EX-12.1 2 d539303dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

 

     Twenty-Four Weeks Ended
         February 10,    
2018		       February 11,    
2017

Earnings:

         

Income before income taxes

      $ 595,623     $ 775,367

Asset Impairments

        193,162       –

Fixed charges

        125,407       111,552

Less: Capitalized interest

        (630 )       (445 )  
    

 

 

      

 

 

  

Adjusted earnings

      $             913,562     $             886,474
    

 

 

      

 

 

  

Fixed charges:

         

Gross interest expense

      $ 76,997     $ 65,257

Amortization of debt origination fees

        3,927       3,948

Interest portion of rent expense

        44,483       42,347
    

 

 

      

 

 

  

Fixed charges

      $ 125,407     $ 111,552
    

 

 

      

 

 

  

Ratio of earnings to fixed charges

        7.3       7.9
    

 

 

      

 

 

  

 

     

2017

(52 weeks)

  

2016

(52 weeks)

   2015
(52 weeks)		   2014
(52 weeks)		   2013
(53 weeks)

Earnings:

                     

Income before income taxes

      $ 1,925,489     $ 1,912,714     $ 1,802,612     $ 1,662,714     $ 1,587,683

Fixed charges

        253,751       238,389       236,996       249,513       265,108

Less: Capitalized interest

        (1,247 )       (909 )       (963 )       (1,041 )       (1,303 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Adjusted earnings

      $       2,177,993     $       2,150,194     $       2,038,645     $       1,911,186     $       1,851,488
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Fixed charges:

                     

Gross interest expense

      $ 150,960     $ 142,981     $ 146,777     $ 163,544     $ 180,085

Amortization of debt origination fees

        8,369       7,980       6,230       6,856       8,239

Interest portion of rent expense

        94,422       87,428       83,989       79,113       76,784
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Fixed charges

      $ 253,751     $ 238,389     $ 236,996     $ 249,513     $ 265,108
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratio of earnings to fixed charges

        8.6       9.0       8.6       7.7       7.0
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

31