STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on September 6, 2018
Exhibit 12.1
Walmart Inc.
Ratio of Earnings to Fixed Charges
Six Months Ended |
Fiscal Years Ended |
||||||||||||||||||||||||||
July 31, |
January 31, |
||||||||||||||||||||||||||
(Amounts in millions) |
2018 |
2017 |
2018 |
2017 |
2016 |
2015 |
2014 |
||||||||||||||||||||
Income before income taxes (1)
|
$ |
3,220 |
$ |
9,280 |
$ |
15,123 |
$ |
20,497 |
$ |
21,638 |
$ |
24,799 |
$ |
24,656 |
|||||||||||||
Capitalized interest |
(7 |
) |
(11 |
) |
(17 |
) |
(36 |
) |
(39 |
) |
(59 |
) |
(78 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(276 |
) |
(318 |
) |
(661 |
) |
(650 |
) |
(386 |
) |
(736 |
) |
(673 |
) |
|||||||||||||
Adjusted income before income taxes |
2,937 |
8,951 |
14,445 |
19,811 |
21,213 |
24,004 |
23,905 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (2)
|
1,091 |
1,222 |
2,347 |
2,403 |
2,587 |
2,520 |
2,413 |
||||||||||||||||||||
Interest component of rent |
492 |
416 |
890 |
862 |
836 |
916 |
933 |
||||||||||||||||||||
Total fixed charges |
1,583 |
1,638 |
3,237 |
3,265 |
3,423 |
3,436 |
3,346 |
||||||||||||||||||||
Income before income taxes and fixed charges |
$ |
4,520 |
$ |
10,589 |
$ |
17,682 |
$ |
23,076 |
$ |
24,636 |
$ |
27,440 |
$ |
27,251 |
|||||||||||||
Ratio of earnings to fixed charges |
2.9 |
6.5 |
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. Additionally, in the second quarter of fiscal 2019, the Company recorded a pre-tax net loss of approximately $4.8 billion related to the sale of a majority stake in the Company's retail operations in Brazil.
(2) Includes interest on debt, capital leases and financing obligations, amortization of debt issuance costs and capitalized interest; excludes loss on extinguishment of debt.