EX-12.1 5 d591145dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Starbucks Corporation

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

           Fiscal Year Ended  
     Three Quarters
Ended
June 30, 2013		    
Sep 30,
2012		    
Oct 2,
2011		    
Oct 3,
2010		    
Sep 27,
2009		    
Sep 28,
2008		  

Earnings1

    $ 1,822.3      $ 2,059.1      $ 1,811.1      $ 1,437.0      $ 559.9      $ 455.6   

Income from equity investees

      (170.4 )      (210.7 )      (173.7 )      (148.1 )      (121.9 )      (113.6 ) 

Distributed income from equity investees

      68.1        86.7        85.6        91.4        53.0        52.6   

Amortization of capitalized interest

      1.7        2.2        1.8        1.2        1.0        0.8   

Fixed charges, excluding capitalized interest

      166.0        224.5        252.0        266.3        284.4        300.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings available for fixed charges

    $ 1,887.7      $ 2,161.8      $ 1,976.8      $ 1,647.8      $ 776.4      $ 695.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

             

Interest and debt expense2

    $ 27.5      $ 35.9      $ 37.7      $ 37.7      $ 42.2      $ 61.4   

Interest portion of rental expense

      146.9        191.8        218.7        233.5        245.1        246.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 174.4      $ 227.7      $ 256.4      $ 271.2      $ 287.3      $ 307.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      10.8x        9.5x        7.7x        6.1x        2.7x        2.3x   

 

 

1  Earnings represent income from continuing operations before provision for income taxes.
2  Includes amortization of debt-related expenses and interest capitalized during the period.