Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Nine Months Ended | Fiscal Year Ended | ||||||||||||||||||||||||||
October 31, | January 31, | ||||||||||||||||||||||||||
(Amounts in millions) | 2014 | 2013 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Income before income taxes | $ | 17,436 | $ | 17,863 | $ | 24,656 | $ | 25,662 | $ | 24,332 | $ | 23,506 | $ | 22,086 | |||||||||||||
Capitalized interest | (46 | ) | (62 | ) | (78 | ) | (74 | ) | (60 | ) | (63 | ) | (85 | ) | |||||||||||||
Consolidated net income attributable to the noncontrolling interest | (514 | ) | (454 | ) | (673 | ) | (757 | ) | (688 | ) | (604 | ) | (513 | ) | |||||||||||||
Adjusted income before income taxes | 16,876 | 17,347 | 23,905 | 24,831 | 23,584 | 22,839 | 21,488 | ||||||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||
Interest (1) | 1,884 | 1,816 | 2,413 | 2,325 | 2,382 | 2,268 | 2,160 | ||||||||||||||||||||
Interest component of rent | 671 | 648 | 933 | 859 | 790 | 651 | 597 | ||||||||||||||||||||
Total fixed charges | 2,555 | 2,464 | 3,346 | 3,184 | 3,172 | 2,919 | 2,757 | ||||||||||||||||||||
Income before income taxes and fixed charges | $ | 19,431 | $ | 19,811 | $ | 27,251 | $ | 28,015 | $ | 26,756 | $ | 25,758 | $ | 24,245 | |||||||||||||
Ratio of earnings to fixed charges | 7.6 | 8.0 | 8.1 | 8.8 | 8.4 | 8.8 | 8.8 |
(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.