STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on June 4, 2018
Exhibit 12.1
Walmart Inc.
Ratio of Earnings to Fixed Charges
Three Months Ended |
Fiscal Years Ended |
||||||||||||||||||||||||||
April 30, |
January 31, |
||||||||||||||||||||||||||
(Amounts in millions) |
2018 |
2017 |
2018 |
2017 |
2016 |
2015 |
2014 |
||||||||||||||||||||
Income before income taxes (1)
|
$ |
2,822 |
$ |
4,674 |
$ |
15,123 |
$ |
20,497 |
$ |
21,638 |
$ |
24,799 |
$ |
24,656 |
|||||||||||||
Capitalized interest |
(4 |
) |
(6 |
) |
(17 |
) |
(36 |
) |
(39 |
) |
(59 |
) |
(78 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(142 |
) |
(113 |
) |
(661 |
) |
(650 |
) |
(386 |
) |
(736 |
) |
(673 |
) |
|||||||||||||
Adjusted income before income taxes |
2,676 |
4,555 |
14,445 |
19,811 |
21,213 |
24,004 |
23,905 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (2)
|
534 |
604 |
2,347 |
2,403 |
2,587 |
2,520 |
2,413 |
||||||||||||||||||||
Interest component of rent |
258 |
206 |
890 |
862 |
836 |
916 |
933 |
||||||||||||||||||||
Total fixed charges |
792 |
810 |
3,237 |
3,265 |
3,423 |
3,436 |
3,346 |
||||||||||||||||||||
Income before income taxes and fixed charges |
$ |
3,468 |
$ |
5,365 |
$ |
17,682 |
$ |
23,076 |
$ |
24,636 |
$ |
27,440 |
$ |
27,251 |
|||||||||||||
Ratio of earnings to fixed charges |
4.4 |
6.6 |
5.5 |
7.1 |
7.2 |
8.0 |
8.1 |
||||||||||||||||||||
(1) Effective February 1, 2018, changes in fair values of the Company's equity investments are included in income before income taxes.
(2) Includes interest on debt, capital leases and financing obligations, amortization of debt issuance costs and capitalized interest; excludes loss on extinguishment of debt.