EX-12 4 hd-212015xexx12.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HD-2.1.2015-EX-12


Exhibit 12
 
THE HOME DEPOT, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions, except ratio data)
 
 
Fiscal Year (1)
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings From Continuing Operations Before Income Taxes
$
9,976

 
$
8,467

 
$
7,221

 
$
6,068

 
$
5,273

Less: Capitalized Interest
(2
)
 
(2
)
 
(3
)
 
(3
)
 
(3
)
Add:
 
 
 
 
 
 
 
 
 
Portion of Rental Expense under operating leases deemed to be the equivalent of interest
312

 
308

 
298

 
280

 
278

Interest Expense
832

 
713

 
635

 
609

 
533

Adjusted Earnings
$
11,118

 
$
9,486

 
$
8,151

 
$
6,954

 
$
6,081

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense
$
832

 
$
713

 
$
635

 
$
609

 
$
533

Portion of Rental Expense under operating leases deemed to be the equivalent of interest
312

 
308

 
298

 
280

 
278

Total Fixed Charges
$
1,144

 
$
1,021

 
$
933

 
$
889

 
$
811

Ratio of Earnings to Fixed Charges(2)
9.7x

 
9.3x

 
8.7x

 
7.8x

 
7.5x

 
(1)
Fiscal years 2014, 2013, 2012, 2011 and 2010 refer to the fiscal years ended February 1, 2015, February 2, 2014, February 3, 2013, January 29, 2012 and January 30, 2011, respectively. Fiscal year 2012 includes 53 weeks; all other fiscal years reported include 52 weeks.
(2)
For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings from continuing operations before income taxes plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness including capitalized interest, amortization of debt expenses and the portion of rental expense under operating leases deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:
(earnings from continuing operations before income taxes) + (fixed charges) - (capitalized interest)
(fixed charges)