EX-12.A 6 dex12a.txt COMP OF RATIOS - AVAIL. INC. TO COMB. FIXED CHARGES Exhibit 12 (a) J. C. Penney Company, Inc. and Consolidated Subsidiaries Computation of Ratios of Available Income to Combined Fixed Charges and Preferred Stock Dividend Requirement
52 Weeks 52 Weeks 52 Weeks 53 Weeks 52 Weeks Ended Ended Ended Ended Ended ($ Millions) 01/27/01 01/29/00 01/30/99 01/31/98 01/25/97 ----------- ----------- ------------ ------------ ----------- Income from continuing operations $ (920) $ 237 $ 674 $ 647 $ 660 (before income taxes, before capitalized interest, but after preferred stock dividend) Fixed charges Interest (including capitalized interest) on: Operating leases 320 272 225 180 110 Short term debt 13 137 106 121 102 Long term debt 464 538 557 527 312 Capital leases 3 2 4 7 6 Other, net 2 (5) 1 (5) 14 ----------- ----------- ------------ ------------ ----------- Total fixed charges 802 944 893 830 544 Preferred stock dividend, before taxes 33 36 37 40 46 ----------- ----------- ------------ ------------ ----------- Combined fixed charges and preferred stock dividend requirement 835 980 930 870 590 Total available income $ (85) $ 1,217 $ 1,604 $ 1,517 $ 1,250 =========== =========== ============ ============ =========== Ratio of available income to combined fixed charges and preferred stock dividend requirement * 1.2 1.7 1.7 2.1 =========== =========== ============ ============ ===========
The interest cost of the LESOP notes guaranteed by the Company is not included in fixed charges above. The LESOP notes were repaid in July 1998. * Income from continuing operations (before income taxes, before capitalized interest, but after preferred stock dividend) was not sufficient to cover combined fixed charges and preferred stock dividend by $920 million.