EX-12.1 4 wmt12113115.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS WMT 12.1 1.31.15


Exhibit 12.1

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

 
Fiscal Years Ended January 31,
(Amounts in millions)
2015
 
2014
 
2013
 
2012
 
2011
Income from continuing operations before income taxes
$
24,799

 
$
24,656

 
$
25,662

 
$
24,332

 
$
23,506

Capitalized interest
(59
)
 
(78
)
 
(74
)
 
(60
)
 
(63
)
Consolidated net income attributable to the noncontrolling interest
(736
)
 
(673
)
 
(757
)
 
(688
)
 
(604
)
Adjusted income before income taxes
24,004


23,905

 
24,831

 
23,584

 
22,839

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest (1)
2,520

 
2,413

 
2,325

 
2,382

 
2,268

Interest component of rent
916

 
933

 
859

 
790

 
651

            Total fixed charges
3,436


3,346

 
3,184

 
3,172

 
2,919

Income before income taxes and fixed charges
$
27,440


$
27,251

 
$
28,015

 
$
26,756

 
$
25,758

Ratio of earnings to fixed charges
8.0


8.1

 
8.8

 
8.4


8.8

(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.