EX-99.3 5 d459896dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

Unaudited Pro Forma Computation of Ratios of Earnings to Fixed Charges

(in millions, except ratios)

 

     Fifty-two
weeks  ended
May 27, 2012
 

Earnings:

  

Income from continuing operations before income taxes and equity method investment earnings

   $ 717   

Add (deduct):

  

Fixed charges

     468   

Distributed income of equity method investees

     27   

Capitalized interest

     (6
  

 

 

 

Earnings available for fixed charges (a)

   $ 1,206   
  

 

 

 

Fixed charges:

  

Interest expense

   $ 411   

Capitalized interest

     6   

One third of rental expense (1)

     51   
  

 

 

 

Total fixed charges (b)

   $ 468   
  

 

 

 

Pro forma ratio of earnings to fixed charges (a/b)

     2.6   

 

(1) Considered to be representative of interest factor in rental expense.

 

     Twenty-six
weeks ended
November 25, 2012
 

Earnings:

  

Income from continuing operations before income taxes and equity method investment earnings

   $ 676   

Add (deduct):

  

Fixed charges

     229   

Distributed income of equity method investees

     15   

Capitalized interest

     (3
  

 

 

 

Earnings available for fixed charges (a)

   $ 917   
  

 

 

 

Fixed charges:

  

Interest expense

   $ 199   

Capitalized interest

     3   

One third of rental expense (1)

     27   
  

 

 

 

Total fixed charges (b)

   $ 229   
  

 

 

 

Pro forma ratio of earnings to fixed charges (a/b)

     4.0   

 

(1) Considered to be representative of interest factor in rental expense.

 

1