STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on April 1, 2015
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Fiscal Years Ended January 31, |
|||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2013 |
2012 |
2011 |
||||||||||||||
Income from continuing operations before income taxes |
$ |
24,799 |
$ |
24,656 |
$ |
25,662 |
$ |
24,332 |
$ |
23,506 |
|||||||||
Capitalized interest |
(59 |
) |
(78 |
) |
(74 |
) |
(60 |
) |
(63 |
) |
|||||||||
Consolidated net income attributable to the noncontrolling interest |
(736 |
) |
(673 |
) |
(757 |
) |
(688 |
) |
(604 |
) |
|||||||||
Adjusted income before income taxes |
24,004 |
23,905 |
24,831 |
23,584 |
22,839 |
||||||||||||||
Fixed charges: |
|||||||||||||||||||
Interest (1)
|
2,520 |
2,413 |
2,325 |
2,382 |
2,268 |
||||||||||||||
Interest component of rent |
916 |
933 |
859 |
790 |
651 |
||||||||||||||
Total fixed charges |
3,436 |
3,346 |
3,184 |
3,172 |
2,919 |
||||||||||||||
Income before income taxes and fixed charges |
$ |
27,440 |
$ |
27,251 |
$ |
28,015 |
$ |
26,756 |
$ |
25,758 |
|||||||||
Ratio of earnings to fixed charges |
8.0 |
8.1 |
8.8 |
8.4 |
8.8 |
||||||||||||||
(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.