Exhibit 12 | ||||||||||||
COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES | ||||||||||||
SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES | ||||||||||||
Six Months Ended 6/30/01 | Year Ended | |||||||||||
(millions, except ratios) | (unaudited) | 2000 | 1999 | 1998 | 1997 | 1996 | ||||||
Fixed Charges | ||||||||||||
Interest and amortization of debt discount | ||||||||||||
and expense on all indebtedness | $716 | $1,248 | $1,268 | $1,423 | $1,409 | $1,365 | ||||||
Add interest element implicit in rentals | 78 | 136 | 133 | 144 | 147 | 121 | ||||||
794 | 1,384 | 1,401 | 1,567 | 1,556 | 1,486 | |||||||
Interest capitalized | 4 | 4 | 5 | 5 | 3 | 5 | ||||||
Total fixed charges | $798 | $1,388 | $1,406 | $1,572 | $1,559 | $1,491 | ||||||
Income | ||||||||||||
Income (loss) before income taxes, | ||||||||||||
minority interest and extraordinary loss | ($31) | $2,223 | $2,419 | $1,883 | $2,138 | $2,113 | ||||||
Deduct undistributed net income (loss) | ||||||||||||
of unconsolidated companies | 6 | 17 | (5) | 11 | 13 | 8 | ||||||
(37) | 2,206 | 2,424 | 1,872 | 2,125 | 2,105 | |||||||
Add | ||||||||||||
Fixed charges (excluding interest capitalized) | 794 | 1,384 | 1,401 | 1,567 | 1,556 | 1,486 | ||||||
Income before fixed charges and | ||||||||||||
income taxes | $757 | $3,590 | $3,825 | $3,439 | $3,681 | $3,591 | ||||||
Ratio of income to fixed charges | (A) | 2.59 | 2.72 | 2.19 | 2.36 | 2.41 | ||||||
(A) As a result of the loss for the six months ended June 30, 2001, earnings did not cover fixed charges by $41 million. | ||||||||||||
(B) Prior periods have been restated to conform to the current period computation and presentation. |
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10-Q Filing
Sears Roebuck & Co Inactive 10-Q2002 Q2 Quarterly report
Filed: 9 Aug 01, 12:00am