EX-12.1 2 wmt12110312012.htm RATIO OF EARNINGS TO FIXED CHARGES WMT 12.1 10.31.2012


Exhibit 12.1

Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges

 
Nine Months Ended
 
Fiscal Year Ended
 
October 31,
 
January 31,
(Dollar amounts in millions)
2012
 
2011
 
2012
 
2011
 
2010
 
2009
 
2008
Income from continuing operations before income taxes
$
17,614

 
$
16,526

 
$
24,398

 
$
23,538

 
$
22,118

 
$
20,867

 
$
20,122

Capitalized interest
(57
)
 
(45
)
 
(60
)
 
(63
)
 
(85
)
 
(88
)
 
(150
)
Consolidated net income attributable to the noncontrolling interest
(487
)
 
(444
)
 
(688
)
 
(604
)
 
(513
)
 
(499
)
 
(406
)
Adjusted income from continuing operations before income taxes
17,070

 
16,037

 
23,650

 
22,871

 
21,520

 
20,280

 
19,566

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest (1)
1,775

 
1,807

 
2,382

 
2,268

 
2,160

 
2,267

 
2,267

Interest component of rent
625

 
565

 
790

 
651

 
597

 
406

 
464

            Total fixed charges
2,400

 
2,372

 
3,172

 
2,919

 
2,757

 
2,673

 
2,731

Income from continuing operations before income taxes and fixed charges
$
19,470

 
$
18,409

 
$
26,822

 
$
25,790

 
$
24,277

 
$
22,953

 
$
22,297

Ratio of earnings to fixed charges
8.1

 
7.8

 
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.