STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on September 5, 2014
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Six Months Ended |
Fiscal Year Ended |
||||||||||||||||||||||||||
July 31, |
January 31, |
||||||||||||||||||||||||||
(Amounts in millions) |
2014 |
2013 |
2014 |
2013 |
2012 |
2011 |
2010 |
||||||||||||||||||||
Income before income taxes |
$ |
11,827 |
$ |
12,133 |
$ |
24,656 |
$ |
25,662 |
$ |
24,332 |
$ |
23,506 |
$ |
22,086 |
|||||||||||||
Capitalized interest |
(35 |
) |
(41 |
) |
(78 |
) |
(74 |
) |
(60 |
) |
(63 |
) |
(85 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(399 |
) |
(307 |
) |
(673 |
) |
(757 |
) |
(688 |
) |
(604 |
) |
(513 |
) |
|||||||||||||
Adjusted income before income taxes |
11,393 |
11,785 |
23,905 |
24,831 |
23,584 |
22,839 |
21,488 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (1)
|
1,197 |
1,203 |
2,413 |
2,325 |
2,382 |
2,268 |
2,160 |
||||||||||||||||||||
Interest component of rent |
451 |
429 |
933 |
859 |
790 |
651 |
597 |
||||||||||||||||||||
Total fixed charges |
1,648 |
1,632 |
3,346 |
3,184 |
3,172 |
2,919 |
2,757 |
||||||||||||||||||||
Income before income taxes and fixed charges |
$ |
13,041 |
$ |
13,417 |
$ |
27,251 |
$ |
28,015 |
$ |
26,756 |
$ |
25,758 |
$ |
24,245 |
|||||||||||||
Ratio of earnings to fixed charges |
7.9 |
8.2 |
8.1 |
8.8 |
8.4 |
8.8 |
8.8 |
||||||||||||||||||||
(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.