EX-12.1 2 wmt1217312017.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS Exhibit


Exhibit 12.1

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

 
Six Months Ended
 
Fiscal Years Ended
 
July 31,
 
January 31,
(Amounts in millions)
2017
 
2016
 
2017
 
2016
 
2015
 
2014
 
2013
Income from continuing operations before income taxes
$
9,280

 
$
10,313

 
$
20,497

 
$
21,638

 
$
24,799

 
$
24,656

 
$
25,662

Capitalized interest
(11
)
 
(19
)
 
(36
)
 
(39
)
 
(59
)
 
(78
)
 
(74
)
Consolidated net income attributable to the noncontrolling interest
(318
)
 
(253
)
 
(650
)
 
(386
)
 
(736
)
 
(673
)
 
(757
)
Adjusted income before income taxes
8,951

 
10,041

 
19,811


21,213

 
24,004

 
23,905

 
24,831

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest (1)
1,222

 
1,192

 
2,403

 
2,587

 
2,520

 
2,413

 
2,325

Interest component of rent
416

 
418

 
862

 
836

 
916

 
933

 
859

            Total fixed charges
1,638

 
1,610

 
3,265


3,423

 
3,436

 
3,346

 
3,184

Income before income taxes and fixed charges
$
10,589

 
$
11,651

 
$
23,076


$
24,636

 
$
27,440

 
$
27,251

 
$
28,015

Ratio of earnings to fixed charges
6.5

 
7.2

 
7.1


7.2

 
8.0

 
8.1


8.8

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