EX-12.1 2 wmt12110312013.htm RATIO OF EARNINGS TO FIXED CHARGES WMT 12.1 10.31.2013


Exhibit 12.1

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

 
Nine Months Ended
 
Fiscal Year Ended
 
October 31, 2013
 
January 31,
(Amounts in millions)
2013
 
2012
 
2013
 
2012
 
2011
 
2010
 
2009
Income before income taxes
$
17,863

 
$
17,559

 
$
25,662

 
$
24,336

 
$
23,497

 
$
22,077

 
$
20,826

Capitalized interest
(62
)
 
(57
)
 
(74
)
 
(60
)
 
(63
)
 
(85
)
 
(88
)
Consolidated net income attributable to the noncontrolling interest
(454
)
 
(487
)
 
(757
)
 
(688
)
 
(604
)
 
(513
)
 
(499
)
Adjusted income before income taxes
17,347

 
17,015

 
24,831

 
23,588

 
22,830

 
21,479

 
20,239

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest (1)
1,816

 
1,774

 
2,325

 
2,382

 
2,268

 
2,160

 
2,267

Interest component of rent
648

 
620

 
859

 
790

 
651

 
597

 
406

            Total fixed charges
2,464

 
2,394

 
3,184

 
3,172

 
2,919

 
2,757

 
2,673

Income before income taxes and fixed charges
$
19,811

 
$
19,409

 
$
28,015

 
$
26,760

 
$
25,749

 
$
24,236

 
$
22,912

Ratio of earnings to fixed charges
8.0

 
8.1

 
8.8

 
8.4

 
8.8

 
8.8

 
8.6

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