RATIO OF EARNINGS TO FIXED CHARGES
Published on December 8, 2011
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
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Nine Months
Ended October 31, |
Fiscal Year
Ended January 31, |
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| (Dollar amounts in millions) | 2011 | 2010 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 16,526 | $ | 16,066 | $ | 23,538 | $ | 22,118 | $ | 20,867 | $ | 20,122 | $ | 19,023 | ||||||||||||||
| Capitalized interest |
(45 | ) | (53 | ) | (63 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | ||||||||||||||
| Consolidated net income attributable to the noncontrolling interest |
(444 | ) | (448 | ) | (604 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | ||||||||||||||
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| Adjusted income from continuing operations before income taxes |
16,037 | 15,565 | 22,871 | 21,520 | 20,280 | 19,566 | 18,416 | |||||||||||||||||||||
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| Fixed charges: |
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| Interest1 |
1,807 | 1,686 | 2,268 | 2,160 | 2,267 | 2,267 | 2,009 | |||||||||||||||||||||
| Interest component of rent |
565 | 472 | 651 | 597 | 406 | 464 | 368 | |||||||||||||||||||||
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| Total fixed charges |
2,372 | 2,158 | 2,919 | 2,757 | 2,673 | 2,731 | 2,377 | |||||||||||||||||||||
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| Income from continuing operations before income taxes and fixed charges |
$ | 18,409 | $ | 17,723 | $ | 25,790 | $ | 24,277 | $ | 22,953 | $ | 22,297 | $ | 20,793 | ||||||||||||||
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| Ratio of earnings to fixed charges (times) |
7.8 | 8.2 | 8.8 | 8.8 | 8.6 | 8.2 | 8.7 | |||||||||||||||||||||
| 1 | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |