EX-12.1 7 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 12.1

 
 
 
 
 
 
 
 
 
 
 
 
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26-Week Period Ended
 
Fiscal Year
(dollars in thousands)
 
December 30, 2017
 
July 1, 2017
 
July 2, 2016 (2)
 
June 27, 2015
 
June 28, 2014
 
June 29, 2013
Earnings before income taxes
 
$
998,184

 
$
1,766,230

 
$
1,433,007

 
$
1,008,147

 
$
1,475,624

 
$
1,547,455

Add: Fixed charges
 
190,204

 
348,619

 
339,358

 
281,756

 
147,922

 
153,840

Subtract: Capitalized interest
 
727

 
2,038

 
2,032

 
866

 
1,097

 
4,242

Total
 
$
1,187,661

 
$
2,112,811

 
$
1,770,333

 
$
1,289,037

 
$
1,622,449

 
$
1,697,053

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
166,870

 
$
302,878

 
$
306,146

 
$
254,807

 
$
123,741

 
$
128,495

Capitalized interest
 
727

 
2,038

 
2,032

 
866

 
1,097

 
4,242

Rent expense interest factor
 
22,607

 
43,703

 
31,180

 
26,083

 
23,084

 
21,103

Total
 
$
190,204

 
$
348,619

 
$
339,358

 
$
281,756

 
$
147,922

 
$
153,840

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
6.2

 
6.1

 
5.2

 
4.6

 
11.0

 
11.0

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For the purpose of calculating this ratio, “earnings” consist of earnings before income taxes and fixed charges (exclusive of interest capitalized). “Fixed charges” consist of interest expense, capitalized interest and the estimated interest portion of rents.
(2) The fiscal year ended July 2, 2016 was a 53-week year.