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New words:
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Asian, bid, branch, broad, Canoga, commingled, commodity, commonly, comparative, contract, creating, decelerated, description, Diego, diesel, diversified, earlier, earn, economically, emerging, euro, Excellence, executed, extending, geographic, indefinite, installment, join, liquidated, loan, match, measuring, mentioned, nonqualified, notional, occurrence, Park, penalty, portfolio, pound, prohibited, prospectively, reclassify, recovered, renegotiating, revise, revised, Rule, San, schedule, Simplifying, speculative, subfacility, supporting, swingline, tested, traded, treatment, undistributed, unfunded, weekly, wet
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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Fiscal Year Ended August | ||||||||||||||||||||
(in thousands, except ratios) | 2018 (52 weeks) | 2017 (52 weeks) | 2016 (52 weeks) | 2015 (52 weeks) | 2014 (52 weeks) | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes(1) | $ | 1,636,329 | $ | 1,925,489 | $ | 1,912,714 | $ | 1,802,612 | $ | 1,662,714 | ||||||||||
Fixed charges | 280,033 | 253,751 | 238,389 | 236,996 | 249,513 | |||||||||||||||
Less: Capitalized interest | (1,505 | ) | (1,247 | ) | (909 | ) | (963 | ) | (1,041 | ) | ||||||||||
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Adjusted earnings | $ | 1,914,857 | $ | 2,177,993 | $ | 2,150,194 | $ | 2,038,645 | $ | 1,911,186 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 173,276 | $ | 150,960 | $ | 142,981 | $ | 146,777 | $ | 163,544 | ||||||||||
Amortization of debt expense | 8,392 | 8,369 | 7,980 | 6,230 | 6,856 | |||||||||||||||
Interest portion of rent expense | 98,365 | 94,422 | 87,428 | 83,989 | 79,113 | |||||||||||||||
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Fixed charges | $ | 280,033 | $ | 253,751 | $ | 238,389 | $ | 236,996 | $ | 249,513 | ||||||||||
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Ratio of earnings to fixed charges | 6.8 | 8.6 | 9.0 | 8.6 | 7.7 | |||||||||||||||
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(1) Fiscal 2018 income before income taxes includes $130.3 million related to pension termination charges and $193.2 million related to impairment charges.