Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
Twelve Weeks Ended | ||||||||
November 18, 2017 | November 19, 2016 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 429,865 | $ | 425,596 | ||||
Fixed charges | 61,620 | 54,946 | ||||||
Less: Capitalized interest | (283 | ) | (200 | ) | ||||
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Adjusted earnings | $ | 491,202 | $ | 480,342 | ||||
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Fixed charges: | ||||||||
Gross interest expense | $ | 37,910 | $ | 32,118 | ||||
Amortization of debt origination fees | 1,999 | 1,950 | ||||||
Interest portion of rent expense | 21,711 | 20,878 | ||||||
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Fixed charges | $ | 61,620 | $ | 54,946 | ||||
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Ratio of earnings to fixed charges | 8.0 | 8.7 | ||||||
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2017 (52 weeks) | 2016 (52 weeks) | 2015 (52 weeks) | 2014 (52 weeks) | 2013 (53 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,925,489 | $ | 1,912,714 | $ | 1,802,612 | $ | 1,662,714 | $ | 1,587,683 | ||||||||||
Fixed charges | 253,751 | 238,389 | 236,996 | 249,513 | 265,108 | |||||||||||||||
Less: Capitalized interest | (1,247 | ) | (909 | ) | (963 | ) | (1,041 | ) | (1,303 | ) | ||||||||||
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Adjusted earnings | $ | 2,177,993 | $ | 2,150,194 | $ | 2,038,645 | $ | 1,911,186 | $ | 1,851,488 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 150,960 | $ | 142,981 | $ | 146,777 | $ | 163,544 | $ | 180,085 | ||||||||||
Amortization of debt origination fees | 8,369 | 7,980 | 6,230 | 6,856 | 8,239 | |||||||||||||||
Interest portion of rent expense | 94,422 | 87,428 | 83,989 | 79,113 | 76,784 | |||||||||||||||
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Fixed charges | $ | 253,751 | $ | 238,389 | $ | 236,996 | $ | 249,513 | $ | 265,108 | ||||||||||
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Ratio of earnings to fixed charges | 8.6 | 9.0 | 8.6 | 7.7 | 7.0 | |||||||||||||||
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