EX-12.1 8 wmt1211312014.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS WMT 12.1 1.31.2014


Exhibit 12.1

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

 
Fiscal Years Ended January 31,
(Amounts in millions)
2014
 
2013
 
2012
 
2011
 
2010
Income from continuing operations before income taxes
$
24,656

 
$
25,662

 
$
24,332

 
$
23,506

 
$
22,086

Capitalized interest
(78
)
 
(74
)
 
(60
)
 
(63
)
 
(85
)
Consolidated net income attributable to the noncontrolling interest
(673
)
 
(757
)
 
(688
)
 
(604
)
 
(513
)
Adjusted income before income taxes
23,905

 
24,831

 
23,584

 
22,839

 
21,488

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest (1)
2,413

 
2,325

 
2,382

 
2,268

 
2,160

Interest component of rent
933

 
859

 
790

 
651

 
597

            Total fixed charges
3,346

 
3,184

 
3,172

 
2,919

 
2,757

Income before income taxes and fixed charges
$
27,251

 
$
28,015

 
$
26,756

 
$
25,758

 
$
24,245

Ratio of earnings to fixed charges
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.