EX-12.1 6 a07-11419_1ex12d1.htm EX-12.1

Exhibit No. 12.1

Statements re: Computation of Ratios

($ in millions)

 

 

Mar. 3,
2007

 

Feb. 25,
2006

 

Feb. 26,
2005

 

Feb. 28,
2004

 

Mar. 1,
2003

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,377

 

$

1,140

 

$

984

 

$

705

 

$

99

 

Discontinued operations, net of tax

 

—

 

—

 

(50

)

95

 

441

 

Change in accounting principles, net of tax

 

—

 

—

 

—

 

—

 

82

 

Minority interest in earnings

 

1

 

—

 

—

 

—

 

—

 

Income tax expense

 

752

 

581

 

509

 

496

 

392

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income tax expense

 

2,130

 

1,721

 

1,443

 

1,296

 

1,014

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

198

 

165

 

150

 

140

 

132

 

Interest expense

 

31

 

30

 

44

 

32

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

229

 

195

 

194

 

172

 

156

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

—

 

(1

)

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges in earnings

 

229

 

195

 

194

 

171

 

151

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

2,359

 

$

1,916

 

$

1,637

 

$

1,467

 

$

1,165

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.30

 

9.81

 

8.43

 

8.55

 

7.68

 

 

Note:  Computation is based on continuing operations.