Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
| Thirty-Six Weeks Ended | ||||||||
| May 6, 2017 | May 7, 2016 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 1,269,262 | $ | 1,255,136 | ||||
Fixed charges | 170,652 | 164,249 | ||||||
Less: Capitalized interest | (736 | ) | (572 | ) | ||||
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Adjusted earnings | $ | 1,439,178 | $ | 1,418,813 | ||||
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Fixed charges: | ||||||||
Gross interest expense | $ | 100,203 | $ | 98,606 | ||||
Amortization of debt origination fees | 5,802 | 5,407 | ||||||
Interest portion of rent expense | 64,647 | 60,236 | ||||||
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Fixed charges | $ | 170,652 | $ | 164,249 | ||||
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Ratio of earnings to fixed charges | 8.4 | 8.6 | ||||||
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| Fiscal Year Ended August | ||||||||||||||||||||
| 2016 (52 weeks) | 2015 (52 weeks) | 2014 (52 weeks) | 2013 (53 weeks) | 2012 (52 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,912,714 | $ | 1,802,612 | $ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | ||||||||||
Fixed charges | 238,389 | 236,996 | 249,513 | 265,108 | 250,056 | |||||||||||||||
Less: Capitalized interest | (909 | ) | (963 | ) | (1,041 | ) | (1,303 | ) | (1,245 | ) | ||||||||||
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Adjusted earnings | $ | 2,150,194 | $ | 2,038,645 | $ | 1,911,186 | $ | 1,851,488 | $ | 1,701,797 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 142,981 | $ | 146,777 | $ | 163,544 | $ | 180,085 | $ | 170,481 | ||||||||||
Amortization of debt origination fees | 7,980 | 6,230 | 6,856 | 8,239 | 8,066 | |||||||||||||||
Interest portion of rent expense | 87,428 | 83,989 | 79,113 | 76,784 | 71,509 | |||||||||||||||
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Fixed charges | $ | 238,389 | $ | 236,996 | $ | 249,513 | $ | 265,108 | $ | 250,056 | ||||||||||
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Ratio of earnings to fixed charges | 9.0 | 8.6 | 7.7 | 7.0 | 6.8 | |||||||||||||||
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29
