Walmart Inc. - FORM 10-Q - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - December 7, 2009

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10-Q - FORM 10-Q - Walmart Inc.d10q.htm

Exhibit 12.1

WAL-MART STORES, INC.

Ratio of Earnings to Fixed Charges

 

     Nine Months Ended     Fiscal Year  
(Amounts in millions)    October 31,
2009		     October 31,
2008		     2009     2008     2007     2006     2005  

Income from continuing operations before income taxes

    $ 15,277      $ 15,013      $ 20,898      $ 20,158      $ 18,968      $ 17,513      $ 16,289   

Capitalized interest

      (72 )      (68 )      (88 )      (150 )      (182 )      (157 )      (120 ) 

Consolidated net income attributable to the noncontrolling interest

      (338 )      (365 )      (499 )      (406 )      (425 )      (324 )      (249 ) 
                                                        

Adjusted income from continuing operations before income taxes

      14,867        14,580        20,311        19,602        18,361        17,032        15,920   
                                                        

Fixed Charges:

               

Interest *

      1,622        1,689        2,267        2,267        2,009        1,603        1,326   

Interest component of rent

      434        308        406        464        368        328        319   
                                                        

Total fixed charges

      2,056        1,997        2,673        2,731        2,377        1,931        1,645   
                                                        

Income from continuing operations before income taxes and fixed charges

    $ 16,923      $ 16,577      $ 22,984      $ 22,333      $ 20,738      $ 18,963      $ 17,565   
                                                        

Ratio of earnings to fixed charges (times)

      8.2        8.3        8.6        8.2        8.7        9.8        10.7   

 

* Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.

Financial information for fiscal years 2006, 2007 and 2008 has been restated to reflect the impact of the following activities in fiscal 2009:

 

  •  

The closure and disposition of 23 stores and other properties of The Seiyu, Ltd. in Japan under a restructuring plan; and

 

  •  

The sale of Gazeley Limited, a former property development subsidiary in the United Kingdom.

Financial information for fiscal year 2005 has not been restated to reflect the impact of these activities as the adjustments are immaterial.

Financial information for fiscal years 2005 and 2006 has been restated to reflect the disposition of our South Korean and German operations that occurred in fiscal 2007.

Walmart Inc. Reports