EX-12 4 ex12.htm EX. 12 COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES

SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three
Months

 

Year Ended

 

 

Ended
3/30/02

 

 

 

 

 

(millions, except ratios)

 

(unaudited)

 

2001

 

2000

 

1999

 

1998

 

1997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and amortization of debt discount

 

 

 

 

 

 

 

 

 

 

 

 

 

and expense on all indebtedness

 

$292

 

$1,415

 

$1,248

 

$1,268

 

$1,423

 

$1,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add interest element implicit in rentals

 

40

 

161

 

136

 

133

 

144

 

147

 

 

 

332

 

1,576

 

1,384

 

1,401

 

1,567

 

1,556

 

Interest capitalized

 

2

 

11

 

4

 

5

 

5

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$334

 

$1,587

 

$1,388

 

$1,406

 

$1,572

 

$1,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

   Income (loss) before income taxes,

 

 

 

 

 

 

 

 

 

 

 

 

 

   minority interest, and extraordinary loss

 

$434

 

$1,223

 

$2,223

 

$2,419

 

$1,883

 

$2,138

 

   Deduct undistributed net income (loss)of
     unconsolidated companies

 


2

 


12

 


17

 


(5)

 


11

 


13

 

 

 

432

 

1,211

 

2,206

 

2,424

 

1,872

 

2,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add

 

 

 

 

 

 

 

 

 

 

 

 

 

  Fixed charges (excluding interest capitalized)

 

332

 

1,576

 

1,384

 

1,401

 

1,567

 

1,556

 

      Income before fixed charges and
          income taxes

 


$764

 

$2,787

 

$3,590

 

$3,825

 

$3,439

 

$3,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

2.29

 

1.76

 

2.59

 

2.72

 

2.19

 

2.36