EX-12 2 d270972dex12.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS Statement Regarding Computation of the Earnings to Fixed Charges Ratios

Exhibit 12

Wal-Mart Stores, Inc.

Ratio of Earnings to Fixed Charges

 

     Fiscal Year Ended
January 31,		  
(Dollar amounts in millions)    2012     2011     2010     2009     2008  

Earnings:

           

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 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted income from continuing operations before income taxes

      23,650        22,871        21,520        20,280        19,566   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest1

      2,382        2,268        2,160        2,267        2,267   

Interest component of rent

      790        651        597        406        464   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      3,172        2,919        2,757        2,673        2,731   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations before income taxes and fixed charges

    $ 26,822      $ 25,790      $ 24,277      $ 22,953      $ 22,297   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.