EX-12.B 16 dex12b.txt COMPUTATION OF RATIOS Exhibit 12(b) J. C. Penney Company, Inc. and Consolidated Subsidiaries Computation of Ratios of Available Income to Fixed Charges
52 Weeks 52 Weeks 52 Weeks 52 Weeks 53 Weeks Ended Ended Ended Ended Ended ($ Millions) 01/26/02 01/27/01 01/29/00 01/30/99 01/31/98 -------- -------- -------- -------- -------- Income/(loss) from continuing operations $ 201 $ (887) $ 273 $ 711 $ 687 (before income taxes and capitalized interest) Fixed charges Interest (including capitalized interest) on: Operating leases 305 320 272 225 180 Short-term debt - 13 137 106 121 Long-term debt 426 464 538 557 527 Capital leases 5 3 2 4 7 Other, net 8 2 (5) 1 (5) -------- -------- -------- -------- -------- Total fixed charges 744 802 944 893 830 -------- -------- -------- -------- -------- Total available income/(loss) $ 945 $ (85) $ 1,217 $ 1,604 $ 1,517 ======== ======== ======== ======== ======== Ratio of available income to combined fixed charges 1.3 -0.1* 1.3 1.8 1.8 ======== ======== ======== ======== ========
The interest cost of the LESOP notes guaranteed by the Company is not included in fixed charges above. The LESOP notes were repaid in July 1998. * Income from continuing operations (before income taxes and capitalized interest) was not sufficient to cover fixed charges by $887 million.