Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
(In millions, except ratios)
(unaudited)
Fiscal years ended | ||||||||||||||||||||
February 26, | February 27, | February 28, | February 23, | February 25, | ||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(52 weeks)(1) | (52 weeks) | (53 weeks)(2) | (52 weeks) | (52 weeks) | ||||||||||||||||
Earnings (loss) before income taxes | $ | (1,523 | ) | $ | 632 | $ | (2,779 | ) | $ | 977 | $ | 747 | ||||||||
Net overdistributed earnings of less than fifty percent owned affiliates | — | — | — | 1 | 5 | |||||||||||||||
Interest expense | 554 | 576 | 633 | 725 | 600 | |||||||||||||||
Interest on operating leases | 162 | 182 | 190 | 184 | 155 | |||||||||||||||
Earnings (loss) | $ | (807 | ) | $ | 1,390 | $ | (1,956 | ) | $ | 1,887 | $ | 1,507 | ||||||||
Fixed charges | $ | 716 | $ | 758 | $ | 823 | $ | 909 | $ | 755 | ||||||||||
Ratio of earnings to fixed charges | (1.13 | ) | 1.83 | (2.38 | ) | 2.08 | 2.00 | |||||||||||||
(1) | The Company’s loss is insufficient to cover fixed charges by $1,523 for fiscal 2011 due to the Company recording non-cash goodwill and intangible asset impairment charges of $1,870, before tax. | |
(2) | The Company’s loss is insufficient to cover fixed charges by $2,779 for fiscal 2009 due to the Company recording non-cash goodwill and intangible asset impairment charges of $3,524, before tax. |