RATIO OF EARNINGS TO FIXED CHARGES
Published on December 6, 2013
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Nine Months Ended |
Fiscal Year Ended |
||||||||||||||||||||||||||
October 31, 2013 |
January 31, |
||||||||||||||||||||||||||
(Amounts in millions) |
2013 |
2012 |
2013 |
2012 |
2011 |
2010 |
2009 |
||||||||||||||||||||
Income before income taxes |
$ |
17,863 |
$ |
17,559 |
$ |
25,662 |
$ |
24,336 |
$ |
23,497 |
$ |
22,077 |
$ |
20,826 |
|||||||||||||
Capitalized interest |
(62 |
) |
(57 |
) |
(74 |
) |
(60 |
) |
(63 |
) |
(85 |
) |
(88 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(454 |
) |
(487 |
) |
(757 |
) |
(688 |
) |
(604 |
) |
(513 |
) |
(499 |
) |
|||||||||||||
Adjusted income before income taxes |
17,347 |
17,015 |
24,831 |
23,588 |
22,830 |
21,479 |
20,239 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (1)
|
1,816 |
1,774 |
2,325 |
2,382 |
2,268 |
2,160 |
2,267 |
||||||||||||||||||||
Interest component of rent |
648 |
620 |
859 |
790 |
651 |
597 |
406 |
||||||||||||||||||||
Total fixed charges |
2,464 |
2,394 |
3,184 |
3,172 |
2,919 |
2,757 |
2,673 |
||||||||||||||||||||
Income before income taxes and fixed charges |
$ |
19,811 |
$ |
19,409 |
$ |
28,015 |
$ |
26,760 |
$ |
25,749 |
$ |
24,236 |
$ |
22,912 |
|||||||||||||
Ratio of earnings to fixed charges |
8.0 |
8.1 |
8.8 |
8.4 |
8.8 |
8.8 |
8.6 |
||||||||||||||||||||
(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.