Fluctuations in foreign exchange rates may materially adversely affect our financial performance and our reported results of

operations. Our operations in countries other than the U$.$S$.$ are conducted primarily in the local currencies of those countries.

Our Consolidated Financial Statements are denominated in U$.$S$.$ dollars, and to prepare those financial statements we must

translate the amounts of the assets, liabilities, net sales, other revenues and expenses of our operations outside of the U$.$S$.$

from local currencies into U$.$S$.$ dollars using exchange rates for the current period. In recent years, fluctuations in currency

exchange rates that were unfavorable have had adverse effects on our reported results of operations. As a result of such

translations, fluctuations in currency exchange rates from period $-$ to $-$ period that are unfavorable to us may also result in our

Consolidated Financial Statements reflecting significant adverse period $-$ over $-$ period changes in our financial performance or

reflecting a period $-$ over $-$ period improvement in our financial performance that is not as robust as it would be without such

fluctuations in the currency exchange rates. Such unfavorable currency exchange rate fluctuations will adversely affect the

reported performance of our Walmart International operating segment and have a corresponding adverse effect on our

reported consolidated results of operations. We may pay for products we purchase for sale in our stores and clubs around the

world with a currency other than the local currency of the country in which the goods will be sold. When we must acquire the

currency to pay for such products and the exchange rates for the payment currency fluctuate in a manner unfavorable to us$,$

our cost of sales may increase and we may be unable or unwilling to change the prices at which we sell those goods to address

that increase in our costs, with a corresponding adverse effect on our gross profit. Consequently, unfavorable fluctuations in

currency exchange rates have and may continue to adversely affect our results of operations. b$.$ What is the impact on the

above paragraph on the financial statements of WMT$?$ Be specific in terms of P&L and balance sheet impact.$\text{'}$ ;$.$ You

should use scenarios like we did during office hours to explain if the $ is stronger or weaker vs the local currency $($i$.$e$.$ EUR$).$