EX-12.1 2 g91360exv12w1.txt EX-12.1 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 ---------------------------------------------------------------- 2004 2003 2002 2001* 2000 (52 weeks) (52 weeks) (53 weeks) (52 weeks) (52 weeks) ----------- ---------- ---------- ---------- ---------- Earnings: Income before income taxes $ 905,902 $ 833,007 $ 691,148 $ 287,026 $ 435,190 Fixed charges 130,278 121,129 98,688 121,141 97,520 Less: Capitalized interest (813) (791) (437) (1,380) (2,773) ----------- --------- --------- --------- --------- Adjusted earnings $ 1,035,367 $ 953,345 $ 789,399 $ 406,787 $ 529,937 =========== ========= ========= ========= ========= Fixed charges: Gross interest expense $ 89,600 $ 79,301 $ 78,183 $ 100,291 $ 77,699 Amortization of debt expense 4,230 7,334 2,283 2,377 2,209 Interest portion of rent expense 36,448 34,494 18,222 18,473 17,612 ----------- --------- --------- --------- --------- Total fixed charges $ 130,278 $ 121,129 $ 98,688 $ 121,141 $ 97,520 =========== ========= ========= ========= ========= Ratio of earnings to fixed charges 7.9 7.9 8.0 3.4 5.4 =========== ========= ========= ========= =========
* Includes the impact of the pre-tax restructuring and impairment charges of $156.8 million in fiscal 2001.