EX-12.1 11 j1536_ex12d1.htm EX-12.1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

($ in millions)

 

 

 

Mar. 1,
2003

 

Mar. 2,
2002

 

Mar. 3,
2001

 

Feb. 26,
2000

 

Feb. 27,
1999

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

99

 

$

570

 

$

396

 

$

347

 

$

216

 

Discontinued operations, net of tax

 

441

 

—

 

5

 

—

 

—

 

Change in accounting principles, net of tax

 

82

 

—

 

—

 

—

 

—

 

Income tax expense

 

392

 

356

 

248

 

216

 

136

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income tax expense

 

1,014

 

926

 

649

 

563

 

352

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

132

 

110

 

86

 

68

 

56

 

Interest expense

 

24

 

10

 

6

 

5

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

156

 

120

 

92

 

73

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(5

)

(1

)

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges in earnings

 

151

 

119

 

92

 

73

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

1,165

 

1,045

 

741

 

636

 

429

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

7.68

 

8.83

 

8.05

 

8.62

 

5.56

 

Note:  Computation is based on continuing operations