STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Published on March 27, 2012
Exhibit 12
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
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Fiscal Year Ended January 31, |
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| (Dollar amounts in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
| Earnings: |
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| Income from continuing operations before income taxes |
$ | 24,398 | $ | 23,538 | $ | 22,118 | $ | 20,867 | $ | 20,122 | ||||||||||
| Capitalized interest |
(60 | ) | (63 | ) | (85 | ) | (88 | ) | (150 | ) | ||||||||||
| Consolidated net income attributable to the noncontrolling interest |
(688 | ) | (604 | ) | (513 | ) | (499 | ) | (406 | ) | ||||||||||
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| Adjusted income from continuing operations before income taxes |
23,650 | 22,871 | 21,520 | 20,280 | 19,566 | |||||||||||||||
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| Fixed charges: |
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| Interest1 |
2,382 | 2,268 | 2,160 | 2,267 | 2,267 | |||||||||||||||
| Interest component of rent |
790 | 651 | 597 | 406 | 464 | |||||||||||||||
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| Total fixed charges |
3,172 | 2,919 | 2,757 | 2,673 | 2,731 | |||||||||||||||
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| Income from continuing operations before income taxes and fixed charges |
$ | 26,822 | $ | 25,790 | $ | 24,277 | $ | 22,953 | $ | 22,297 | ||||||||||
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| Ratio of earnings to fixed charges (times) |
8.5 | 8.8 | 8.8 | 8.6 | 8.2 | |||||||||||||||
| 1 | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |