Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
Twenty-Four Weeks Ended | ||||||||||
February 10, 2018 | February 11, 2017 | |||||||||
Earnings: | ||||||||||
Income before income taxes | $ | 595,623 | $ | 775,367 | ||||||
Asset Impairments | 193,162 | – | ||||||||
Fixed charges | 125,407 | 111,552 | ||||||||
Less: Capitalized interest | (630 | ) | (445 | ) | ||||||
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Adjusted earnings | $ | 913,562 | $ | 886,474 | ||||||
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Fixed charges: | ||||||||||
Gross interest expense | $ | 76,997 | $ | 65,257 | ||||||
Amortization of debt origination fees | 3,927 | 3,948 | ||||||||
Interest portion of rent expense | 44,483 | 42,347 | ||||||||
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Fixed charges | $ | 125,407 | $ | 111,552 | ||||||
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Ratio of earnings to fixed charges | 7.3 | 7.9 | ||||||||
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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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