Exhibit 99.3
Unaudited Pro Forma Computation of Ratios of Earnings to Fixed Charges
(in millions, except ratios)
Fifty-two weeks ended May 27, 2012 | ||||
Earnings: | ||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 717 | ||
Add (deduct): | ||||
Fixed charges | 468 | |||
Distributed income of equity method investees | 27 | |||
Capitalized interest | (6 | ) | ||
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| |||
Earnings available for fixed charges (a) | $ | 1,206 | ||
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| |||
Fixed charges: | ||||
Interest expense | $ | 411 | ||
Capitalized interest | 6 | |||
One third of rental expense (1) | 51 | |||
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| |||
Total fixed charges (b) | $ | 468 | ||
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| |||
Pro forma ratio of earnings to fixed charges (a/b) | 2.6 |
(1) | Considered to be representative of interest factor in rental expense. |
Twenty-six weeks ended November 25, 2012 | ||||
Earnings: | ||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 676 | ||
Add (deduct): | ||||
Fixed charges | 229 | |||
Distributed income of equity method investees | 15 | |||
Capitalized interest | (3 | ) | ||
|
| |||
Earnings available for fixed charges (a) | $ | 917 | ||
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| |||
Fixed charges: | ||||
Interest expense | $ | 199 | ||
Capitalized interest | 3 | |||
One third of rental expense (1) | 27 | |||
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| |||
Total fixed charges (b) | $ | 229 | ||
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| |||
Pro forma ratio of earnings to fixed charges (a/b) | 4.0 |
(1) | Considered to be representative of interest factor in rental expense. |
1