EX-12.1 4 a2192410zex-12_1.htm EXHIBIT 12.1

Exhibit No. 12.1

 

Statements re: Computation of Ratios

$ in millions

 

 

 

Feb. 28,
2009

 

Mar. 1,
2008

 

Mar. 3,
2007

 

Feb. 25,
2006

 

Feb. 26,
2005

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,003

 

$

1,407

 

$

1,377

 

$

1,140

 

$

984

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

—

 

(50

)

Minority interest in earnings

 

30

 

3

 

1

 

—

 

—

 

Equity in income (loss) of affiliates

 

(7

)

3

 

—

 

—

 

—

 

Income tax expense

 

674

 

815

 

752

 

581

 

509

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income tax expense, minority interests and equity in income (loss) of affiliates

 

1,700

 

2,228

 

2,130

 

1,721

 

1,443

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

282

 

222

 

198

 

165

 

150

 

Interest expense

 

94

 

62

 

31

 

30

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

376

 

284

 

229

 

195

 

194

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges in earnings

 

376

 

284

 

229

 

195

 

194

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

2,076

 

2,512

 

2,359

 

1,916

 

1,637

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.52

 

8.85

 

10.30

 

9.81

 

8.43

 

 

Note:  Computation is based on continuing operations