EX-12.1 4 g78264exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
Fiscal Year Ended August ------------------------------------------------------- 1998 1999 2000 2001(a) 2002 (52 weeks) (52 weeks) (52 weeks) (52 weeks) (53 weeks) ---------- ---------- ---------- ---------- ---------- Earnings: Income before income taxes $364,103 $387,783 $435,190 $287,026 $691,148 Fixed charges 30,953 66,015 97,520 121,141 98,688 Less: Capitalized interest 2,280 2,762 2,773 1,380 437 -------- -------- -------- -------- -------- Adjusted earnings $392,776 $451,036 $529,937 $406,787 $789,399 ======== ======== ======== ======== ======== Fixed charges: Gross interest expense $ 20,260 $ 47,117 $ 77,699 $ 98,466 $ 76,573 Amortization of debt expense 314 1,206 2,209 4,202 3,893 Interest portion of rent expense 10,379 17,692 17,612 18,473 18,222 -------- -------- -------- -------- -------- Total fixed charges $ 30,953 $ 66,015 $ 97,520 $121,141 $ 98,688 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 12.7 6.8 5.4 3.4 8.0 ======== ======== ======== ======== ========
(a) Income before income taxes for the fiscal year ended August 2001 reflects the impact of pretax restructuring and impairment charges of $156.8 million. The ratio of earnings to fixed charges, absent these restructuring and impairment charges, equals 4.7 for the fiscal year ended August 2001. 12.1-1