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25Wal-Mart 2009 Annual Report
A detailed calculation of the adjusted cash  ow from continuing operations to adjusted average debt is set forth below along with
a reconciliation to the corresponding measurement calculated in accordance with generally accepted accounting principles.
Fiscal Year Ended January 31,
(Amounts in millions) 2009 2008
Calculation of adjusted cash  ow
from operations to average debt
Numerator
Net cash provided by operating activities of continuing operations $23,147 $20,642
+ Two-thirds current period operating rent expense (1) 1,167 1,069
− Current year capitalized interest expense 88 150
Numerator $24,226 $21,561
Denominator
Average debt (2) $43,445 $41,845
Eight times average operating rent expense (3) 13,420 12,124
Denominator $56,865 $53,969
Adjusted cash  ow from continuing
operations to average debt (4) 43% 40%
Calculation of cash  ows from operating activities
of continuing operations to average debt
Numerator
Net cash provided by operating activities of continuing operations $23,147 $20,642
Denominator
Average debt (2) $43,445 $41,845
Cash  ows from operating activities
of continuing operations to average debt 53% 49%
Selected  nancial information
Current period operating rent expense $ 1,751 $ 1,604
Prior period operating rent expense 1,604 1,427
Current period capitalized interest 88 150
Certain Balance Sheet Information
January 31, 2009 2008 2007
Commercial paper $ 1,506 $ 5,040 $ 2,570
Long-term debt due within one year 5,848 5,913 5,428
Obligations under capital leases due within one year 315 316 285
Long-term debt 31,349 29,799 27,222
Long-term obligations under capital leases 3,200 3,603 3,513
Total debt $42,218 $44,671 $39,018
(1) 2/3 X $1,751 for  scal year 2009 and 2/3 X $1,604 for  scal year 2008.
(2) ($42,218 + $44,671)/2 for  scal year 2009 and ($44,671 + $39,018)/2 for  scal year 2008.
(3) 8 X (($1,751 + $1,604)/2) for  scal year 2009 and 8 X (($1,604 + $1,427)/2) for  scal year 2008.
(4) The calculation of the ratio as de ned.