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.