EX-12 2 exhibit12fy13.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 (FY 13)
Exhibit 12


Ratio of Earnings to Fixed Charges
 
Fiscal Year (number of weeks)
($ in millions except ratios)
2013 (52)
 
2012 (53)
 
2011 (52)
 
2010 (52)
 
2009 (52)
Earnings before income taxes and interest expense
$
2,154

 
$
1,948

 
$
1,443

 
$
1,974

 
$
1,822

Less: capitalized interest, net
(8
)
 
(6
)
 
(4
)
 
—

 
—

Total fixed charges
522

 
675

 
644

 
534

 
537

Earnings for calculation
$
2,668

 
$
2,617

 
$
2,083

 
$
2,508

 
$
2,359

Fixed charges:
 
 
 
 
 
 
 
 
 
Gross interest incurred
$
61

 
$
87

 
$
74

 
$
(8
)
 
$
6

Interest portion of rent expense (1)
461

 
588

 
570

 
542

 
531

Total fixed charges
$
522

 
$
675

 
$
644

 
$
534

 
$
537

Ratio of earnings to fixed charges
5.1

 
3.9

 
3.2

 
4.7

 
4.4

__________
(1) The interest portion of rent expense for fiscal 2013 was calculated as 36 percent of rent expense. For all other periods presented, the interest portion of rent expense was calculated as 48 percent of rent expense.