|
|
|
|
|
|
• | insurance companies resulting from pharmacy sales; |
• | banks for customer credit and debit cards and electronic bank transfers that take in excess of seven days to process; |
• | consumer financing programs in certain international operations; |
• | suppliers for marketing or incentive programs; and |
• | real estate transactions. |
Fiscal Years Ended January 31, | ||||||||||
(Amounts in millions) | Estimated Useful Lives | 2017 | 2016 | |||||||
Land | N/A | $ | 24,801 | $ | 25,624 | |||||
Buildings and improvements | 3-40 years | 98,547 | 96,845 | |||||||
Fixtures and equipment | 1-30 years | 48,998 | 47,033 | |||||||
Transportation equipment | 3-15 years | 2,845 | 2,917 | |||||||
Construction in progress | N/A | 4,301 | 4,539 | |||||||
Property and equipment | $ | 179,492 | $ | 176,958 | ||||||
Accumulated depreciation | (71,782 | ) | (66,787 | ) | ||||||
Property and equipment, net | $ | 107,710 | $ | 110,171 |
(Amounts in millions) | Walmart U.S. | Walmart International | Sam's Club | Total | ||||||||||||
Balances as of February 1, 2015 | $ | 461 | $ | 17,328 | $ | 313 | $ | 18,102 | ||||||||
Changes in currency translation and other | — | (1,412 | ) | — | (1,412 | ) | ||||||||||
Acquisitions(1) | — | 5 | — | 5 | ||||||||||||
Balances as of January 31, 2016 | 461 | 15,921 | 313 | 16,695 | ||||||||||||
Changes in currency translation and other | — | (1,433 | ) | — | (1,433 | ) | ||||||||||
Acquisitions(2) | 1,775 | — | — | 1,775 | ||||||||||||
Balances as of January 31, 2017 | $ | 2,236 | $ | 14,488 | $ | 313 | $ | 17,037 |
(1) | Goodwill recorded for fiscal 2016 acquisitions relates to acquisitions that are not significant, individually or in the aggregate, to the Company's Consolidated Financial Statements. |
(2) | Goodwill recorded for fiscal 2017 Walmart U.S. acquisitions primarily relates to Jet.com, Inc. ("jet.com"). |
Fiscal Years Ended January 31, | ||||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Deferred membership fee revenue, beginning of year | $ | 744 | $ | 759 | $ | 641 | ||||||
Cash received from members | 1,371 | 1,333 | 1,410 | |||||||||
Membership fee revenue recognized | (1,372 | ) | (1,348 | ) | (1,292 | ) | ||||||
Deferred membership fee revenue, end of year | $ | 743 | $ | 744 | $ | 759 |
|
(Amounts in millions and net of income taxes) | Currency Translation and Other | Net Investment Hedges | Cash Flow Hedges | Minimum Pension Liability | Total | ||||||||||||||
Balances as of January 31, 2014 | $ | (2,999 | ) | $ | 277 | $ | 336 | $ | (610 | ) | $ | (2,996 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (4,012 | ) | 379 | (496 | ) | (58 | ) | (4,187 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 26 | (11 | ) | 15 | |||||||||||||
Balances as of January 31, 2015 | (7,011 | ) | 656 | (134 | ) | (679 | ) | (7,168 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | (4,679 | ) | 366 | (217 | ) | 96 | (4,434 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 15 | (10 | ) | 5 | |||||||||||||
Balances as of January 31, 2016 | (11,690 | ) | 1,022 | (336 | ) | (593 | ) | (11,597 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | (2,672 | ) | 413 | (22 | ) | (389 | ) | (2,670 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 43 | (8 | ) | 35 | |||||||||||||
Balances as of January 31, 2017 | $ | (14,362 | ) | $ | 1,435 | $ | (315 | ) | $ | (990 | ) | $ | (14,232 | ) |
|
As of January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Accrued wages and benefits(1) | $ | 6,105 | $ | 5,814 | ||||
Self-insurance(2) | 3,922 | 3,414 | ||||||
Accrued non-income taxes(3) | 2,816 | 2,544 | ||||||
Other(4) | 7,811 | 7,835 | ||||||
Total accrued liabilities | $ | 20,654 | $ | 19,607 |
(1) | Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans. |
(2) | Self-insurance consists of all insurance-related liabilities, such as workers' compensation, general liability, auto liability, product liability and certain employee-related healthcare benefits. |
(3) | Accrued non-income taxes include accrued payroll, value added, sales and miscellaneous other taxes. |
(4) | Other accrued liabilities consist of various items such as maintenance, utilities, advertising and interest. |
|
Fiscal Years Ended January 31, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(Amounts in millions) | Available | Drawn | Undrawn | Available | Drawn | Undrawn | ||||||||||||||||||
Five-year credit facility(1) | $ | 5,000 | $ | — | $ | 5,000 | $ | 6,000 | $ | — | $ | 6,000 | ||||||||||||
364-day revolving credit facility(1) | 7,500 | — | 7,500 | 9,000 | — | 9,000 | ||||||||||||||||||
Total | $ | 12,500 | $ | — | $ | 12,500 | $ | 15,000 | $ | — | $ | 15,000 |
(1) | In June 2016, the Company renewed and extended its existing five-year credit facility and its existing 364-day revolving credit facility, both of which are used to support its commercial paper program. |
January 31, 2017 | January 31, 2016 | |||||||||||||
(Amounts in millions) | Maturity Dates By Fiscal Year | Amount | Average Rate(1) | Amount | Average Rate(1) | |||||||||
Unsecured debt | ||||||||||||||
Fixed | 2018 - 2045 | $ | 30,500 | 4.7% | $ | 32,500 | 4.5% | |||||||
Variable | 2018 | 500 | 5.5% | 500 | 5.3% | |||||||||
Total U.S. dollar denominated | 31,000 | 33,000 | ||||||||||||
Fixed | 2023 - 2030 | 2,674 | 3.3% | 2,708 | 3.3% | |||||||||
Variable | — | — | ||||||||||||
Total Euro denominated | 2,674 | 2,708 | ||||||||||||
Fixed | 2031 - 2039 | 4,370 | 5.3% | 4,985 | 5.3% | |||||||||
Variable | — | — | ||||||||||||
Total Sterling denominated | 4,370 | 4,985 | ||||||||||||
Fixed | 2021 | 88 | 1.6% | 83 | 1.6% | |||||||||
Variable | — | — | ||||||||||||
Total Yen denominated | 88 | 83 | ||||||||||||
Total unsecured debt | 38,132 | 40,776 | ||||||||||||
Total other debt (in USD)(2) | 139 | 183 | ||||||||||||
Total debt | 38,271 | 40,959 | ||||||||||||
Less amounts due within one year | (2,256 | ) | (2,745 | ) | ||||||||||
Long-term debt | $ | 36,015 | $ | 38,214 |
(1) | The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8. |
(2) | A portion of other debt at January 31, 2017 and 2016 includes secured debt in the amount of $14 million and $13 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $82 million and $131 million, respectively. |
(Amounts in millions) | Annual | ||
Fiscal Year | Maturities | ||
2018 | $ | 2,256 | |
2019 | 3,497 | ||
2020 | 542 | ||
2021 | 3,311 | ||
2022 | 1,083 | ||
Thereafter | 27,582 | ||
Total | $ | 38,271 |
(Amounts in millions) | ||||||||||
Maturity Date | Principal Amount | Fixed vs. Floating | Interest Rate | Repayment | ||||||
April 11, 2016 | 1,000 USD | Fixed | 0.600% | $ | 1,000 | |||||
April 15, 2016 | 1,000 USD | Fixed | 2.800% | 1,000 | ||||||
$ | 2,000 |
(Amounts in millions) | ||||||||||
Maturity Date | Principal Amount | Fixed vs. Floating | Interest Rate | Repayment | ||||||
April 1, 2015 | 750 USD | Fixed | 2.875% | $ | 750 | |||||
July 1, 2015 | 750 USD | Fixed | 4.500% | 750 | ||||||
July 8, 2015 | 750 USD | Fixed | 2.250% | 750 | ||||||
July 28, 2015 | 30,000 JPY | Floating | Floating | 243 | ||||||
July 28, 2015 | 60,000 JPY | Fixed | 0.940% | 487 | ||||||
October 25, 2015 | 1,250 USD | Fixed | 1.500% | 1,250 | ||||||
$ | 4,230 |
|
• | Level 1: observable inputs such as quoted prices in active markets; |
• | Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
• | Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions. |
January 31, 2017 | January 31, 2016 | ||||||||||||||
(Amounts in millions) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges | $ | 5,000 | $ | (4 | ) | $ | 5,000 | $ | 173 | ||||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges | 2,250 | 471 | 1,250 | 319 | |||||||||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges | 3,957 | (618 | ) | 4,132 | (609 | ) | |||||||||
Total | $ | 11,207 | $ | (151 | ) | $ | 10,382 | $ | (117 | ) |
January 31, 2017 | January 31, 2016 | |||||||||||||||
(Amounts in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Long-term debt, including amounts due within one year | $ | 38,271 | $ | 44,602 | $ | 40,959 | $ | 46,965 |
|
January 31, 2017 | January 31, 2016 | ||||||||||||||||||||||
(Amounts in millions) | Fair Value Instruments | Net Investment Instruments | Cash Flow Instruments | Fair Value Instruments | Net Investment Instruments | Cash Flow Instruments | |||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Other assets and deferred charges | $ | 8 | $ | 471 | $ | — | $ | 173 | $ | 319 | $ | 129 | |||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Deferred income taxes and other | 12 | — | 618 | — | — | 738 | |||||||||||||||||
Nonderivative hedging instruments | |||||||||||||||||||||||
Long-term debt | — | 3,209 | — | — | 3,644 | — |
|
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
U.S. | $ | 15,680 | $ | 16,685 | $ | 18,610 | |||||
Non-U.S. | 4,817 | 4,953 | 6,189 | ||||||||
Total income from continuing operations before income taxes | $ | 20,497 | $ | 21,638 | $ | 24,799 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Current: | |||||||||||
U.S. federal | $ | 3,454 | $ | 5,562 | $ | 6,165 | |||||
U.S. state and local | 495 | 622 | 810 | ||||||||
International | 1,510 | 1,400 | 1,529 | ||||||||
Total current tax provision | 5,459 | 7,584 | 8,504 | ||||||||
Deferred: | |||||||||||
U.S. federal | 1,054 | (704 | ) | (387 | ) | ||||||
U.S. state and local | 51 | (106 | ) | (55 | ) | ||||||
International | (360 | ) | (216 | ) | (77 | ) | |||||
Total deferred tax expense (benefit) | 745 | (1,026 | ) | (519 | ) | ||||||
Total provision for income taxes | $ | 6,204 | $ | 6,558 | $ | 7,985 |
Fiscal Years Ended January 31, | ||||||||
2017 | 2016 | 2015 | ||||||
U.S. statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
U.S. state income taxes, net of federal income tax benefit | 1.7 | % | 1.8 | % | 1.8 | % | ||
Income taxed outside the U.S. | (4.5 | )% | (4.0 | )% | (2.7 | )% | ||
Net impact of repatriated international earnings | (1.0 | )% | 0.1 | % | (1.5 | )% | ||
Other, net | (0.9 | )% | (2.6 | )% | (0.4 | )% | ||
Effective income tax rate | 30.3 | % | 30.3 | % | 32.2 | % |
January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Deferred tax assets: | ||||||||
Loss and tax credit carryforwards | $ | 3,633 | $ | 3,313 | ||||
Accrued liabilities | 3,437 | 3,763 | ||||||
Share-based compensation | 309 | 192 | ||||||
Other | 1,474 | 1,390 | ||||||
Total deferred tax assets | 8,853 | 8,658 | ||||||
Valuation allowances | (1,494 | ) | (1,456 | ) | ||||
Deferred tax assets, net of valuation allowance | 7,359 | 7,202 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | 6,435 | 5,813 | ||||||
Inventories | 1,808 | 1,790 | ||||||
Other | 1,884 | 1,452 | ||||||
Total deferred tax liabilities | 10,127 | 9,055 | ||||||
Net deferred tax liabilities | $ | 2,768 | $ | 1,853 |
January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Balance Sheet classification | ||||||||
Assets: | ||||||||
Other assets and deferred charges | $ | 1,565 | $ | 1,504 | ||||
Liabilities: | ||||||||
Deferred income taxes and other | 4,333 | 3,357 | ||||||
Net deferred tax liabilities | $ | 2,768 | $ | 1,853 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Unrecognized tax benefits, beginning of year | $ | 607 | $ | 838 | $ | 763 | |||||
Increases related to prior year tax positions | 388 | 164 | 7 | ||||||||
Decreases related to prior year tax positions | (32 | ) | (446 | ) | (17 | ) | |||||
Increases related to current year tax positions | 145 | 119 | 174 | ||||||||
Settlements during the period | (46 | ) | (25 | ) | (89 | ) | |||||
Lapse in statutes of limitations | (12 | ) | (43 | ) | — | ||||||
Unrecognized tax benefits, end of year | $ | 1,050 | $ | 607 | $ | 838 |
|
Fiscal Years Ended January 31, | ||||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Ongoing inquiries and investigations | $ | 80 | $ | 95 | $ | 121 | ||||||
Global compliance program and organizational enhancements | 19 | 31 | 52 | |||||||||
Total | $ | 99 | $ | 126 | $ | 173 |
|
(Amounts in millions) | ||||||||
Fiscal Year | Operating Leases(1) | Capital Lease and Financing Obligations | ||||||
2018 | $ | 2,270 | $ | 894 | ||||
2019 | 1,787 | 838 | ||||||
2020 | 1,679 | 786 | ||||||
2021 | 1,524 | 743 | ||||||
2022 | 1,342 | 652 | ||||||
Thereafter | 9,537 | 4,996 | ||||||
Total minimum rentals | $ | 18,139 | $ | 8,909 | ||||
Less estimated executory costs | 30 | |||||||
Net minimum lease payments | 8,879 | |||||||
Noncash gain on future termination of financing obligation | 1,061 | |||||||
Less imputed interest | (3,372 | ) | ||||||
Present value of minimum lease payments | $ | 6,568 |
(1) | Represents minimum contractual obligation for non-cancelable leases with initial or remaining terms greater than 12 months as of January 31, 2017. |
|
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Defined contribution plans: | |||||||||||
U.S. | $ | 1,064 | $ | 967 | $ | 898 | |||||
International | 173 | 179 | 167 | ||||||||
Defined benefit plans: | |||||||||||
International | 7 | 6 | 5 | ||||||||
Total contribution expense for retirement-related benefits | $ | 1,244 | $ | 1,152 | $ | 1,070 |
|
|
(Amounts in millions) | Walmart U.S. | Walmart International | Sam's Club | Corporate and support | Consolidated | |||||||||||||||
Fiscal Year Ended January 31, 2017 | ||||||||||||||||||||
Net sales | $ | 307,833 | $ | 116,119 | $ | 57,365 | $ | — | $ | 481,317 | ||||||||||
Operating income (loss) | 17,745 | 5,758 | 1,671 | (2,410 | ) | 22,764 | ||||||||||||||
Interest expense, net | (2,267 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 20,497 | ||||||||||||||||||
Total assets | $ | 104,262 | $ | 74,508 | $ | 14,125 | $ | 5,930 | $ | 198,825 | ||||||||||
Depreciation and amortization | 3,298 | 2,629 | 487 | 3,666 | 10,080 | |||||||||||||||
Capital expenditures | 6,090 | 2,697 | 639 | 1,193 | 10,619 | |||||||||||||||
Fiscal Year Ended January 31, 2016 | ||||||||||||||||||||
Net sales | $ | 298,378 | $ | 123,408 | $ | 56,828 | $ | — | $ | 478,614 | ||||||||||
Operating income (loss) | 19,087 | 5,346 | 1,820 | (2,148 | ) | 24,105 | ||||||||||||||
Interest expense, net | (2,467 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 21,638 | ||||||||||||||||||
Total assets | $ | 103,109 | $ | 73,720 | $ | 13,998 | $ | 8,754 | $ | 199,581 | ||||||||||
Depreciation and amortization | 2,800 | 2,549 | 472 | 3,633 | 9,454 | |||||||||||||||
Capital expenditures | 6,728 | 2,930 | 695 | 1,124 | 11,477 | |||||||||||||||
Fiscal Year Ended January 31, 2015 | ||||||||||||||||||||
Net sales | $ | 288,049 | $ | 136,160 | $ | 58,020 | $ | — | $ | 482,229 | ||||||||||
Operating income (loss) | 21,336 | 6,171 | 1,976 | (2,336 | ) | 27,147 | ||||||||||||||
Interest expense, net | (2,348 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 24,799 | ||||||||||||||||||
Total assets | $ | 101,381 | $ | 80,505 | $ | 13,995 | $ | 7,609 | $ | 203,490 | ||||||||||
Depreciation and amortization | 2,665 | 2,665 | 473 | 3,370 | 9,173 | |||||||||||||||
Capital expenditures | 6,286 | 3,936 | 753 | 1,199 | 12,174 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Total revenues | |||||||||||
U.S. operations | $ | 367,784 | $ | 357,559 | $ | 348,227 | |||||
Non-U.S. operations | 118,089 | 124,571 | 137,424 | ||||||||
Total revenues | $ | 485,873 | $ | 482,130 | $ | 485,651 | |||||
Long-lived assets | |||||||||||
U.S. operations | $ | 82,746 | $ | 82,475 | $ | 80,879 | |||||
Non-U.S. operations | 31,432 | 34,041 | 35,776 | ||||||||
Total long-lived assets | $ | 114,178 | $ | 116,516 | $ | 116,655 |
|
Record Date | Payable Date | |
March 10, 2017 | April 3, 2017 | |
May 12, 2017 | June 5, 2017 | |
August 11, 2017 | September 5, 2017 | |
December 8, 2017 | January 2, 2018 |
|
Fiscal Year Ended January 31, 2017 | ||||||||||||||||||||
(Amounts in millions, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||
Total revenues | $ | 115,904 | $ | 120,854 | $ | 118,179 | $ | 130,936 | $ | 485,873 | ||||||||||
Net sales | 114,986 | 119,405 | 117,176 | 129,750 | 481,317 | |||||||||||||||
Cost of sales | 86,544 | 89,485 | 87,484 | 97,743 | 361,256 | |||||||||||||||
Consolidated net income | 3,216 | 3,889 | 3,202 | 3,986 | 14,293 | |||||||||||||||
Consolidated net income attributable to Walmart | 3,079 | 3,773 | 3,034 | 3,757 | 13,643 | |||||||||||||||
Basic net income per common share attributable to Walmart | 0.98 | 1.21 | 0.98 | 1.23 | 4.40 | |||||||||||||||
Diluted net income per common share attributable to Walmart(1) | 0.98 | 1.21 | 0.98 | 1.22 | 4.38 | |||||||||||||||
Fiscal Year Ended January 31, 2016 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Total revenues | $ | 114,826 | $ | 120,229 | $ | 117,408 | $ | 129,667 | $ | 482,130 | ||||||||||
Net sales | 114,002 | 119,330 | 116,598 | 128,684 | 478,614 | |||||||||||||||
Cost of sales | 86,483 | 90,056 | 87,446 | 96,999 | 360,984 | |||||||||||||||
Consolidated net income | 3,283 | 3,635 | 3,414 | 4,748 | 15,080 | |||||||||||||||
Consolidated net income attributable to Walmart | 3,341 | 3,475 | 3,304 | 4,574 | 14,694 | |||||||||||||||
Basic net income per common share attributable to Walmart | 1.03 | 1.08 | 1.03 | 1.44 | 4.58 | |||||||||||||||
Diluted net income per common share attributable to Walmart | 1.03 | 1.08 | 1.03 | 1.43 | 4.57 |
(1) | The sum of quarterly amounts may not agree to annual amount due to rounding. |
|
• | insurance companies resulting from pharmacy sales; |
• | banks for customer credit and debit cards and electronic bank transfers that take in excess of seven days to process; |
• | consumer financing programs in certain international operations; |
• | suppliers for marketing or incentive programs; and |
• | real estate transactions. |
Fiscal Years Ended January 31, | ||||||||||
(Amounts in millions) | Estimated Useful Lives | 2017 | 2016 | |||||||
Land | N/A | $ | 24,801 | $ | 25,624 | |||||
Buildings and improvements | 3-40 years | 98,547 | 96,845 | |||||||
Fixtures and equipment | 1-30 years | 48,998 | 47,033 | |||||||
Transportation equipment | 3-15 years | 2,845 | 2,917 | |||||||
Construction in progress | N/A | 4,301 | 4,539 | |||||||
Property and equipment | $ | 179,492 | $ | 176,958 | ||||||
Accumulated depreciation | (71,782 | ) | (66,787 | ) | ||||||
Property and equipment, net | $ | 107,710 | $ | 110,171 |
(Amounts in millions) | Walmart U.S. | Walmart International | Sam's Club | Total | ||||||||||||
Balances as of February 1, 2015 | $ | 461 | $ | 17,328 | $ | 313 | $ | 18,102 | ||||||||
Changes in currency translation and other | — | (1,412 | ) | — | (1,412 | ) | ||||||||||
Acquisitions(1) | — | 5 | — | 5 | ||||||||||||
Balances as of January 31, 2016 | 461 | 15,921 | 313 | 16,695 | ||||||||||||
Changes in currency translation and other | — | (1,433 | ) | — | (1,433 | ) | ||||||||||
Acquisitions(2) | 1,775 | — | — | 1,775 | ||||||||||||
Balances as of January 31, 2017 | $ | 2,236 | $ | 14,488 | $ | 313 | $ | 17,037 |
(1) | Goodwill recorded for fiscal 2016 acquisitions relates to acquisitions that are not significant, individually or in the aggregate, to the Company's Consolidated Financial Statements. |
(2) | Goodwill recorded for fiscal 2017 Walmart U.S. acquisitions primarily relates to Jet.com, Inc. ("jet.com"). |
Fiscal Years Ended January 31, | ||||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Deferred membership fee revenue, beginning of year | $ | 744 | $ | 759 | $ | 641 | ||||||
Cash received from members | 1,371 | 1,333 | 1,410 | |||||||||
Membership fee revenue recognized | (1,372 | ) | (1,348 | ) | (1,292 | ) | ||||||
Deferred membership fee revenue, end of year | $ | 743 | $ | 744 | $ | 759 |
|
Fiscal Years Ended January 31, | ||||||||||
(Amounts in millions) | Estimated Useful Lives | 2017 | 2016 | |||||||
Land | N/A | $ | 24,801 | $ | 25,624 | |||||
Buildings and improvements | 3-40 years | 98,547 | 96,845 | |||||||
Fixtures and equipment | 1-30 years | 48,998 | 47,033 | |||||||
Transportation equipment | 3-15 years | 2,845 | 2,917 | |||||||
Construction in progress | N/A | 4,301 | 4,539 | |||||||
Property and equipment | $ | 179,492 | $ | 176,958 | ||||||
Accumulated depreciation | (71,782 | ) | (66,787 | ) | ||||||
Property and equipment, net | $ | 107,710 | $ | 110,171 |
(Amounts in millions) | Walmart U.S. | Walmart International | Sam's Club | Total | ||||||||||||
Balances as of February 1, 2015 | $ | 461 | $ | 17,328 | $ | 313 | $ | 18,102 | ||||||||
Changes in currency translation and other | — | (1,412 | ) | — | (1,412 | ) | ||||||||||
Acquisitions(1) | — | 5 | — | 5 | ||||||||||||
Balances as of January 31, 2016 | 461 | 15,921 | 313 | 16,695 | ||||||||||||
Changes in currency translation and other | — | (1,433 | ) | — | (1,433 | ) | ||||||||||
Acquisitions(2) | 1,775 | — | — | 1,775 | ||||||||||||
Balances as of January 31, 2017 | $ | 2,236 | $ | 14,488 | $ | 313 | $ | 17,037 |
(1) | Goodwill recorded for fiscal 2016 acquisitions relates to acquisitions that are not significant, individually or in the aggregate, to the Company's Consolidated Financial Statements. |
(2) | Goodwill recorded for fiscal 2017 Walmart U.S. acquisitions primarily relates to Jet.com, Inc. ("jet.com"). |
Fiscal Years Ended January 31, | ||||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Deferred membership fee revenue, beginning of year | $ | 744 | $ | 759 | $ | 641 | ||||||
Cash received from members | 1,371 | 1,333 | 1,410 | |||||||||
Membership fee revenue recognized | (1,372 | ) | (1,348 | ) | (1,292 | ) | ||||||
Deferred membership fee revenue, end of year | $ | 743 | $ | 744 | $ | 759 |
|
(Amounts in millions and net of income taxes) | Currency Translation and Other | Net Investment Hedges | Cash Flow Hedges | Minimum Pension Liability | Total | ||||||||||||||
Balances as of January 31, 2014 | $ | (2,999 | ) | $ | 277 | $ | 336 | $ | (610 | ) | $ | (2,996 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (4,012 | ) | 379 | (496 | ) | (58 | ) | (4,187 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 26 | (11 | ) | 15 | |||||||||||||
Balances as of January 31, 2015 | (7,011 | ) | 656 | (134 | ) | (679 | ) | (7,168 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | (4,679 | ) | 366 | (217 | ) | 96 | (4,434 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 15 | (10 | ) | 5 | |||||||||||||
Balances as of January 31, 2016 | (11,690 | ) | 1,022 | (336 | ) | (593 | ) | (11,597 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | (2,672 | ) | 413 | (22 | ) | (389 | ) | (2,670 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 43 | (8 | ) | 35 | |||||||||||||
Balances as of January 31, 2017 | $ | (14,362 | ) | $ | 1,435 | $ | (315 | ) | $ | (990 | ) | $ | (14,232 | ) |
|
As of January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Accrued wages and benefits(1) | $ | 6,105 | $ | 5,814 | ||||
Self-insurance(2) | 3,922 | 3,414 | ||||||
Accrued non-income taxes(3) | 2,816 | 2,544 | ||||||
Other(4) | 7,811 | 7,835 | ||||||
Total accrued liabilities | $ | 20,654 | $ | 19,607 |
(1) | Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans. |
(2) | Self-insurance consists of all insurance-related liabilities, such as workers' compensation, general liability, auto liability, product liability and certain employee-related healthcare benefits. |
(3) | Accrued non-income taxes include accrued payroll, value added, sales and miscellaneous other taxes. |
(4) | Other accrued liabilities consist of various items such as maintenance, utilities, advertising and interest. |
|
Fiscal Years Ended January 31, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(Amounts in millions) | Available | Drawn | Undrawn | Available | Drawn | Undrawn | ||||||||||||||||||
Five-year credit facility(1) | $ | 5,000 | $ | — | $ | 5,000 | $ | 6,000 | $ | — | $ | 6,000 | ||||||||||||
364-day revolving credit facility(1) | 7,500 | — | 7,500 | 9,000 | — | 9,000 | ||||||||||||||||||
Total | $ | 12,500 | $ | — | $ | 12,500 | $ | 15,000 | $ | — | $ | 15,000 |
January 31, 2017 | January 31, 2016 | |||||||||||||
(Amounts in millions) | Maturity Dates By Fiscal Year | Amount | Average Rate(1) | Amount | Average Rate(1) | |||||||||
Unsecured debt | ||||||||||||||
Fixed | 2018 - 2045 | $ | 30,500 | 4.7% | $ | 32,500 | 4.5% | |||||||
Variable | 2018 | 500 | 5.5% | 500 | 5.3% | |||||||||
Total U.S. dollar denominated | 31,000 | 33,000 | ||||||||||||
Fixed | 2023 - 2030 | 2,674 | 3.3% | 2,708 | 3.3% | |||||||||
Variable | — | — | ||||||||||||
Total Euro denominated | 2,674 | 2,708 | ||||||||||||
Fixed | 2031 - 2039 | 4,370 | 5.3% | 4,985 | 5.3% | |||||||||
Variable | — | — | ||||||||||||
Total Sterling denominated | 4,370 | 4,985 | ||||||||||||
Fixed | 2021 | 88 | 1.6% | 83 | 1.6% | |||||||||
Variable | — | — | ||||||||||||
Total Yen denominated | 88 | 83 | ||||||||||||
Total unsecured debt | 38,132 | 40,776 | ||||||||||||
Total other debt (in USD)(2) | 139 | 183 | ||||||||||||
Total debt | 38,271 | 40,959 | ||||||||||||
Less amounts due within one year | (2,256 | ) | (2,745 | ) | ||||||||||
Long-term debt | $ | 36,015 | $ | 38,214 |
(1) | The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8. |
(2) | A portion of other debt at January 31, 2017 and 2016 includes secured debt in the amount of $14 million and $13 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $82 million and $131 million, respectively. |
(Amounts in millions) | Annual | ||
Fiscal Year | Maturities | ||
2018 | $ | 2,256 | |
2019 | 3,497 | ||
2020 | 542 | ||
2021 | 3,311 | ||
2022 | 1,083 | ||
Thereafter | 27,582 | ||
Total | $ | 38,271 |
(Amounts in millions) | ||||||||||
Maturity Date | Principal Amount | Fixed vs. Floating | Interest Rate | Repayment | ||||||
April 11, 2016 | 1,000 USD | Fixed | 0.600% | $ | 1,000 | |||||
April 15, 2016 | 1,000 USD | Fixed | 2.800% | 1,000 | ||||||
$ | 2,000 |
(Amounts in millions) | ||||||||||
Maturity Date | Principal Amount | Fixed vs. Floating | Interest Rate | Repayment | ||||||
April 1, 2015 | 750 USD | Fixed | 2.875% | $ | 750 | |||||
July 1, 2015 | 750 USD | Fixed | 4.500% | 750 | ||||||
July 8, 2015 | 750 USD | Fixed | 2.250% | 750 | ||||||
July 28, 2015 | 30,000 JPY | Floating | Floating | 243 | ||||||
July 28, 2015 | 60,000 JPY | Fixed | 0.940% | 487 | ||||||
October 25, 2015 | 1,250 USD | Fixed | 1.500% | 1,250 | ||||||
$ | 4,230 |
|
January 31, 2017 | January 31, 2016 | ||||||||||||||
(Amounts in millions) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges | $ | 5,000 | $ | (4 | ) | $ | 5,000 | $ | 173 | ||||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges | 2,250 | 471 | 1,250 | 319 | |||||||||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges | 3,957 | (618 | ) | 4,132 | (609 | ) | |||||||||
Total | $ | 11,207 | $ | (151 | ) | $ | 10,382 | $ | (117 | ) |
January 31, 2017 | January 31, 2016 | |||||||||||||||
(Amounts in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Long-term debt, including amounts due within one year | $ | 38,271 | $ | 44,602 | $ | 40,959 | $ | 46,965 |
|
January 31, 2017 | January 31, 2016 | ||||||||||||||||||||||
(Amounts in millions) | Fair Value Instruments | Net Investment Instruments | Cash Flow Instruments | Fair Value Instruments | Net Investment Instruments | Cash Flow Instruments | |||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Other assets and deferred charges | $ | 8 | $ | 471 | $ | — | $ | 173 | $ | 319 | $ | 129 | |||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Deferred income taxes and other | 12 | — | 618 | — | — | 738 | |||||||||||||||||
Nonderivative hedging instruments | |||||||||||||||||||||||
Long-term debt | — | 3,209 | — | — | 3,644 | — |
|
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
U.S. | $ | 15,680 | $ | 16,685 | $ | 18,610 | |||||
Non-U.S. | 4,817 | 4,953 | 6,189 | ||||||||
Total income from continuing operations before income taxes | $ | 20,497 | $ | 21,638 | $ | 24,799 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Current: | |||||||||||
U.S. federal | $ | 3,454 | $ | 5,562 | $ | 6,165 | |||||
U.S. state and local | 495 | 622 | 810 | ||||||||
International | 1,510 | 1,400 | 1,529 | ||||||||
Total current tax provision | 5,459 | 7,584 | 8,504 | ||||||||
Deferred: | |||||||||||
U.S. federal | 1,054 | (704 | ) | (387 | ) | ||||||
U.S. state and local | 51 | (106 | ) | (55 | ) | ||||||
International | (360 | ) | (216 | ) | (77 | ) | |||||
Total deferred tax expense (benefit) | 745 | (1,026 | ) | (519 | ) | ||||||
Total provision for income taxes | $ | 6,204 | $ | 6,558 | $ | 7,985 |
Fiscal Years Ended January 31, | ||||||||
2017 | 2016 | 2015 | ||||||
U.S. statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
U.S. state income taxes, net of federal income tax benefit | 1.7 | % | 1.8 | % | 1.8 | % | ||
Income taxed outside the U.S. | (4.5 | )% | (4.0 | )% | (2.7 | )% | ||
Net impact of repatriated international earnings | (1.0 | )% | 0.1 | % | (1.5 | )% | ||
Other, net | (0.9 | )% | (2.6 | )% | (0.4 | )% | ||
Effective income tax rate | 30.3 | % | 30.3 | % | 32.2 | % |
January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Deferred tax assets: | ||||||||
Loss and tax credit carryforwards | $ | 3,633 | $ | 3,313 | ||||
Accrued liabilities | 3,437 | 3,763 | ||||||
Share-based compensation | 309 | 192 | ||||||
Other | 1,474 | 1,390 | ||||||
Total deferred tax assets | 8,853 | 8,658 | ||||||
Valuation allowances | (1,494 | ) | (1,456 | ) | ||||
Deferred tax assets, net of valuation allowance | 7,359 | 7,202 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | 6,435 | 5,813 | ||||||
Inventories | 1,808 | 1,790 | ||||||
Other | 1,884 | 1,452 | ||||||
Total deferred tax liabilities | 10,127 | 9,055 | ||||||
Net deferred tax liabilities | $ | 2,768 | $ | 1,853 |
January 31, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
Balance Sheet classification | ||||||||
Assets: | ||||||||
Other assets and deferred charges | $ | 1,565 | $ | 1,504 | ||||
Liabilities: | ||||||||
Deferred income taxes and other | 4,333 | 3,357 | ||||||
Net deferred tax liabilities | $ | 2,768 | $ | 1,853 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Unrecognized tax benefits, beginning of year | $ | 607 | $ | 838 | $ | 763 | |||||
Increases related to prior year tax positions | 388 | 164 | 7 | ||||||||
Decreases related to prior year tax positions | (32 | ) | (446 | ) | (17 | ) | |||||
Increases related to current year tax positions | 145 | 119 | 174 | ||||||||
Settlements during the period | (46 | ) | (25 | ) | (89 | ) | |||||
Lapse in statutes of limitations | (12 | ) | (43 | ) | — | ||||||
Unrecognized tax benefits, end of year | $ | 1,050 | $ | 607 | $ | 838 |
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Fiscal Years Ended January 31, | ||||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Ongoing inquiries and investigations | $ | 80 | $ | 95 | $ | 121 | ||||||
Global compliance program and organizational enhancements | 19 | 31 | 52 | |||||||||
Total | $ | 99 | $ | 126 | $ | 173 |
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(Amounts in millions) | ||||||||
Fiscal Year | Operating Leases(1) | Capital Lease and Financing Obligations | ||||||
2018 | $ | 2,270 | $ | 894 | ||||
2019 | 1,787 | 838 | ||||||
2020 | 1,679 | 786 | ||||||
2021 | 1,524 | 743 | ||||||
2022 | 1,342 | 652 | ||||||
Thereafter | 9,537 | 4,996 | ||||||
Total minimum rentals | $ | 18,139 | $ | 8,909 | ||||
Less estimated executory costs | 30 | |||||||
Net minimum lease payments | 8,879 | |||||||
Noncash gain on future termination of financing obligation | 1,061 | |||||||
Less imputed interest | (3,372 | ) | ||||||
Present value of minimum lease payments | $ | 6,568 |
(1) | Represents minimum contractual obligation for non-cancelable leases with initial or remaining terms greater than 12 months as of January 31, 2017. |
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Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Defined contribution plans: | |||||||||||
U.S. | $ | 1,064 | $ | 967 | $ | 898 | |||||
International | 173 | 179 | 167 | ||||||||
Defined benefit plans: | |||||||||||
International | 7 | 6 | 5 | ||||||||
Total contribution expense for retirement-related benefits | $ | 1,244 | $ | 1,152 | $ | 1,070 |
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(Amounts in millions) | Walmart U.S. | Walmart International | Sam's Club | Corporate and support | Consolidated | |||||||||||||||
Fiscal Year Ended January 31, 2017 | ||||||||||||||||||||
Net sales | $ | 307,833 | $ | 116,119 | $ | 57,365 | $ | — | $ | 481,317 | ||||||||||
Operating income (loss) | 17,745 | 5,758 | 1,671 | (2,410 | ) | 22,764 | ||||||||||||||
Interest expense, net | (2,267 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 20,497 | ||||||||||||||||||
Total assets | $ | 104,262 | $ | 74,508 | $ | 14,125 | $ | 5,930 | $ | 198,825 | ||||||||||
Depreciation and amortization | 3,298 | 2,629 | 487 | 3,666 | 10,080 | |||||||||||||||
Capital expenditures | 6,090 | 2,697 | 639 | 1,193 | 10,619 | |||||||||||||||
Fiscal Year Ended January 31, 2016 | ||||||||||||||||||||
Net sales | $ | 298,378 | $ | 123,408 | $ | 56,828 | $ | — | $ | 478,614 | ||||||||||
Operating income (loss) | 19,087 | 5,346 | 1,820 | (2,148 | ) | 24,105 | ||||||||||||||
Interest expense, net | (2,467 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 21,638 | ||||||||||||||||||
Total assets | $ | 103,109 | $ | 73,720 | $ | 13,998 | $ | 8,754 | $ | 199,581 | ||||||||||
Depreciation and amortization | 2,800 | 2,549 | 472 | 3,633 | 9,454 | |||||||||||||||
Capital expenditures | 6,728 | 2,930 | 695 | 1,124 | 11,477 | |||||||||||||||
Fiscal Year Ended January 31, 2015 | ||||||||||||||||||||
Net sales | $ | 288,049 | $ | 136,160 | $ | 58,020 | $ | — | $ | 482,229 | ||||||||||
Operating income (loss) | 21,336 | 6,171 | 1,976 | (2,336 | ) | 27,147 | ||||||||||||||
Interest expense, net | (2,348 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 24,799 | ||||||||||||||||||
Total assets | $ | 101,381 | $ | 80,505 | $ | 13,995 | $ | 7,609 | $ | 203,490 | ||||||||||
Depreciation and amortization | 2,665 | 2,665 | 473 | 3,370 | 9,173 | |||||||||||||||
Capital expenditures | 6,286 | 3,936 | 753 | 1,199 | 12,174 |
Fiscal Years Ended January 31, | |||||||||||
(Amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Total revenues | |||||||||||
U.S. operations | $ | 367,784 | $ | 357,559 | $ | 348,227 | |||||
Non-U.S. operations | 118,089 | 124,571 | 137,424 | ||||||||
Total revenues | $ | 485,873 | $ | 482,130 | $ | 485,651 | |||||
Long-lived assets | |||||||||||
U.S. operations | $ | 82,746 | $ | 82,475 | $ | 80,879 | |||||
Non-U.S. operations | 31,432 | 34,041 | 35,776 | ||||||||
Total long-lived assets | $ | 114,178 | $ | 116,516 | $ | 116,655 |
|
Record Date | Payable Date | |
March 10, 2017 | April 3, 2017 | |
May 12, 2017 | June 5, 2017 | |
August 11, 2017 | September 5, 2017 | |
December 8, 2017 | January 2, 2018 |
|
Fiscal Year Ended January 31, 2017 | ||||||||||||||||||||
(Amounts in millions, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||
Total revenues | $ | 115,904 | $ | 120,854 | $ | 118,179 | $ | 130,936 | $ | 485,873 | ||||||||||
Net sales | 114,986 | 119,405 | 117,176 | 129,750 | 481,317 | |||||||||||||||
Cost of sales | 86,544 | 89,485 | 87,484 | 97,743 | 361,256 | |||||||||||||||
Consolidated net income | 3,216 | 3,889 | 3,202 | 3,986 | 14,293 | |||||||||||||||
Consolidated net income attributable to Walmart | 3,079 | 3,773 | 3,034 | 3,757 | 13,643 | |||||||||||||||
Basic net income per common share attributable to Walmart | 0.98 | 1.21 | 0.98 | 1.23 | 4.40 | |||||||||||||||
Diluted net income per common share attributable to Walmart(1) | 0.98 | 1.21 | 0.98 | 1.22 | 4.38 | |||||||||||||||
Fiscal Year Ended January 31, 2016 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Total revenues | $ | 114,826 | $ | 120,229 | $ | 117,408 | $ | 129,667 | $ | 482,130 | ||||||||||
Net sales | 114,002 | 119,330 | 116,598 | 128,684 | 478,614 | |||||||||||||||
Cost of sales | 86,483 | 90,056 | 87,446 | 96,999 | 360,984 | |||||||||||||||
Consolidated net income | 3,283 | 3,635 | 3,414 | 4,748 | 15,080 | |||||||||||||||
Consolidated net income attributable to Walmart | 3,341 | 3,475 | 3,304 | 4,574 | 14,694 | |||||||||||||||
Basic net income per common share attributable to Walmart | 1.03 | 1.08 | 1.03 | 1.44 | 4.58 | |||||||||||||||
Diluted net income per common share attributable to Walmart | 1.03 | 1.08 | 1.03 | 1.43 | 4.57 |
(1) | The sum of quarterly amounts may not agree to annual amount due to rounding. |
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