EX-12.1 3 c57075exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                         
    Nine-Month        
    Period Ended     Fiscal Year Ended
    Feb. 28,     Feb. 22,     May 31,     May 25,     May 27,     May 28,     May 29,  
In Millions, Except Ratios   2010     2009     2009     2008     2007     2006     2005  
 
Earnings before income taxes and after-tax earnings from joint ventures
  $ 1,858.6     $ 1,411.6     $ 1,942.2     $ 1,829.5     $ 1,696.2     $ 1,621.1     $ 1,848.6  
Distributed income of equity investees
    32.5       29.9       68.5       108.7       45.2       77.4       83.0  
Plus: Fixed charges (1)
    306.2       328.7       463.4       494.6       496.8       462.8       524.1  
Plus: Amortization of capitalized interest, net of interest capitalized
    11.2       (1.4 )     (2.2 )     (2.0 )           1.7       0.9  
 
Earnings available to cover fixed charges
  $ 2,208.5     $ 1,768.8     $ 2,471.9     $ 2,430.8     $ 2,238.2     $ 2,163.0     $ 2,456.6  
 
Ratio of earnings to fixed charges
    7.21       5.38       5.33       4.91       4.51       4.67       4.69  
 
(1) Fixed charges:
                                                       
Interest expense
  $ 283.5     $ 302.6     $ 409.5     $ 432.0     $ 396.6     $ 367.0     $ 449.3  
Preferred distributions to noncontrolling interests
    2.0       6.0       7.2       22.0       63.8       60.5       39.0  
Rentals (1/3)
    20.7       20.1       46.7       40.6       36.4       35.3       35.8  
 
Total fixed charges
  $ 306.2     $ 328.7     $ 463.4     $ 494.6     $ 496.8     $ 462.8     $ 524.1  
 
For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to noncontrolling interest holders, plus one-third (the proportion deemed representative of the interest factor) of rent expense.