2019 2018 $519.926 4,038 523,964 $510,329 4,076 514,405 394,605 108,791 20,568 395,301 107,147 21.957 Consolidated Statements of Income (Amounts in millions, except per share data) 2020 Revenues: Net sales $555,233 Membership and other income 3,918 Total revenues 559,151 Costs and expenses: Cost of sales 420,315 Operating Selling general and administrative expenses 116.288 Operating income 22,548 Interest: Debt 1.976 Finance, capital lease and financing obligations 339 Interest income (121) Luterest Det 2.194 Other (gains) and losses (210) Income before income taxes 20,564 Provision for income taxes 6,858 Consolidated net income 13,706 Consolidated net income attributable to noncontrolling interest (196) Consolidated net income attributable to Walmart $13,510 2.262 337 (189) 2,410 (1.958) 20.116 4,916 15.201 (320) $14,881 1.976 371 (217) 2,129 8.368 11,460 4,281 7,179 (509) $6.670 $4.77 4.75 $5.22 5.19 $2.28 2.26 Net income per common share: Basic Det income per common share attributable to Walmart Diluted set income per common share attributable to Walmart Weighted-average common shares outstanding Basic Diluted Dividends declared per common share 2,929 2,831 2.847 $2.16 2,850 2.568 $2.12 2.945 $2.08 2020 2019 $17.741 6.516 44.949 20,861 90,067 92,201 13,642 4.005 28.983 23,599 $252,496 59.465 6,284 44.435 1,622 61,806 105,208 17.424 31.073 16,567 $236.495 (Amounts in millions) ASSETS Current assets Caah and cash equivalents Inventories Prepaid expenses and other Total current assets Property and equipment, net Operating lease right-of-use assets Finance lease right-of-use 233ets, net Goodwill Other long-term assets Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Total current liabilities Long-term debt Long-term operating lease obligations Long-term finance lease obligations Deferred income taxes and other Commitments and contingencies Equity Common stock Capital in excess of par value Retained eaming: Accumulated other comprehensive lo: Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5224 49.141 37.966 242 3.115 1.456 491 92,645 41.194 12.909 3.847 14.370 $575 46.973 22.296 280 5.362 1.793 311 77,790 43,714 16,171 4,307 12,961 282 3.646 88.763 (11,766) 80.925 6.606 87.331 $252.496 234 3.247 83.943 (12.805) 74,669 6,883 81,552 $236,493 Walmart Inc. Consolidated Statements of Cash Flows 2020 2019 2018 $13,706 11.152 $15,201 10,987 $7.179 10,678 (8,589) 8,401 3,516 4,850 (1,886) 15 (1,036) 320 1,981 1,911 1,521 (499) 1,734 (1,086) (2,395) 6,966 4,623 (136) 36,074 154 (300) (274) 186 (93) 25,255 (368) (1,311) 1,831 183 (40) 27,753 Camounts in milions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities: Net unrealized and realized (gains) and losses Losses on disposal of business operations Asda pension contribution Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash, cash equivalents and restricted cash Net increase in cash, cash equivalents and restricted cash Cash and cash equivalents reclassified as assets held for sale Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,264) 215 56 (180) 102 (10,071) (10,705) 321 833 (56) 479 (9,128) (10,344) 519 876 (14,656) (431) (24.036) (324) (5.382) (6,116) (2.625) (434) (1,236) (16,117) 235 10,121 (1,848) 9,515 17,788 (4,656) 5,492 (1,907) (6,048) (5,717) (555) (908) (14,299) (69) 1,759 (53) 15,872 (3.784) (6,102) (7,410) (431) (629) (2,537) (438) 742 7,736 9,515 7,014 7,756 5,271 2.216 3,616 2,464 3,982 2.348 a. Describe and compare the investing activities for your company from 2019 to 2020 by analyzing the change in their property, plant and equipment on the balance sheet for these years. Make sure to explain how the impact of the Covid-19 pandemic affected your company's investment decisions from 2019 to 2020. Due to the impact of the Covid-19 pandemic, describe if you company increased or decreased its investments in property, plant, and equipment on the balance sheet from 2019 to 2020. b. Describe a new service or product that you would recommend for your company to offer to its customers due to the impact of the COVID-19 pandemic. Explain what new investments in property, plant, and equipment, technology, or new processes or new customer support services would be necessary to offer this new product or service to your customers. Would it benefit your company to make these new investments in property, plant, and equipment, technology, 2019 2018 $519.926 4,038 523,964 $510,329 4,076 514,405 394,605 108,791 20,568 395,301 107,147 21.957 Consolidated Statements of Income (Amounts in millions, except per share data) 2020 Revenues: Net sales $555,233 Membership and other income 3,918 Total revenues 559,151 Costs and expenses: Cost of sales 420,315 Operating Selling general and administrative expenses 116.288 Operating income 22,548 Interest: Debt 1.976 Finance, capital lease and financing obligations 339 Interest income (121) Luterest Det 2.194 Other (gains) and losses (210) Income before income taxes 20,564 Provision for income taxes 6,858 Consolidated net income 13,706 Consolidated net income attributable to noncontrolling interest (196) Consolidated net income attributable to Walmart $13,510 2.262 337 (189) 2,410 (1.958) 20.116 4,916 15.201 (320) $14,881 1.976 371 (217) 2,129 8.368 11,460 4,281 7,179 (509) $6.670 $4.77 4.75 $5.22 5.19 $2.28 2.26 Net income per common share: Basic Det income per common share attributable to Walmart Diluted set income per common share attributable to Walmart Weighted-average common shares outstanding Basic Diluted Dividends declared per common share 2,929 2,831 2.847 $2.16 2,850 2.568 $2.12 2.945 $2.08 2020 2019 $17.741 6.516 44.949 20,861 90,067 92,201 13,642 4.005 28.983 23,599 $252,496 59.465 6,284 44.435 1,622 61,806 105,208 17.424 31.073 16,567 $236.495 (Amounts in millions) ASSETS Current assets Caah and cash equivalents Inventories Prepaid expenses and other Total current assets Property and equipment, net Operating lease right-of-use assets Finance lease right-of-use 233ets, net Goodwill Other long-term assets Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Total current liabilities Long-term debt Long-term operating lease obligations Long-term finance lease obligations Deferred income taxes and other Commitments and contingencies Equity Common stock Capital in excess of par value Retained eaming: Accumulated other comprehensive lo: Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5224 49.141 37.966 242 3.115 1.456 491 92,645 41.194 12.909 3.847 14.370 $575 46.973 22.296 280 5.362 1.793 311 77,790 43,714 16,171 4,307 12,961 282 3.646 88.763 (11,766) 80.925 6.606 87.331 $252.496 234 3.247 83.943 (12.805) 74,669 6,883 81,552 $236,493 Walmart Inc. Consolidated Statements of Cash Flows 2020 2019 2018 $13,706 11.152 $15,201 10,987 $7.179 10,678 (8,589) 8,401 3,516 4,850 (1,886) 15 (1,036) 320 1,981 1,911 1,521 (499) 1,734 (1,086) (2,395) 6,966 4,623 (136) 36,074 154 (300) (274) 186 (93) 25,255 (368) (1,311) 1,831 183 (40) 27,753 Camounts in milions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities: Net unrealized and realized (gains) and losses Losses on disposal of business operations Asda pension contribution Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash, cash equivalents and restricted cash Net increase in cash, cash equivalents and restricted cash Cash and cash equivalents reclassified as assets held for sale Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,264) 215 56 (180) 102 (10,071) (10,705) 321 833 (56) 479 (9,128) (10,344) 519 876 (14,656) (431) (24.036) (324) (5.382) (6,116) (2.625) (434) (1,236) (16,117) 235 10,121 (1,848) 9,515 17,788 (4,656) 5,492 (1,907) (6,048) (5,717) (555) (908) (14,299) (69) 1,759 (53) 15,872 (3.784) (6,102) (7,410) (431) (629) (2,537) (438) 742 7,736 9,515 7,014 7,756 5,271 2.216 3,616 2,464 3,982 2.348 a. Describe and compare the investing activities for your company from 2019 to 2020 by analyzing the change in their property, plant and equipment on the balance sheet for these years. Make sure to explain how the impact of the Covid-19 pandemic affected your company's investment decisions from 2019 to 2020. Due to the impact of the Covid-19 pandemic, describe if you company increased or decreased its investments in property, plant, and equipment on the balance sheet from 2019 to 2020. b. Describe a new service or product that you would recommend for your company to offer to its customers due to the impact of the COVID-19 pandemic. Explain what new investments in property, plant, and equipment, technology, or new processes or new customer support services would be necessary to offer this new product or service to your customers. Would it benefit your company to make these new investments in property, plant, and equipment, technology