ended January 31, 2018,
filed on March 30, 2018 (C)
10.70 Form of Post-Termination Agreement and Covenant Not to Compete with attached
Schedule of Executive Officers who have executed a Post-Termination Agreement
and Covenant Not to Compete is incorporated by reference to Exhibit 10(p) to
the Annual Report on Form 10-K of the Company for the fiscal year ended
January 31, 2011, filed on March 30, 2011 (C)
10.7(a) Amended Schedule of Executive Officers who have executed a Post-Termination
Agreement and Covenant Not to Compete in the form filed as Exhibit 10(p) to the
Annual Report on Form 10-K of the Company for the fiscal year ended January 31,
2011 is incorporated herein by reference to Exhibit 10.7(a) to the Annual Report
on Form 10-K filed on March 20, 2020 (C)
10.80 Form of Walmart Inc. Stock Incentive Plan of 2015 Restricted Stock Award,
Notification of Award and Terms and Conditions of Award is incorporated herein
by reference to Exhibit 10.8 to the Annual Report on Form 10-K filed on March
20, 2020 (C)
10.90 Form of Walmart Inc. Stock Incentive Plan of 2015 Global Share-Settled
Performance-Based Restricted Stock Unit Notification and Terms and Conditions
(January 2020 annual award - all executive officers) is incorporated herein by
reference to Exhibit 10.9 to the Annual Report on Form 10-K filed on March 20,
2020 (C)
10.10 Share Settled Restricted Stock Unit Notification and Terms and Conditions
Awarded to Marc Lore on September 19, 2016, is incorporated by reference to
Exhibit 10(a) to the Quarterly Report on Form 10-Q of the Company for the fiscal
quarter ended October 31, 2016, filed on December 1, 2016 (C)
10.11 Deferred Contingent Merger Consideration Agreement dated August 7, 2016,
between the Company and Marc Lore is incorporated herein by reference to Exhibit
10(v) to the Annual Report on Form 10-K of the Company for the fiscal year ended
January 31, 2017 filed on March 30, 2017 (C)
10.12 Amendment to Deferred Contingent Merger Consideration Agreement dated
September 12, 2016, between the Company and Marc Lore is incorporated herein by
reference to Exhibit 10(w) to the Annual Report on Form 10-K of the Company for
the fiscal year ended January 31, 2017 filed on March 30, 2017 (C)
10.13 Non-Competition, Non-Solicitation and No-Hire Agreement between the Company
and Marc Lore dated September 19, 2016 is incorporated herein by reference to
Exhibit 10(x) to the Annual Report on Form 10-K of the Company for the fiscal
year ended January 31, 2017 filed on March 30, 2017 (C)
10.14 Form of Walmart Inc. Restricted Stock Award Notification of Award and Terms
and Conditions of Award (Suresh Kumar) dated July 9, 2019 is incorporated by
reference to Exhibit 10.1 to the Quarterly Report of the Company for the fiscal
quarter ended July 31, 2019 filed on September 6, 2019 (C)

TABLE68

Created by EDGAR Online, Inc.
WALMART INC.
TABLE68
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
10.15 Form of Share Settled Restricted Stock Unit Notification and Terms and
Conditions Awarded to Suresh Kumar on July 9, 2019 is incorporated by reference
to Exhibit 10.2 to the Quarterly Report of the Company for the fiscal quarter
ended July 31, 2019 filed on September 6, 2019 (C)
10.16 Post Termination Agreement and Covenant Not to Compete between the Company
and Suresh Kumar dated June 6, 2019 is incorporated herein by reference to
Exhibit 10.16 to the Annual Report on Form 10-K filed on March 20, 2020 (C)
10.17 Separation Agreement between the Company and Gregory S. Foran dated December
3, 2019 is incorporated herein by reference to Exhibit 10.17 to the Annual
Report on Form 10-K filed on March 20, 2020 (C)
10.18* Separation Agreement between the Company and Marc Lore dated January 26,
2021 (C)
10.19 Share Issuance and Acquisition Agreement by and Between Flipkart Private
Limited and Walmart Inc. dated as of May 9, 2018. is incorporated herein by
reference to Exhibit 10.1. to the Quarterly Report of the Company for the
fiscal quarter ended July 31, 2018 filed on September 6, 2018 (portions of this
exhibit have been omitted and filed separately with the SEC pursuant to a
request for confidential treatment.)
10.20 Counterpart Form of Share Purchase Agreement by and Among Wal-Mart
International Holdings, Inc. the shareholders of Flipkart Private Limited
identified on Schedule I thereto, Fortis Advisors LLC and Walmart Inc. dated as
of May 9, 2018 is incorporated herein by reference to Exhibit 10.2. to the
Quarterly Report of the Company for the fiscal quarter ended July 31, 2018
filed on September 6, 2018 (Portions of this exhibit have been omitted and
filed separately with the SEC pursuant to a request for confidential
treatment.)
21* List of the Company's Significant Subsidiaries
23* Consent of Independent Registered Public Accounting Firm
31.1* Chief Executive Officer Section 302 Certification
31.2* Chief Financial Officer Section 302 Certification
32.1** Chief Executive Officer Section 906 Certification
32.2** Chief Financial Officer Section 906 Certification
99.1* State Court Opioids Litigation Case Citations and Currently Scheduled Trial
Dates
101.INS* XBRL Instance Document
101.SCH* Inline XBRL Taxonomy Extension Schema Document
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in
Exhibit 101)
* Filed herewith as an Exhibit.
** Furnished herewith as an Exhibit.
(C) This Exhibit is a management contract or compensatory plan or arrangement
(P) This Exhibit was originally filed in paper format. Accordingly, a hyperlink has not
been provided.
(1) Certain instruments defining the rights of holders of long-term debt securities of
the Registrant are omitted pursuant to Item601(b)(4)(iii) of Regulation S-K. The
Company hereby undertakes to furnish to the SEC, upon request, copies of any such
instruments.
(c) Financial Statement Schedules: None.

SUBSIDIARIES

Created by EDGAR Online, Inc.
WALMART INC.
SUBSIDIARIES
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
Exhibit 21
Significant Subsidiaries of Walmart Inc.
The following list details certain of the subsidiaries of Walmart Inc.
Subsidiaries not included in the list are omitted because, in the aggregate,
they are not significant as permitted by Item 601(b)(21) of Regulation S-K.
Name Under Which Doing
Percent of Equity Business Other Than
Subsidiary Organized or Incorporated Securities Owned Subsidiary's
Wal-Mart Stores East, LP Delaware, U.S. 100% Walmart
Wal-Mart Stores Texas, LLC Delaware, U.S. 100% Walmart
Wal-Mart Property Company Delaware, U.S. 100% NA
Wal-Mart Real Estate Business Trust Delaware, U.S. 100% NA
Sam's West, Inc. Arkansas, U.S. 100% Sam's Club
Sam's East, Inc. Arkansas, U.S. 100% Sam's Club
Sam's Property Company Delaware, U.S. 100% NA
Sam's Real Estate Business Trust Delaware, U.S. 100% NA
ASDA Group Limited (1) England 100% ASDA
Wal-Mart de Mexico, S.A.B. de C.V. Mexico 71% Walmex
Wal-Mart Canada Corp. Canada 100% Walmart
Flipkart Private Limited Singapore 83% Flipkart
Wal-Mart Japan Holdings K.K. (1) Japan 100% Seiyu
Walmart Chile S.A.(2) Chile 100% Walmart Chile
Massmart Holdings Ltd. South Africa 53% Massmart
Qomolangma Holdings Ltd. Cayman Islands 100% NA

TABLE69

Created by EDGAR Online, Inc.
WALMART INC.
TABLE69
Form Type: 10-K
Period End: Jan 31, 2021
Date Filed: Mar 19, 2021
Table Of Contents
(1) Shareholder Investment Plan of Wal-Mart Stores, Inc. Form S-3 File No. 333-02089
(2) Wal-Mart Stores, Inc. Director Compensation Plan Form S-8 File No. 333-24259
(3) Wal-Mart Stores, Inc. 401(k) Retirement Savings Plan Form S-8 File No. 333-29847
(4) Wal-Mart Puerto Rico, Inc., 401(k) Retirement Savings Form S-8 File No. 333-44659
Plan
(5) Wal-Mart Stores, Inc. Associate Stock Purchase Plan of Form S-8 File No. 333-62965
1996
(6) Wal-Mart Stores, Inc. Stock Incentive Plan of 2015, Form S-8 File No. 333-60329
which amended and restated the 2010 plan
(7) Wal-Mart Profit Sharing and 401(k) Plan Form S-8 File No. 333-109421
(8) Wal-Mart Stores, Inc. Associate Stock Purchase Plan of Form S-8 File No. 333-109417
1996
(9) Wal-Mart Puerto Rico Profit Sharing and 401(k) Plan Form S-8 File No. 333-109414
(10) Wal-Mart Stores, Inc. Stock Incentive Plan of 2015, Form S-8 File No. 333-128204
which amended and restated the 2010 plan
(11) Walmart Deferred Compensation Matching Plan Form S-8 File No. 333-178717
(12) Wal-Mart Stores, Inc. Common Stock Form S-3 ASR File No. 333-178385
(13) Walmart 401(k) Plan Form S-8 File No. 333-187577
(14) Wal-Mart Stores, Inc. Associate Stock Purchase Plan Form S-8 File No. 333-214060
(15) Debt Securities of Walmart Inc. Form S-3 ASR File No. 333-251124
(16) Walmart Inc. 2016 Associate Stock Purchase Plan Form S-8 File No. 333-228631
(17) Walmart Inc. Stock Incentive Plan of 2015 Form S-8 File No. 333-228635
(18) Walmart 401(k) Plan Form S-8 File No. 333-233682