EX-12 7 exhibit12fy14.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 (FY 14)
Exhibit 12


Ratio of Earnings to Fixed Charges
 
Fiscal Year (number of weeks)
($ in millions except ratios)
2014 (52
 
2013 (52)
 
2012 (53)
 
2011 (52)
 
2010 (52)
Earnings before income taxes and interest expense
$
2,088

 
$
2,154

 
$
1,948

 
$
1,443

 
$
1,974

Less: capitalized interest, net
(7
)
 
(8
)
 
(6
)
 
(4
)
 
—

Total fixed charges
551

 
522

 
675

 
644

 
534

Earnings for calculation
$
2,632

 
$
2,668

 
$
2,617

 
$
2,083

 
$
2,508

Fixed charges:
 
 
 
 
 
 
 
 
 
Gross interest incurred
$
75

 
$
61

 
$
87

 
$
74

 
$
(8
)
Interest portion of rent expense (1)
476

 
461

 
588

 
570

 
542

Total fixed charges
$
551

 
$
522

 
$
675

 
$
644

 
$
534

Ratio of earnings to fixed charges
4.8

 
5.1

 
3.9

 
3.2

 
4.7

__________
(1) The interest portion of rent expense for fiscal 2014 and 2013 was calculated as 36 percent of rent expense. For all other periods presented, the interest portion of rent expense was calculated as 48 percent of rent expense.