EX-12 2 wmt121312013.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS WMT 12 1.31.2013


Exhibit 12

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

 
Fiscal Years Ended January 31,
(Dollar amounts in millions)
2013
 
2012
 
2011
 
2010
 
2009
Income from continuing operations before income taxes
$
25,737

 
$
24,398

 
$
23,538

 
$
22,118

 
$
20,867

Capitalized interest
(74
)
 
(60
)
 
(63
)
 
(85
)
 
(88
)
Consolidated net income attributable to the noncontrolling interest
(757
)
 
(688
)
 
(604
)
 
(513
)
 
(499
)
Adjusted income from continuing operations before income taxes
$
24,906

 
$
23,650

 
$
22,871

 
$
21,520

 
$
20,280

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest(1)
$
2,325

 
$
2,382

 
$
2,268

 
$
2,160

 
$
2,267

Interest component of rent
859

 
790

 
651

 
597

 
406

            Total fixed charges
3,184

 
3,172

 
2,919

 
2,757

 
2,673

Income from continuing operations before income taxes and fixed charges
$
28,090

 
$
26,822

 
$
25,790

 
$
24,277

 
$
22,953

Ratio of earnings to fixed charges
8.8

 
8.5

 
8.8

 
8.8

 
8.6


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