EX-12.1 12 wmt1211312018.htm STATEMENT REGARDING COMPUTATION OF THE EARNINGS TO FIXED CHARGES RATIOS
Exhibit 12.1
Walmart Inc.
Ratio of Earnings to Fixed Charges

| January 31,
(Amounts in millions) | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014
Income from continuing operations before income taxes | $ | 15,123 |  |  | $ | 20,497 |  |  | $ | 21,638 |  |  | $ | 24,799 |  |  | $ | 24,656 |
Capitalized interest | (17 | ) |  | (36 | ) |  | (39 | ) |  | (59 | ) |  | (78 | )
Consolidated net income attributable to the noncontrolling interest | (661 | ) |  | (650 | ) |  | (386 | ) |  | (736 | ) |  | (673 | )
Adjusted income before income taxes | 14,445 |  |  | 19,811 |  |  | 21,213 |  |  | 24,004 |  |  | 23,905 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest (1) | 2,347 |  |  | 2,403 |  |  | 2,587 |  |  | 2,520 |  |  | 2,413 |
Interest component of rent | 890 |  |  | 862 |  |  | 836 |  |  | 916 |  |  | 933 |
Total fixed charges | 3,237 |  |  | 3,265 |  |  | 3,423 |  |  | 3,436 |  |  | 3,346 |
Income before income taxes and fixed charges | $ | 17,682 |  |  | $ | 23,076 |  |  | $ | 24,636 |  |  | $ | 27,440 |  |  | $ | 27,251 |
Ratio of earnings to fixed charges | 5.5 |  |  | 7.1 |  |  | 7.2 |  |  | 8.0 |  |  | 8.1 |

(1) Includes interest on debt, capital leases and financing obligations, amortization of debt issuance costs and capitalized interest; excludes loss on extinguishment of debt.