EX-12.1 7 a2134459zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Statements re: Computation of Ratios
($ in millions)

 

 

 

Feb. 28,
2004

 

Mar. 1,
2003

 

Mar. 2,
2002

 

Mar. 3,
2001

 

Feb. 26,
2000

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

705

 

$

99

 

$

570

 

$

396

 

$

347

 

Discontinued operations, net of tax

 

95

 

441

 

—

 

5

 

—

 

Change in accounting principles, net of tax

 

—

 

82

 

—

 

—

 

—

 

Income tax expense

 

496

 

392

 

356

 

248

 

216

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income tax expense

 

1,296

 

1,014

 

926

 

649

 

563

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

140

 

132

 

110

 

86

 

68

 

Interest expense

 

32

 

24

 

10

 

6

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

172

 

156

 

120

 

92

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(1

)

(5

)

(1

)

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges in earnings

 

171

 

151

 

119

 

92

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

1,467

 

$

1,165

 

$

1,045

 

$

741

 

$

636

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.55

 

7.68

 

8.83

 

8.05

 

8.62

 

 

Note:  Computation is based on continuing operations