RATIO OF EARNINGS TO FIXED CHARGES
Published on June 1, 2012
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Three Months Ended |
Fiscal Year |
|||||||||||||||||||||||||||
(Dollar amounts in millions) |
April 30, 2012 |
April 30, 2011 |
2012 |
2011 |
2010 |
2009 |
2008 |
|||||||||||||||||||||
Income from continuing operations before income taxes |
$ |
5,852 |
$ |
5,378 |
$ |
24,398 |
$ |
23,538 |
$ |
22,118 |
$ |
20,867 |
$ |
20,122 |
||||||||||||||
Capitalized interest |
(19 |
) |
(12 |
) |
(60 |
) |
(63 |
) |
(85 |
) |
(88 |
) |
(150 |
) |
||||||||||||||
|
Consolidated net income attributable to the
noncontrolling interest
|
(152 |
) |
(151 |
) |
(688 |
) |
(604 |
) |
(513 |
) |
(499 |
) |
(406 |
) |
||||||||||||||
|
Adjusted income from continuing operations before
income taxes
|
5,681 |
5,215 |
23,650 |
22,871 |
21,520 |
20,280 |
19,566 |
|||||||||||||||||||||
Fixed charges: |
||||||||||||||||||||||||||||
Interest (1)
|
592 |
574 |
2,382 |
2,268 |
2,160 |
2,267 |
2,267 |
|||||||||||||||||||||
Interest component of rent |
210 |
170 |
790 |
651 |
597 |
406 |
464 |
|||||||||||||||||||||
Total fixed charges |
802 |
744 |
3,172 |
2,919 |
2,757 |
2,673 |
2,731 |
|||||||||||||||||||||
|
Income from continuing operations before income
taxes and fixed charges
|
$ |
6,483 |
$ |
5,959 |
$ |
26,822 |
$ |
25,790 |
$ |
24,277 |
$ |
22,953 |
$ |
22,297 |
||||||||||||||
Ratio of earnings to fixed charges |
8.1 |
8.0 |
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.