STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on December 1, 2017
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Nine Months Ended |
Fiscal Years Ended |
||||||||||||||||||||||||||
October 31, |
January 31, |
||||||||||||||||||||||||||
(Amounts in millions) |
2017 |
2016 |
2017 |
2016 |
2015 |
2014 |
2013 |
||||||||||||||||||||
Income from continuing operations before income taxes |
$ |
12,159 |
$ |
14,847 |
$ |
20,497 |
$ |
21,638 |
$ |
24,799 |
$ |
24,656 |
$ |
25,662 |
|||||||||||||
Capitalized interest |
(14 |
) |
(27 |
) |
(36 |
) |
(39 |
) |
(59 |
) |
(78 |
) |
(74 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(473 |
) |
(421 |
) |
(650 |
) |
(386 |
) |
(736 |
) |
(673 |
) |
(757 |
) |
|||||||||||||
Adjusted income before income taxes |
11,672 |
14,399 |
19,811 |
21,213 |
24,004 |
23,905 |
24,831 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (1)
|
1,808 |
1,809 |
2,403 |
2,587 |
2,520 |
2,413 |
2,325 |
||||||||||||||||||||
Interest component of rent |
650 |
632 |
862 |
836 |
916 |
933 |
859 |
||||||||||||||||||||
Total fixed charges |
2,458 |
2,441 |
3,265 |
3,423 |
3,436 |
3,346 |
3,184 |
||||||||||||||||||||
Income before income taxes and fixed charges |
$ |
14,130 |
$ |
16,840 |
$ |
23,076 |
$ |
24,636 |
$ |
27,440 |
$ |
27,251 |
$ |
28,015 |
|||||||||||||
Ratio of earnings to fixed charges |
5.7 |
6.9 |
7.1 |
7.2 |
8.0 |
8.1 |
8.8 |
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(1) Includes interest on debt, capital leases and financing obligations, amortization of debt issuance costs and capitalized interest.